Palm Beach Luxury Home Market Is Slowing Down Despite Record Setting Sales

The recent $11.5 million sale of a six bedroom mansion at 2914 Washington Road broke the record for the most expensive single family home transaction in West Palm Beach by $6.5 million. But it took the seller almost a year and half to find a buyer. Moreover, the waterfront property sold at 15% below its initial preconstruction price of $13.5 million in 2017. The amount of time the house was on the market and the price drop is a reflection of the luxury single family home market in Palm Beach County, where mansion buyers are taking longer to find the right deals. During a recent visit to Palm Beach, Liam Bailey, head of global research at London-based Knight Frank, said rising interest rates have contributed to a slower growth in prime property prices. “The beginning of the end of ultra-low interest rates is beginning to put pressure on [residential property] prices in many markets,” Bailey said.

Spotlight

Other News

Dom Nicastro | April 03, 2020

Read More

Dom Nicastro | April 03, 2020

Read More

Dom Nicastro | April 03, 2020

Read More

Dom Nicastro | April 03, 2020

Read More