From Palm Beach to Miami Beach, luxury home prices in Florida’s richest enclaves are reaching new records as billionaires and millionaires continue to buy up property.
The average sale price of a home in Palm Beach topped $20 million in the third quarter, making it far and away the most expensive market in the country, according to data from Douglas Elliman and Miller Samuel. The average price per square foot of homes sold in Palm Beach reached $4,554, — more than 2.5 times more expensive than Manhattan. “The prices are mind-blowing,” said Chris Leavitt, a top Palm Beach broker with Douglas Elliman.
The record for the most expensive home sold in Palm Beach was set in April when luxury car dealer Michael Cantanucci paid $170 million for a 1.6-acre oceanfront mansion. Leavitt said that while the summer was slow, buyers came rushing back starting in mid-September. “Usually September isn’t that busy, but the market is heating up earlier this year,” he said. “These buyers move very fast. They will call and say, ‘I’m flying down tomorrow.
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