The ongoing rush to South Florida by the rich and famous is driving real estate prices to new highs.
The average cost of a spread in Palm Beach — home to an ever-growing list of celebrities and financiers — rose to nearly $16 million in the first quarter of 2022, according to the Serhant South Florida Report, released Thursday.
Limited inventory and insatiable demand pushed the average price of a Palm Beach pad up 44% compared to the same quarter in 2021, the study found.
The quarter saw a host of stratospheric deals – including the sale of a $45 million home owned by a Jordanian princess, according to The Real Deal.
The median price for a home in Palm Beach rose from about $7 million in the first quarter of 2021 to almost $10 million in the same period this year — a 46% increase.
Median condo prices in Palm Beach also skyrocketed over this stretch, rising from $1 million to about $1.6 million — a 52% increase in just one year.
Garrett Derderian, Serhant’s director of market intelligence, said the routine eruption of “competing for competing bids” fueled the unprecedented numbers.
“The South Florida real estate market had a benchmark in the first quarter as prices hit
Record levels with limited supply,” Derderian said in a press release.
In parts of Miami, home sales also continued to surge in the first quarter of the year — with Derderian noting that buyers were paying Gotham-level prices.
“Downtown Miami has seen an influx of newly built condominiums, attracting well-heeled buyers who are buying properties at Manhattan-like prices,” Derderian said.
The median single-family home cost in the region rose 41% to $1.3 million in the first quarter of 2022.
In the Miami Beach area, single-family homes also hit record highs, with median prices rising 19% to $2.5 million.
Derderian warned that South Florida’s dizzying rise could slow in the coming months.
“As we move into spring, we expect a slowdown in home appreciation
given the rapid growth over the last year and a half coupled with rising mortgages
Prices that have risen faster than expected,” he wrote in the report.
https://nypost.com/2022/04/21/rich-and-famous-are-paying-obscene-amounts-for-homes-in-south-florida/ The rich and famous pay obscene amounts for homes in South Florida