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South Florida home prices skyrocket due to a billionaire buying spree

Stellar Snippets

In one of the most posh enclaves, billionaires have been constantly buying up luxury homes in South Florida, driving property prices to new highs.

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The current average sale price for homes in Palm Beach is over $20 million in the third quarter at $4,554/sq. foot, more than twice that of Manhattan.

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The reason is limited supply and high demand by the extremely rich clientele for oceanfront or lakefront properties.

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Most of the super wealthy come from high-tax states like New York, New Jersey, and California and they prefer to pay cash for the property.

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There are only 53 homes available on the Palm Beach real estate market, marking a significant 61% decrease from pre-pandemic levels.

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Palm Beach broker Chris Leavitt says that in this "alternative universe", you can still find a "nice house" for under $10 million!

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Luxury car dealer Michael Cantanucci bought a 1.6-acre oceanfront mansion for $170 million, setting the record for the most expensive home sold in Palm Beach.

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