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Real estate: the ultimate game of risk and reward. It’s the biggest investment most people ever makeFortunes are won and lost every day. How do you stay ahead of the game? Who’s buying, who’s selling and why? You need an edge. Boroughs & Burbs. This podcast is your secret weapon, giving you the insider knowledge and strategies you need to succeed in the high-stakes and cutthroat world of real estate. The Boroughs are New York City.The Burbs are wherever you are: Connecticut, Austin, the Hamptons, Carolinas, Florida and beyond. From Palm Beach to Palm Springs, Manhattan to Malibu, we travel the country pressing the experts in every luxury market to expose the pain, find the deals, and occasionally predict the future. Don’t settle for mediocrity - tune in to Boroughs & Burbs Thursdays 3pm Eastern and start dominating your market.
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Thursday Nov 19, 2020
Thursday Nov 19, 2020
Brooklyn is New York's most populous borough, and Queens is the largest, but is it fair to say Palm Beach has overtaken Manhattan as New York's most expensive and exclusive borough?
Home to only 8,348 people (and 30 billionaires) Palm Beach is definitely in a class of its own. The average property sells for more than $7 million. This year, during the high season (October to March) Palm Beach recorded $671 million in sales, up from $253 million in the same period one year before. The record-breaking $111 million sale of one home in December may just be the beginning of a new gilded age. John Lennon's former estate is back on the market for $47 million, double what it sold for only 4 years ago. And then in March the virus struck and sent the Palm Beach market reeling. But, two months later this second-home market had clearly found its feet and was poised to make a full recovery. So, now what?
Can Palm Beach real estate continue at this pace or is it due for a correction?
What will be the effect when Palm Beach's most famous resident leaves office?
We want to really understand the Palm Beach real estate market, its relationship to New York City, and how it has changed in the last few years so we are turning to the top agent in that market, Whitney McGurk.
Boroughs & Burbs is hosted by John Engel in Connecticut and
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