Cash and Design Move Palm Beach Luxury Real Estate Sales

Cash and Design Move Palm Beach Luxury Real Estate Sales

Cash and Design Move Palm Beach Luxury Sales

Thanks to stricter lending standards implemented in order to prevent another housing crisis, it's becoming more difficult for potential buyers to secure financing for Palm Beach real estate. In some cases, this affects the luxury market as well, especially as top-earners in the area have been equally hit by the recession as middle-income families.

Consequently, cash sales are becoming increasingly commonplace in the Palm Beach luxury market. Cash sales have always been popular, but now, investors are also turning to cash transactions as a way to gain leverage over traditional buyers. A local luxury real estate agent reported that 90% of transactions coming in this year were cash sales, and the trend is likely to continue.

For instance, a condominium in Miami Beach recently sold in a cash sale for $6.575 million, according to the South Florida Business Journal. The journal reported a similar $6.2 million transaction for a beachfront property that was closed by an outside investor looking to remodel the home. The World Property Channel recently reported that all-cash sales accounted for 64% of the total closings in July countywide, which is up 59% year-over-year.

Foreign investors are making a significant impact on the Palm Beach real estate market, and are looking to profit from investing in properties before prices continue to rise. Palm Beach short sales are popular among investors since cash purchases dominate the majority of transactions.

Another key to moving Palm Beach real estate is design, and many developers are looking to big name designers to contribute their expertise to newly-listed properties. This is especially true in the condominium market. According to local real estate agents dealing primarily with condos in the Palm Beach area, the impact of a designer lending their talent to a property before it hits the market can contribute to a significant increase in price.

The designers making the biggest impact on Palm Beach sales come from a broad base of backgrounds and cultures. Developers believe that since Palm Beach homes appeal to a multicultural environment, it's important to make sure that the properties appeal to a broad demographic.

Please let us know if you'd like more information on luxury Palm Beach real estate for sale. We're dedicated to helping you find the best Palm Beach property for your needs at the best price possible.

[cc_author style="double" author="grant"]