Palm Beach has risen as one of the most undisputed investment choices for city people belonging to various sections of society. Regardless of your income group, there is always something that you can rent or buy in this beautiful city. Whether it is for 6 months or life, there are some properties that you can invest in in this city. The following section explores very clear and concise reasons as to why this place is becoming a hotbed for investors from all around the world. Let’s begin:
1. Sudden Realization Of Easy Luxury
People have grown quite aware of this beautiful island in the past few years more than just as a luxurious vacay spot. The biggest reason that those place is one of the hottest real estate markets in the country is the uniqueness that it brings to the table and the miles and miles of beaches that invite thousands of visitors from all over the world. According to an independent study, the average price of a beach house last year was around $7 million. The prices have been varying for the past few months but there has been a very significant jump of 62% in the number of signed contracts since September. This is all because people have finally understood what luxury means and they see this location as a very approachable and lucrative investment option.
2. Recent Sales Upping The Game For Celebrities!
Some of the recent sales that have been recorded in the past are:
● A teardown mansion owned by Donald Burns was sold for $28 million
● Jude Reyes, a billionaire who sold his oceanfront mansion for $19 million
● Norman Traverse, a well-known pulmonologist sold his 7-bedroom waterfront mansion for close to $51 million
It seems that these sales have impressed quite a lot of potential investors from all over the country. This has turned Palm Beach into a very prolific investment avenue not only for tycoons and millionaires but for several celebrities as well.
3. Is The Pandemic Driving Demand?
According to several brokers in the area, a significant portion of the demand is being driven by the coronavirus pandemic. Various families have fled to tropical homes leaving their big city homes behind. They want to be much closer to the beach and natural elements where they can have a more peaceful and healthy life. Thousands of people have chosen palm beach luxury real estate over their city homes and condominiums in the quest for a more fulfilling and cleaner living. They have understood the importance of the much-needed change that only this city can bring about in their lives.
4. Zero Income Tax
Florida does not have an income tax which makes it a very attractive destination for both seasonal dwellers and long-term investors. When you compare this state with cities such as New York, New Jersey, and Connecticut, the federal as well as state taxes in the latter are incredibly high. This is another factor that has been driving the demand for luxury real estate in and around Palm Beach up the charts.
There are not one but several signs that indicate that you should invest in this area right away. The supply of luxury homes continues to expand gradually and this is the right time to make the most of this opportunity.