One area of Florida where the real estate market has been sizzling hot is Palm Beach. In particular, the residential real estate market has recently experienced many sales of high-dollar properties. Since late May, five homes were sold at a price tag of $6.5 million to $13 million.
Another five homes were sold at prices topping $14.5 million. The largest home sale was for a home that sold for $31 million. These numbers are comparable to sales figures from this same period in 2014, although real estate sales overall were up more than 7 percent this year over one year ago.
Closings often occur in early summer for multiple reasons. First, new homeowners still have enough time to complete redecorating and renovation projects before fall arrives. However, this time of year is often competitive for buyers, with the homes that remain on the market typically being sold relatively quickly. The median sales price of single-family homes this year is slightly higher than last year's, being between $220,000 and close to $3.5 million. Meanwhile, the median price of townhouses and condos is between $622,000 and $725,000.
With this area of Florida continuing to draw attention, a large number of people may still be interested in buying homes here or in other areas of the state this summer. However, failure to approach a residential real estate property deal appropriately may cause the deal to flounder, thus wasting both parties' money and time. Proper legal guidance may help both buyers and sellers to protect their best interests while striving to complete a real estate deal in Florida.
Source: palmbeachdailynews.com, "Early summer busy for Palm Beach real estate sale closings", Darrell Hofheinz, July 15, 2015