Posted on 07/17/2021 2:19:43 PM PDT by dynachrome
Prices in Florida’s ultra-rich Palm Beach community hit an all-time high in the second quarter, as brokers grappled with a record-low number of mansions to sell.
The average price for a single-family home in Palm Beach hit $11.7 million in the quarter, up 38% from a year earlier and marking a new high, according to Douglas Elliman and Miller Samuel. Brokers say the flow of wealthy hedge funders, private equity chiefs and other executives in finance moving from New York and other finance capitals has created a sharp rise in demand and prices for a market already known for its outsized wealth.
“This is a whole reset of the market,” said Jonathan Miller, CEO of Miller Samuel, the appraisal firm. “We’re now seeing $50 million transactions on almost a weekly basis. That’s a big change. And it appears to be sustainable.”
(Excerpt) Read more at cnbc.com ...
NYC???? WTF would ANYONE want to live in NYC????? What a HELLHOLE!
When I was a kid starting out in the antiques restoration trade I worked for a shop whose most important client owned the largest plot of land of beachfront property on North Ocean Drive. I seem to recall the grounds were 50+ acres, but that can’t possibly be correct. It had a huge elegant Spanish style mansion on it, and when the property was sold years later the mansion was demolished and some monstrosity was built in its place. I only know that to an 18-y.o. son of a Baptist preacher it was a whole different universe.
Nice for you to post information from FEBRUARY. Lots has changed since then in NYC.
Shoot, I didn’t recall any of the details correctly. It was 50 years ago... Here is the story. I did not know the Trump connection.
There are some parts of New York City that were quite nice the last time I visited them.
Millionaires? pfft. The billionaires live in Jupiter, Florida.
“I guess there will be hordes of homeless millionaires.”
One can still buy a very, very nice house for between $1 million and $2 million in most parts of the USA.
At the very top level, many houses have lost much quality due to poor choices in remodeling.
Many new huge houses are quite ugly inside. The builders may have seen countless exteriors, but relative few interiors.
My question is who the heck wants to live in one of those high-rises anymore after that colkapse of that one?
I know someone that will sell a place for a bundle of money and it’s move-in ready...
February THIS year rents and property prices in Manhattan were collapsing.
Now why don’t you post a link to support your ridiculous post # 9 which claimed and I quote from you:
“There are lines around the block for apartments in all of NYC and people are signing leases sight unseen”.
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