Palm Beach's Condominium Market Winter Preview
For many residents and potential buyers in Palm Beach, understanding the evolving real estate landscape is crucial. Recently, Darrell Hofheinz of the Palm Beach Daily News published an article on the changing dynamics in Palm Beach real estate, where our very own Scott Gordon, was featured to offer his expertise on condominiums. For more on the broader Palm Beach real estate market trends, check out the full article here.
The summer season typically sees fewer listings and sales of Palm Beach condominiums and co-operative units. This summer was no exception, with only 44 condominiums and co-ops listed in Midtown and the near North End, and 69 on the South End at the end of September. To put things in perspective, the pre-pandemic years often saw more than 250 listings.
As agents who specialize in South End condos, we can tell you that many buildings in this area often undergo renovation during the summer months. The community policies usually only allow construction between the end of spring and the beginning of the winter season. Many buildings are carrying out concrete restoration and other structural improvements in anticipation of new, tougher state inspection laws, especially after the tragic collapse of a beachfront condo in Miami-Dade County’s Surfside community in 2021.
Once the construction scaffolding comes down, we expect more units to enter the market, particularly in November, December, and January. Larger units in the South End are becoming increasingly rare, typically closing between $2 million and $4.5 million. However, the bulk of sales are for units priced at $600,000 or less.
According to the third-quarter Corcoran Report, the South End had a total of 32 closed condo and co-op sales, compared to 62 for the same period last year. Moreover, the median price dipped slightly, from $525,000 to $520,000. On the other hand, condos and co-ops in Midtown and the near North End generally fetch much higher prices, but inventory there is also steadily increasing.
As we look forward to the winter months, we expect inventory to gradually increase, presenting opportunities for those looking to reside in Palm Beach.
About The Scott Gordon Group
The Scott Gordon Group is a team of experienced and dedicated real estate professionals who are passionate about helping our clients achieve their real estate goals. We have a deep understanding of the Palm Beach market and we are committed to providing our clients with the best possible service.
We offer a full range of real estate services, including:
Listing and selling homes
We are committed to providing our clients with the best possible service and we are confident that we can help you achieve your real estate goals. Contact us today to learn more about how we can help you.
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