Ultra-Rich Flip Palm Beach Homes to Score as Much as 86% Returns
Buyers are paying up to land one of the scarce move-in-ready properties in the ritzy South Florida town.
Palm Beach, Florida.
Photographer: Marco Bello/BloombergPalm Beach’s wealthy home-sellers are scoring major profits, with some properties changing hands in recent weeks for nearly double what they went for just a year or two ago.
A five-bedroom beachfront house at 6 Via Los Incas sold for $66 million last month, an 86% gain from the $35.4 million an entity tied to billionaire Josh Harris paid for it in June 2021. Earlier in December, designer Tom Ford bought the modern 241 Jungle Road for $51 million, 42% more than Motive Partners founder Rob Heyvaert’s $35.8 million purchase price in August 2021.
Even as buyers across the US have pulled back, deep-pocketed house hunters in the posh South Florida town are paying up for its few available move-in-ready spreads as the region’s pandemic boom nears the end of its third year.