Being a real estate expert in the Palm Beach area, I get to experience firsthand the high demand for the luxury homes in this area. From $1.5 million to upwards of $10 million, the homes in the Palm Beach area rarely stay on the market for more than 30 days.
Our most recent listing, which is a prime example of the high demand, is 232 Via Marila, Palm Beach, which went under contract in under 30 days. This home listed at $3.495 million is a single-family home, encompassing 3,738 square feet, 5 bedrooms and 4 bathrooms.
We have experienced the trend of having homes under contract in under 30 days several times before. In the past we’ve had a home on El Bravo Way, El Brillo, and a couple on Island Drive. All the homes ranged from $5.5 million to around $20 million and are either direct waterfront or within walking distance to the beach.
To some it’s difficult to fathom that these high-end homes are selling as quickly as they are, given that the real estate market in South Florida has not fully returned. However, from our experience there are many people who have been patiently waiting for the right time to buy a property. During the worst of the recent recession many potential homebuyers were holding back for the waters to clear, to see home values appreciate, and for inventory to increase.
With the market being ripe for homebuyers to invest, there is plenty of competition to see who can put in an offer on the property first. Thus, we recommend homebuyers speak with an agent and advise what type of home they’re looking for, even if it’s not listed in a directory yet. Focus in on your target area and discuss your desired home with the regional real estate expert, this way you will be the first person they call when a home fitting your description becomes available.
If you’re interested in a waterfront or oceanfront home in the Palm Beaches, the Jack Elkins team has insider knowledge and we’re always happy help!