It’s time to take the gloves off and put Palm Beach real estate up against the rest of the world.
Are we the cheapest? No, of course not. However, we are in an amazing area with great values, and I notice this every time I travel. The last trip I took to Asia really piqued my curiosity, so I decided it was a good time to dig deep into the numbers of other popular locations to see if Palm Beach would win a value battle.
I found that, though there were less expensive areas, none of them were places I would want to live. I also found that the more expensive areas were great places to visit, but I wouldn’t want to live in those places either. I couldn’t believe some of the numbers of the median price per square foot that we found.
The goal was to do an equal comparison, so we looked at the median price per square foot in the city. The median price per square foot in West Palm Beach is $240.33. Out of the 20 other cities we evaluated, can you guess where West Palm Beach fell on that list?
As it happens, out of those 20 other areas, only four had less of a median price per square foot. West Palm Beach was No. 16 on the list. Can you believe that?
Hong Kong took home the honor of the most expensive city, with a median price per square foot of $2,853. Basically, a property that would cost $288,000 here in West Palm Beach would cost $3.5 million in Hong Kong.
London ended up taking the No. 2 spot at $1,838 per square foot, while New York took third place. In some exciting news, our neighbors to the north in Toronto took seventh place at $618 per square foot, which means home sellers have a lot of equity there and it’s the perfect time to invest in our more affordable housing market. Even Bangkok, which came in at No. 11 at $424.61 per square foot, was more expensive than West Palm Beach.
These numbers show why West Palm Beach is so popular with international buyers. We have great weather, amazing amenities, and outstanding values. Here, we love to travel, but we also love to come home again.
There is no place we’d rather call home, so if you’d like to make West Palm Beach your home too, don’t hesitate to reach out to us. We’d love to speak with you, and we hope to talk to you soon.