According to Attorney Les
Evans, Managing Partner of Leslie Evans and Associates, a Palm Beach law firm, “People
have no other place as attractive to put their money.” His quarterly Evans report tells the story.
The median price for a
single family home, he says, totaled $ 3.375MM in 2Q-2015, up 13.4% from
$2.97MM the previous year. The biggest
sale in the first six months of 2015 was
to hedge fund star Paul Tudor Jones, 1300 South Ocean Boulevard, for
$71.2MM. Built in 1923 on 11+ acres, the property has 7 bedrooms, 18 full
bathrooms. Previous sale in October 2014
was for $11,520,000.
His popular Evans Report, which details quarterly sales of homes in Palm Beach, shows that the median price for a single-family home totaled $3.375 million in the second quarter, up 13.4 percent from $2.975 million a year earlier. Condos are up 23.1% from $540,000 a year ago to $665,000 in 2Q-2015.
His popular Evans Report, which details quarterly sales of homes in Palm Beach, shows that the median price for a single-family home totaled $3.375 million in the second quarter, up 13.4 percent from $2.975 million a year earlier. Condos are up 23.1% from $540,000 a year ago to $665,000 in 2Q-2015.
Evans compared the S&P 500 Index
climbing only 5.2% in the 12 months through June 30, and it plunged 11% from
August 17 to August 25, making homes a more stable buy, not being subject to
daily fluctuations.
Not unexpectedly, sales of single
family home numbers are declining with record low inventory. 2Q sales total 50 and the previous year
totaled 64. Condo sales climbed 13.8% to
165 from 145 a year ago. Evans said, “People are holding on to their homes
because they are such a good investment.
Two bedroom condos range
from $500,000 to $3MM and three bedroom condos range from $1.5MM to $20MM. Single family homes start at $2-3MM with
properties going for about $1000/sq ft. With
80-85% Palm Beach home sales for cash, continued market strength is predicted;
future interest-rate hikes won’t affect that part of the market.
