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WILL MADOFF SCANDAL AFFECT UNTOUCHABLE PALM BEACH REAL ESTATE?
In the last few years of the continually declining real estate market, its seems that just about every city and neighborhood across the country was affected in some way. Prosperous locations like the tony suburbs of large metropolises have seen home values plummet, and middle class neighborhoods are riddled with short sales and foreclosures. Even rental prices went through the roof, then dropped almost lower than just a couple of years ago. Here in Palm Beach County virtually every town was affected with one notable exception: Palm Beach. Not only did the mansions and estate homes in the wealthy island town not suffer decreases in value, they have actually experienced fairly steady increases. However, in the last couple of weeks the Ponzi scheme run by Bernard Madoff has been all over the news, and by now we know that his scam cost many of the wealthy Palm Beach set millions of dollars. Investment analysts still have not concluded exactly how much money Palm Beach investors lost, but with total estimates around $50 billion, the Palm Beach portion is expected to be substantial. Is this the end of the line for the untouchable Palm Beach real estate market? Will the personal financial crises of many of the town's residents cause a flood of high-end homes to hit the market, causing the same kind of market saturation experienced by less affluent neighborhoods in the rest of the county?
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