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Palm Beach is Hottest Luxury Real Estate Market in the U.S.

November 4, 2016

According to a post on Mansion Global, the Palm Beach luxury real estate market is the hottest market in the country. Palm Beach enjoyed a healthy summer and more specifically, Delray Beach in Palm Beach County topped Redfin’s luxury house price index for third quarter. Redfin defines luxury as a home that is among the top 5% most expensive homes in each of the more than 1,000 cities across the U.S. tracked. The average price of a luxury home in Delray Beach was up 70% from the past year with Boca Raton coming in second with a 38% increase.

Redfin agent, Alex Garcia attributes Palm Beach County’s increase in luxury prices to new construction in waterfront areas and a reurbanization to the downtown areas. Garcia noted that builders are tearing down older waterfront homes and constructing modern homes with all the ‘bells and whistles’. Garcia further states that luxury buyers in Delray Beach and Boca Raton tend to purchase waterfront homes near revitalized downtown areas with restaurants and shops. See Full Article

Looking to buy a luxury home in Delray Beach? Top real estate agents Nicholas Malinosky and Randy Ely have a fabulous listing inventory and are ready to assist you. Check out just a few of their Delray Beach offerings:
617 Palm Trail, Delray Beach listed at $5.95M
1010 Lewis Cove Road, Delray Beach listed at $3.395M
1014 Rhodes Villa Avenue, Delray Beach listed at $2.795M
920 Gardenia Drive, Delray Beach listed at $2.695M
58 Seabreeze Avenue, Delray Beach listed at $2.249.5M
86 MacFarlane Drive #8A, Delray Beach listed at $1.095M

Looking to buy a luxury residence in South Florida’s beach area? Want more information about the Luxury Real Estate Market, please contact Mr. Malinosky and Mr. Ely, the #1 Luxury Team in the Beach Area.