[Corrie22]

I just can't imagine that.....the average sale price for a single family home....average....$14,000,000

"A growing number of billionaires flocking to Florida's richest neighborhoods are driving house prices on the East Coast to record levels."

"Millionaires and billionaires are flocking to the Florida coast to escape high-tax and Democrat-run states of California and New York. "

"Eye-watering prices shelled out by ocean-side homeowners in Palm Beach even dwarf the cost of living in other well-known celebrity magnets, such as San Francisco where the median price of a family home is $1.6 million. "

"The meteoric rise in prices could be partly down to thousands of rich homeowners moving from Manhattan to Miami. "

"Redfin calculated a 5,776 net outflow of Manhattan residents leaving for the Magic City over three months alone from July to September 2023."

https://www.dailymail.co.uk/news/art...alifornia.html

[EscAlaMike]

Thread title says "median", original post says "average."

Which is it, median price or average price?

[DanielAvery]

There are high-priced, exclusive enclaves all over the country though, not just in Florida. Palm Beach has been rather unique in that area for a hundred years, so if the overall housing market goes insane, they're going to be slightly more insane. The price spikes on Palm Beach Island cannot really be cited as indicative of prices of the entire East coast of Florida.

Still, it's kind of fun to watch. I pull up those insanely priced listings on Realtor.com and gawk like everyone else. I know I'll never be able to afford the Carrington mansion, but at least I know I won't have their problems, either.

[Corrie22]

Originally Posted by EscAlaMike

Thread title says "median", original post says "average."

Which is it, median price or average price?

median is without the outliers....average is all the numbers

at $14 million does it matter at all?....what's the most average is going to change that?......not enough to matter

in this case they are interchangeable

[silverct9a]

I grew up in Palm Beach County - It’s always been a place of extreme wealth (Palm Beach island…the focus of this article) or poverty (Tamarind, certain parts of Riviera Beach or western PBC like Belle Glade, Pahokee etc).

What I was most excited about was the increase in infrastructure and opportunities that increases our middle and upper middle class AKA our tax base…Still a cool article.

[gatorlyn]

Originally Posted by silverct9a

I grew up in Palm Beach County - It’s always been a place of extreme wealth (Palm Beach island…the focus of this article) or poverty (Tamarind, certain parts of Riviera Beach or western PBC like Belle Glade, Pahokee etc).

What I was most excited about was the increase in infrastructure and opportunities that increases our middle and upper middle class AKA our tax base…Still a cool article.

A lot of the residents at Belle Glade and Pahokee are just not millionaires "yet", if you know what I mean

[silverct9a]

I know exactly what you mean lol - I grew up in Belle Glade. The amount of NFL talent Belle Glade and Pahokee puts out is simply incredible and worthy of some type of official study.

Many forget, or never knew that there are agricultural millionaires as well in western PBC thanks to “king sugar.”

Originally Posted by gatorlyn

A lot of the residents at Belle Glade and Pahokee are just not millionaires "yet", if you know what I mean

[Veritas Vincit]

It seems like if Palm Beach got a direct hit from a major hurricane (which hasn't happened since 1929's Okeechobee Hurricane) that might put a bit of a dent in those prices. There doesn't appear to be any significant natural or man-made protection against that. It could happen next year, it could happen in a 100 years, who knows.


But it's interesting given the amount of money invested in a location like this. You go to towns on the Ohio or Mississippi river systems in the Midwest and there's all kinds of engineering works to protect the cities against river floods, meanwhile down there you got all these hyper expensive beach houses and luxury resorts right up to the water of the open Atlantic Ocean. It's paradise but with a clock ticking.

[AntonioR]

Originally Posted by DanielAvery

There are high-priced, exclusive enclaves all over the country though, not just in Florida. Palm Beach has been rather unique in that area for a hundred years, so if the overall housing market goes insane, they're going to be slightly more insane. The price spikes on Palm Beach Island cannot really be cited as indicative of prices of the entire East coast of Florida.

Still, it's kind of fun to watch. I pull up those insanely priced listings on Realtor.com and gawk like everyone else. I know I'll never be able to afford the Carrington mansion, but at least I know I won't have their problems, either.

Wife: "Honey, tell the butler there is leakage again."

Husband: "Where?"

Wife: "In bedroom number 14. Guests will not have anywhere to stay."

Husband calls the butler on an interhome phone: "Jeffrey, please come here. This is an emergency."

Jeffrey: "Where are you, sir?"

Husband: "Bedroom number 9."

[DanielAvery]

That's about the only problem the Carringtons (of the TV show Dynasty) didn't have in their soap opera lives. Sure, terrorists interrupt their family weddings to spray everyone with bullets, but the roof never leaked. LOL

But it's interesting given the amount of money invested in a location like this. You go to towns on the Ohio or Mississippi river systems in the Midwest and there's all kinds of engineering works to protect the cities against river floods, meanwhile down there you got all these hyper expensive beach houses and luxury resorts right up to the water of the open Atlantic Ocean. It's paradise but with a clock ticking.

The difference is that the people who build $10 million homes in "Hurricane Alley" have the means to rebuild if such a hurricane were to wipe out the house. They build right on the ocean because there is less of a gamble that it will ruin them financially. It might not even be their primary residence. Those people living along the rivers you mention would lose everything in a similar disaster so it's up to the government to try to safeguard their lives and property, while the super-rich are much more able to pay for their own rebuild.