Palm Beach County witness to increasing multi-million dollar home purchases

  • 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.

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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 o...