David Fite Talks With Avenue Magazine about Real Estate in Palm Beach
A Q&A session with the Principal of Fite Shavell & Associates for the Real Estate Yearbook from Avenue Magazine
How has the market performed in the past year?
Palm Beach is holding its own. For the first six months of 2008, the median price of a single-family home sold in Palm Beach, as compared to last year, increased 9 percent to $4.3 million. Also interesting to note is that in addition to the higher average price, there were four properties that had sales prices of more than $20 million. A recent sale in July topped $95 million.
Palm Beach is a fantastic place to live—the community offers a small town ambiance with world class amenities. This market is appealing to Americans, as well as to international buyers. We are optimistic that demand will continue to drive a robust real estate market.
Is this a good time to buy? Can you offer any advice to potential buyers?
It is always a good time to buy in the Palm Beaches. Over the past ten years, the market has experienced unprecedented growth, with properties available in a wide range of prices. Baby Boomers are drawn to the active lifestyle and cultural activities; Generation-Xer’s, who are beginning to enter our market, are also drawn to the abundance of outdoor activities.
We see a strong real estate market moving forward. Rich in history, the Palm Beaches continue to evolve.
Exciting new communities are developing and fabulous individual estates are being built. There is something to accommodate every lifestyle. Now is a great time to visit, to enjoy the wealth of culture and activities, and tour Fite & Associates’ current listings.
What is your dream project?
My experience as the CFO of the two largest residential real estate firms in New York prepared me well for my dream project: the founding of Fite & Associates. I am now fully dedicated to making Fite & Associates a world renowned, locally owned and operated real estate firm in Palm Beach. Our approach is quite different than our competitors. Our agents actively collaborate to match buyers with the right properties. We promote a strong sense of teamwork and camaraderie within the company.