Larger Home Prices in Palm Beach Up 22%

by Isaac Benmergui, Esq on January 11, 2012

Palm Beach County in general has seen a drop in home prices in the third quarter, but prices on larger homes in the town of Palm Beach rose 22 percent from a year ago.

The average price of an island home shot up to $2.775 million as the rest of the county saw a 17 percent drop to $187,700. The island also seemed immune to the foreclosure phenomenon that has hit the rest of the county and state so hard. In the third quarter, not one home, condo or co-op was in foreclosure, leading to the belief that, for the moment, Palm Beach’s real estate market is strong and secure.

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