Mimik47, Home Buyer in West Palm Beach, FL

I have a friend who lives in Jupiter. This is one of the reasons we want to move to FL. Why are the condos in West Palm Beach so affordable?

Asked by Mimik47, West Palm Beach, FL Tue May 10, 2011

I have checked out condos up and down the coast from Jupiter. West Palm Beach looks beautiful, I have driven trhough it and flew in and out of the airport several times. I just can't figure out why all the other areas are more than 1 1/2 times the price of WPB. Is there something I'm missing? Are the buildings beauitful but not the neighborhoods. I would certainly like an up front answer. Many of the condos I have seen on your sight are absolutely beautiful. I have forwarded them to my friend who lives pt in NY and Jupiter. She has been down in Jupiter for mayber 7 years, but isn't familiar with WPB.

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Tom Priester’s answer
BEST ANSWER
Mimi,

Real estate and prices realized are driven by location, location, location and the better the location the higher the price. Quality of life, quality of schools, employment opportunities, beach access; the list goes on and are all important considerations when selecting the right place to purchase a home or an investment. I just sold two townhomes both in Palm Beach Gardens, same builder, same floorplan, same year of construction but they were in different parts of town; one closed at $90,000 the other at $147,500. Location, location, location.

Prices escalated during the height of real estate mania to really unrealistic values. Money was easy to get and everyone thought they could buy and flip and while it worked for a while it was a game of musical chairs and if you weren't seated (sold your units) when the music stopped you got killed. We see valuations in some developments at 20% of what they last sold for and if you looked at some of these units and what they sold for in 2005/2006 you would shake your head in disbelief.

I have been shouting for over a year that the best investments one could make are the right piece of investment property in south Florida. Over the past month or two this market has literally exploded and it is very difficult to be the highest bidder and investors need to bid aggressively and quickly. A couple of examples; a property in North Palm Beach listed early one morning last week had over 18 offers within 24 hours and quit taking offers. A unit we bid on that was listed at $57,000 and the most recent sales justified that number went for more than 116% of list price. How much higher I do not know I just know that was our offer and we were not successful. This list too goes on.

I work almost entirely as a buyers agent in Palm Beach and Martin Counties and certainly would be honored to be on the list of Realtors® you interview and happy to be of assistance in any way that I can. I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.



Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
Web Reference: http://www.tompriester.com
1 vote Thank Flag Link Wed May 11, 2011
And some times condo association's fees are higher,when condo prices are low for a good location.



Pilar Munoz Realtor,CDPE 561 856 5706
Highlight Realty Corp
1 vote Thank Flag Link Tue May 10, 2011
Thank you for your interest in jupiter please call me to discuss further I would be happy to discuss with you the differences in prices and why
0 votes Thank Flag Link Tue Aug 14, 2012
Good morning. There are beautiful affordable condos in Jupiter too, although these are not directly on the water. West Palm Beach as a city is a different situation. We have many more high rise condo's downtown facing the water and were overbuilt thus bringing down the prices. During this time we also had alot of investors buying downtown but when the economy took a turn many of them were forced to sell for less or short sale their property. I have lived in Palm Beach County my whole life, the past 16 years in a downtown West Palm Beach condo, previously in a condo in Jupiter on the water for 5 years. For your benefit, I am glad to share my knowledge with you. Our website has all the MLS listing if you want to take a look http://www.searchwestpalmbeachhomes.com. Hope to hear from you and learn more about your needs.
Kind regards,
Diana
0 votes Thank Flag Link Tue Aug 14, 2012
There is alot of inventory for Sale in WPB, prices have come down between 50 and 60% in the last few years.

Please email or call me with any questions.

Paul Schafranick
Realtor
561-255-7285
http://www.palmbeachrealestatepros.com
psare123@aol.com
0 votes Thank Flag Link Wed May 11, 2011
Also many condos require an ALL CASH purchase because lenders will not give a mortgage so that limits the buyers. ANd.. because there are so many non-paying owners the monthly condo assessments may be very high. You need to work with Realtor Tom Priester, he knows what he's talking about.
0 votes Thank Flag Link Wed May 11, 2011
There are a lot more condos in West Palm than Jupiter, and it's more urban. Jupiter is amazing, definitely my #1 pick for areas. Location dictates price, and as mentioned in other posts, there are a lot more condos in West Palm in foreclosure thereby more inventory and lower prices.
You definitely want to do your homework before purchasing and getting familiar with areas is very important.

Remember Palm Beach homes are more expensive than West Palm Beach homes, because it's considered more desirable, and people are willing to pay the premium of living there. Not that it's better, it's just different, and everyone has their own personal preferences.

Pay the premium in stick with Jupiter and Juno Beach. You won't be disappointed.

Craig Fialkowski
Realty Elite - The Palm Beaches
561-827-1790
http://www.CraigSellsPalmBeach.com
0 votes Thank Flag Link Tue May 10, 2011
Hi Mimi. There are a lot of condos for sale in West Palm Beach and in a Buyer's Market prices have to be competively priced.

Nicole Marks Mason, Realtor
Web Reference: http://www.buysellboca.com
0 votes Thank Flag Link Tue May 10, 2011
Prices have to do with the housing bubble and the amount of newer housing that was going into West Palm Beach in the past several years. There is a volumn of Bank Owned properties in West Palm Beach. The banks drop their prices to move the property as quick as possible. There are investors jumping on this opportunity to buy and rent. As the inventory goes down we expect to see a turn around on prices. Currently, these low price units are being sold as quickly as they come on the market; and it is a sellers market in that they take multiple offers and only take the very best. West Palm Beach is, for the most part, a very urban area. It is home for our working class community. Only the most undesirable units or restricted communities are not turning over quickly. I would be happy to give you information on units that have caught your eye. Call me at 561-470-7623
0 votes Thank Flag Link Tue May 10, 2011
Prices vary depending on location ,e.g on the beach you can pay anywhere from the 200.000 up to several
million - inland, prices vary depending on age of building plus again location - there are also several communities which are age restricted where the prices generally are a little more affordable -
another reason that the prices are so low in many communities is that investors purchased many units
when the market was hot and then got stuck with a high mortgage and have gone into foreclosure

I would be very cautious buying based on pictures only - if you are serious of moving to area, you should
spend at least a week here driving through the neighborhoods where the condos are located that you have seen on the internet - have a Realtor in mind to show you homes where you would like to purchase after you have done your homework

however, the standard answer to why in real estate is still Location, Location, Locationda
0 votes Thank Flag Link Tue May 10, 2011
Hello this is Chris Meyer from castles by the beach. Jupiter is a very nice place. In west palm beach there are some nice places but most of west palm is in a low end of town. There is city place which is really nice but more expensive. If you need anything feel free to call or email me I Would be more then happy to send you some listings and you can see the comparisons from different places In west palm beach have a great day
0 votes Thank Flag Link Tue May 10, 2011
The condo's are affordable because of the financial crisis of 2008/09. Thousands of condos in Florida were foreclosed on in the last two years including entire condo projects. Consequently the values have dropped tremendously. Now is a great time to be a buyer.
0 votes Thank Flag Link Tue May 10, 2011
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