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Rich and famous are paying obscene amounts for homes in South Florida

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The ongoing stampede of rich and celebrities to South Florida is pushing real estate prices to new highs.

The average cost of spreads at Palm Beach, home of the ever-growing roster of celebrities and financial firms, rose to about $ 16 million in the first quarter of 2022. Serhant South Florida Report published on Thursday.

Due to limited inventory and strong demand, the average price of palm beach pads increased by 44% compared to the same quarter in 2021.

There were a number of stratospheric transactions during the quarter, including the sale of a $ 45 million home owned by a Jordanian princess. According to Real Deal.

Median housing in Palm Beach jumped from about $ 7 million in the first quarter of 2021 to about $ 10 million in the same period this year, up 46%.

The median of Palm Beach condos also surged in that range, jumping from $ 1 million to about $ 1.6 million. That’s a 52% increase in just one year.

New developments are progressing rapidly in South Florida.
Bloomberg via Getty Images / Eva Marie Uzcategui

Garrett Derderian, Director of Market Intelligence at Serhant, said the routine eruptions of the “competitive bidding war” stimulated an unprecedented number.

“The South Florida housing market was benchmarked in the first quarter due to rising prices.
It is at record levels in the face of limited supply, “Darderian said in a statement.

In some parts of Miami, real estate sales continued to skyrocket in the first quarter of this year, with Darderian pointing out that buyers are paying Gotham-level prices.

“Downtown Miami saw an influx of new development condos that attracted wealthy buyers buying properties at prices like Manhattan,” said Darderian.

A "For sale" Sign outside a home in West Palm Beach, Florida, USA
This demand increased the average price of Palm Beach homes by 44%.
Bloomberg via Getty Images / Marco Bello

The median single-family homes in the region increased 41% to $ 1.3 million in the first quarter of 2022.

Single-family homes also hit record highs at Greater Miami Beach, with median prices rising 19% to $ 2.5 million.

Darderian warned that the rapid rise in South Florida could slow in the coming months.

“In the spring, it is expected that home viewing will be delayed.
Given the rapid growth over the past year and a half, coupled with the rise in mortgages
The rate increased faster than expected, “he wrote in the report.

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