There Are Barely Any Houses Left in Palm Beach

Photo: BusC Photography In the past year, the real-estate market has — well, gone berserk. Houses are going for millions over asking in Boise and Albuquerque. Buyers are offering to name their firstborn baby after sellers. In this new series, Realtor Diaries, we talk to the people at the center of it all — about the 2 a.m. emails from clients; the 16-hour, six-day-a-week workdays; and the all-cash offers coming in from people who’ve never once seen the property they’re buying.

And then there are the people buying without even seeing the properties. I just did three of those. We do it over the phone. I sold one to a person in London. A lady from Texas never came and she just said I’ll take it. A lot of people are worried that if they fly down they’re going to miss it. There have been some strange exchanges lately, though. I just sold a house to someone in Nigeria. On the phone. They just wanted to buy a house here, and I said, “As long as you have a lawyer from the U.S., fine.” We don’t launder money. I don’t accept just anyone’s money. That particular person is going to knock the house down and hire an architect.

Paulette Koch, Broker Associate, Corcoran I’ve been in the real-estate business since 1987. And this is the fastest-paced market I’ve ever seen — so the inventory is quite slim and limited, consequently. We nicknamed it the roaring ’20s. You do feel very fortunate that we happen to be in the right place at the right time. Palm Beach has always been a very desirable location for many, many reasons. It’s a unique enclave.

But what we’ve been finding, and I think I coined the phrase, because now I hear it’s being used all over, is that people are buying placeholders. The placeholders are temporary places that people buy just to establish residency, because there’s a lack of rentals too. A big lack of rentals and especially decent rentals. So they buy a placeholder, get settled in Palm Beach, and then they will start shopping seriously — and they’ll be ready to act when a place comes along in 12 months.

Oh Dear, I hope not *kisses*

is this a real tweet?

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