The Real Deal Miami

Palm Beach mansions losing value

March 02, 2009 02:11PM

An analysis of the annual Evans Report, which tracks property values in wealthy Palm Beach, shows that one-sixth of the luxury properties sold in the last six months of 2008 dropped in value. Among the price cuts are an Everglade Avenue home that shed 9.8 percent of its value when it sold for $2.5 million in November; an Arabian Road house that had seen a 10.9 percent price drop when it sold in November for $2.85 million; and an Adam Road mansion that dropped 3.1 percent before it sold for $3.1 million in September.