In 1880, the first hotel opened in Palm Beach. By the 1890s, the Floridian community had a number of hotels, residents and other attractions that established Palm Beach as a tourist hotspot, and a popular place to live. Soon, there were Winter residents, and the rest is history.
Today, Palm Beach is a town in Palm Beach County, with a seasonal population of around 30,000 people.
If you’re planning on purchasing property in Palm Beach so you can vacation there in the summer, raise a family and live there, or even to make an investment, there’s a lot you need to know about the place. Here are some key things that you need to know about Palm Beach Real Estate.
Diverse Real Estate Opportunities
Palm Beach offers more than residential gated communities. While this is an extremely popular real estate offering in the region, there is an extremely diverse range of properties on offer.
Palm Beach, and South Florida in general has everything from family homes, townhouses, and villas, to condominiums and apartment buildings.
The townhouses and villas tend to be built in small villages within large developed communities. These kinds of properties will often be built with a specific kind of lifestyle in mind, giving locals the chance to enjoy life in a boating or waterfront community, country club or otherwise.
Purchasing properties of this time will usually mean becoming a member of a homeowners’ association, which will require you to pay monthly or annual fees. These tend to cover common costs, which might include private roads, fences, cable, and landscaping services. Members become part of a tight-knit community.
Those purchasing larger residential properties in gated communities might also become a part of homeowners’ association, too. These associations cover the costs of landscape maintenance within the community, security and more.
Mobile and manufactured home communities are also common in Palm Beach County. These low-cost residential properties are popular with those who have retired, and once again may see owners become members of a homeowners’ association. This will cover the cost of swimming pools and clubhouses that are enjoyed by the wider community.
These kinds of low-cost homes might also be designed to provide a community theme, with some communities being focused on golf, and others focused on exercise and sports.
The Real Estate Industry is Booming
The real estate industry really is booming in Palm Beach. The median price of a family home in September 2016 was $316,000 – up by $1,000 from August that same year. Compared to a year prior, the price had increased 10.9%. This means it’s very much a seller’s market, and ideal for investment.
The average home sold for 95% of the asking price in September 2016, and the number of houses for sale in that same month had increased by 9% over the previous year.Looking at figures dating back to 2012, the cost of the average family home has increased from $195,000 to the current $316,000. At this rate, investors could be set for significant returns on investments made in 2017.
Even high-end properties are being swept up. In March this year, a $15.5 million condo sale set the record for the most expensive square footage ever sold in Palm Beach. The buyer, a Goldman Sachs banker by the name of Richard A. Friedman, purchased a three-bedroom condominium apartment on North Breaks Row, looking over the oceanfront. This was the highest recorded price per square foot that has even been paid for a condo in the region – at $4,121 per square foot.
The same month, a Bermuda-style home in the North End sold for $6 million. The buyer was the Palm Beach Family Trust 2017, an entity that represents a notorious couple who supports a number of arts groups in Canada. With 5,080 square feet of space indoors and out, the property was listed on the market for $6.7 million but sold for $700,000 less.
So whether you’re looking to upgrade to something bigger, make an investment, or settle in Florida for the first time, Palm Beach has plenty to offer in terms of properties and investments.