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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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The Price of Real Estate in Florida Triples

real estate inside a house- image from pixabay by PIRO4D
Inside a mansion- image from pixabay by PIRO4D Inside a mansion- image from pixabay by PIRO4D
real estate inside a house- image from pixabay by PIRO4D
Inside a mansion- image from pixabay by PIRO4D Inside a mansion- image from pixabay by PIRO4D

How is it possible to sell a house twice in a single year? A waterfront megahome mansion found in Highland Beach has made history by tripling its price within 4 months. It’s one of the hottest real estate in Florida town.

Highland Beach is found near Palm Beach County. It’s only 1 square mile from the city. The estate’s prices have been lower compared to the surrounding areas. Miami and Palm Beach have been known to sell their homes for a high price.

Mansion price sold twice within 6 months.

Waterfront real estate in Highland Beach occupies almost 11000 square feet. The home is built from glass and concrete. Each home has almost nine baths and seven bedrooms. The floors and walls are made from lava.

Douglas Elliman, real estate agent at Senada Adzem, told CNBC, “The home is an oceanfront fortress designed to withstand super storms.” The building is found in a central location just 50 miles from Miami city.

Statistics from multiple sources showed that the home was sold in March. The buyer paid a dozen of $12.57 million. Adzem was the agent of the buyer at that moment. However, the couple who purchased it made up their minds a few months later. They wanted to sell the same house for a much profitable deal.

Adzem said the home was too small for the couple. They wanted at least a larger home to accommodate all their desires. So in July, they asked Adzem to be their listing agent. Unfortunately, the market price of the home had tripled to $30 million. “In a typical real estate market, increasing the listing price is not a good strategy,” Adzem said.

After three weeks, they handed the keys to the next buyer for $32.25 million. This was a new record at the same time. The value of that home had skyrocketed to 40%. Unmotivated sellers and many interested buyers made the deal happen. This is what triggered the premium deal.

Average home prices

In the third quarter, the average price for a single home was $9.8 million. This was a rise by almost 178.4% one year ago. This result has outshine Palm Beach, which had a rise of 111.4%. The Elliman report also disclosed a 38.5% gain by Boca Raton estate.

Highland Beach’s price has increased than any other place in the market. Even in New York and Los Angeles, Highland Beach still possessed the top position. Many people want to live in the area. It’s very peaceful, with a cold climate from the ocean.

House in Flordah-image from pixabay by Wkerdersha

House in Flordah-image from pixabay by Wkerdersha

Demand exceeds supply

The president of Miller Samuel Real Estate Appraiser and Consultants, Jonathan Miller, had a lot to comment on the price rise. He said the rise in real estate prices has led to a drop in innovation and inventory minds. For example, Highland Beach had only eight homes remaining in the third quarter for sale. If we look back to 2009, they had almost 4164 houses units in the market.

Jonathan said good inventory provides a volatile environment for a new level of pricing. First, you must be able to design homes that attract people easily. But once the real estate developers have relaxed, the demand becomes higher than the supply. This leads to a rise in the price of available houses.

Adzem continued, “We listed this Highland Beach property under $3,000 per square foot. Oceanfront trophy homes in Palm Beach trade north of $5,000 per square foot and newer bayfront homes in Miami Beach trade north of $3,500 [per square foot].”

The future of real estate

It will take time before the price levels come back to a normal. There is a need for many housing properties. Real estate companies must come together to discuss the best pricing to avoid overcharging.

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