Berkshire Hathaway HomeServices (BHHS) EWM Realty, for almost six decades a stalwart of South Florida’s luxury residential real estate, today announced that they have opened a Worth Avenue office in Palm Beach.
Located at 205 Worth Avenue, Palm Beach, FL, the shopping and dining district is internationally known as a historical landmark; rich in beautiful scenery, ultra-luxury brands and impeccable customer service.
“Several of our associates working from our ten offices in Miami-Dade and Broward have actively sold significant properties across Palm Beach County for a number of years,” says Ron Shuffield, President & CEO of BHHS EWM Realty. “With a growing number of individuals from our tri-county team already working consistently in the area, we had no doubt that it was the ideal time to open an office. In addition, our fellow Berkshire Hathaway HomeServices’ associates operating from around the country and across the globe have provided our BHHS EWM Realty associates an enhanced source of new introductions to those new residents migrating to South Florida from the Northeast, California and other parts of the world.”
The growth of the Palm Beach residential real estate market over the past 24 months has been nothing short of staggering, according to data from Southeast Florida Multiple Listing Service (MLS). In the $1 million+ single-family home and condo market, the months of available inventory have plummeted, from 14.6 months for the three months ending September 2019, to 3.6 months for the same 3-month period in 2021.
The number of luxury single-family homes and condos available for sale during the same period saw a similar decline, from 2,020 homes/condos available on September 30, 2019, to 1,036 available as of September 30, 2021, a drop of 49% — while sales grew exponentially. During Q3 2019, a total of 417 homes and condos sold in excess of $1 million, while 893 sold during Q3 2021, an increase of 114%.
“Although COVID has certainly been a catalyst for the growth over these past 18 months, the pace of sales in Palm Beach County had already accelerated prior to the pandemic,” adds Shuffield. “The die was cast as it relates to growth in Palm Beach. Well-heeled financiers, investors, entrepreneurs and others had started to purchase in Palm Beach County before COVID, chiefly due to the impact of The US Tax Cuts and Jobs Act of 2017 on residents of high-tax states, such as New York and California. Coupled with the lack of State of Florida income and estate taxes for permanent residents of the state, and the fact that many industries learned that they can work remotely from virtually anywhere, the perfect positive storm impacted the region’s residential real estate market.”
The opening of the BHHS EWM Realty office in Palm Beach furthers the company’s connections with its sister company, BHHS New York Properties. The two organizations have significant commonality with clients and will be partnering on initiatives to benefit both.
“This is a logical next stage in the evolution of our company,” concludes Shuffield. “We look forward to growing this office organically and through acquisitions in order to further our presence in this extraordinary destination.”
About Berkshire Hathaway HomeServices EWM Realty
BHHS EWM Realty, a full-service real estate brokerage founded in 1964, is one of America’s largest real estate services firms. The brokerage is part of an international network of 50,000 agents operating from 1,500 offices spread across the globe. Its parent company, HomeServices of America, an affiliate of Berkshire Hathaway, is the number one brokerage company in the U.S. based on transaction sides. BHHS EWM Realty has locations in Miami-Dade, Broward and Palm Beach Counties with more than 900 associates and staff members. Visit www.ewm.com.
About Berkshire Hathaway HomeServices
Berkshire Hathaway HomeServices is among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, bringing to the global residential real estate market a definitive mark of trust, integrity, stability and longevity. The network’s parent company is HomeServices of America, Inc., the nation’s largest, full-service residential brokerage firm as measured by transactions, and an affiliate of Berkshire Hathaway Inc. The Berkshire Hathaway HomeServices global network has more than 50,000 affiliated independent sales associates and 1,500 offices throughout the U.S. and abroad, generating US$114.5 billion in closed transactions in 2018. For additional information, visit www.berkshirehathawayhs.com.
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