Palm Beach getting ‘hipper’ as younger people move in, WSJ reports

Jan 09,2018 | IN Culture,lifestyle, travel | by admin

Could it be that Palm Beach is Ponce de Leon’s long-lost Fountain of Youth? Not quite.

But the greening of its population has caught the attention of The Wall Street Journal, which posted a story Thursday announcing that the town “is becoming hipper as younger families are drawn by low taxes, picturesque scenery and sunshine.”

The Journal cites several big-ticket sales to younger buyers that have been reported in the Palm Beach Daily News, such as hedge-fund manager Kenneth Griffin’s $85 million purchase in January 2017 of an estate to augment his existing Palm Beach holdings, and former Los Angeles Dodgers owner Frank McCourt Jr.’s acquisition in April of an oceanfront home next to Griffin for more than $77 million.

Investor Jeff Greene, who bought a beachfront home on Billionaires Row in 2009, told the Journal: “This town has changed in a very big way” and that until recently he regarded it as “an old-world society town.”

Real estate agent Christopher Leavitt pointed to the renovation of the Royal Poinciana Plaza and enthused that Palm Beach “is no longer the place where you went to visit your grandparents.”

As the Daily News has reported, the Journal notes that it’s unclear what effect the island’s most famous resident, President Donald Trump, is having on the real estate market.