Before Covid-19 first started dominating headlines across the globe, the Palm Beach real estate market demonstrated a steadfast momentum and promising start to 2020. Uncertainty loomed as the pandemic created havoc on markets all over the world.
In Palm Beach, however, a different trend began to emerge. Rentals soared as Northeasterners migrated south to escape the coronavirus and find refuge in Palm Beach’s safe and tropical neighborhoods.
Now, it appears some of those renters have experienced a change of heart and are eagerly attempting to set more permanent roots in Palm Beach. “It’s been really a pretty remarkable ride in Palm Beach,” said Suzanne Frisbie of Frisbie Palm Beach. “It started with rentals and went very quickly to purchase.”
Superlative security, idyllic weather, and exceptional quality of life have always made Palm Beach one of the most desirable zip codes in the country. Those attributes, combined with substantial tax savings (due to changes in the federal tax code) and Florida’s lack of state income tax, have only made the iconic destination more appealing than ever before.
“It’s the same things that have driven our market over time. It’s safety and security,” Frisbie said. “Those desires are more greatly enhanced when you’re thinking about safety and security with regard to your health and your family’s.”
According to Frisbie, 106 single-family homes have already sold in Palm Beach in the first half of 2020. That figure does not reflect the additional 48 properties which are currently under contract for a total of $527.4 million, Frisbie indicated. She also expects up to five sales (exceeding $35 million) will close in July/August, as well as some additional properties in the $15 million to $25 million range. Prospective buyers can visit Frisbie Palm Beach to peruse current listings and rental properties before they disappear.