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Palm Beach and Mar-a-Lago Real Estate Market Soars as $200M Deal Goes on Market
By: Donny Simcha Guttman
Since the 2024 election, the real estate market in Palm Beach, near President Trump’s Mar-a-Lago residence, has skyrocketed. Dozens of millions of dollar deals ranging from $5 to $10 million as reported by the New York Post have been closed in recent months. Margit Brandt of Premier Estate Properties told Mansion Global, “We have undoubtedly seen a huge bump after the election. Some international buyers now have their sights set on Palm Beach, so we’ve expanded the buyer pool majorly. Palm Beach is on the world stage now; it’s the center of the universe.” A week ago, billionaire William Lauder, known for his large price tags for his property, bought a property in the area for millions. The Wall Street Journal reported that the property was bought for $170 million.
In another record-breaking deal, a property at 1980 South Ocean Boulevard, which is five minutes away from Mar-a-Lago has in recent days been put up on the market for $200 million. Not only is the price a record, but the property is currently the only one vacant located between the ocean and the beach. Shelly Newman of the Corcoran Group explained to the Post, “In Palm Beach proper, there are only approximately 20 properties that expand from ocean to intracoastal, and this property is one of those few exclusive parcels. … this is basically the last [large] undeveloped parcel of residential land in Palm Beach … with both oceanfront and intracoastal access, and the only one to be available for sale [developed or not].”
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Another exclusive aspect of the property is that buyers wouldn’t have to wait for approval to demolish or remodel, since architect Richard Sammons of Fairfax & Sammons has drafted plans to be submitted to the Architectural Commission. Newman commented to the Post on this feature that “The footprint and site analysis provide substantial time savings for the new owner when preparing the final ARCOM submission.”
Another recent notable deal in the area includes a $14.9 million two-bedroom townhome that Fox News host Sean Hannity recently bought. In December, he bought an 8-bedroom house for $23.5 million also in the area, as reported by Mansion Global. In response to his acquisitions in Florida, Hannity said on his radio show that he was “done” with New York and was looking forward to making Florida his home, “For the first time that I can think of in my adult life, I actually have representatives in the state that I’m living in that share my values.” As a result of the boom of sales in Palm Beach, other areas including Broward and Miami-Dade counties, former real-estate competitors to Palm Beach, have seen luxury sales and condo sales drop. As reported by the Post, there was a 37% decrease in Miami-Dade and a 46% downward spiral in Broward in the condo market, while Palm Beach County has increased its sales by 11%.
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In a recent report in House Beautiful, experts discuss the drastic changes throughout the country that could occur as President Trump vows to stop “unnecessary” regulations. One of the experts quoted, McKenzie Ryan a real estate agent predicted on the new president, “A new administration always has an impact on the confidence or lack thereof that people have in the real estate market and their timing of when you buy or sell.
Right now, there is naturally an air of uncertainty as we wait to understand what Trump’s priorities are that may impact real estate before making any big moves.” She also blames the changes in the market not only on deregulation but also the Covid pandemic, “It has been a long journey of uncertainty since 2020.” Changes in the market will speed up as President Trump’s vows to deregulate, as he recognized about the housing crisis in the US in an executive order last month, “many Americans are unable to purchase homes due to historically high prices, in part due to regulatory requirements that alone account for 25 percent of the cost of constructing a new home according to recent analysis.” Deregulation will affect the markets, the consequences will play out as time moves forward.
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