Palm Beach is witnessing a unique real estate phenomenon.
According to the Daily Mail, following President Donald Trump's reelection and relocation to Mar-a-Lago, there has been a noticeable sales spike and then an ebb in the multi-million dollar homes market of Palm Beach.
President Donald Trump, now in his second term, has chosen Mar-a-Lago as his primary residence whenever he is in Palm Beach. This has imposed a strict security protocol around the residence, influencing property dynamics in the region.
A security perimeter now frames the neighborhood, extending from Mar-a-Lago north along South Ocean Boulevard up to Clarendon Avenue. Properties within this zone are experiencing significant fluctuations in sales and valuations. For instance, the property at 168 Kings Road sold last December for $12 million, which was $2 million less than its sale price just three months prior in September 2023.
Following the election, there was a surge in local property purchases, some being snapped up by associates of Trump. However, only three homes remain available for sale inside the secure zone now.
Shelly Newman, a realtor from Corcoran Group, notes the challenges and peculiarities of the market in this exclusive area.
Shelly Newman recently listed a significant plot of land on South Ocean Boulevard for an eye-watering $200 million. The prices within the security perimeter remain aggressive, as evidenced by other listings such as 1048 S Ocean Boulevard at nearly $24 million and the pending sale of 129 Woodbridge Road which is listed for $14.95 million.
Additional sales in the neighborhood include 153 Kings Road and 1090 S Ocean Boulevard, which went for $14 million and $19.5 million, respectively. Even rentals are climbing, with 130 Algoma Road now fetching $125,000 a month. Florida attracts buyers with its no-income tax status, adding to Palm Beach's appeal despite its limited inventory and high prices.
Discussing the unique living conditions in Palm Beach, Shelly Newman provided a more in-depth perspective.
"It's very safe here. Palm Beach has always been a place the wealthy wanted to be. Everything's gone up in price."
She also acknowledged the issues arising from the tight security and high-profile neighbor, "It's not ideal," she admitted, adding pragmatically, "You get used to it."
Despite the challenges, Newman remains optimistic about the local real estate market. She highlights the extreme difficulty of securing quality property. It's very, very difficult to get a good piece of property [here]," Newman said during one of her showings.
142 Via Palma is another high-valued property under negotiation, with a pending sale set at $18.95 million, showcasing the ongoing interest and investment in Palm Beach's real estate. As security and privacy concerns intertwine with luxury real estate prospects, Palm Beach sees an evolving yet robust market.
While the area remains a magnet for the wealthy due to its tax benefits and lifestyle offerings, the presence of President Trump has undoubtedly altered the dynamics, impacting property values and the desirability of living within the security perimeter. The market in Palm Beach has indeed transformed, shaped by a combination of political presence, security demands, and economic factors intrinsic to Florida's real estate.
