P
alm Beach is ablaze with luxury real estate deals, fueled by the ultra-wealthy's fascination with the exclusive enclave since Donald Trump's presidential win. The area has long been synonymous with high-end living, thanks in part to Mar-a-Lago, the president's prized property.
In January alone, Palm Beach saw a staggering 300% increase in single-family home sales above $5 million compared to the previous year, according to Douglas Elliman data. This surge is largely driven by deals near Mar-a-Lago, with a whopping $419 million in transactions since November and another $213 million in pending deals.
The luxury market is particularly hot, with 13 contracts signed for properties worth $10 million or more last month – triple the number from January 2024. This follows an unprecedented jump in November and December, when 19 such deals were made, more than tripling the previous year's total.
Industry insiders attribute this buying frenzy to Palm Beach's newfound status as a global luxury hub. "We've seen a huge bump after the election," says Margit Brandt of Premier Estate Properties. "International buyers are now eyeing Palm Beach, expanding our buyer pool significantly."
High-profile transactions abound, including Fox News host Sean Hannity's $14.9 million townhouse purchase and a spec home near Mar-a-Lago selling for $19.5 million – less than half its original asking price.
Meanwhile, neighboring Miami-Dade and Broward counties are struggling to keep pace with Palm Beach's luxury market. Luxury contracts in Miami-Dade have plummeted by 50%, while Broward saw only two deals above $5 million. The condo market is also feeling the chill, with sales falling nearly 37% in Miami-Dade and 46% in Broward.
Despite the demand for luxury properties in Palm Beach, inventory is piling up as homeowners cash in on the hot market. Listings for single-family homes are up more than 50% in both Palm Beach and Miami-Dade, while Broward saw a decline. At the luxury level, available homes priced above $5 million rose over 60% across all three counties, with condo inventory surging in Palm Beach and Miami-Dade – up 32% and 40%, respectively.
