As Florida’s condo market continues to grapple with the fallout from post-Surfside safety regulations, Palm Beach has emerged relatively unscathed. New statewide laws requiring milestone inspections and reserve studies have burdened many aging condominiums with costly assessments, averaging $75 to $100 per square foot.

Yet in wealthy Palm Beach, where financial resources are abundant, most buildings have already completed their repairs, turning a potential crisis into an opportunity. Brokers say the island’s older condos are now in better condition and fiscal shape than in years. The median condo price has risen to $2.7 million, with units ranging from $315,000 to $17.9 million. Sellers are increasingly paying off assessments to close deals, and renovated properties are seeing renewed demand.

While other parts of South Florida struggle under the financial strain, Palm Beach’s deep-pocketed owners and proactive approach have helped the market stabilize ahead of the busy winter season.

(source: The Real Deal, picture: Hannah Lindahl)