Mansions seen along the coast of Palm Beach, Fla.
Home sales in Palm Beach, the exclusive island retreat of the president and countless billionaires, tripled in the third quarter as the wealthy fled the cities and higher-tax states of the Northeast, according to a new report.
“It may be the hottest real estate market in the world right now,” said Jay Phillip Parker, CEO of Douglas Elliman’s Florida brokerage. “You just can’t find homes to buy there now.”
The average home price in Palm Beach was more than $7 million during the quarter, according to a report from Douglas Elliman and Miller Samuel. The strength shows little signs of slowing as signed contracts jumped 62% in September, the report said.
Among the big recent sales in Palm Beach was the $28 million sale of a “teardown” mansion owned by telecom tycoon Donald Burns. Billionaire Jude Reyes sold his