A Day with Dana Koch of The Corcoran Group, Palm Beach
Can you tell us a bit about the current state of the luxury real estate market in South Florida?
The market has returned to its normal seasonality pace this summer compared to the last 2+ years. We are still dealing with a lack of inventory which will continue to propel this market. Though we are not completely immune to some of the headwinds (equity market volatility, interest rate hikes, inflation) that everyone is contending with these days, we are still very much in a lack of supply and a strong demand world where pricing has held steady.
What are some of the biggest changes you’ve seen in the market over the past two years?
Besides the unimaginable appreciation in prices, the sheer pace of the market the last two years was frenetic. We saw homes trade multiple times, each time the price would be (significantly) higher than the last trade. I am used to fast paced markets, but I never saw anything like this where I routinely saw bidding wars. I had to adjust my approach “on the fly” with my Buyers and Sellers in order to achieve their goals as the market was continuously moving. The Buyers migrating here are much younger than we had seen in the past. When Covid first started, we had families who were here for Spring Break and many of them never left. As a result, the age demographic has gotten significantly younger. More people have made Palm Beach their primary residence than ever before!
Where do most of your buyers come from?
My Buyers are concentrated predominantly from the Northeast to the Midwest. From New York to Connecticut, New Jersey, Massachusetts, Pennsylvania, Washington D.C., Illinois, Michigan, and now we are seeing a migration from California. Buyers are moving here for lifestyle reasons and for the advantageous tax laws in Florida.
What are some of your favorite Palm Beach hotspots?
I’m a foodie so some of my favorite restaurants are Trevini, Kitchen, Sant Ambroeus, Le Bilboquet, and Imoto. I have a sweet tooth and am a big fan of Piccolo Gelato. On the opposite side of the spectrum, I like Celis Produce for their juices, smoothies, and wraps. Le Bar has a fun scene at night.
What inspired you to become a broker?
I have a love for architecture and grew up in the business! My mother (& business partner), Paulette, had her own firm which Corcoran acquired in 2003. We have been working together for almost two decades.
Tell us a bit about your typical day.
No two days are the same, but I start my day by working out. I feel that routine is one of the keys to success. I check emails/texts from the time I get up until I go to bed. If I’m not showing property, then I’m in my office interacting with my assistants and business partner putting together our priority list. During the week we have a marketing and social media meeting. We are discussing potential options for our Buyers, constantly reviewing our listings and strategizing for our Sellers, and are reaching out to potential Sellers and other Brokers to try to uncover opportunities for our clients.
Anything unique you can tell us about a recent sale?
I just recently sold an oceanfront home at 901 North Ocean Blvd. that was listed for $115M. It’s the highest priced sale in Palm Beach this year. I’m extremely proud to have represented the Buyer in this transaction.
What do you love about the real estate business?
I’m a deal junkie and enjoy the challenge of putting them together. I also love the entrepreneurial nature of the business with our frequent strategy sessions where we look at ways to enhance our business to make the customer experience even better!
Dana Koch, Sales Associate
[email protected] | 561.379.7718