Real estate is always a numbers game. The figures tell a story. The mathematics must work to buy and sell in order to create a successful deal. Palm Beach County property values rose in the first half of 2024 by nearly 10%, according to the South Florida Sun Sentinel. With gorgeous year-round weather and a favorable business and tax environment, South Florida has undergone a surge of migration.
American families with children are leaving big urban counties in droves and retirees continue to call South Florida home despite stock market volatility. While the high-end real estate market typically takes a pause before presidential elections as buyers wait for more certainty, strong real estate sales are outweighing election concerns.
Buyers have a capacity and willingness to pay premium prices for ultra-elite properties and country club communities in Boca Raton, Florida. Wealthy buyers want luxury amenities — from state-of-the-art athletic facilities and sensuous spas to the best fine dining experiences and top-rated golf courses and world-renown tennis programs.
Another reason for rising home prices is that there’s not a lot of land left to build on. Land is extremely scarce in South Florida so when you have a place that’s sought after to live, you have a lot of demand, and it increases the value. The only places where you can really build are straight up, and apartment living is not conducive for many people’s needs.
The luxury market’s resilience is due to a confluence of factors and international and high net-worth individuals are not subject to the same macroeconomic pressures as the overall market. Affluent buyers are viewing real estate as a secure investment against inflation and other forms of market volatility.
Florida markets continue to show their dominance as ultra-luxury sales expanded in 2023 and in the first half of 2024. Miami-Dade saw a 21% increase in sales; Broward County saw a 25% bump; and Palm Beach County posted a 46% increase.
Work with Boca Raton’s award-winning luxury real estate experts at The De Marzo Luxury Group for a polished, performance-driven experience. As a top-ranked sales team at Coldwell Banker for Boca Raton and The Palm Beaches, we have cultivated a reputation for results, record-setting sales, and complete commitment to client satisfaction. Anne De Marzo specializes in representing purchasers and sellers in Broken Sound Country Club’s distinctive, ultra luxurious real estate market as well as the greater South Florida area. We look forward to achieving sales success for you!
