The Flow Palm Beach Q2-2018

PALM BEACH

THE FLOW

Q2 - 2018

BROUGHT TO YOU BY GARY POHRER 274 ORANGE GROVE $3,100,000

2018 Recap Over the past year, the market in general has seen a consistent trend upwards especially in land sales.

The North End (Area 1) and Midtown (Area 2) have seen values rise to record prices for tear-downs or empty lots rivaling the PPSF of the Estate Section (Area 3). Many Buyers have become frustrated with the lack of acceptable inventory which has brought developers back into the market. It looks to be a steady summer with a lot of construction. If you would like to have a more in-depth discussion about a specific property or area, please don’t hesitate to call me at 561.262.0856, otherwise I hope you enjoy this report.

The Pohrer Group 2018 Activity Area

Client

Price

341 Eden Road

Area 1

Seller

$3,397,000

165 Seaspray Avenue

Area 2

Buyer

$3,668,000

310 Valencia Road

Out of Town

Buyer

$670,000

1731 W. Hemingway Drive

Out of Town

Buyer

$1,600,000

226 Fairview Road

Area 2

Buyer

$3,125,000

2784 S. Ocean Blvd. 108-N

Area 4

Buyer

$1,060,000

2575 Natures Way

Out of Town

Seller

$820,000

3170 S. Ocean Blvd. 403-N

Area 4

Buyer

$1,175,000

412 Brazilian Avenue

Area 2

Seller

$6,362,500

211 Caribbean Road

Area 1

Buyer

$3,697,000

100 Sunrise Avenue 421

Area 2

Buyer

$1,385,000

119 Reef Road

Area 1

Seller

$3,021,750

Q2-2018

Q1-2018

Q2-2017

Number of Sales

50

42

47

AVG Sold Price Per Sf

$848

$839

$928

Median Sold Price Per Sf

$768

$748

$837

AVG Sale Price

$1,802,870

$1,621,373

$1,720,917

Median Sale Price

$1,237,500

$1,112,500

$1,720,917

AVG % of List Price Paid

87.93%

87.84%

89.92%

Median % of List Price Paid

90.01%

90.62%

87.23%

AVG Cumulative Days on Market

255

237

244

Palm Beach Condo Activity

SINGLE FAMILY HOMES

SALES-TO-LIST PRICE

By Price Point

All Residential

86.73%

85.36%

86.30%

90.31%

87.73%

82.82%

79.79%

77.84%

78.12%

72.36%

2009 2010 2 011 2012 2013 2014 2015 2016 2017 2018

7 4 16 24

Q2-2018

$15M+ $10M TO

$15M $5M TO

$10M UNDER $5M

7 4 10 25

Q2-2017

9

18

AREA 3

35

13

AREA 1

AREA 2

3

AVERAGE PRICE - 20

57

SINGLE FAMILY & TOWNHOMES

F

SA L

8

50

CONDOS

AM

A RE

2

E SALES HOM BY ILY A

SING LE

ROPERTY TYP E-

01

ES

P BY

Per Square Foot

Q2-2018 & CURRENT ACTIVES Area 1 Q2-2018 Solds $952 Area 1 Q2-2018 Actives $1,529 Area 2 Q2-2018 Solds $870 Area 2 Q2-2018 Actives $1,119 Area 3 Q2-2018 Solds $1,440

LAND

Area 3 Q2-2018 Actives $1,795 Area 1: Wells Road & North Area 2: Worth Avenue North to Wells Road Area 3: South of Worth Avenue to Sloan’s Curve

Single Family & Townhome Activity Wells Rd & North (Area 1)

Q2-2018

Q1-2018

Q2-2017

Number of Sales

35

17

31

AVG Sold Price Per Sf

$952

$1,180

$1,074

Median Sold Price Per Sf

$901

$949

$1,008

AVG Sale Price

$5,626,866

$8,133,213

$6,913,173

Median Sale Price

$4,850,000

$4,212,000

$3,922,500

AVG % of List Price Paid

86.90%

84.09%

86.19%

Median % of List Price Paid

88.14%

84.69%

86.63%

AVG Cumulative Days on Market

307

267

220

Q2-2018

Q1-2018

Q2-2017

Number of Sales

13

12

12

AVG Sold Price Per Sf

$967

$963

$1,160

Median Sold Price Per Sf

$856

$863

$1,130

AVG Sale Price

$3,815,124

$3,859,416

$5,211,683

Median Sale Price

$3,400,000

$3,509,000

$3,175,000

AVG % of List Price Paid

86.7%

85.89%

87.7%

Median % of List Price Paid

86.98%

86.37%

88.59%

AVG Cumulative Days on Market

238

365

517

Worth Ave North to Wells Rd (Area 2)

South of Worth Avenue to Sloan’s Curve (Area 3) Q2-2018

Q1-2018

Q2-2017

Number of Sales

9

6

5

AVG Sold Price Per Sf

$1,440

$1,298

$1,693

Median Sold Price Per Sf

$1,431

$1,094

$1,423

AVG Sale Price

$20,302,516

$11,188,666

$22,035,516

Median Sale Price

$18,250,000

$10,300,000

$20,384,000

AVG % of List Price Paid

79.45%

84.14%

79.44%

Median % of List Price Paid

81.25%

90.06%

81.73%

AVG Cumulative Days on Market

463

293

236

Complete data analysis done using the Palm Beach Board MLS. Search date 07/02/2018 for all sold transactions recorded in sections: 01 (Wells Rd & North), 02 (Worth Ave North to Wells Rd), & 03 (South of Worth Ave to Sloans Curve).

THE POHRER PORTFOL I O MORE PROPERTY DETAILS AT THEPOHRERGROUP.COM

Winter Haven Farm - $15,500,000

255 Clarke Ave - $12,950,000

315 Clarke Ave - $12,500,000

PENDING

200 Esplanade Way - $5,850,000

Old Palm Golf Club - $7,900,000

REDUCED

Admiral’s Cove - $5,495,000

PENDING

165 Seaspray Ave - $4,500,000

262 Orange Grove Rd - $2,700,000

345 S Bromeliad - $579,000

PENDING

274 Orange Grove Rd - $3,100,000

2700 N. Ocean Dr - $1,800,000

345 Potter Road - $995,000

Contact us today for a private and no obligation review of your property’s value.

GARY POHRER Director of Luxury Sales M: 561.262.0856 | gary.pohrer@elliman.com

elliman.com/florida

1111 LINCOLN RD, MIAMI BEACH, FL 33139. 305.695.6300 © 2018 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY.