Palm Beach County is currently experiencing a surge in property values, climbing nearly 10% from 2023 to 2024. Our very own Holly Meyer Lucas, principal and founder of Meyer Lucas Real Estate, shares her insights on this growth and its implications for buyers and investors in the Sun Sentinel article, “Palm Beach County Property Values Rise by Nearly 10%.” Let's dive into the details!
The latest report from the Palm Beach County Property Appraiser’s Office shows a 9.99% increase in property taxable values. Additionally, new construction has now surpassed $5 billion for the first time in the county’s history, which acts as a huge factor in this rise.
Holly Meyer Lucas explains how she's seen a trend where much of the real estate value is in the land itself. She explains, “a lot of real estate has gone for land value,” and recognizes the rise in property values as older homes are bought, demolished, and then replaced with new constructions. Holly also shares her thoughts on the historical returns on investments in the area, “people bought homes in the 80s, 90s for $1 million, and a buyer from New York pays $4 million, tears it down and could sell today for $14 million.”
It’s becoming clear that Palm Beach County is becoming a hotspot for out-of-state buyers, due to substantial tax savings. Holly highlights that “out-of-state buyers are pouring money into their investments, they are saving so much in income tax that it’s a savings for them.” Many of these buyers are paying in cash and then adding features like pools and guest houses. Holly explains, “the wealth that has moved here has caused the increase,” this increase of wealth and property enhancements is driving up values, making Palm Beach County a prime destination for luxury real estate.
Overall, the rise in property values in Palm Beach County shows a thriving real estate market with plenty of opportunities for buyers and investors. Holly’s insights help us in understanding current real estate trends, as well as the potential for future growth in our county.
Palm Beach County is where the action's at. Whether you’re looking to invest smart or snag your dream home, this is the place to be. Contact a Meyer Lucas Real Estate Agent today to start a conversation about your property search.
