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Soaring Home Prices Along the Coast

The average home prices of homes along the coast of  South Florida have increased significantly during this unprecedented wave of sales. The Town of Manalapan has experiences a fourfold increase in two years with average sales rising from $5 million in 2019 to $22.4 million in 2021.

Big ticket home sales also reached new levels. In the 15 years prior to the pandemic, there were only five Palm Beach County homes that sold for more than $50 million. In 2021 there were 11 sales exceeding $50 million.

Nicholas Malinosky, Executive Director of Luxury Sales with Douglas Elliman, sold 855 South Ocean Boulevard in Delray Beach for $34M which was a record-breaking sale at the time. Malinosky also sold 1275 North Ocean Boulevard in Gulf Stream for $20M.

Read the full story on Coastal Star