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Real Estate Notebook: Boca, Delray among luxury sales leaders

Fri, 10/09/2015

By Paul Owers | Sun Sentinel

Palm Beach, Boca Raton and Delray Beach rank among the top U.S. cities for ultra luxury home sales, according to a report from Coldwell Banker Residential Real Estate.

The report, which covers transactions from July 1, 2014, through June of this year, shows that Palm Beach had 36 sales of homes priced from $5 million to $9.999 million. The town ranked 14th of 243 markets nationwide. Boca Raton was 17th with 32 sales.

New York led the nation with 786.

Meanwhile, Delray Beach had eight home sales of at least $10 million, according to the report. Palm Beach had seven. New York was first with 217.

Duff Rubin, senior vice president of the Southeast region for Coldwell Banker, said he's encouraged that Boca and Delray are seen as two of the nation's top ultra luxury markets. Still, he's noticed a slowdown in high-end sales amid the weakening Candian dollar and other currencies.

"People are a lot more selective," Rubin said. "High-price listings from Miami to Palm Beach are sitting on the market longer than they used to."

Fort Lauderdale among best areas for investors

Fort Lauderdale ranks sixth on a list of top home rental markets compiled by HomeVestors of America and Local Market Monitor.

The real estate firms said they surveyed 300 markets nationwide in the third quarter to determine areas where home prices are forecast to increase during the next few years, bringing in better returns for investors.

"The boom in snapping up foreclosed properties is pretty much over," Ingo Winzer, president of Local Market Monitor, said in a statement.

Orlando, the only other Florida city on the list, ranked first. Dallas was second and Riverside, Calif., third.

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