Palm Beach Market Update Q1 | 2017

Significant Waterfront Georgian Estate | $28,000,000 | palmbeachgeorgian.com

Palm Beach Market Update First Quarter 2017 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 first quarter of 2017. The Palm Beach Multiple Listing Service reports the following statistics for this quarter, which are compared here with statistics for the same period of 2016: In-town condominiums represented the strongest sector of the Palm Beach real estate market during the first quarter of 2017. Total dollar volume in this market sector increased an impressive 199% year over year from $20.4M to $61.1M. Similarly, the total number of condominiums sold increased 85% from 20 to 37. The average sale price for an in-town condominium was 62% higher in year-over-year comparison, rising to $1,652,152. In the South End condominium market, the total dollar volume and total number of condominiums sold declined by 7% and 3% respectively, and the median sale price was 28% lower than in the same quarter of 2016.

In Palm Beach’s single-family home market, the total number of homes sold was down 16% in a year-over-year comparison and the median sale price was 17% lower. Total dollar volume declined 26% from the first quarter of 2016, although remained higher than the same period of 2015.

SIGNIFICANT SALES | Q1 2017

101 INDIAN ROAD | $49,00,000

1255 N. OCEAN BLVD | $15,750,000

222 RIDGEVIEW DRIVE | $4,200,000

358 HIBISICUS AVENUE | $3,337,500

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.

MEDIAN SALE PRICE | TOTAL SFH SOLD | Q1 35

$9,000,000 $8,000,000

30

$7,000,000

25

$6,000,000

PALM BEACH

$5,000,000

20

$4,000,000

15

SINGLE FAMILY HOMES

$3,000,000

In the heart of Palm Beach, Midtown has a signature

$2,000,000

blend of metropolitan sophistication, barrier island

$1,000,000 $-

beauty, and gracious small-town charm. Stretching

Number Sold Average Sale Price Median Sale Price

10 5 2013

2014

2015

2016

0

2017

from Wells Road to Sloans Curve.

2013

2014

2015

2016

2017

% CHANGE VS PY

235

195

173

207

244

18%

NUMBER SOLD

33

30

28

25

21

-16%

SOLD VOLUME

$135,827,156

$193,502,776

$130,996,785

$195,237,500

$144,666,375

-26%

$4,115,974

$6,450,093

$4,678,457

$7,809,500

$6,888,875

-12%

$2,800,000

$3,100,000

$4,275,000

$5,085,000

$4,200,000

-17%

310

222

248

135

245

81%

SINGLE FAMILY HOMES | Q1 ACTIVE LISTINGS

AVERAGE SALE PRICE MEDIAN SALE PRICE DOM

MEDIAN SALE PRICE | TOTAL CONDOMINIUMS SOLD | Q1

$1,800,000

40

$1,600,000

35

$1,400,000

30

$1,200,000

25

$1,000,000

PALM BEACH - IN TOWN Offering a gracious lifestyle of relaxed sophistication,

$400,000

10

$200,000

5

$-

glorious beaches, cultural events at the historic Flagler Museum and Society of the Four Arts and the

Average Sale Price

15

$600,000

CONDOMINIUMS

Number Sold

20

$800,000

2013

2014

2015

2016

2017

Median Sale Price

0

magnificent Breakers Resort.

2013

2014

2015

2016

2017

% CHANGE VS PY

ACTIVE LISTINGS

222

196

201

159

182

14%

NUMBER SOLD

20

30

33

20

37

85%

SOLD VOLUME

$16,964,120

$34,099,800

$46,589,000

$20,442,500

$61,129,634

199%

AVERAGE SALE PRICE

$848,206

$1,136,660

$1,411,787

$1,022,125

$1,652,152

62%

MEDIAN SALE PRICE

$637,500

$787,500

$900,000

$807,500

$825,000

2%

229

219

180

170

182

7%

CONDOMINIUMS | Q1

DOM

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MEDIAN SALE PRICE | TOTAL SFH SOLD | Q1

MANALAPAN

$30,000,000

6

$25,000,000

5

$20,000,000

4

$15,000,000

3

$10,000,000

2

$5,000,000

1

Number Sold

SINGLE FAMILY HOMES Just south of Palm Beach on the barrier island, Manalapan is a small oceanfront community offering an unsurpassed quality of life in serene Old Florida

$-

beauty. The town was incorporated in 1931 by Harold Stirling Vanderbilt.

2013

2014

2015

2016

Median Sale Price Average Sale Price

0

2017

2013

2014

2015

2016

2017

% CHANGE VS PY

35

22

24

17

23

35%

NUMBER SOLD

5

4

4

0

3

N/A

SOLD VOLUME

$30,062,100

$18,951,470

$30,648,226

$-

$69,150,000

N/A

AVERAGE SALE PRICE

$6,012,420

$4,737,868

$7,662,056

$-

$23,050,000

N/A

MEDIAN SALE PRICE

$1,482,100

$2,750,000

$3,957,813

$-

$28,000,000

N/A

201

185

223

0

248

N/A

SINGLE FAMILY HOMES | Q1 ACTIVE LISTINGS

DOM

MEDIAN SALE PRICE | TOTAL CONDOMINIUMS SOLD | Q1

$800,000

70

$700,000

60

$600,000

50

$500,000

SOUTH END

$400,000 $300,000

CONDOMINIUMS

$200,000

South of Sloanes Curve is an area known for its

$-

spacious floor-plans and numerous amenities

Number Sold

30

Average Sale Price

20

Median Sale Price

10

$100,000

beautiful condominiums in newer buildings providing

40

2013

2014

2015

2016

2017

0

including pools, tennis courts, fitness centers and the par 3 Raymond Floyd Golf Course.

2013

2014

2015

2016

2017

% CHANGE VS PY

443

396

350

295

291

-1%

NUMBER SOLD

45

49

66

39

38

-3%

SOLD VOLUME

$14,865,262

$24,544,000

$48,800,450

$27,691,500

$25,751,865

-7%

AVERAGE SALE PRICE

$330,339

$500,897

$739,400

$710,038

$677,680

-5%

MEDIAN SALE PRICE

$232,500

$245,000

$367,500

$525,000

$377,500

-28%

177

201

167

151

167

11%

CONDOMINIUMS | Q1 ACTIVE LISTINGS

DOM

MEDIAN SALE PRICE | TOTAL SFH SOLD | Q1 $1,200,000

50 45

$1,000,000

40 35

$800,000

WEST PALM BEACH

30

SINGLE FAMILY HOMES the city of West Palm Beach has recently experienced

$-

redevelopment of the downtown waterfront.

Median Sale Price

15 10

$200,000

a dynamic renaissance centered on the $30-million

Average Sale Price

20

$400,000

On the western shore of the Intracoastal Waterway,

Number Sold

25

$600,000

5 2013

2014

2015

2016

2017

0

2013

2014

2015

2016

2017

% CHANGE VS PY

ACTIVE LISTINGS

197

217

231

228

240

5%

NUMBER SOLD

40

36

37

35

46

31%

SOLD VOLUME

$26,146,512

$34,812,025

$26,576,625

$30,310,750

$40,377,570

33%

AVERAGE SALE PRICE

$653,663

$967,001

$718,287

$866,021

$877,773

1%

MEDIAN SALE PRICE

$500,000

$715,000

$392,500

$429,000

$535,000

25%

153

169

137

113

152

35%

SINGLE FAMILY HOMES | Q1

DOM

MEDIAN SALE PRICE | TOTAL CONDOMINIUMS SOLD | Q1 $1,200,000

50 45

$1,000,000

40 35

$800,000

WEST PALM BEACH

30

CONDOMINIUMS

an amphitheater and beautiful tropical gardens

$-

in addition to three piers and a promenade that

Median Sale Price

15 10

$200,000

the city’s new world-class waterfront park features

Average Sale Price

20

$400,000

Along Flagler Drive at the foot of Clematis Street,

Number Sold

25

$600,000

5 2013

2014

2015

2016

2017

0

extends a mile along the waterfront.

2013

2014

2015

2016

2017

% CHANGE VS PY

ACTIVE LISTINGS

171

193

207

223

254

14%

NUMBER SOLD

30

27

31

28

34

21%

SOLD VOLUME

$14,401,766

$11,703,000

$22,948,800

$16,214,763

$31,359,532

93%

AVERAGE SALE PRICE

$480,058

$433,444

$740,283

$579,098

$922,339

59%

MEDIAN SALE PRICE

$316,000

$315,000

$523,000

$412,000

$665,000

61%

226

178

145

182

182

0%

CONDOMINIUMS | Q1

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.

JEAN-MICHEL BASQUIAT In the Wings, 1986 To be sold in the Contemporary Art Evening Sale New York 18 May 2016

New York Spring Sales 2017

Art of Africa, Oceania, and the Americas Auction 15 May Impressionist & Modern Art Evening Sale Auction 16 May Impressionist & Modern Art Day Sale Auction 17 May Contemporary Art Evening Sale Auction 18 May Contemporary Art Day Sale Auction 19 May Finest and Rarest Wines Auction 20 May American Art Auction 23 May Latin American Modern & Contemporary Art Evening Sale Auction 25 May

We invite you to explore our real estate listings at sothebyshomes.com and view the worldwide auction schedule at sothebys.com/Auctions.

ENQUIRIES +1 212 606 7000 © 2017 ARTISTS RIGHTS SOCIETY (ARS), NEW YORK / ADAGP, PARIS

ON THE MARKET

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METROPOLITAN MARKETS GREENWICH, CT | Web: 0068439 | $5,195,000 NEW YORK, NY | Web: 0139257 | $5,000,000 SAN FRANCISCO, CA | Web: 0088441 | $4,990,000 RESORT MARKETS PALM BEACH, FL | Web: 0077163 | $5,850,000 MONTECITO, CA | Web: 0114101 | $5,395,000 NAPA VALLEY, CA | Web: 1190523 | $5,300,000 FOREIGN MARKETS BERMUDA | Web: 8CX55H | $5,950,000 AUSTRALIA | Web: N6EJ85 | Price Upon Request FRANCE | Web: 9XY5ZZ | Price Upon Request sothebysrealty.com