Even the mere possibility signals a shift for a city that has long lived in the shadow of its ultra-affluent neighbor.
West Palm Beach is undergoing a rapid transformation. Composite: Getty Images; Getty Images
Elon Musk is now worth $400 billion, more than anyone who has ever lived.
If the rumors hold true, he may spend 0.025% of that fortune on a penthouse in West Palm Beach, just across the bridge from Palm Beach, where President-elect Donald Trump resides at Mar-a-Lago.
A $100 million condo purchase would shatter the previous record for West Palm Beach, set by the same unit Musk is reportedly eyeing. Regardless of whether Musk moves forward with the purchase, the mere possibility signals a new reality for West Palm Beach. The area is rapidly evolving into a high-end luxury condo market and could soon rival the billionaire-populated island across the waterway.
The city’s condo record was set in 2019 when beauty mogul Sydell Miller purchased the penthouse at The Bristol for $42.6 million while it was still under development. At the time, The Bristol was the only luxury high-rise being built in West Palm Beach, a city historically overshadowed by its ultra-affluent neighbor.
Since then, the skyline of West Palm Beach has begun to change. In the five years following The Bristol’s first residents, nearly 20 new high-rise projects have been announced, with over 7,000 new units on the way, according to an analysis by The Real Deal. These developments include a mix of luxury rentals and condominiums.
“The Bristol essentially sparked this condo movement,” said Ned Grace, co-founder of NDT Development, the firm behind the mixed-use Nora district in the city’s downtown. “It’s clear that this kind of living is what people want.”
The new wave of condos includes the recently completed La Clara, along with Forte and South Flagler House, all within close proximity to the bridge to Palm Beach. Forte currently holds the city’s most expensive listing at $47.5 million, while South Flagler House is expected to feature a $72 million unit. Branded residences like Ritz-Carlton and Mr. C Residences are also under development further north on Flagler Avenue.
These condos offer a product Palm Beach can’t match, says Grace. The island is fully developed, mostly occupied by single-family estates and aging low-rise condos. “What you had 10 years ago is what you have today.”
West Palm Beach’s transformation extends beyond condos. The post-Covid surge in Florida’s population has spurred real estate development across all sectors, including new office projects, restaurants, retailers, and corporate offices, despite a nationwide slowdown in the office market.
The migration sparked by the Covid pandemic has continued to gain momentum over the past five years, evolving into a more lasting shift. “The funny part is that nobody talks about Covid anymore, but everyone talks about Florida,” said Isaac Toledano, founder and CEO of BH Group, co-developer of the Ritz-Carlton residences on North Flagler.
As West Palm Beach establishes itself as a culturally significant city, it presents a strong alternative to Palm Beach. “The West Palm Beach condo market is answering the demand for buyers seeking higher ceilings, more amenities, and more modern buildings,” said Gary Pohrer, a luxury broker at Douglas Elliman.
West Palm Beach offers a price range that Palm Beach doesn’t. “Not everyone can afford a $30 million-plus home in Palm Beach,” said Toledano. “Others are looking in the $2.5 million to $6 million range.”
Both markets have also benefited from Trump’s frequent presence at Mar-a-Lago, which has kept them relevant on the national stage, according to all sources for this story.
Palm Beach remains popular as well. In the weeks following Trump’s re-election, at least two homes near Mar-a-Lago went into contract, both of which had spent over a year on the market, according to Zillow.
For someone like Musk, or others who need to be in Palm Beach frequently for political reasons, a West Palm Beach condo offers security, access, and convenience that Palm Beach can’t match. “I could sell him a $100 million house in Palm Beach, but he’d be exposed,” said Pohrer. “I think the West Palm condo is a smart move—it just makes things much simpler.”
Currently, nothing in West Palm Beach compares to the Bristol penthouse, which spans 17,000 square feet and offers expansive ocean views, full-time concierge services, and a seamless turnkey experience, said Grace.
“People want condo living, and frankly, Palm Beach couldn’t offer that,” he added.
