Luxury Market Report Ranks Delray Beach, Palm Beach and Miami Beach in the Top 20
October 10, 2015
A national sales report released this week by NRT owned Coldwell Banker Previews ranks Miami Beach #5, Delray Beach #13 and Palm Beach #16 for the highest number of luxury homes sales closed at $10M or more during the 12 months that ended June 30, 2015 based on Multiple Listing Service (MLS) data.
Delray Beach made its first appearance on the list taking the 13th slot with 8 sales that sold for $10M or more, the highest price category. Palm Beach also made its first appearance in the top 20 at #16 with 7 sales.
The report suggests that the economic fundamentals boosting South Florida’s luxury real estate market are also driving luxury housing markets across the United States.
The top five cities are as follows: New York City was ranked as #1 with 217 sales that sold for $10M or more; Beverly Hills was ranked #2 with 34 sales; Los Angeles was ranked #3 also with 34 sales; Aspen was ranked #4 with 24 sales; and Miami Beach came it at #5 with 20 sales. Another Florida city made the top ten with Naples ranked #7 with 20 sales.
Palm Beach also ranked 14th on the list of sales recorded between $5M and $10M with 36 transactions. New York City also led the $5M to $10M category with 786 sales; Los Angeles came in 2nd with 130 sales; Beverly Hills ranked 3rd with 111 sales; Miami Beach came in 4th with 87 sales; and Naples rounded out the top 5 with 79 sales. Boca Raton made the $5M to $10M category at 17th with 32 sales.
The report also ranks cities based on number of active listings in similar price ranges. Palm Beach and Miami Beach both made the top 20 with Miami Beach coming in at #2 behind New York City.
Coldwell Banker’s southeast Florida senior regional vice president, Duff Rubin believes Palm Beach’s presence in the top 20 supports an overall trend. Rubin stated that ‘the affluent are considering Florida as a destination for primary homes rather than vacation residences, drawn by the climate and state’s favorable tax picture’.
The report does not take into account properties that sold but were not listed in the MLS. As luxury real estate agents know, high-end properties are often sold without being published in MLS in order to meet a client’s request.
Coldwell Banker is owned by NRT which also owns the Douglas Elliman Real Estate and Sotheby’s International Realty. Read More