Real estate rarely rewards the patient. For many, a home is the most significant purchase of a lifetime, and that often demands urgency. Yet for the world’s wealthiest, there’s a different script. When you command hundreds of millions—or billions—urgency becomes optional. Why settle when you don’t have to?
In Palm Beach County’s most moneyed echelons, this patient mindset is reshaping the market. Inventory for luxury listings, while improved from pandemic lows, remains modest—about three to four months of supply versus the six months that would mark true balance. Sellers still hold an advantage. But affluent buyers don’t feel pressured to rush. They scour the listings—waterfront mansions, freshly built estates or the occasional teardown turned modern marvel—and wait until they find the one. Once the stars align, they move decisively.
Most wanted? New construction, contemporary design
Vince Marotta, an agent with Illustrated Properties, witnessed this shift firsthand in October 2024, when he and developer Tony Hernandez closed a record-breaking $30 million sale in Jupiter Inlet Colony. The ultra-contemporary estate, perched directly on the Intracoastal Highway, wasn’t just another waterfront home—it was exactly what today’s deep-pocketed buyers are holding out for.
“Palm Beach is filled with people who have $200- to $600-million fortunes,” Marotta says. “They’ve done well enough that they can wait for what they want. And they know exactly what that is. Big, brand new and right on the blue water.”
While waterfront properties have long commanded premium prices, Marotta emphasizes that the home’s $30 million valuation wasn’t just about its location—it was about its modernity. “People love new construction, particularly because the focus is on larger, more open spaces, which invite in that Florida sunshine,” he explains.
That growing preference for contemporary design has fueled a wave of redevelopment along Palm Beach County’s waterfront. Developers like Hernandez are purchasing older homes—sometimes built as recently as 2007—for $4–$5 million, then tearing down and replacing them with sleek, amenity-rich estates designed to meet the demands of this new wave of ultra-wealthy buyers. Mike Pappas, CEO of Illustrated Properties, says this trend is a driving force behind the county’s steady influx of wealth.
“Tony Hernandez has a knack for finding the best locations,” Pappas says. “There are only so many waterfront properties in Palm Beach County, so when you pair that with modern construction, it’s a magnet for high-net-worth buyers.”
Cash deals and carefully considered offers
This influx of capital is visible in the rise of all-cash deals, which account for between 53 and 57 percent of high-end transactions in the Jupiter area. Such figures starkly contrast with pre-pandemic norms and underscore how deeply capitalized these buyers truly are. Marotta adds that many of these wealthy purchasers are relocating from the Northeast, seeking Florida’s tax advantages, warmer climate and reduced urban congestion. An eternally appealing lifestyle equation.
The luxury market has also seen an extra boost following the U.S. presidential election in November 2024. In January 2025 alone, contracts on single-family homes priced at $5 million or above tripled compared to the previous year. Thirteen deals exceeded $10 million that month—up from just three in January 2024.
Despite the excitement, the market is no longer mired in the frenzy of 2021–22, when it wasn’t uncommon for properties to sell within days at or above asking price. Today, many buyers prioritize value. They’ll pay top dollar if a listing meets their standards—but they’ll also refuse to chase inflated prices. Indeed, recent data from Illustrated Properties shows a growing percentage of luxury properties closing below the original listing price—often still at sizable sums but evidence of greater restraint. And this measured approach hasn’t softened prices across the board: the county remains a seller’s market, and overall luxury values remain near historic peaks.
Looking ahead, the signs point to ongoing strength in this refined corner of the market. Inventory might continue to edge up, giving buyers more options and reinforcing patience as a winning strategy. But if a brand-new estate with direct water access hits the market at a justified price, don’t expect it to linger.
In Palm Beach County, the best of the best still sells quickly—just not with the musical-chairs fervor of two years ago. Instead, the transactions unfold like a choreographed dance: buyers circle, evaluate and when the music’s just right, they swoop in.
Illustrated Properties is a member of Forbes Global Properties, an invitation-only network of top-tier brokerages worldwide and the exclusive real estate partner of Forbes.
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