Updated 3 yearss ago
What will $200,000, $500,000 and $1,000,000
buy in PALM BEACH COUNTY?
"It's like somebody flipped a switch. It started in January 2011 and hasn't stopped," says Nita Summers, a Palm Beach real estate agent with Keyes. Prices remain weak. Cash buyers -- "a lot of Canadians" -- are common. "I did $9 million in sales last year -- not one single mortgage," Summers says. Construction has resumed. The under-$200,000 market has stabilized, but the market for pricier homes remains glutted, says Chappy Adams, Illustrated Properties president. He reports a 37-month supply at $750,000 and up compared to a 10-month supply in all ranges. "I think 2012 will be the year we start heading toward a normal market," Adams says.
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