In one of the most posh enclaves, billionaires have been constantly buying up luxury homes in South Florida, driving property prices to new highs.
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.
The reason is limited supply and high demand by the extremely rich clientele for oceanfront or lakefront properties.
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.
There are only 53 homes available on the Palm Beach real estate market, marking a significant 61% decrease from pre-pandemic levels.
Palm Beach broker Chris Leavitt says that in this "alternative universe", you can still find a "nice house" for under $10 million!
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.