An all-cash, off-market deal for a waterfront 8,900-square-foot penthouse is part of a property boost in Palm Beach these days, brokers said.
In the wake of the 2024 presidential election , the Palm Beach “Trump bump” is real, according to brokers., which just sold for its full $33.5 million ask. The all-cash, off-market deal at 1309 S Flagler Drive closed within six weeks, brokers said.
“We are seeing renewed attention in Palm Beach, which is undoubtedly tied to Donald Trump, whose election victory has brought even more energy to the market, along with greater certainty around long-term capital gains and a sense of stability,” said Douglas Elliman’s John Reynolds, director of sales at Forté on Flagler.
In November, Palm Beach County home sales over $10 million soared — from four homes a year ago in November 2023, totaling $74.9 million, to 11 homes this past month, totaling $299.8 million. That’s a 176% increase, according to Douglas Elliman. Condo sales over $5 million also soared during the same period from one sale in November 2023, totaling $11.3 million, to three sales, totaling $33.3 million, in 2024, according to the report.
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