The Wall Street Journal picked up on something: some of Palm Beach’s ultra-wealthy residents are getting younger, and as some say, hipper. “There are cool people moving into Palm Beach,” local architect Richard Sammons told WSJ as part of a long story about a recent surge of mega sales in the area.
“It is no longer the place where you went to visit your grandparents,” Christopher Leavitt, an agent at Douglas Elliman Real Estate, told WSJ. What’s driving the influx of younger buyers? Besides the gorgeous scenery, one reason could be hedge-funders who are making Florida their primary home, thanks to the lack of a state income tax.
As for the whole Mar-a-Lago factor, WSJ suggests it’s unclear what effect Trump’s presence is having on the local real-estate market. But according to one Palm Beacher: “It’s a pain in the neck when he’s in town. It kills that peaceful serenity. Once he leaves we’re like, ‘ahhhh.’”