Are real estate sales in Palm Beach being “trumped?”
Campaign stops from presidential candidate Donald Trump once brought excitement from people attending en masse. Not even 100 days into the Trump presidency, Palm Beach is already feeling the effects of his frequent appearances.
Presidential visits bring inherent disruptions anywhere in country. However, the normally refined pace of Palm Beach life is in chaos with residents unaccustomed to road closures, traffic jams, and legions of armed security guards, journalists and gawkers.
Frequent trips to Mar-A-Lago may benefit Trump’s golf club. However, nearby real estate sales are showing signs of slowing. Current prices and inventory in the area seem to be anything but “the best.”
According to local brokers, these community disturbances are driving potential buyers of multi-million dollar mansions away. During the early months of 2017, home sales and prices fell, a stark contrast to strengthening results in neighboring Manalapan, Boca Raton and West Palm Beach.
Specific numbers show potentially alarming trends:
- Only 22 homes were sold in Palm Beach in the first quarter, an eight percent drop from the previous year
- Prices in the first quarter are averaging $6.7 million, among the highest in the country, yet the number is down from $7.9 million last year
- Median prices decreased by 13 percent
- The supply of homes on the market is exceeding 24 months, up from 20 months the previous year
Not too long ago, Americans waited hours in line, clamoring to see the outsider running for the highest office in the land. Now that Donald Trump is president, a certain area of the country would prefer fewer visits to what is now referred to as “The Winter White House.”
Posted on Real Estate Transactions