The Real Deal Miami

Palm Beach County luxury home sales on a roll

98 single-family houses sell for $1M-plus in July in county
August 27, 2013 04:00PM


House in Palm Beach

Palm Beach County luxury real estate sales soared in July, and yet it couldn’t top May, the top month yet.

Ninety-eight single-family homes sold for more than a million dollars apiece last month, a 53 percent year-over-year surge, according to the Realtors Association of the Palm Beaches. There were 111 home sales for $1 million two months prior. But the year-over-year jump was a mere 33 percent.

Professional golfers as Rory McIlroy, Lee Westwood and Charl Schwartzel recently moved to the area, which draws golf aficionados, said Leibowitz Realty broker-owner Michael Leibowitz. Some have also moved to the county for tax reasons.

“If you’re making enough money, the savings can almost pay for the house in a few years,” said Kevin Leonard of the Palm Beach-based Valore Group.

A home priced under $2 million in Palm Beach is increasingly harder to find, the Palm Beach Post said. Leonard points to a $3.25 million Palm Beach home that was under contract within four days of being listed. In the county, 1,294 million-dollar homes were on the market last month, a 15 percent year-over-year drop. [Palm Beach Post]Mark Maurer