Thursday, August 7, 2014

MORE RESIDENTIAL CONDOS ON THE WAY FOR PALM BEACH COUNTY


MORE RESIDENTIAL CONDOS ON THE WAY FOR PALM BEACH COUNTY

Did you really think we had reached the limit on more multifamily growth? Ha! Seems like the surface is barely scratched with the reports of new projects almost daily it seems. 3,000 more residential coastal condos are on the way in Palm Beach county, from Boca Raton to Juno. This represents a 42% increase from the year before. Some are wondering if it is enough to satisfy the demand from high end empty nesters, incoming retirees from the Northeast and Midwest and of course the ever present foreign investor. If you think this sounds like a lot of product coming to the market at once (maybe gun shy from previous over building?) it really isn't when compared with the 27,000 units planned for Dade county. But as with any product type in Dade county, when the pricing gets too high there (or there is not enough), people look Northward. And don't forget that all that rental product that has already been built or is in the planning stages can easily be converted to condos if the market will support it. Any way you look at it, multi family is on fire in South Florida again and let's hope that things turn out better for all of us this time around. While lessons have been learned from before (down payments for these units are sometimes as much as 50%), it is impossible not to ride the wave when it presents itself so the process is playing out much as it did a few years ago. Get ready to see some new high rise residential buildings the next time you are in the East part of town, no matter where you are in South Florida. It is an exciting time in South Florida again and the boom cranes are back again in force. As always thanks for reading and have a great day.

3,000 condos planned across Palm Beach County


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