Of The Corcoran Group Palm Beach
Paulette Koch and Dana Koch are two of the most successful brokers in Palm Beach. Paulette has been consistently recognized among the top 2% of real estate professionals in the U.S. by the Wall Street Journal. Her son and partner, Dana Koch, was ranked 9th nationally and 2nd in Palm Beach in 2021, by Real Trends/WSJ “The Thousand Report,” with a sales volume of over $450 million in 2020. Together, they have sold a total of over $6 billion worth of beautiful South Florida properties. As busy as they are in this hot market, they were gracious enough to share their thoughts on the South Florida real estate scene with us.
What is the vibe like in South Florida this year, compared to last?
The mass migration to South Florida continues. Many people and businesses decided to take the plunge that they have been contemplating for a while because of tax purposes. The pandemic was the final factor in that important decision. As a result, restauranteurs, gallery owners, retailers, doctors, and hospitals have followed their clientele to this area. It has brought a renewed energy with a much younger family demographic.
I like to call it a renaissance! South Florida, especially Palm Beach has been transformed into a “big, small town” with all of the conveniences at your fingertips.
The South Florida market is hot, what are your predictions for the rest of 2021?
I believe that there will continue to be upward market pressure as prices climb further and new thresholds are achieved. There is just too much demand and not enough supply. I feel that inventory will stay at these low levels through at least the end of 2021+. Buyers’ appetites are insatiable and Sellers have nowhere to go which creates a dilemma for all!
What is the best advice you can give a buyer looking for real estate in South Florida now?
When you find something that you want to purchase, do not hesitate…buy it! If not, there is a very good chance that someone else will. This market is fast paced and quick decision making is critical. The latest sales in South Florida are what I believe to be the new pricing floor. Since there is a lack of product, many Buyers have bought condos or smaller homes to use as “placeholders” as they establish residency and patiently look to upgrade. It is important to try and get your “foot in the door.”
Is it a buyers or seller’s market in South Florida right now?
100% a Seller’s market with very high Buyer demand and no immediate end in sight!
Can you tell us about one of your current listings and why it’s a good deal?
We have a brand new, gorgeous apartment with high end finishes at The Plaza with amazing views of the ocean and intracoastal. It is the only “new construction” available in this white glove building that has amenities galore! Asking price is $1.995M.