Palm Beach Market Update | Q2 2016

Significant Waterfront Georgian Estate | $28,000,000 | Web: 0076953

Palm Beach Market Update Second Quarter 2016 PALM BEACH BROKERAGE 340 Royal Poinciana Way Palm Beach, FL 33480 +1.561.659.3555 DEBRA REECE, Brokerage Manager sothebyshomes.com/palmbeach

A MESSAGE FROM OUR MANAGER: Debra Reece We invite you to review a summary of sales activity in the Palm Beach area during the second quarter of 2016. The Palm Beach Multiple Listing Service reports the following statistics for this quarter, in comparison with the second quarter of 2015: Total dollar volume of single-family home sales in Palm Beach rose an impressive 37% during this quarter, correlating with a 29% increase in the median sale price and a 37% increase in the average sale price. These price increases offset the fact that the total number of homes sold remained unchanged in comparison with the previous year’s second quarter. While the inventory of single-family homes increased by 12%, the average number of days on the market shortened slightly, at 5%, down to 261 days.

Single-family home sales outperformed those of condominiums in Palm Beach, both in town and in the south end. The total number of in-town condominiums sold was down by 44%, and total dollar volume was 38% lower. In the south end, the total number of units sold was down by 25% and total dollar volume was 29% lower, although the median sale price was up by 10%.

SIGNIFICANT SALES | Q2 2016

KAWAMA LANE | Listed $7,500,000

RENOVATED INCOME PRODUCING PROPERTY | Listed $5,900,000

BREATHTAKING VIEWS - ONE WATERMARK | Listed $3,995,000

WEST PALM BEACH WATERFRONT | Listed $3,000,000

All data within this document is pulled from the Palm Beach Board of Realtors Multiple Listings Service. Information is believed to be true; no guaranty of accuracy is made. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc.

DAYS ON MARKET | TOTAL SFH SOLD | Q2 $8,000,000

70

$7,000,000

60

$6,000,000

50

$5,000,000

PALM BEACH

10

$1,000,000

blend of metropolitan sophistication, barrier island

$-

beauty, and gracious small-town charm. Stretching

Median Sale Price

20

$2,000,000

In the heart of Palm Beach, Midtown has a signature

Average Sale Price

30

$3,000,000

SINGLE FAMILY HOMES

Number Sold

40

$4,000,000

2012

2013

2014

2015

0

2016

from Wells Road to Sloans Curve.

2012

2013

2014

2015

2016

% CHANGE VS PY

ACTIVE LISTINGS

271

212

182

174

195

12%

NUMBER SOLD

39

63

49

33

33

0%

SOLD VOLUME

$125,853,239

$273,633,400

$272,706,234

$167,811,175

$230,523,958

37%

AVERAGE SALE PRICE

$3,227,006

$4,343,387

$5,565,433

$5,085,187

$6,985,574

37%

MEDIAN SALE PRICE

$2,100,000

$2,400,000

$3,275,000

$3,495,000

$4,500,000

29%

250

277

186

275

261

-5%

SINGLE FAMILY HOMES | Q2

DOM

MEDIAN SALE PRICE | TOTAL CONDOMINIUMS SOLD | Q2

$1,600,000

70

$1,400,000

60

$1,200,000

50

$1,000,000

PALM BEACH - IN TOWN

$800,000

CONDOMINIUMS

$400,000

$600,000

Offering a gracious lifestyle of relaxed sophistication, glorious beaches, cultural events at the historic Flagler Museum and Society of the Four Arts and the

Number Sold

30

Average Sale Price

20

Median Sale Price

10

$200,000 $-

40

2012

2013

2014

2015

2016

0

magnificent Breakers Resort.

2012

2013

2014

2015

2016

% CHANGE VS PY

ACTIVE LISTINGS

273

214

180

160

153

-4%

NUMBER SOLD

43

49

42

61

34

-44%

SOLD VOLUME

$46,604,000

$63,289,675

$57,384,810

$80,546,181

$49,866,439

-38%

AVERAGE SALE PRICE

$1,083,813

$1,291,626

$1,366,305

$1,320,429

$1,466,659

11%

MEDIAN SALE PRICE

$810,000

$805,000

$1,025,000

$1,705,000

$840,000

-22%

223

246

262

195

174

-11%

CONDOMINIUMS | Q2

DOM

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MEDIAN SALE PRICE | TOTAL SFH SOLD | Q2 6

$10,000,000 $9,000,000

5

$8,000,000 $7,000,000

4

$6,000,000

MANALAPAN

Number Sold

$5,000,000

3

$4,000,000

SINGLE FAMILY HOMES

2

$3,000,000

Just south of Palm Beach on the barrier island,

$2,000,000

Manalapan is a small oceanfront community offering

$-

beauty. The town was incorporated in 1931 by Harold

Average Sale Price

1

$1,000,000

an unsurpassed quality of life in serene Old Florida

Median Sale Price

2012

2013

2014

2015

0

2016

Stirling Vanderbilt.

2012

2013

2014

2015

2016

% CHANGE VS PY

35

29

25

21

19

-10%

NUMBER SOLD

1

4

3

5

0

-100%

SOLD VOLUME

$1,600,000

$13,085,000

$26,846,000

$33,445,000

$0

N/A

AVERAGE SALE PRICE

$1,600,000

$3,271,250

$8,954,667

$6,689,000

$0

N/A

MEDIAN SALE PRICE

$1,600,000

$2,050,000

$7,914,000

$3,000,000

$0

N/A

620

361

336

243

0

N/A

SINGLE FAMILY HOMES | Q2 ACTIVE LISTINGS

DOM

MEDIAN SALE PRICE | TOTAL CONDOMINIUMS SOLD | Q2 $700,000

90

$600,000

80 70

$500,000

SOUTH END

60 50

$300,000

40

Average Sale Price

30

Median Sale Price

$200,000

CONDOMINIUMS

20

$100,000

South of Sloanes Curve is an area known for its

Number Sold

$400,000

$-

beautiful condominiums in newer buildings providing

10 2012

2013

2014

2015

2016

0

spacious floor-plans and numerous amenities including pools, tennis courts, fitness centers and the par 3 Raymond Floyd Golf Course.

2012

2013

2014

2015

2016

% CHANGE VS PY

453

439

353

290

271

-7%

NUMBER SOLD

75

85

75

83

62

-25%

SOLD VOLUME

$33,993,000

$48,314,950

$39,007,100

$53,048,883

$37,577,250

-29%

AVERAGE SALE PRICE

$453,240

$568,411

$520,094

$639,143

$606,084

-5%

MEDIAN SALE PRICE

$325,000

$407,500

$350,000

$456,000

$502,000

10%

203

203

216

190

183

-4%

CONDOMINIUMS | Q2 ACTIVE LISTINGS

DOM

ACTIVE LISTINGS | TOTAL SFH SOLD | Q2 60

$900,000 $800,000

50

$700,000 $600,000

40 Number Sold

$500,000

WEST PALM BEACH

30

$400,000

SINGLE FAMILY HOMES

$300,000

On the western shore of the Intracoastal Waterway,

$200,000

the city of West Palm Beach has recently experienced

$100,000

a dynamic renaissance centered on the $30-million

$-

redevelopment of the downtown waterfront.

20

Average Sale Price Median Sale Price

10

2012

2013

2014

2015

2016

0

2012

2013

2014

2015

2016

% CHANGE VS PY

203

198

217

218

235

8%

NUMBER SOLD

38

56

44

44

37

-16%

SOLD VOLUME

$16,815,050

$28,323,500

$33,512,250

$34,284,492

$30,952,110

-10%

AVERAGE SALE PRICE

$442,501

$505,777

$761,642

$779,193

$836,544

7%

MEDIAN SALE PRICE

$323,500

$402,500

$557,000

$500,000

$453,000

-9%

158

145

205

162

162

0%

SINGLE FAMILY HOMES | Q2 ACTIVE LISTINGS

DOM

MEDIAN SALE PRICE | TOTAL CONDOMINIUMS SOLD | Q2 $800,000

45

$700,000

40

$600,000

35 30

$500,000

25

$400,000

WEST PALM BEACH

$300,000

CONDOMINIUMS

$200,000

Along Flagler Drive at the foot of Clematis Street,

$100,000 $-

the city’s new world-class waterfront park features an amphitheater and beautiful tropical gardens

Number Sold

20

Average Sale Price

15

Median Sale Price

10 5 2012

2013

2014

2015

2016

0

in addition to three piers and a promenade that extends a mile along the waterfront.

2012

2013

2014

2015

2016

% CHANGE VS PY

ACTIVE LISTINGS

186

163

187

196

201

3%

NUMBER SOLD

24

42

36

41

29

-29%

SOLD VOLUME

$12,784,429

$19,210,510

$22,770,750

$25,058,012

$21,513,275

-14%

AVERAGE SALE PRICE

$532684

$457,393

$632,520

$611,171

$741,837

21%

MEDIAN SALE PRICE

$422,500

$327,500

$407,500

$460,000

$462,000

0%

284

243

161

199

187

-6%

CONDOMINIUMS | Q2

DOM

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Palm Beach Life Style

On the barrier island between the Atlantic Ocean and Intracoastal Waterway, Palm Beach has a rare beauty, legendary character, and rich heritage that make it one of the most sought-after communities in the world. Home to Palm Beach landmarks including The Breakers, The Society of the Four Arts, the Flagler Museum and iconic Worth Avenue. Palm Beach offers a signature blend of metropolitan sophistication, beauty and gracious small-town charm

AUCTION CALENDAR JUL | AUG | SEPT 2016

Old Master and British Works on Paper Including drawings from the Oppé Collection London 05-06 July Celebration of the English Watch Part II: John Harrison’s Enduring Discovery London 07 July Victorian, Pre-Raphaelite & British Impressionist Art London 14 July Contemporary Living New York 28 July RM Sotheby’s: Motor City Michigan 30 July

We invite you to explore our real estate listings at sothebyshomes.com and view the worldwide auction schedule at sothebys.com Enquiries +1 212 606 7000. Sotheby’s 72 & York Register now at sothebys.com SOTHEBY’S, INC. LICENSE NO. 1216058. © SOTHEBY’S, INC. 2016

RM Sotheby’s: Monterey Monterey 19 August A Unique Crystal Magnum Decanter of Special Louis XIII Cognac Engraved with a Map of the Americas & Finest & Rarest Wines New York 09-10 September Asia Week New York 13-17 September Important Jewels New York 22 September Contemporary Curated New York 29 September

CRYSTAL MAGNUM DECANTER OF UNIQUE LOUIS XIII COGNAC AMERICAS EDITION Estimate $100,000+ New York 10 September An Asia and Europe edition were also commissioned and will be offered in Hong Kong on 1 October and in London on 16 November, respectively

ON THE MARKET

left to right from top to bottom:

METROPOLITAN MARKETS NEW YORK, NY | Web: 00110466 | $3,999,000 SAN FRANCISCO, CA | Web: 0088050 | $3,595,000 LOS ANGELES, CA | Web: 0027432 | $3,295,000 RESORT MARKETS SOUTHAMPTON, NY | Web: 0057018 | $3,595,000 SANTA BARBARA, CA | Web: 0593031 | $3,495,000 PALM BEACH | Web: 0076791 | $3,120,000 FOREIGN MARKETS ITALY | Web: G8QJ7C | $3,894,948 FRANCE | Web: BR6KFJ | $3,883,819 ENGLAND | Web: HTTEJ6 | $3,852,285 sothebysrealty.com