To call 2020 unpredictable would be a sizable understatement. While some real estate markets across the globe began to collapse as the pandemic careened through, the exact opposite effect started to unfold in Palm Beach. As some regions, such as New York City, unfortunately emerged as Covid-19 hot spots, northerners attempted to circumvent the contagion by escaping in droves to Palm Beach in search of safety, security, and privacy.
This stunning twist spurred an atypical sales frenzy during the summer off–season. The upward trend persisted, leading to a record-breaking quarter at the start of the year with steadfast momentum through Q2 and Q3 2020. According to a recent Palm Beach Daily News article, “Frisbie Team’s third-quarter Palm Beach report…noted that sales of single-family properties in the third-quarter generated about $582 million, a 41% increase over the same period last year.”
Palm Beach’s magnificent quality of life combined with its natural beauty, remarkable architecture, and pleasant climate continue to lure prospective buyers and renters from across the country. With Florida’s favorable tax policies and the growing strength of the remote workforce due to the pandemic, Palm Beach is more desirable than ever. But as the new season begins, following the string of uncharacteristically strong sales and leasing activity, hopeful Palm Beach house-hunters are finding themselves facing a surprisingly tight market.
With demand soaring and a finite inventory available, prices are justifiably high. Luckily for those looking to make Palm Beach their protective retreat, Frisbie Palm Beach currently has a limited and diverse assortment of luxurious listings available for purchase or lease. To learn more, contact the team by phone at 561.373.0941 or by email today.