Where To Buy Luxury Homes: Top 6 Communities In Palm Beach County

Palm Beach is one of the most important counties in Florida, which is actively developing. So, he has already earned the title of “South Wall Street” because, at the beginning of 2023, the area ranks first in wages in Florida. In addition, over the past 5 years, 140 offices of new companies and representative offices of existing corporations have opened here, and the number of jobs has increased by 13,000. Therefore, many investors want to get flats to buy in Palm Beach because not all specialists want to spend money on buying real estate in the area – a long-term lease is enough for them.

The article will tell you which places in Palm Beach have the most luxurious properties for sale.

1. Manalapan

This is an area of luxury real estate, which is located on the island. The population of the community is only 321 people.

The average cost of properties on Manalapan Island is $48.4 million. The expensive residence costs $106 million. This is a beachfront villa of 1,608 m2 with 9 bedrooms.

2. Jupiter Island

The area of luxury real estate is located on a long narrow island. The community is notable for having the second-highest income per family in the United States.

The average home value in Jupiter Island is $5.82 million. And the most expensive object costs $23 million. The luxury ocean view villa is 685 m2 and offers 5 bedrooms.

3. Ocean Ridge

This island is located on the ocean coast, near the large city of Boynton Beach. The small community of Ocean Ridge has about 2,000 residents as of early 2023.

The average home price here is $6 million. The highest price of $16.5 million was set for a 404 m2, 4-bedroom house with a plot of over 2,000 m2.

4. Community Palm Beach (Palm Beach)

This island is located near the largest city in the county of West Palm Beach (West Palm Beach). It offers excellent options for tourists and those who want to move to permanent residence.

The average property price in Palm Beach is $4.5 million. The luxury property is an 11-bedroom villa on the only private island in the area. The mansion is worth $218 million.

5. Jupiter Inlet Colony

This community is located on a small island, which is sprinkled with villas. Some of them have direct access to the sandy beach and private jetty.

On average, residences in Jupiter Inlet Colony cost $3.2 million. The price of the most expensive property, put up for sale in February 2023, is $15 million. This is a 505 m2, 5 bedroom beachfront multi-house plot.

6 Gulf Stream

The island with luxury real estate is connected to the mainland by a bridge. The community offers several golf courses, a school, and a tennis court.

The median property value in Gulf Stream is $2.42 million. According to the official website of Florida. Real estate, a luxurious island home with access to the beach costs $17.5 million. This is a 5-bedroom house, and the total area of the plot is 2,158 m2.

See even more objects in Florida districts by comparing prices. Florida. Real estate experts will help you choose options for moving to a permanent residence.

Items Are Getting More Expensive

According to statistics, in 2022, the average cost of residences in the district will increase by 14%. The average cost of a single-family home has reached $570,000. However, prices in the area have yet to rise to the all-time high of $620,000, set in June 2021.

The picture changes if you look at the city of West Palm Beach itself. Here, elite mansions can add 40-50% in price per year. The place on the first line is limited, and the demand for such objects is very high. For example, a luxurious designer mansion at 241 Jungle Road was bought from a developer in August 2021 for $35.8 million. In December 2022, the house was bought for $51 million. And there are several more such examples in Palm Beach.

As experts say, now there are no precursors that would show signs of a change in the situation. Therefore, in the coming years, we can expect a systematic increase in cost.

Read more – The Most Expensive Homes in Ohio