Billionaires are propelling South Florida’s luxury real estate market to unprecedented heights, with Palm Beach leading the surge. Average home prices in Palm Beach exceeded $20 million in Q3, making it the priciest market in the U.S. The scarcity of properties, particularly waterfront locations, has intensified the boom. The influx of wealthy buyers, fleeing high-tax states and attracted by Florida’s economic growth, further fuels the mansion trend. Despite a slow summer, the market picked up in mid-September, marked by swift purchases and closings within days. Miami Beach is also witnessing a spike in prices, with tech billionaire Eric Schmidt and others amassing multi-million dollar real estate collections. The disconnect between the luxury housing market and economic trends is evident, with record-setting purchases, such as Jeff Bezos’ $150 million acquisition in Indian Creek Village, showcasing the allure of exclusive South Florida enclaves for the billionaire elite.
