For over 10 years, Palm Beach County has been the epitome of luxury. Country clubs, golf courses, upscale retail shopping, and affluent residential living. But now there’s a new modern, condominium living trend. For example, older condominiums were built and marketed as big, spacious towers with move in ready mortgages. Though those days might return, that’s not the trend in Palm Beach anymore.
Today there is a new, modern and fresh way of building the Palm Beach condo. The condo development is now defined as less gaudy, like the Ocean Eighteen project.
One reason for the change in the condominium development in Palm Beach could be because the mansion sales has increased, putting pressure on condos to compete. In 2014, almost 1,100 mansion properties worth over $1 million were sold throughout the year. That’s a 16 percent increase from 2013 and a 54 percent rise from 2012.
Why Are Mansion Sales On The Rise?
It wasn’t just because mansions were attractive to the home buyers, though the time in which it took for a mansion to sell was also down, the mansion sales are in correlation with the stock market.
Luxury real estate is closely involved with the stock market and how well it performs. The 2013 stock market closed at a healthy 11.39 percent higher than the year before. That stays with the current stock market trend, rising the last three years more than 10 percent from 2012. The luxury market and the retiree market are the first to recover from the stock market crash and rebound, so that helped in the purchase of these mansions.
This is the best time to enter the luxury real estate market. With record low interest rates available, great government incentives and prices at the most affordable levels that we have seen in years, your dream home or property is truly in your hands. Today's real estate market also gives renters the opportunity to become homeowners, with a payment they can live with and the best opportunity to upgrade to a luxury home in Palm Beach County.
If you would like to learn more about our services or details regarding the properties we currently have for sale, get in touch with Leibowitz Realty Group. Contact us and visit any of the properties you see on our site today!