Palm Beach is experiencing a significant boom in its real estate market, with a visible increase in sales of luxury homes, particularly those priced above $5 million. A vacant lot has notably relisted for $200 million, reflecting rising interest. Brokers attribute this surge, along with an increased number of signed contracts and sales, to former President Donald Trump's influence at Mar-a-Lago. The market dynamics have shifted, leading to a considerable increase in activity, particularly in the high-end sector, prompting terms like 'Trump bump' to describe the phenomenon.
In the postelection era, we're seeing a lot of these high-priced listings... a lot of actual movement within the high end here.
The number of signed contracts for homes from $5 million to $9.99 million increased 157%, and sales for homes $10 million or more increased significantly.
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