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Luxury Report Says Palm Beach Real Estate Resurgence Is Real

According to a recent Coldwell Banker report, Palm Beach ranked 16th among U.S. cities with home sales closing at $10 million or more in the twelve month ending June 30. Palm Beach has appeared on the top 20 list for the first time in both the highest price category ($10M or more) and the second highest ($5-$10M).

The rebound is here. Condos and other housing stock were hit hard during the recession, helping to drag down overall sales here. This is a general trend. And there are specific factors driving the boost in sales as well. Apparently, the wealthy are looking at Florida as a destination for primary homes, rather than as a vacation home for the snowbird life. The weather and the tax breaks don't hurt.

There were other rankings, too. Palm Beach also:

* ranked 18th among cities with the most active sales listings priced between $5-$10 million. Palm Beach had 53 such listings. Miami Beach was in the No. 2 slot with 197.
* ranked 19th among cities with the most sales listings priced at $10 million or more. New York City and Miami again topped the list.
* has a 33480 zip code that ranked 19th in the number of sales that closed between $5-$10 million, with 36 such transactions.
* has a zip code that ranked 20th with the highest number of listings (53) between $5- $10 million.

· Luxury market report reflects Palm Beach's real estate resurgence [Palm Beach Daily News]