South Florida COVID-19 Update (Last Updated: 3/23/2020)

(Last Updated 10:39 AM 3/23/2020):

BREAKING: 

• Miami-Dade County and the City of Miami Beach have ordered all hotels, motels and short-term rentals to begin immediately shutting down and vacate their guests, with full-closure by 11:59 PM on Monday, March 23. (3/21/2020)

• Miami-Dade Mayor Issues Executive Order Closing All Non-Essential Business 9 PM Thursday. (3/20/2020)

• All U.S. Citizens traveling around the world should return home ASAP or be prepared to stay abroad for an indefinite period. (3/19/2020)

Continue to check back for updates to below as we continue to track COVID-19 across South Florida:  

Unfortunately there is just no avoiding it, COVID-19, the deadly strain of Coronavirus is here in Miami and spreading. Across the United States, social distancing has become a top priority in the government’s efforts to slow down the spread of the virus. COVID-19 spreads through droplets that can extend out six feet from the body via cough or sneeze. The White House has advised the public to avoid gathering in groups of more than ten people and has asked municipalities where the virus has spread to close public places such as bars and restaurants.

The Cities of Miami Beach and Fort Lauderdale addressed the public regarding new measures taken due to large and rowdy spring break crowds and ongoing concerns over COVID-19 outbreak. Miami Beach is closing beaches, limiting hours at restaurants and has enforced a curfew that will be going into effect in Miami Beach's entertainment district starting at 10 p.m.

“It simply can’t be business as usual in our City,” said Miami Beach Mayor Dan Gelber. “COVID-19 is a threat as much here as anywhere. We simply cannot endure these kinds of gatherings and crowds. Our measures are intended to send a clear message that Spring Break is cancelled and that everyone, even young people home from school, need to embrace these health and safety concerns. We are proud of our hospitality industry, and concerned with the toll it will have on our businesses and workers but we cannot elevate those concerns above very real health risks.”

“I want to be clear, this isn’t an overreaction, but a way to stop further cases of COVID-19 in our community,” Fort Lauderdale Mayor Dean Trantails said. “We must all do our part to save the lives of our residents, visitors and first responders.”

Remember, the majority of infections are mild. 81% will experience flu-like symptoms, 14% will experience severe symptoms and only 5% will need intensive care. The mortality rate is below 3%. The most important thing you can do is think about the others that you may affect if you become a carrier. If you suspect you have been exposed to someone with the virus or are showing symptoms, then you should self-quarantine yourself immediately for 14 days. You should limit your exposure to the elderly or those with pre-existing conditions. Governor Ron DeSantis previously acknowledged that Florida is experiencing "community spread," so taking the time to limit your exposure to others will help keep you healthy, others healthy and curb the nations growing public health crisis.  

"It is a very uncertain time, especially in the real estate world. You having so many moving parts, whether it is lost time and rising construction costs in development or commission based pay many that realtors rely on getting held-up as society grinds to a halt," said Demetri Demascus, Editor of PROFILEmiami and a local real estate investor, developer and broker. "Everything is a chain reaction. If tenants cannot pay their rent, will a landlord be able to pay their employees or their own bills? We have to be extremely cautious about how we proceed across all aspects of life and business right now.” 

While many businesses with lots of interaction between the staff and customers have had to shutter for the time being in order to protect customers and employees, in other cases, local business’ have been taking measures to keep business as usual while also keeping their office and employees safe, sanitary and healthy.

"We are monitoring the Coronavirus situation closely, and will continue to do so as the situation evolves. In the meantime, we have asked our team to put their health and safety first as not only will this help keep our team safe, but our families as well. We have also asked for all non-essential travel plans to be delayed, all team-members to practice good hygiene, stay home if they are sick and we have increased sanitization frequency of our office," said Jacques Bessoudo, Managing Partner of Galium Capital, a Miami-based Private Equity group focused on investing in commercial real estate.

Stats:

• Number of Cases in Florida: 830+ (3/23/2020)

• Fatalities in Florida: 13+ (3/23/2020)

• Number of Global Cases: 351,000+ (3/23/2020)

• Global Fatalities: 15,321+ (3/23/2020)

• Number of U.S. Cases: 35,075+ (3/23/2020)

• Fatalities in the U.S.: 458+ (3/23/2020)

Miami-Dade County:

• Miami-Dade County # Cases: 177+ (3/23/2020)

• BREAKING: Miami-Dade County and the City of Miami Beach have ordered all hotels, motels and short-term rentals to begin immediately shutting down and vacate their guests, with full-closure by 11:59 PM on Monday, March 23. (3/21/2020)

• BREAKING: Miami-Dade Mayor Issues Executive Order Closing All Non-Essential Business (3/20/2020)

• CONFIRMED CASES IN BRISTOL TOWER BRICKELL & SOHO BEACH HOUSE (3/19/2020)

• Officials have ordered the closure of all restaurants, bars, movie theaters, concert houses, auditoriums, playhouses, clubs, gyms, arcades, bowling alleys, etc. which will go into effect 11 PM Tuesday. All grocery stores, pharmacies, take-out and delivery services will remain open at this time (3/17/2020)

  • All bars and nightclubs will be closed for 30 days.

  • Restaurants will only be able to operate at half capacity.

  • Exceptions granted if they have a capacity of 10 people or less.

  • Mayor Carlos Jimenez signed the emergency order, but remains in self-quarantine after being exposed to a Brazilian government official who tested positive following a visit to South Florida.

• Miami-Dade Public Schools are now closed through at least April 15. (3/19/2020)

  • Miami-Dade Public Schools have closed this week and next. (3/16/2020)

• Key Biscayne and North Miami Beach have implemented curfew between 10 PM and 5 AM (3/19/2020)

• Officials have closed the beach from 5th to 15th Street, including Lummus Park.

• All city parking garages are closed to non-residents.

• In addition, all non-essential retail stores will be required to close at 10 p.m. daily. (3/16/2020)

  • Businesses excluded from this directive include: Pharmacies, grocery stores, convenience stores, private offices, banks, hotels, hospitals, medical service providers, medical supply stores, hardware stores, gasoline service stations and automotive supply and repair centers.

• An entertainment district curfew will go into effect at 11 p.m.

• All restaurants are asked to keep occupancy at 50% or less, and have under 250 people in each establishment at any given time.

• Ultra Music Festival has been cancelled.

• Miami Music Week has been cancelled.

• ArtScape Concert has been cancelled.

• The Miami Open Tennis Tournament has been cancelled. 

• University of Miami & FIU have moved classes online until the end of the spring semester. (3/20/2020)

• University of Miami Spring Commencement postponed until December. (3/20/2020)

• The Hardrock Seminole Hotel & Casino has suspended entertainment operations. 

• Calle Ocho Festival has been cancelled.

• Mayor Francis Suarez has confirmed that he has COVID-19.

Broward County:

• Broward County # Cases: 180+ (3/23/2020)

• Broward County Public Schools are now closed through at least April 15. (3/19/2020)

• Officials have closed the beach from Harbor Beach to Oakland Park Boulevard.

• Restaurants and bars must close by 10 p.m.

• Restaurants and bars are asked to operate at 50% capacity and have no more than 250 people at any time.

• The Tortuga Music Festival, which was set to run from April 17-19, has been postponed.

• The Wharf Fort Lauderdale is closed until further notice.

• The listed measures will remain in effect until April 12.

Palm Beach County:

• Palm Beach County # Cases: 59+ (3/23/2020)

• Town of Palm Beach implements curfew until further notice from 9 P.M. - 6 A.M. (3/18/2020)

• Palm Beach County Public Schools are now closed through at least April 15. (3/19/2020)

• Beaches will be closed on Tuesday 3/17/2020

• Nursing Homes and Assisted Living Facilities are closed to visitors.

• Drive-through testing underway at FoundCare (2330 S. Congress Ave, West Palm Beach - call 561-967-0365 to see if you qualify and for appointments)

National:

• United States of America # Cases: 35,075+ (3/23/2020)

• United States of America Fatalities: 458+ (3/23/2020)

• Income tax filing deadline moved to July 15 (3/20/2020)

• BREAKING: The Federal Government has announced it will issue stimulus checks to qualified families and individuals.

  • $1,200 Per Adult Making Under $99,000 or $2,400 for Families Who File Jointly (Less Than $1,200 For Those Making More Than $75,000)

  • $500 Per Child

• BREAKING: All U.S. Citizens traveling around the world should return home ASAP or be prepared to stay abroad for an indefinite period. (3/19/2020)

• Foreclosures and HUD evictions have been halted for 60 days.

• CDC recommends ban on events of 50+ people. 

• The Players Championship was cancelled & PGA Tour is suspended.

• NBA, NHL, MLB and MLS have suspended their seasons. 

• All ski resorts have closed.

Health & Safety Tips:

• Social Distancing: Keep a Six Foot Distance From Others

• Try to Stay Home as Much as Possible

• Postpone or Cancel Meetings

• Wash Hands Frequently for 30 Seconds and Use Hand Sanitizer 

• Support Local Businesses: Buy Gift Cards to Use for Later

• Wipe Down Gym Equipment Before & After Use

• Take Vitamin C and Other Immune Boosters

• Cover your mouth when you cough or sneeze. Wash your hands after.

• Do Not Stock Up On Toilet Paper. It is a domestically manufactured good.

• Only Wear a Mask If You Are Infected.

Two Roads Development & Alpha Blue Ventures Launch The Arquitectonica-Designed Forté In West Palm Beach

A development partnership between Two Roads Development and Alpha Blue Ventures has launched Forté, a boutique luxury waterfront condo project, coming to West Palm Beach. Forté, which was approved in early March 2020, will be located at 1309 South Flagler Drive and Douglas Elliman Development Marketing will be the project’s exclusive sales and marketing brokerage.

Forté is designed by Bernardo Fort-Brescia of Arquitectonica and will rise 24-stories with only two residences on each residential floor. The expansive three- and four-bedroom residences will range from 4,200 SF to 8,400 SF with the option to combine residences for a full-floor home. Forté’s six-bedroom penthouse will span 8,900 SF of interior space and 2,000 SF of outdoor terrace space that includes a summer kitchen, a cabana bath and 360-degree views from a private pool. Every residence will provide unmatched views of the Intracoastal Waterway and Palm Beach island.

“Forté’s location in downtown West Palm Beach along the Intracoastal Waterway presents a rare opportunity for future residents to experience waterfront living in a vibrant and walkable downtown setting,” said Taylor Collins, managing partner at Two Roads Development. “Coinciding with the debut of our sales gallery, we look forward to the advent of construction and to making this project a reality.”

“We are excited to work with Two Roads Development and Alpha Blue Ventures on this groundbreaking project in South Florida,” said Jay Phillip Parker, CEO of Douglas Elliman’s Florida Brokerage. “Palm Beach County has seen a record-breaking year and with the market’s continued strength, we anticipate extremely strong interest in Forté and look forward to the project’s success.”

Two Roads Development, Alpha Blue Ventures and Douglas Elliman Development Marketing are currently completing a residential sales gallery which will soon open adjacent to the project site on South Flagler Drive. Pricing is expected to start at $4.9 million.

Images via Two Roads Development and Alpha Blue Ventures

For more information about Forté, private showings or purchasing/ leasing information please fill out the form below:

Want to Live at Tiffany's? $17.5M Palm Beach Penthouse Floats Above Luxury Retailer

259 Worth Avenue is the first property of its kind and will be the largest condominium in Palm Beach with 13,000+/- square feet once finished. It represents a once-in-a-lifetime opportunity to own the only penthouse above luxury jeweler Tiffany's on the iconic Worth Avenue in the heart of Palm Beach.

This unique penthouse will encompass an upscale lifestyle: it is central to fine dining, world class fashion and art, and a short stroll away from the beach. It features five bedrooms, seven and a half baths, master suite, maid's quarters, three fireplaces, state of the art technology, elevator and a private rooftop overlooking panoramic views of Worth Ave. The rooftop’s distinctive exterior spa will boast an infinity edge swimming pool, sunbathing areas, putting green, outdoor bar, dining area and fire pit for the ultimate outdoor entertaining space.

Award winning, nationally recognized Design/Build firm Kean Development Company is working with a local architect on the property, which is being offered by Douglas Elliman as a shell for the buyer to build out during the summer of 2021.

Images via Douglas Elliman.

For more information about 259 Worth Ave., private showings or purchasing/ leasing information please fill out the form below:

By Stephanie Warren

Step Inside A Tropical Modern Paradise in Boca Raton Asking $19.75 Million

A tropical modern waterfront residence in Boca Raton has hit the market asking $19.75 million. The new construction, modern museum-like residence offers 5 bedrooms with 6.5 bathrooms and is designed by local architect, Stuart Brenner. The residence offers uncompromising finishes, openness and cutting-edge design including Herringbone porcelain tile floors are laid throughout, 12-foot floor to ceiling windows and custom bathroom plus kitchen amenities.

The grounds are surrounded with lush outdoor features including multiple Royal Palm trees, bamboo hedges, a granite stone driveway and beautiful Bermuda grass lawn leading to the main residence where dual-two car garages are artistically connected by way of covered carport. The Coquina stone pool patio deck and outdoor kitchen allows residents to enjoy the luxe outdoor lifestyle

The buyer can take full advantage of the intercoastal frontage and 40’ boat dock that accommodates a 75’ yacht. Situated at the epicenter of Downtown Boca, the property is walking distance from a plethora of dining and entertainment offerings and minutes to Lake Boca Raton, ideal for those looking for easy access to boat locally or through the Caribbean.

220 NE 5th Avenue, Boca Raton is currently listed for $19.75 million with John Poletto and Mark Nestler of ONE Sotheby’s International Realty.

 Images via Lux Hunters for ONE Sotheby’s International Realty.

For more information about 220 NE 5th Avenue, Boca Raton, private showings or purchasing/ leasing information please fill out the form below:

Palm Beach Approves Plan For Luxe Condo Atop Tiffany & Co. Building On Worth Avenue

The Town of Palm Beach has approved plans for a luxury condo atop the iconic Tiffany & Co. building on Palm Beach’s Worth Avenue, one of the ritziest, most expensive streets in the United States. The addition would include the conversion of the existing 2nd floor as well as adding a 3rd floor spa and pergola which would not be visible to pedestrians on the street. The condo conversion was designed by Keith Spina and when complete will offer buyers a 10,000 SF spread complete with the 3rd floor terrace. The proposal comes on the heels of Tiffany & Co. downsizing to only the ground floor where they plan a major renovation. The project’s final design is still pending a few approvals though as the Town of Palm Beach deferred a decision until December 2019 on a variance to increase the allowable lot coverage of the 3rd floor to 33% from the allotted 25%. The Tiffany & Co. building is located at 259 Worth Avenue and was purchased in late 2018 by Fortress Investment Group for $20 million.

Douglas Elliman Celebrates Grand Opening Of New Duplex Palm Beach Office In Royal Poinciana Plaza

Douglas Elliman continues to expand its presence in South Florida and the Palm Beach market with the opening of a new office in Palm Beach’s Royal Poinciana Plaza located at 340 Royal Poinciana Way, Suite M302. The two-story, 3,539 SF location houses the firm’s 125 Palm Beach agents along with additional office space for new recruits and marketing operations.

The firm marked the occasion, its continued growth to more than 1,100 agents and 22 offices throughout Florida and continued expansion into new regions, with a grand opening celebration on November 14th hosted by Douglas Elliman’s Executive Chairman, Howard M. Lorber, Chief Executive Officer, Dottie Herman, President and COO, Scott Durkin, Chief Executive Officer of Florida Brokerage, Jay Phillip Parker, COO of Florida Brokerage, Gus Rubio and Managing Broker of Palm Beach, Jupiter and Wellington, Don Langdon. 

“We are extremely proud of our Palm Beach agents and the tremendous success they continue to achieve in one of the most exclusive markets in the world,” said Jay Phillip Parker, CEO of Douglas Elliman, Florida, “We are excited to see our current agents and future prospects utilize this expansive new space, offering state-of-the-art technology and tools for real estate associates in the renowned Royal Poinciana Plaza.”

The Royal Poinciana Plaza office will be led by Managing Broker, Don Langdon, who spearheaded the previous Palm Beach location, and will showcase developments in the area along with a portfolio of properties for sale throughout Florida.

“I am honored to work alongside some of the most successful agents who are known nationally for their record breaking accomplishments,” said Don Langdon, Managing Broker of Douglas Elliman’s Palm Beach, Wellington and Jupiter offices. “The new space, coupled with the most advanced tools, technology, marketing and public relations offered to our talented agents, allows them to better service our clients and continuously prosper. I’m extremely proud of this team and look forward to contributing to the further growth of the Florida brokerage.”  

The new office setting features fine art photography by the famed Gray Malin, who recently released a series of photographs influenced by the old-world glamour of Palm Beach including a print of the $110 million record breaking sale of La Follia, represented by Palm Beach agents, Ashley McIntosh, Gary Pohrer, Lisa Wilkonson, Cara McClure and Adam McPherson. Unique wood paneled ceilings are seen throughout the expansive floor plan with an array of private offices and two conference rooms featuring dHive glass, known for creating professional private environments that offer seamless accessibility to open work spaces where professionals can collaborate in a communal setting.

“We are excited to celebrate the reopening of Douglas Elliman in their new location at the plaza. The Royal Poinciana Plaza is home to an eclectic mix of world-class tenants, from food and fashion to specialty services and beyond, said Lilly Leas Ferreira, General Manager of The Royal Poinciana Plaza.  "Whether someone is shopping for a new dress or a new house, tenants like Douglas Elliman help us offer our guests endless opportunities to experience the Palm Beach lifestyle.”

Take A First Look Inside DDG's Waterfront Palm Beach Condo 3550 South Ocean

DDG has revealed via PROFILEmiami the first look inside their new beachfront development in Palm Beach, 3550 South Ocean. 3550 South Ocean is the city’s first new beachfront project in a decade and new never-before-seen images of two new model homes reveal interior design by Gail Taylor Designs. DDG, known for its striking design aesthetic and residential buildings in New York and California, has assembled a team of acclaimed designers to bring 3550 South Ocean to life, including GarciaStromberg | GS4studios, Kobi Karp Architecture and Champalimaud Design. With a signature sawtooth form, the building’s architecture enables each of the 30 expansive residences to enjoy natural light and unparalleled ocean views.

Gail Taylor Designs has outfitted two elegant residences, a gracious two-bedroom, three-bathroom home and an elegant three-bedroom, 3.5-bathroom home. Both homes offer the first glimpse at life inside 3550 South Ocean, one of the most anticipated new buildings in Palm Beach. These homes are currently on the market for $2.31M and $2.58M, respectively.

As compelling as the 3550 South Ocean’s striking lightning-bolt-shaped exterior, the model homes have been gorgeously furnished to create a tranquil environment inspired by the stunning ocean views and breezy beach lifestyle. Bold, mixed textures and neutral colors complement the homes' clean lines and modern finishes. 3550 South Ocean's residences channel a timeless Palm Beach style and feature expansive chef-caliber kitchens, top-of-the-line appliance and fixture packages, floor-to-ceiling windows and sliding doors to private balconies that blur the line between indoor and outdoor living.

Images via Robert Granoff

Pordes Residential Oversees The Successful Sell-Out Of Peninsula Palm Beach and 101 Bay Harbor

Pordes Residential has recently overseen the sell out two South Florida developments, Peninsula Palm Beach and 101 Bay Harbor, marking the firm’s continued success in South Florida. Peninsula on the Intracoastal is a luxury, waterfront community of 40 luxury condominiums and 30 townhomes, located in Palm Beach County. For this development, Pordes created a targeted campaign for homeowners out west, resulting in the buyers largely consisting of individuals purchasing their second homes as well as homeowners moving east in pursuit of a waterfront property. Additionally, many empty nesters from the northeast were drawn to the luxurious amenities and prime location. 101 Bay Harbor is an enclave of luxury townhomes located in Bay Harbor Islands, one of the most prestigious locations in South Florida next to Bal Harbour, Surfside, Keystone Islands and Sunny Isles.

“The sellouts of 101 Bay Harbor and Peninsula are important steps in our continued expansion,” said Vice President of Sales and Operations Adam Kaufman. “We’ve customized our strategy to the local, domestic and Canadian markets, and it definitely paid off. In addition to our reach, we take great pride in our training process and passing on our methods to every agent we bring on board. We’re very hands-on with both our management and our clientele.”

In addition to these two sold out developments, Pordes Residential are also managing sales for Bijou Bay Harbor, which is currently 95% sold and the firm is handling the exclusive sales for Palm Villas in Bay Harbor Islands, a community of four-story villas located in Bay Harbor Islands. The luxury villas range from three- to- five bedrooms and have European kitchens, spacious rooftop terraces, and lush backyards. Palm Villas is a gated community located in a prestigious area with close proximity to luxury shopping destinations, beaches, restaurants, and schools.

Step Inside The Ultra-Luxe Beachfront Estate 1071 North Ocean Boulevard In Palm Beach

There are few locations at lavish as Palm Beach and few homes as magnificent as a Palm Beach estate with direct oceanfront views from every room. 1071 North Ocean Boulevard built by Hugh Davis in a French Normandy style spread over 5 bedrooms, 7 full bathrooms and 9 half-baths complete with 2 fully appointed guest apartments and 8 car garage. The 35,000 SF home features views from almost every room including a library, home theater, wine room, fitness center, barber shop, dining room with ocean views, kitchen with ocean views and a wood paneled pub room. Outside the breathtaking backyard offers an outdoor loggia, summer kitchen, infinity pool and spa overlooking the tranquil beaches of the North End, Palm Beach.

1071 N Ocean Boulevard, Palm Beach is currently listed for $59,900,000 with Ashley McIntosh, Gary Pohrer and Vince Spadea of Douglas Elliman.

Douglas Elliman Releases Q1 2019 Market Reports For South Florida

Douglas Elliman released their Q1 2019 Market Reports in South Florida.The South Florida Market reports showed price trends generally edging higher, although sales slipped and inventory slightly increased this quarter. The markets included Miami Beach and Barrier Islands,Fort Lauderdale , Boca Raton, Highland Beach, Delray Beach, Wellington, Palm Beach, Jupiter, and Palm Beach Gardens.

Miami Beach/Barrier Islands

Overview:

• Overall price trend indicators increased than year ago levels

• Marketing time jumped as older inventory was sold

• Condo median sales price remained unchanged

• All single family price trend indicators increased as sales decreased

• Luxury condo inventory slipped

• Luxury single family price trend indicators surged

Key Trend Metrics(Year to Year):

Overall:

• Median sales price rose 2.3% to $440,000

• Average sales price increased 11.6% to $1,129,317

• Number of sales slipped 2% to 772

• Days on market was 145, up from 80

• Listing discount was 10.6%, up from 10.4%

• Listing inventory slipped 0.3% to 6,726

Luxury Condo:

• Median sales price rose 12.7% to $3,225,000

• Average price per square foot decreased 11% to $1,299

• Days on market was 70, down from 72

• Listing discount was 12.7%, up from 11.5%

• Listing inventory declined 6.6% to 1,006 units

• Entry threshold began at $1,864,000, up from 1,750,000

Luxury Single Family:

• Median sales price surged 61% to $10,100,000

• Average price per square foot rose 2.6% to $1,524

• Days on market was 352 up from 141

• Listing discount was 12.1%, down from 17.9%

• Listing inventory fell 38.5% to 152 units

• Entry threshold began at $7,250,000, up 70.6%

Miami Coastal Mainland

Overview:

• Median sales price rose year over year for the eighteenth consecutive quarter

• Sales declined annually for the first time in three quarters

• Listing inventory trended higher for the fourth straight quarter

• Luxury condo listing inventory declined annually for the fourth consecutive quarter

• Luxury condo price trend indicators were mixed year over year as marketing time expanded

• Luxury single family price trend indicators slipped as marketing time expanded

Key Trend Metrics(Year to Year):

Overall:

• Median sales price increased 0.6% to $320,000

• Average sales price slipped 2.2% to $425,740

• Number of sales declined 7.5% to 3,104

• Days on market was 91 up from 51

• Listing discount was 5.7%, down from 5.9%

• Listing inventory rose 6.9% to 12,247 units

Luxury Condo:

• Median sales price slipped 6.9% to $780,000

• Average price per square foot rose 4.9% to $468

• Days on market was 160 days, down from 167

• Listing discount was 7.2%, down from 7.4%

• Listing inventory declined 0.3% to 2,759

• Entry threshold began at $580,000, up 9.4%

Luxury Single Family:

• Median sales price slipped 0.5% to $1,407,500

• Average price per square foot slipped 0.9% to $439

• Days on market was 133 days up from 76

• Listing discount was 8.9%, up from 8.8%

• Listing inventory rose 14.7% to 1,223 units

• Entry threshold began at $880,000, down 4.6%

Fort Lauderdale

Overview:

• Condo price trend indicators slid year over year with decline in average sales size

• Condo sales declined annually for the first time in five quarters

• Single-family price trend indicators were mixed as inventory expanded annually for the fifth straight quarter

• Luxury condo pending sales signed in the quarter surged

• Single family luxury median and average sales price moved higher as marketing time stabilized

Key Trend Metrics(Year to Year):

Luxury Condo:

• Median sales price decreased 6.2% to $1,226,000

• Average price per square foot rose 0.5% to $619

• Days on market was 52, down 8.8%

• Listing discount was 7.6%, up from 6.7%

• Listing inventory rose 20.4% to 348 units

• Entry threshold began at $875,000 down 7.9%

Luxury Single Family:

• Median sales price rose 8% to $2,240,000

• Average price per square foot slipped 2.6% to $530

• Days on market was 163, unchanged

• Listing discount was 14.9%, up from 8.1%

• Listing inventory rose 19.6% to 396 units

• Entry threshold began at $1,365,000, down 6.5%

Boca Raton/Highland Beach

Overview:

• Condo & single family price trend indicators rose year over as sales slipped for the first time in three quarters

• Condo & single family price trend indicators saw larger growth at the higher end of the market

• Condo listing inventory fell annually for the second straight quarter

• Luxury condo price trends surged year over year partially due to jump in average sales size

Key Trend Metrics(Year to Year):

Luxury Condo:

• Median sales price jumped 48.3% to $1,175,000

• Average price per square foot rose 39.2% to $522

• Days on market was 146 days, up from 116

• Listing discount was 8.2%, up from 7.3%

• Listing inventory declined 21.4% to 313

• Entry threshold began at $665,000, up 26.7%

Luxury Single Family:

• Median sales price declined 14.9% to $1,830,000

• Average price per square foot rose 9.1% to $455

• Days on market was 136 days, up from 134

• Listing discount was 9.4%, down from 9.4%

Delray Beach

Overview:

• Single family sales slipped for the first time in six quarters as listing inventory expanded for four quarters

• Condo price trend indicators haven’t declined in thirteen straight quarters

• Luxury single family price trend indicators skewed lower by decline in average sales size

Key Trend Metrics(Year to Year)

Luxury Condo:

• Median sales price declined 26.8% to $510,000

• Days on market was 111, up from 88

• Listing discount was 5.4%, down from 6.6%

• Entry threshold began at $385,000, unchanged

Luxury Single Family:

• Median sales price declined 1.4% to $2,045,250

• Days on market was 143, up from 126

• Listing discount was 9.7%, up from 8.7%

• Entry threshold began at $1,298,000, down 1.6%

Wellington

Overview:

• Condo median sales price increased annually for the tenth straight quarter

• Condo inventory expanded year over year for the fourth consecutive quarter

• Single-family price trend indicators all rose year over year for the fourth consecutive quarter

• Single-family sales declined annually for the fourth time in the past five quarters

• Luxury condo and single-family price trend indicators surged due to significant shift to larger average sales size

Key Trend Metrics(Year to Year)

Luxury Condo:

• Median sales price surged 58.5% to $598,500

• Average square footage jumped 14.6% to 2,288

• Days on market was 154, down from 157

• Listing discount was 1.8%, down from 3.7%

• Listing inventory fell 46.8% to 33

• Entry threshold began at $415,000, up 22.1%

Luxury Single Family:

• Median sales price jumped 79.9% to $2,752,500

• Average square footage surged 42.7% to 5,717

• Days on market was 184, down from 262

• Listing discount was 14.2%, up from 9.5%

• Listing inventory declined 6.3% to 236

• Entry threshold began at $885,000 down 1.1%

Palm Beach

Overview:

• Condos sales rose annually for the fifth consecutive quarter to the second highest market share recorded

• Most first quarter condo sales in four years while inventory increase annual for the fourth time in five quarters

• Single family price trends showed mixed results as sales fell to their lowest first quarter total in seven years

• Luxury average sales size fell sharply as the luxury price threshold fell annually for the fourth straight quarter

Key Trend Metrics(Year to Year)

Luxury Condo and Single Family:

• Median sales price declined 29.2% to $7,100,000

• Average sales size dropped 25.1% to 4,915 square feet

• Average price per square foot fell 21.1% to $1,641

• Days on market was 106, down from 122

• Listing discount was 8.1%, down from 14.6%

• Listing inventory jumped 27% to 127

• Entry threshold began at $5,100,000, down 6%

Jupiter/Palm Beach Gardens

Jupiter Overview:

• Single-family median sales price moved higher for the second straight month

• Condo sales rose year over year for the third consecutive quarter

Palm Beach Gardens Overview:

• Single-family sales slipped for the third time in four quarters as all price indicators rose

• Condo median price slipped year over year for the first time in 27 quarters

Key Trend Metrics(Year to Year)

Jupiter Luxury Condo:

• Median sales price rose 7% to $305,000

• Days on market was 65, up from 46

• Listing discount was 5.3%, up from 5.1%

• Listing inventory rose 3.1% to 328

Jupiter Single Family:

• Median sales price increase 6% to $530,000

• Days on market was 71, down from 77

• Listing discount was 5.4%, up from 6.5%

• Listing inventory rose 11.1% to 481

Palm Beach Gardens Luxury Condo:

• Median sales price slipped 2.1% to $235,000

• Days on market was 71, up from 49

• Listing discount was 4.1%, down from 4.5%

Listing inventory jumped 16.9% to 277

• Palm Beach Gardens Single Family:

• Median sales price increased 8.2% to $499,500

• Days on market was 89, up from 83

• Listing discount was 6.9%, down from 7.9%

• Listing inventory rose 3% to 556

Article by Stephanie Warren