Some recent reports say there is a housing crisis brewing in Florida. Redfin reported the number of unsold homes in the Sunshine State rose almost 23% year-over-year in January. What’s to blame? A decrease in homebuying, a surge in new post-pandemic real estate, intensifying natural disasters or the increase in associated costs, such as insurance and HOA fees? We asked real estate agents in the Palm Beach area to hone in on that market, which, like the Hamptons, can tend to buck the trend due to the high-end, exclusivity of the market. What’s the status of the market in the Palm Beaches?
Katie Weisz
ONE SOTHEBY’S INTERNATIONAL REALTY
DIRECTOR OF SALES FOR ALBA PALM BEACH
Palm Beach County continues to be one of the strongest and fastest-growing real estate markets, not just in Florida but nationwide. Particularly the luxury market is stronger than ever with year-over-year increases in single-family homes and condos. Unlike other regions facing slowdowns, our market continues to thrive, driven by a wave of corporate relocations, the expansion of top-tier hospitals like Cleveland Clinic, a new Vanderbilt University campus alongside world-class dining, entertainment and idyllic weather. Especially during the height of our season where Alba Palm Beach alone achieved $20 million in sales in just 20 days — attracting buyers with amenities like coveted day dock boat slips and the only townhome floorplans directly on the Intracoastal spanning three floors with private terraces and pools. Desirable areas like Northwood are seeing increased development and demand, particularly in the luxury sector, because of its proximity to Downtown while still having a neighborhood charm with access to the Intracoastal. We’re seeing that buyers are acclimated to current mortgage rates and still see the long-term investment value and market stability in Palm Beach County.
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