Concierge

Luxury Oceanfront Home Prices are on the Rise in Palm Beach

August 24, 2012

One reason luxury waterfront home sales and prices have been up is because of the lack of inventory. This is the time to buy and investors know it. Luxury oceanfront condo inventory is going fast. There is only so much waterfront property to go around. Foreign investors and investors in the U.S. are aware that the luxury oceanfront condo market is dwindling.

 

Low interest rates, luxury oceanfront condo deals, and lack of inventory are what is motivating this section of the luxury real estate market. Anyone who purchases a luxury beachfront condo today will most likely make a great profit in a matter of a few years. A condo on the beach is also a great location for a third or fourth home.  

 

The median sales price in Palm Beach rose six percent between June 2011 and June 2012, according to the June residential market report from Palm Beach attorney Leslie Robert Evans. Some investors have been purchasing teardowns in Palm Beach with the intention of building new homes.

 

Full Story: The Palm Beach Post

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