DONALD TRUMP'S NEIGHBORS ARE SELLING THEIR HOME AT A LOSS
A five-bedroom, six-and-a-half bath property only a few minutes away from former President Donald Trump's Mar-a-Lago residency is on the market for less than it sold about a year ago.
Read more: Tips to Help Sell Your Home for the Highest Price
The housing market in Florida is grappling with a difficult dynamic. Prices have been falling, though elevated mortgage rates have made affording homes in the state beyond the reach of huge swathes of potential homebuyers. Adding another wrinkle are elevated insurance costs as the state is seeing an escalation of climate-change-related weather disruptions. Those rise in costs have led certain insurance firms to leave the state.
The listing on Zillow reveals that the property was last sold in September 2023 for $14 million. It was again listed for sale in January for $15.25 million. But as of June 26, the listing on the real estate platform showed that the price has been cut to $13.9 million.
Read more: How Much Is My House Worth? How to Determine Your Home's Value
Newsweek contacted the listing agent for comment via email on Tuesday.
"Welcome to 168 Kings Rd, a Classic Palm Beach Regency home located in the prestigious Estate Section of Palm Beach," the Zillow listing reads. "This residence sits on an oversized 16,000+ sq ft lot and features a versatile 5 bedroom, 6.5 bath layout with generous ceiling heights and spacious rooms, making it an ideal space for entertaining and hosting guests."
The Palm Beach market has seen some slowness over the last year. Single-family properties have seen prices plunge 25 percent in the first quarter of 2024 to $15.6 million from the same time a year ago. Some analysts have suggested that interest in the luxury market has waned.
"This quarter saw one sale above $30 [million], in contrast to four such closings in First Quarter 2023 including a closing for $155 [million]," the real estate firm Corcoran said in a market analysis earlier this year.
The Kings Road property is estimated by Zillow to potentially sale at between $11.22 million to $12.89 million. "We calculate the estimated sales range based on the current market and the info we have about this home," the real estate platform noted. Zillow also noted that over the last year, its value grew by 247 percent. In July 2014, the property was worth $3.4 million.
The house built in 1959 offers a backyard which comes across as "a private retreat centered around a large, heated saltwater pool, complete with a covered area for dining and relaxation," the listing on Zillow said.
"Modern amenities include dual bathrooms in the primary suite, a wet bar, 1,000 bottle wine storage, impact glass, full house generator and air-conditioned 2-car garage. Conveniently located to all the Palm Beach lifestyle has to offer."
2024-07-02T20:32:06Z dg43tfdfdgfd
