One Place Luxury Real Estate is STILL Booming, Rob Thomson Explains WHY

JUPITER, Fla., Nov. 29, 2022 /PRNewswire/ -- While much of America is seeing reduced demand for housing as a result of inflation and higher mortgage interest rates one place seems immune. In Palm Beach County, Florida demand for luxury homes remains far greater than the supply according to Rob Thomson, owner of Waterfront Properties and Club Communities. And no place in the wealthiest county in American is the demand greater than in Jupiter.

Thomson is one of the top realtors in the U.S. (his personal transactions totaled nearly half a billion dollars in sales in 2021) and he knows the secret sauce that is keeping the county red hot. He says the area is experiencing the trifecta for real estate, "Florida has no income tax, major firms are opening up shop here and its paradise. During the height of Covid many people moved into their home offices and thought, why shouldn't I live and work where it's tropical? By homesteading in Florida, they saw an increase in their wealth as their state income tax disappeared. Companies saw talented people happier and more prosperous here so it made sense to open new offices in the area. None of that has changed."

Thomson says demand for Luxury properties from $1,000,000.00 and up into the tens of millions hasn't waned and he is actively looking for properties for an eager waiting list of clients, "Many of our properties sell before they even hit the market. Buyers know what is happening here and that exclusive homes will continue to grow in price."

Another reason why luxury real estate isn't sagging in Palm Beach County is that most buyers in the price rage pay cash so mortgage interest rates don't impact the property purchase.

Thomson's commercial real estate firm, SVN Commercial, is also seeing a shortage of office space for the multitude of companies, and specifically major financial sector firms relocating from New York, who look to entice talented professionals with the lure of no state income tax and the Florida lifestyle. 

Rob Thomson's business partner, Rob Hammond, says, "These major companies are betting big and betting long term on Palm Beach County. The Related Group and Jeff Green's companies are putting up new high rise office towers with some coming out of the ground already 70% reserved. Once low rents now eclipse $60 to $100 per square foot. Jupiter's Harbor Side is sold out for 3 years. There's lots of cash around and the shortest supply of available commercial I've seen in 15 years."

On those points Thomson is in full agreement. And says there is another key reason why luxury homes are headed higher, "When all those new office buildings are completed over the next 6 months to 2 years upper income executives will be filling the towers. That means even more demand for the exclusive homes in Admirals Cove in Jupiter, in Palm Beach and in Boca Raton. That's why anyone who starts their search and buys now will be happy in a new home while those who wait may find themselves renting for quite a while."  

Rob Thomson is the owner of Waterfront Properties and Club Communities (https://www.waterfront-properties.com/), celebrating their 35th anniversary this year with multiple office locations, over 90 professional agents and an unequalled internet team that presents luxury properties globally through the most advanced web marketing strategy in the industry.   

More Information: Chase Scott (561) 644-1169, [email protected]

SOURCE Waterfront Properties