Palm Beach native and real estate broker MADISON COLLUM shares an insider’s view of life in one of the world’s favorite destination cities
Fairweather: People consider Miami to be Manhattan’s playground. Would you say the same of Palm Beach as compared to the Hamptons?
Madison Collum: After spending much time in the Hamptons the
last three summers, it is my opinion that the Hamptons are more of a weekend commuter spot. Most of Palm Beach’s seasonal residents come into town and stay for most of the winter.
F: As a Palm Beach native, how has Palm Beach changed since you were a kid?
MC: When I was a kid, history or lineage to Palm Beach was everything, and was almost like a status symbol that couldn’t be bought. As new generations of Palm Beachers grow up, the historical tie isn’t as heavily weighed.
F: How did you know that you wanted to have a career in real estate?
MC: I didn’t. My background is in corporate fnance and accounting. My frst job out of college was at the corporate headquarters for a publicly traded company in Palm Beach. I was with them for 3.5 years and temporarily moved to New York City. After returning to the Palm Beach area in 2004, I was urged
to start my career in real estate. People live their lives, create memories, build businesses, raise children and entertain their friends and families, all in the places that I help them fnd. What other industry does that?
F: What misconceptions might people have about Palm Beach?
MC: That it is a stodgy, old and boring place to live. There is always something to do here.
F: Does Palm Beach offer any unique tax advantages for real estate investors?
MC: The Town of Palm Beach doesn’t; however, the State of Florida does. We
are also beginning to see a trend of people moving from California to Florida to avoid the exorbitant taxes. Having said that, I am not a tax accountant, so please contact your tax advisor for further details.
F: What are the recent real estate trends in Palm Beach?
MC: Tear downs and major renovations. Most home shoppers looking in the million-plus price point either want a brand new house or want a home that has been completely renovated.
F: What would you say Palm Beach has that cannot be found anywhere else?
MC: Other than the world-renowned shopping, there are amazing beaches, incredible restau- rants, docking capabilities for most large yachts and easy access to the airport for commuters.
F: What are your favorite cultural offerings in Palm Beach?
MC: The Henry Flagler Museum and the Society of the Four Arts are great places to learn about Palm Beach’s cultural side.
If you are considering properties in Palm Beach, please visit MADISON COLLUM at Coastal Sotheby’s International Realty: firstname.lastname@example.org.