Palm Beach County is one of the top areas to invest in, thanks to the coastal resort towns. The most famous among them is West Palm Beach. The project offers investors villas by the sea and apartments. The city is actively growing and developing, so luxury real estate in Palm Beach for expats is in high demand among tenants and investors.
Palm Beach Resort
This city has been voted the best city to live in the US. The richest people in the country live in Palm Beach.
Palm Beach is a famous resort city in the United States of America. It is located in Palm Beach County, 104 km north of Miami. The total area of Palm Beach is 27 square kilometers, with a population of about 11 thousand inhabitants.
This magnificent garden city has beautiful palm trees and parks, golf courses, clean beaches, beautiful Mediterranean architecture, numerous boutiques, good restaurants, and luxury hotels.
Palm Beach is a legendary resort with exquisite mansions and residences along the coastline. There are magnificent houses of financial magnates and movie stars. Some US presidents have also had residences in Palm Beach.
Items Are Getting More Expensive
According to statistics, in 2023, the average cost of residences in the district will increase by 14%. The average cost of a single-family home has reached $570,000. However, prices in the area have not yet risen to the all-time high of $620,000, set in June 2022.
The picture changes if you look at the city of West Palm Beach itself. Here, elite mansions can add 40-50% in price per year. The place on the first line is limited, and the demand for such objects is very high. For example, a luxurious designer mansion at 241 Jungle Road was bought from a developer in August 2021 for $35.8 million. In December 2022, the house was bought for $51 million. And there are several more such examples in Palm Beach.
As experts say, now there are no precursors that would show signs of a change in the situation. Therefore, in the coming years, we can expect a systematic increase in cost.
Wide range of investment options
Palm Beach has a wide variety of properties for buyers to choose from. So, the official website Florida. Real estate reports that more than 300 housing options are now being sold in the district. Residences are represented by:
– land plots.
Apartments In Palm Beach
The cost of residences in the district starts from $ 290,000. You can buy an 86 m² 2- bedroom condominium on the lake for this price.
Apartment prices start at $379,000 for a 54 m² studio in a new complex with city and ocean views from the rooftop. The coastline is 8 km away.
The $24 million Tiffani & Co rooftop condominium is the most expensive residence. Notably, the current owner bought it as recently as July 2022 for $15.5 million. The mansion does not yet have decoration and furniture, only communications. The 6-bedroom residence with a spacious terrace, swimming pool, and green spaces covers an area of 917.5 m².
Villas And Houses
Buying a house in Palm Beach requires an individual and very careful approach. Since there are no new buildings in this city anymore, all the land has long been built up with expensive and exclusive houses and residences. When buying a house, you should take into account the uniqueness of its location, the area of the site and buildings, architecture and design, the technical condition of the house and utilities, the landscape, and much more.
Palm Beach offers many beachfront villas and more modest oceanfront homes. You can buy a detached house in the area for $495,000. For example, for this price, you can take ownership of a residence of 196 m² with 3 bedrooms. It is located 15 minutes from the coast.
The average cost of homes in this region is $3.5 million, with prices for the most luxurious properties exceeding $200 million.
The most expensive villa currently costs $218 million. You can buy a new branded estate on the only private island in Palm Beach for this money. The total area of the facility is 2659 m².
Despite the demand, it is still possible to pick up a free plot on the ocean coast in the district to build a dream home. The cost of the land, put up for sale in February 2023, starts at $6.95 million for a plot of 566.5 m² on the second line. The maximum price of the plot is $150 million for a territory on the island with an area of 9227 m².
Start searching for real estate to buy in Palm Beach today. Local agents will advise you on which residences will allow you to get the maximum profit through resale or rental.