How West Palm Beach Surged to the Top of the Real Estate World

Once a quiet spot on Florida’s map, West Palm Beach has recently catapulted into the spotlight as a prime destination for the wealthy and influential. What sparked this dramatic shift? COVID-19, which turned the city’s fortunes around in unexpected ways.

Developer Stephen Ross, who planted the seeds of his vision for West Palm Beach nearly 30 years ago, is now witnessing his dreams come to fruition. His firm, Related Cos., is spearheading a transformation with cutting-edge office towers, ultra-luxury condos, and a major Vanderbilt University campus set to enrich the city further.

West Palm Beach has become a magnet for high net-worth individuals, boasting a staggering 93% increase in millionaires over the past decade. This surge in affluence has propelled the city to the top of the real estate charts, surpassing even well-established wealth havens like Greenwich and Darien.

The pandemic accelerated this trend. Between 2020 and 2021, Palm Beach County welcomed $7.03 billion in new taxable income, outpacing all other U.S. locales. This influx has fueled a real estate renaissance, with top firms like Goldman Sachs, BlackRock, and JPMorgan Chase establishing new offices. Meanwhile, luxurious condo projects and vibrant new districts, like the Nora area, are reshaping the city’s skyline.

Residential real estate has also seen dramatic changes. The bar for luxury homes has soared from $680,000 in 2019 to an impressive $1.75 million in 2024. New high-end developments, including the South Flagler House with its $72.5 million penthouse, underscore the city’s rising status.

West Palm Beach, once a seasonal getaway, has transformed into a thriving year-round metropolis. This remarkable evolution highlights its new role as a beacon for wealth and innovation.