But super high-end real estate continues to falter across the country
It was a tale of two counties in South Florida this summer as luxury prices in Palm Beach skyrocketed, but in nearby Miami they tumbled 10% amid a glut of high-end condos on the market, according to a report out Tuesday.
Delray Beach in Palm Beach County topped real estate brokerage Redfin?s luxury house price index, which tracked luxury sales in more than 1,000 cities across the U.S. in the third quarter. The report defines a home as ?luxury? if it is among the top 5% most expensive homes sold in each city.
The average price of a luxury home in Delray Beach jumped 70% over the past year to stand at $2.98 million. In second place was Boca Raton, which saw prices rise 38% to $2.59 million, while in West Palm Beach they were almost 22% higher at $1.32 million. The boom in luxury prices is down to new building in waterfront areas and the reurbanization of downtown areas, according to Alex Garcia, a Redfin agent in Palm Beach County.
?We are seeing builders tearing down older homes on waterfront and water-accessible properties and rebuilding with all the bells and whistles of a modern property,? Mr. Garcia said.
?Luxury buyers in Delray and Boca are drawn to single-family homes with water access, but also proximity to revitalized downtown areas with trendy restaurants and shopping. While vacation homes make up some of our luxury market, we also have a lot of affluent buyers who live here as a primary residen...