Last month overall single-family homes sales activity in Palm Beach County was down; however, recent data suggests the demand for $1 million-plus homes is increasing.

According to brief from Rabideau Law, lenders doled out 62 residential loans that were each valued at more than $1 million in February. During the prior month, 48 such loans were issued for transactions in Palm Beach County.

  • The average loan size for a luxury home was $1.95 million in February.
  • Wells Fargo, Bank of America and JP Morgan Chase are the most active lenders in the county's luxury home sector.
  • $1 million-plus mortgages accounted for $121 million of lending volume in February.

Last month overall single-family homes sales activity in Palm Beach County was down; however, recent data suggests the demand for $1 million-plus homes is increasing.

According to brief from Rabideau Law, lenders doled out 62 residential loans that were each valued at more than $1 million in February. During the prior month, 48 such loans were issued for transactions in Palm Beach County.

The 62 loans issued in February equated to $121.1 million in lending volume. The average loan had a value of $1.95 million.

Eyeing the last three months, December through February, lenders doled out 175 loans for $1 million-plus loans for a total volume of $341.7 million.

During the three months prior, 145 such loans were originated for a volume of $266.9 million.

A significant volume of the county’s luxury home sales activity is occurring along State Road A1A, specifically in and around the cities of Delray Beach, West Palm Beach and Boca Raton. In the Boca Raton, the epicenter of luxury deals is the Royal Palm Yacht & Country Club.

This residential loan data gives some insight into the county’s luxury market, but it doesn’t take into account the volume of cash deals that have recently occurred.

In South Florida, and specifically Miami-Dade County, cash deals can represent more than 50 percent of a market’s annual sales volume. Additionally, a number of luxury sales are typically all-cash sales.

Three active lenders in Palm Beach County

Spanning December through February, Wells Fargo originated the most $1 million-plus residential loans (21) in Palm Beach County. The average value of these 21 loans was $1.7 million.

Bank of America lent 19 such loans to borrowers during the same period. These loans’ values averaged $2.65 million.

JP Morgan Chase was the other lender to reach double digits, issuing 11 loans valued above $1 million. The average loan size was $2.2 million.

Seven additional lenders issued five to eight $1 million-plus loans. They included: Citibank, Suntrust Mortgage, Sabadell United Bank, Northern Trust Company, Morgan Stanley, Seaside National Bank & Trust and Florida Community Bank.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×