July 27, 2017
What do black motorcades, international news coverage, and breezy palm trees have in common? Donald Trump in Palm Beach.
President Trump has spent 25 days at Mar-a-lago, known to many as the Winter Whitehouse, so far this year. Is it a coincidence that the number of single-family homes sold has increased by 50% and the median price of a luxury estate on Palm Beach Island has jumped 57% from the previous year reaching $15.827 million in the second quarter of 2017. It’s impossible to know whether Palm Beach’s hot real estate trend is continuing due to the national exposure brought by President Donald J Trump or if luxury buyers just want to be in paradise for the South Florida winter season.
Douglas Elliman CEO Jay Parker commented on the market, ‘One of the results of Trump winning is the exposure that he inadvertently brings to the island of Palm Beach’. Regardless, no one is complaining.
Many foreign buyers are said to have spent $190 million in Palm Beach County in 2016, a 19% increase from the prior year. Could this be due to the international exposure brought by the Presidents visits? ‘Palm Beach is Palm Beach ‘” you cross that bridge and you’re just in paradise’, says Janice Fox a Canadian real estate agent. She believes Donald Trump’s presence is ‘irrelevant’.
To learn more about the Palm Beach luxury real estate market and lifestyle, feel free to contact Nicholas Malinosky with Douglas Elliman.