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The Real Deal Miami

Resi sales pick up in Palm Beach post-Trump slump

Some of the biggest sales on the island closed over the last five months
October 16, 2017 01:00PM

Aerial of Palm Beach

A rise in residential sales in Palm Beach have real estate agents and brokers in the area hopeful for a turnaround following a slow 2016.

MLS data shows that in 2016, the island saw a total of 96 single-family sales, according to the Palm Beach Daily News. This year, the number of single-family homes sales hit 90 by October.

Condo and co-op sales also increased from 247 sales in 2016 to 245 closings so far this year, the newspaper reported. Some agents and brokers blame the election of President Donald Trump for the slowdown.

From January to May, 14 single-family home sales sold for more than $10 million, which is double the number of closings during the same period in 2016.

The past five months have also seen some of the biggest sale prices on the island. In May, fashion designer Tommy Hilfiger paid $34 million for an oceanfront estate at 100 Casa Bendita. In April, billionaire real estate investor Frank McCourt bought an oceanfront estate at 60 Blossom Way for $77 million. [Palm Beach Daily News]Amanda Rabines