The luxury real estate market is booming across the United States, but nowhere is seeing quite the uptick as Palm Beach Gardens in South Florida. According to a recent article from The Real Deal, the strength of this particular market is all about location, location, location. Situated between the Jupiter inlet and the Palm Beach inlet, Palm Beach Gardens offers plenty of waterfront properties within minutes of shopping, entertainment, restaurants, and great schools. Low inventory is also helping to push up prices. In the second quarter, the average sale price for mansions in the city was $2.58 million. That’s a 42% increase from the previous year, which is the fastest rate growth in the country.
Communities like BallenIsles, home to tennis superstars Venus and Serena Williams, Frenchman’s Creek, Frenchman’s Reserve, and Mirasol are attracting buyers from all over the world. A significant number of investors are retiring baby boomers who are looking to move to the Sunshine State, most of which hail from the Northeast. European buyers, from France and Germany, are also moving into the area. While South American buyers make up a large percentage of Miami investors, there aren’t as many in Palm Beach Gardens. Industry experts believe that the cultural affinity to Latin America in Miami is responsible for that pull. It is also believed that Asian investors are likely to be in on the next wave of sales in the area. Most of the buyers are “owner-occupiers looking for a primary or wintertime residence.” There is a huge golf community, including players, like Tiger Woods and the Nicklaus Cos. Some believe the quarter numbers are slightly inflated due to a few big transactions, but the strength is expected to continue.