The Palm Beach luxury home market is slowing down—despite record-setting sales. Here's why:
This waterfront home sold at 15% below the listing price, but still broke the record for most expensive home sale in West Palm Beach.The recent $11.5 million sale of a six-bedroom mansion at 2914 Washington Road broke the record for the most expensive single-family home transaction in West Palm Beach by $6.5 million. But it took the seller almost a year and half to find a buyer. Moreover, the waterfront property sold at 15% below its initial preconstruction price of $13.5 million in 2017.
He added that wealthy individuals are taking longer to make home-buying decisions because there is an oversupply of luxury properties. Bailey recently co-authored“Whilst there might be more inventory to choose from, actually the appetite from wealthy individuals has been very strong,” Bailey said. “If they see an opportunity, if it feels like fair value in the market, the appetite is there.” shows single family home sales have declined as the inventory has risen sharply.
Developed by The Aquantis Group and completed in September 2018, the brand new estate features six bedrooms, nine and a half bathrooms, seven fireplaces, a two-story living room, a library, a wine vault, elevator, a custom granite motor court, and a two-car garage with attached carport. In addition, the backyard has a cabana, summer kitchen, infinity-edge pool and spa, a separate guest house and a 100-foot-long deep-water dock that fronts the Intracoastal.
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