SOUTH FLORIDA NEWS - Palm Beach County

Billionaire William Lauder Secures Buyer for Record-Breaking Palm Beach Lots

A major real estate deal is under way in Palm Beach County, with a buyer lined up for billionaire William Lauder's 2.3-acre oceanfront estate, listed at $177.8 million. If it closes for that price, the sale would break the record for one of the costliest residential transactions in Florida.

Potential Record Setting Sale in Palm Beach

According to The Real Deal, billionaire William Lauder has found a buyer for his oceanfront property, which could set a new Florida residential record. The sale of Lauder's oceanfront land would eclipse the $173 million that billionaire Larry Ellison paid for a 16-acre estate in Manalapan in 2022. The sale would also top the $170 million that Michael Cantanucci paid for a mansion in Palm Beach in 2023, currently the…

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Why South Florida's Foreclosure Rate is Among the Highest in the U.S.

Current Foreclosure Rates & Trends

A new analysis from ATTOM, the nation's leading real estate data analytics firm, shows that South Florida still struggles to address one of the highest rates in the nation regarding foreclosures. In August 2024, one out of every 2,429 housing units in South Florida saw a foreclosure filing, putting it 12th among the key metropolitan statistical areas in the United States. Over 1,000 homes throughout Miami-Dade, Broward, and Palm Beach started some form of the foreclosure process.

In August, 422 homes in Miami-Dade County were listed as being in the foreclosure process. This represents one out of every 2,604 units in the county, an increase of 23.28% from July and 8.4% year-over-year.

In total, 312 of 2,270…

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Understanding the Impact of November Sales on the Palm Beach Real Estate Market

The Palm Beach County condo market experienced a notable slowdown in November, with sales volumes and the total dollar amount taking a dip compared to October. If you’re considering buying or selling condos in the area, this detailed breakdown of recent trends offers valuable insights.

Decline in Sales and Volume

The condo sales market in Palm Beach County saw a reduction in total volume, dropping to $177 million in November from $239 million in October. This decrease also coincided with a reduction in the number of transactions, with 371 closings compared to October’s 495 and September’s 445.

For buyers and sellers working with a Boca Raton Realtor, this shift indicates a potentially more competitive market with reduced inventory and…

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Strategic Rezoning of Casino could be Key for Revitalizing West Palm Beach Real Estate

If approved, the planned relocation of the casino at the Palm Beach Kennel Club could set the stage for one of the most significant redevelopment projects in West Palm Beach. With 42.1 acres of prime land slated for transformation, this move is not just about realigning operations but also unlocking vast potential for economic growth and community enhancement.

The History Behind the Property

Situated at 1111 N. Congress Ave., the Palm Beach Kennel Club has a history dating back to 1932. Initially established as a greyhound racetrack, the property has evolved over the decades, with its casino operations continuing even after the state banned greyhound racing in 2020. While the casino has remained active under a pari-mutuel license, much of…

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Chilly Alert: Palm Beach County Braces for Cold Snap and Possible Iguana Showers

As Palm Beach County residents enjoy the usual sunny Florida weather, a surprising twist is on the horizon. A significant cold front is expected to sweep through the area, bringing uncharacteristically low temperatures into the 40s and 50s. This drastic temperature drop is not just a matter for thicker jackets and extra blankets; it comes with an unusual warning: watch out for falling iguanas!

Meteorologists are focusing on the strong winds accompanying this cold front, which are set to intensify the chill. Sunday morning is anticipated to feel particularly brisk, with "feels like" temperatures potentially dipping into the upper 40s in areas from Jupiter to Boca Raton. For those residing deeper inland, don't be surprised if the thermometer reads in the…

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Miami-Dade Leads South Florida in Home Value Increases Despite Rising Interest Rates

Despite the dampening effect of higher interest rates, home values in South Florida have continued to climb, with Miami-Dade County leading the surge. Recent statistics from Florida Realtors indicate a 10% year-over-year increase in median prices for both houses and condos in the tri-county area. However, a deeper dive into the data from Zillow Inc., as reported by the Business Journal, reveals an intriguing trend in ZIP codes across Miami-Dade County.

In Miami-Dade, the top five ZIP codes, all with median home values below $500,000, experienced value increases ranging from 10 to 11%. This contrasts with Broward County’s top ZIP codes, which saw near 8% increases, and Palm Beach County’s, where the rise hovered around 5% to 6%. Boca Raton’s ZIP code…

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Palm Beach County Launches $3 Million Initiative to Aid First-Time Homebuyers

Palm Beach County is taking a significant step to support aspiring homeowners by allocating approximately $3 million to assist first-time homebuyers. This initiative is a boon for local families looking to navigate the challenging real estate market.

The Palm Beach County Department of Housing and Economic Development is conducting the final orientation meeting for families interested in applying for the program, which offers up to $100,000 in home purchasing assistance. The response has been overwhelming, with about 1,000 local families already expressing interest.

In a county where the average home price hovers around $474,000, the financial challenges for first-time buyers are considerable. Typically, a first-time homebuyer might need to put down about…

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Boca Village: 13th Floor Investments New 340-Unit Residential Development in Boca Raton

A new chapter in Boca Raton's development story is being written with the proposal of Boca Village, a 340-unit residential project by 13th Floor Investments. Planned for the vacant 17.24-acre site at 680 W. Yamato Road, this ambitious project aims to breathe new life into the area.

Envisioned as an eight-story building, Boca Village is set to encompass 414,566 square feet of fresh construction. The development promises a range of living options, with apartment sizes varying from cozy 500-square-foot studios to spacious 1,488-square-foot three-bedroom units. Each apartment is designed to feature modern appliances and a host of amenities to cater to contemporary lifestyles.

According to the South Florida Business Journal, the complex is expected to…

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