Home Buying in Palm Beach>Question Details

First Time B…, Home Buyer in New York

Would you say West Palm Beach is an good area in which to invest in a vacation/short term rental?

Asked by First Time Buyer, New York Tue Aug 13, 2013

Hi All,

I'm a New Yorker looking to buy an investment property in West Palm Beach or thereabouts. If I come in with a price point of $300K is that reasonable? Previously we'd looked towards Myrtle Beach, but I'm hearing Palm Beach will yield a higher return on my investment. I've spoken to realtors in both areas, but I'm having difficultly judging where I will get the most bang for my buck.

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Answers

3
Hi First Time Buyer,

You can currently still get some good deals on properties near or on the beach in Palm Beach county. One thing you must be sure of is that the condo building (if you buy a condo) has a liberal rental policy. Some condos do not allow any rentals at all.

Are you hoping to stay in this property or using it strictly as a full time investment property?

Please send me an email letting me know if this will be a cash purchase or if you are buying with a mortgage.

Nadine Mauro
Highlight Realty
561-414-0864
NadineSellsHouses@gmail.com
0 votes Thank Flag Link Tue Aug 13, 2013
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Myrtle Beach??? Come on!

Though I had the time of my life there from 1985 - 1988 while in the Marines swooping down there every summer weekend I could from Camp Le Jeune, NC, ....its still South Carolina and it ain't Florida....PERIOD!

I have family that own property in MB and who live all over SC....IT AIN'T FLORIDA!!

Try stepping outside in Nov. - April in a swimsuit and jump in the ocean! Unless you are from the North Pole....you're gonna freeze lol

It will never Appreciate like Florida and will never even come close to rivaling Florida!

However....the people are very nice there vs South FL, but being from NY I'm sure you can handle it!

BUY IN FLORIDA!!

==
0 votes Thank Flag Link Tue Aug 13, 2013
Dear First Time,

Look no further and set your sights on considering an investment in the north county region around Palm Beach Gardens and Jupiter. The lifestyle here is what people dream about when they dream of Florida and it all gets down to location, location, location, the best beaches in the state and a very high quality of life. We are seeing some signs that the local real estate market is beginning to stabilize after a year of what can be described as an incredible turn around. The number of properties in our current inventory dropped again as of August 1st but only by an average of 0.5% in the north county region. Compare that to a 7.8% drop on July 1st and a 7.2% drop on June 1st and you can see the difference.

Still many sellers are priced "ahead of the market" but we are seeing more price reductions than we have in many a moon. With DiVosta (Pulte) wrapping up the Abacoa project after a 15 year run and DiVosta (Buz) banging heads with town officials on density issues on the last large parcel in Jupiter there is little room for future new construction. Buz's parcel is just shy of 300 acres and located west of the Turnpike. You do not need a Master's of Economics from Harvard to recognize when supply is constricted and demand is high where prices will be heading. With international buyers making up about 20% of our market and tens of thousands of Baby Boomers looking to purchase homes in Florida over the next 20+ years future demand is almost guaranteed.

We who are lucky to live here know there isn't another place like Jupiter and I can still get you a condo across the street from Florida's best beach for around $150,000 and for you investors it will cash flow just fine. I have some great opportunities of newer construction properties in your price range that you may want to take a look at. It you want to send me an e-mail I will forward more detailed information on the area and a few current deals with cash flow projections.

But do not delay because today's bargain prices will not last.....



Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
0 votes Thank Flag Link Tue Aug 13, 2013
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