Sales of million-dollar mansions in Palm Beach County were up 53 percent in July compared to the previous year with 98 changing hands.
The sales occurred at a median of four months after being listed, the longest wait time of any other price bracket, according to a report from the Realtors Association of Palm Beach County. The full story about the report can be read by Palm Beach Post subscribers here.
Homes that sold the quickest were those purchased for less than $50,000. Those were snapped up in a median of 34 days. But that supply is dwindling. Just 38 homes sold in July went for less than $50,000, a 31 percent decrease from last year.
While high-end homes are moving, Realtor Barry Gutknecht said he’s seeing fewer buyers wanting to fork over the extra dough for mandatory memberships at exclusive clubs. The memberships can cost tens of thousands of dollars on top of the multi-million dollar home.
“The equity membership can be a real blocker,” said Gutknecht, of Mirsky Realty Group Palm Beach. “The days of 2003 and 2004 where people were buying into a lifestyle of golf and the country club, doesn’t resonate with buyers as much today.”
You can leave a response, or trackback from your own site.