Real Estate

Palm Beach is running out of mansions for sale

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Mansions seen along the coast of Palm Beach, Fla.

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Prices in Florida’s ultra-rich Palm Beach community hit an all-time high in the second quarter, as brokers grappled with a record-low number of mansions to sell.

The average price for a single-family home in Palm Beach hit $11.7 million in the second quarter, up 38% from a year ago and marking a new high, according to Douglas Elliman and Miller Samuel. Brokers say the flow of wealthy hedge funders, private equity chiefs and other executives in finance moving from New York and other finance capitals has created a step-change in demand and prices for a market already known for its outsized wealth.

“This is a whole reset of the…



Source cnbc.com

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