Palm Beach Luxury Sales Break Record in 2014
Article from The Real Deal January 26 ,2015
Sales of Florida homes priced $1 million or more.
Luxury sales in Palm Beach broke records last year. More than 1,000 properties in the area, worth $1 million or more, sold in 2014. The sales mark a 16 percent increase from 2013 and a 54 percent increase from 2012, according to a published report. High-end residential sales are selling faster, the Palm Beach Post reported. In 2014, the time it took to sell a luxury home decreased by 22 percent from 2013 to 130 days, according to a report released Friday by the Realtors Association of the Palm Beaches. Brad O’Connor, director of economic research at the Florida Realtors, told the Palm Beach Post that luxury real estate is closely tied to the stock market. “There is a strong tie between the Dow Jones and sales of million dollar homes,” O’Connor told the newspaper. “The luxury market and the retiree market were the first to recover because the stock market rebounded.” [Palm Beach Post] — Kristina Puga –