Palm Beach Luxury Home Sales Take Off After Trump Election Win With Residents Looking Bask In Mar-A-Lago Glamor

Love or loathe him, Trump’s political comeback has affected everything around him. The awnings on his condo towers and the hi-top sneakers bearing his name aren’t the only things shimmering in a Trumpian golden hue. The real estate in expensive Palm Beach, surrounding his home in Mar-A-Lago, also benefits from The Donald’s return to the White House. 

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The New York Post reported that homes in the area are going into contract for asking price faster than Trump could declare victory on election night. An 8,900-square-foot West Palm Beach waterfront penthouse at Forté on Flagler just sold for its full $33.5 million ask, despite being sold as a “gray box” – unfinished to be customized by the new owners. Sales of homes over $10 million in the area have soared in November. According to Douglas Elliman, 11 homes have sold in the last month, totaling $299.8 million – a dramatic 176% increase over last year. It’s the same in the $5 million and up range too, where three sales totaling $33.3 million contrasted sharply with one sale for $11.3 million in November 2023. 

“We are seeing renewed attention in Palm Beach, which is undoubtedly tied to Donald Trump, whose election victory has brought even more energy to the market, along with greater certainty around long-term capital gains and a sense of stability,” Douglas Elliman‘s John Reynolds, director of sales at Forté on Flagler, told the Post.

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Bob Vila’s Flip and Multimillion-Dollar Palm Beach Portfolio

Multimillion-dollar Palm Beach estates are often razed in favor of brand-new constructions. That was speculation about Trump pal and Fox News host Sean Hannity’s recent $23.5 million purchase. However, TV handyman Bob Vila, best known for his home improvement shows “This Old House” and “Home Again,” chose to go a different route with his 1940s-era home purchased for $12.5 million a year ago. Rather than demolish it, Vila, 78 and his wife Diana Barrett – unsurprisingly – chose to fix and flip it, selling it for $13.375 million – a profitable way to spend his retirement.

The Vilas own another home in town and a lakefront home nearby on Everglades Island, which is listed for sale at $39.9 million. The buyer of their flip was interior designer Delphine Krakoff, who is married to fashion designer Reed Krakoff, a former creative director and President of Coach Inc. and currently the creative chairman of jewelry brand John Hardy.

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Private Planes Are Fueling South Florida’s Booming Luxury Market

The Palm Beach luxury market has increased since the pandemic, reflecting South Florida’s generally booming high-end market. The President-elect can’t take all the credit. Part of the reason – according to realtor.com – is the increased use of private jets and South Florida’s multiple private airports. Southern Florida has five of the country’s 25 busiest private jet airports. Riviera Beach is only 20 minutes from Palm Beach International Airport and home prices there have shot up an astonishing 163% since last year. The median home price in Palm Beach County is now $1.1 million.

“Private jet access is a critically important feature of the uber-wealthy lifestyle,” Cara Ameer, licensed agent with Coldwell Banker in California and Florida, told Realtor.com. “This clientele tends to own properties in multiple locations and travels frequently, so being able to get in and out easily is key, without the hassle of public airports.”

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