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hanksgiving marks the traditional start of Palm Beach's peak social season, and this year it may bring an influx of people looking to buy real estate on the island. The election of President-elect Donald Trump has sparked a surge in interest in Palm Beach, with many hoping to be close to him come Inauguration Day. Trump's Mar-a-Lago Club is once again at the center of attention, hosting dignitaries and strategists as he prepares for his second term.
Palm Beach residents who supported Trump or Vice President-elect J.D. Vance during the campaign may be offering advice to them or senior members of their transition team. These include billionaires like John Paulson and Woody Johnson, as well as real estate moguls like Richard Kurtz and Steve Wynn. Others with ties to Palm Beach have been involved in fundraising efforts at Mar-a-Lago.
Trump has already chosen celebrity heart surgeon Dr. Mehmet Oz to head the Centers for Medicare and Medicaid Services, a move that has further fueled interest in the island. Real estate professionals report a surge in inquiries about short-term rentals near Mar-a-Lago, but many landlords are hesitant to commit to just a few months' lease.
As for potential homebuyers, Palm Beach real estate agents say they're seeing plenty of interest in the island - a significant change from the early fall when buyers were waiting until after the election. According to agent John Cregan, activity picked up about 10 days before the election and has continued since then, with no common theme among buyers.
There are more properties on the market than last year, but top-quality homes and condominiums remain in short supply. The local multiple listing service shows 93 properties for sale, including single-family houses and townhomes priced from $95 million to $3 million. Condominiums and co-operative units are also available, with prices ranging from $28 million to $465,000.
However, buyers should be aware of the potential traffic detour on South Ocean Boulevard when Trump is in residence, which can add a significant amount of time to their commute.
