Redfin: PB Gardens has hottest mansion market

Miami /
Oct.October 17, 2015 01:00 PM

By one measure, Palm Beach Gardens has the hottest market in the nation for mansions.

Redfin, a Seattle-based brokerage, reports that mansion prices in Palm Beach Gardens surged 42 percent in the year ended June 30.

That was the fastest such appreciation rate among luxury home markets, including Huntington Beach, California; Boulder, Colorado; Bellevue, Washington, and San Francisco, where mansion prices gained 24 to 27 percent.

Illustrative of the trend, a 15,000-square-foot Palm Beach Gardens mansion in the city’s Horseshoe Acres subdivision sold in June for $2.5 million, 56 percent more than it commanded in early 2014.

Michael Leibowitz of Leibowitz Realty Group in Palm Beach Gardens told the Palm Beach Post that “demand is very high, and we have very little supply.” Leibowitz has the listing.

Redfin also reported that mansion prices fell in the 12 months ended June 30 by  4 percent in Boca Raton, 14 percent in Stuart and 23 percent in Fort Lauderdale, the worst decline in the nation. [Palm Beach Post] — Mike Seemuth


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