Bob Evans SVP, Industry Relations | realtors.com
Local real estate agents have coined the term "Trump Bump" to describe the influence Donald Trump has had on Palm Beach, Florida. Since 2019, over $19 billion in wealth has entered this affluent area, where Trump owns his Mar-a-Lago estate. This location is often referred to as the Winter White House and has become a hub for Republican power.
President-elect Trump has chosen to remain at Mar-a-Lago during the transition period instead of renting office space in Washington, DC. He recently hosted Canadian Prime Minister Justin Trudeau and met with incoming administration members Elon Musk, Vivek Ramaswamy, and Robert Kennedy Jr. at his 17-acre property.
Danielle Hale, Chief Economist at Realtor.com, notes that "the median-priced listing in Palm Beach is up 38.4% from November 2020 to November 2024." She also highlights a rise in Republican registered voters by 0.6% between October 31, 2020, and October 31, 2024.
Many GOP hopefuls are moving to Palm Beach to gain access to Trump's inner circle. Kourtney Pulitzer from Sotheby's International Realty says there is an increase in activity in both pending and closed sales on the island and nearby areas like West Palm Beach and Manalapan.
Developer Isaac Toledano reports that his company BH Group sold over $100 million of inventory since the election. Jeff Lichtenstein of Echo Fine Properties remarks that people seeking influence now know they need to be in Palm Beach.
Elon Musk is rumored to be considering purchasing a penthouse condo in the Bristol building. Conservative figures Ben Shapiro and Sean Hannity have already relocated to Palm Beach.
Real estate broker Gary Pohrer mentions that some people might try buying access to Trump through property purchases. Membership at Mar-a-Lago costs around $1 million annually, but author Laurence Leamer suggests it could lead to lucrative deals with the White House.
The influx of money and power into Palm Beach keeps local real estate agents busy. Toledano points out Florida's appeal due to its Republican alignment and notable residents like Jeff Bezos and Ken Griffin.
Lichtenstein anticipates a tightening market due to shrinking inventory: "The Northern Palm Beaches has also changed from 2016." He sees West Palm Beach as a new frontier for growth due to limited availability in Palm Beach itself.
First-time homebuyers are being pushed out of Palm Beach proper into West Palm Beach due to rising prices. However, Lichtenstein notes that "75-degree winter days and no income tax make up for price appreciation."
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