This Article provides great information to both buyers and sellers, especially those located near private schools. Many wealthy individuals demand access to private schools as a major consideration for the decision regarding where to move to Florida.
With the limited availability of homes for sale near private schools, its likely that sellers wanting to realize top dollar in these areas will command a premium because of the location at or near private schools.
On the other hand, buyers near private schools should recognize that even though they may have to pay a premium now, the location is likely to provide an excellent return over time.
Wall Streeters Fleeing NYC Pack Elite Palm Beach Private Schools to Capacity
By Selim Algar
September 7, 2022
September 7, 2022
The ongoing swarm of finance titans from New York City into Palm Beach has left the glitzy enclave’s private school sector unable to meet demand, according to a report.
The shortfall, according to the Real Deal, is hampering the area’s blistering real estate sector, with parents waiting to finalize sales until they secure private school placement.
Applications to institutions like the Benjamin School in Palm Beach Gardens have exploded by more than 100 percent from just five years ago, according to the site.
“We just don’t have enough room,” the school’s admissions chief, Amy Jablonski, told the outlet.
One prospective buyer delayed closing on a home in the area because her child could not land a spot at Benjamin.
Florida private schools are receiving an influx of applications from students, causing a lengthy waitlist
“I’ve had families who have not made the transition down,” said Benjamin board member Matt Brannon, according to the report. “Until they can get into certain schools, they’re not going to uproot their families.”
Wait lists are now years-long at top schools and affluent buyers view local public options as all but unthinkable, according to the report.
The moneyed rush into South Florida accelerated during the pandemic, with a slew of Wall Street firms opening satellites in the area and allowing staffers to work remotely in Florida.
Some families are putting a pause on their move south because their children can’t be enrolled in the desired private schools.
Demand has been so intense that a municipal business group established a task force to work with private school administrators to address the bottlenecks.
With the influx continuing, some New York-based private schools are even considering expansions into the Sunshine State, according to the report.
“Out-of-state private schools are wanting to follow their customers,” Palm Beach County Business Development Board president Kelly Smallridge told the site.
The average cost of a Palm Beach spread soared to nearly $16 million in the first quarter of 2022, according to the Serhant South Florida Report issued in April.
That was up by 44 percent compared to the same period in 2021.