Palm Beach Real Estate Market Stuns in 2020

Written by Ashley Sutphin Posted On Thursday, 14 January 2021 00:00

Palm Beach certainly isn’t a newcomer as far as luxury real estate, but 2020 has seen significant activity in the area. That’s picking up now even more so as the year draws to a close. 

The following are some of the notable transactions and things to know about Palm Beach and its stunning luxury real estate.

Record-Breaking Transactions

Palm Beach real estate agents have seen an influx of people looking to escape big cities and enjoy the warm Florida weather and more of a sense of privacy.

In 2019, residential sales in Palm Beach that hit or went above $20 million included ten total transactions. As of December, there have already been 21 deals that were $20 million or above. It is a yearly record for the island of Palm Beach.

John Lennon’s Home

In October, the oceanfront home once owned by John Lennon and his wife Yoko Ono sold for just over $36 million. At the time of the sale, the property was owned by Cindy and John C. Sites Jr. The home is located at S. Ocean Blvd. and the Corcoran Group managed both sides of the negotiations.

Sylvester Stallone’s Big Purchase

Actor Sylvester Stallone splashed out a fair amount of cash in December, purchasing a lakefront estate at 1480 N. Lake Way. He bought the property through a trust from sellers Ronald and Cindy McMackin. Stallone bought the home for $35.375 million.

Lakefront Single-Sale Record

In June, an estate at S. Lake Trail set a single-sale record for a lakefront home. The estate, sold by Robb E. and Lydia Turner, was purchased through a limited liability company. The Turners also bought a home for $21 million that once belonged to philanthropists Edith and Fitz Dixon.

A Kennedy Winter Estate

A company controlled by Jane Goldman sold an oceanfront estate that was known as President Kennedy’s Winter White House. It’s located at 1095 N. Ocean Boulevard.

Vacant Lot Comes with an Eye-Popping Price Tag

There was one transaction that didn’t even include a historic Palm Beach estate. Instead, an empty beachfront lot sold for just over $20 million.

The property is at 7 Ocean Lane. It’s a half-acre lot with around 100 feet of beachfront. It’s around a block from The Beach Club, and it’s next door to a home owned by Roger Ailes’ widow Elizabeth.

It appears, based on courthouse records, that the buying entity is associated with a Palm Beach real estate investment group that develops spec properties. It’s just down the street from Mar-A-Lago.

The lot has gone on and off the market over the past few years, and in 2012 was priced as low as $12.9 million.

The Trumps’ House Hunt

It looks like President Donald Trump and First Lady Melania are looking to make Palm Beach their home as they prepare to depart the White House. It’s rumored they’ve also been shopping private schools for son Barron.

Under an agreement made with the town of Palm Beach, no one can live at Mar-A-Lago permanently, including the owners, which might indicate why they’re looking for a home when they have private quarters in the club.

Ivanka Trump and Jared Kushner have reportedly purchased property on Indian Creek Island, south of Palm Beach.

Rate this item
(0 votes)

Agent Resource

How to capture your next prospect - click here

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.