If you’re looking for a place to live that offers luxury, convenience, and culture, you might want to consider buying a condo in downtown West Palm Beach. This area has been undergoing a transformation in recent years, with new developments, shops, restaurants, and attractions popping up. Here are some of the reasons why it’s still a good time to purchase a condo in downtown West Palm Beach.
High Demand and Low Supply
One of the main factors that makes downtown West Palm Beach an attractive market for condo buyers is the high demand and low supply of properties. According to ZillowAd1, the median home value in downtown West Palm Beach is $382,600, which is higher than the city-wide median of $278,300. The home values in downtown West Palm Beach have increased by 11.8% over the past year and are expected to rise by another 7.9% in the next year.
The demand for condos in downtown West Palm Beach is driven by several factors, such as:
- The influx of people moving from other states, especially from the Northeast and California, who are looking for lower taxes, warmer weather, and more space.
- The growing popularity of remote work, which allows people to choose where they want to live and work without being tied to an office location.
- The appeal of living in a walkable and vibrant area that offers a variety of amenities, such as restaurants, bars, shops, museums, theaters, parks, and more.
The supply of condos in downtown West Palm Beach, on the other hand, is limited by several factors, such as: - The lack of available land for new construction, as most of the downtown area is already developed or preserved.
- The high cost and complexity of building high-rise condominiums, which require more permits, inspections, materials, and labor than single-family homes or townhouses.
- The preference of some developers to build rental apartments instead of condos, as they can generate more income and avoid the risk of unsold units.
As a result of the high demand and low supply, condos in downtown West Palm Beach tend to sell quickly and at premium prices. According to Realtor.com2, the median listing price of condos in downtown West Palm Beach is $399,000, which is higher than the city-wide median of $299,000. The median days on market for condos in downtown West Palm Beach is 67 days, which is lower than the city-wide median of 75 days.
Luxury Lifestyle and Amenities
Another reason why it’s still a good time to purchase a condo in downtown West Palm Beach is the luxury lifestyle and amenities that come with living in this area. Downtown West Palm Beach is home to some of the city’s most luxurious condominium buildings3, such as: - The Bristol: A 25-story waterfront tower that features 69 ultra-luxury residences with panoramic views of the Intracoastal Waterway, Palm Beach Island, and the Atlantic Ocean. The amenities include a heated pool and spa, a fitness center and yoga studio, a club lounge and dining room, a wine cellar and tasting room, a business center and conference room, a children’s playroom and game room, a dog grooming salon and park, and more.
- La Clara: A 25-story boutique tower that features 83 contemporary residences with expansive terraces and floor-to-ceiling windows. The amenities include a rooftop pool and cabanas, a fitness center and sauna, a club lounge and dining room, a wine cellar and tasting room, a business center and conference room, a pet spa, and more.
- One City Plaza: A 16-story building that features 350 residences with city or water views. The amenities include a rooftop pool and garden, a fitness center, a club room, a theater room, a business center, a concierge service, and more.
Living in a condo in downtown West Palm Beach also gives you access to a variety of attractions and activities within walking distance or a short drive away. Some of the highlights include: - Clematis Street: The main street of downtown West Palm Beach that offers a mix of restaurants, bars, shops, and entertainment venues. You can enjoy live music, art shows, festivals, and events throughout the year.
- CityPlace: A shopping and dining destination that features over 100 stores, restaurants, and cafes. You can also catch a movie at the AMC theater, watch a show at the Kravis Center for the Performing Arts, or play games at the Revolutions bowling alley and arcade.
- Norton Museum of Art: A renowned art museum that showcases a collection of over 7,000 works of American, European, Chinese, and contemporary art. You can also enjoy lectures, workshops, tours, and special exhibitions.
- Flagler Museum: A historic mansion that was once the home of Henry Flagler, the founder of West Palm Beach. You can tour the 75-room house and see the original furnishings, art, and personal items of the Flagler family. You can also visit the museum’s library, cafe, and gift shop.
- Palm Beach Outlets: A shopping mall that features over 100 outlet stores of popular brands, such as Nike, Coach, Michael Kors, Polo Ralph Lauren, and more. You can also find a variety of dining options, such as Starbucks, Subway, Five Guys, and more.
Future Growth and Development
A final reason why it’s still a good time to purchase a condo in downtown West Palm Beach is the future growth and development that is planned for this area. Despite the limited land and high costs, there are still several projects underway or in the pipeline that will enhance the downtown area and create more opportunities for residents and visitors. Some of these projects include: - The Warehouse District: A mixed-use development that will transform a former industrial area into a vibrant neighborhood with retail, office, residential, and entertainment spaces. The project will feature a food hall, a brewery, a distillery, a coffee roaster, a fitness studio, a co-working space, and more.
- The Banyan Hub: A mixed-use development that will revitalize a city-owned parking garage into a multi-level complex with retail, office, residential, and public spaces. The project will feature a rooftop park, a public market, a hotel, a residential tower, and more.
- The University of Florida Campus: A new campus that will house the University of Florida’s College of Engineering and its Center for Big Data Solutions. The project will bring more students, faculty, and researchers to downtown West Palm Beach and foster collaboration with local businesses and organizations.
These projects and others will add more value and appeal to downtown West Palm Beach and make it an even more desirable place to live. By buying a condo in downtown West Palm Beach now, you can benefit from the current market conditions and the future potential of this area. www.thegolfcartrealtor.com
