Million-Dollar Condo Contracts Jump 300% in Palm Beach County

Million-dollar condo deals in Florida’s Palm Beach County surged last month, a sign that the area’s pandemic-fueled real estate boom is spreading beyond single-family homes.

Signed contracts for condos worth at least $1 million jumped 300% from a year earlier to 36, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Across all price ranges, pending condo purchases in the county were up 155% to 612.

Million-Dollar Condo Contracts Jump 300% in Palm Beach County

Sunny South Florida has become a destination for Northeast city-dwellers seeking extra room to ride out the pandemic while working remotely. Single-family homes have benefited most and continue to do so, but the jump in condo deals shows buyers may be getting more comfortable with elevators and public spaces again.

“Covid made Zoom ubiquitous in 24 hours, and I also think it took people that were on the fence and helped them make a decision” about moving to Florida, said Jonathan Miller, president of Miller Samuel.

©2020 Bloomberg L.P.

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