West Palm Beach Condo Craze Affecting Buyers, Developers and Brokers
The West Palm Beach condo boom is a mixed blessing for the city. It has left developers worried, real estate agents elated and buyers preoccupied.
West Palm Beach condo developers and builders are actually turning down jobs because of local labor shortages and national construction cost increases. Both of these factors are causing developers to either abandon projects or inflate West Palm Beach condo prices.
The developer of The Whitney, a West Palm Beach condo complex currently under construction, protected himself from increasing construction rates by selling "only a portion of the building right away, giving him the flexibility to reprice remaining units at a higher figure."
The West Palm Beach condo craze is attracting outside buyers, developers and even real estate agents, who upon seeing that there is money to be made, are moving into town and setting up shop. One local agent explained, "With all the new condos in the downtown area, there´s a lot of national attention on West Palm Beach."
The West Palm Beach condo market is riddled with ups and downs, so home buyers should be very careful when buying into a new project. "Developers who rush to sell condo units without lining up all their subcontractors and locking in construction costs can find themselves squeezed by cost increases...Some may even have to give back reservations if they can´t make the numbers work."
West Palm Beach condo developers and builders are actually turning down jobs because of local labor shortages and national construction cost increases. Both of these factors are causing developers to either abandon projects or inflate West Palm Beach condo prices.
The developer of The Whitney, a West Palm Beach condo complex currently under construction, protected himself from increasing construction rates by selling "only a portion of the building right away, giving him the flexibility to reprice remaining units at a higher figure."
The West Palm Beach condo craze is attracting outside buyers, developers and even real estate agents, who upon seeing that there is money to be made, are moving into town and setting up shop. One local agent explained, "With all the new condos in the downtown area, there´s a lot of national attention on West Palm Beach."
The West Palm Beach condo market is riddled with ups and downs, so home buyers should be very careful when buying into a new project. "Developers who rush to sell condo units without lining up all their subcontractors and locking in construction costs can find themselves squeezed by cost increases...Some may even have to give back reservations if they can´t make the numbers work."
