The Real Deal Miami

Prices drop at Palm Beach’s President

June 23, 2011 09:46AM

The President of Palm Beach condominium has seen prices fall 39.1
percent from the peak in 2007, according to data from CoreLogic. The
complex, which is located in the town of Palm Beach, has just one condo
out of 94 units in foreclosure, however. The President, which is located
at 2505 South Ocean Boulevard, has a 24.5 percent homestead exemption
rate, meaning units that are the primary residence of a permanent
Florida resident and create certain tax benefits. That is below the 40.6 percent rate countywide for all condos.
The median market value for a condo in the President peaked in 2007 at
$248,000, but fell to just $151,000 last year. [Palm
Beach Post]