Home sales in Palm Beach, an exclusive island north of Miami where any billionaires, including the presidentm chose to live or have a second home, tripled in the third quarter as the wealthy fled the cities and higher-tax states of the Northeast, according to a new report, said CNBC.
The strength in Palm Beach reflects broader demand for homes — especially at the high end — throughout southern Florida, as wealthy residents leave behind the urban density, high taxes and colder weather of the Northeast and Midwest. Prices in Miami, Ft. Lauderdale, Boca Raton and even parts of Tampa increased by a double-digit pace in the quarter.
In Miami, luxury home prices surged 42% in the quarter, with the average sale price hitting $2.8 million. Average home prices in Ft. Lauderdale increased 16%, and they were up 11% in Boca Raton.