Market Report Update 2023 Southern Florida

Market Report:
The South Florida Luxury Real Estate Market continues to gain momentum as we enter into the summer season. Many sellers in the luxury market between Broward & Palm Beach County are sitting on either cash or lower interest rates in the 3% range therefore, many Sellers are seeking a premium, especially if their property taxes will increase significantly as they move toward their next purchase. As a result, there has been an increase in inventory and days on market.

Out of state buyers mainly from California, Chicago, New York, and New Jersey continue to flock to FL for various reasons other than the great lifestyle South Florida offers; political reasons, tax purposes, lower crime rates, great weather, etc. Many buyers who have been on the sidelines monitoring market trends are purchasing and getting out of leases – realizing interest rates and prices are not dropping significantly enough to make a long term difference.

After two very strong years of unprecedented activity in the South Florida real estate market, there are enough comparable sales to justify a slight but steady increase in prices across the board. Many record breaking sales have recorded in 2023 in cities between Palm Beach and Fort Lauderdale, proving South Florida as a whole remains to be a safe and lucrative investment. The properties that are most insulated in today’s market are significant point lot waterfront estates, new construction and turn-key options and other waterfront estates, especially those with impressive views.

Recent Client Testimonial:
I’ve utilized Karson Dietrich in luxury home transactions involving both buying and selling, and each time he out-performs my highest expectations. With Karson you will get much more than an experienced real estate agent. He has proven success in coordinating and overseeing diversified services including home staging, home inspections, property management, and even building department compliance advocacy and permit expediting.

About Premier Estate Properties:
Established in 1993, Premier Estate Properties is Florida’s only privately held boutique brokerage specializing in Properties Exclusively In Excess Of One Million Dollars. With six strategic coastal offices (Fort Lauderdale, Boca Raton, Delray Beach, Palm Beach, Vero Beach); a Billion Dollar-Plus Estate Portfolio of exceptional Oceanfront, Intracoastal, Deepwater, Estate Enclave, and Country Club Estates, as well as ultra-luxury Condominiums; and historic sales approaching $15 Billion, Premier Estate Properties is consistently the dominant high-end leader in all of its markets.

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