West Palm Beach Housing Construction Must Increase
Real estate economist Brad Hunter told attendees of the Palms West Chamber of Commerce meeting in August that the construction of new West Palm Beach housing is imperative.
Hunter claimed that the need for new construction arises from the fact that West Palm Beach housing is still in high demand, but that there is beginning to be a downturn in the number of houses being built. Also, West Palm Beach housing prices have become too inflated. According to Hunter, "housing prices have increased by more than 30 percent, and the median resale price for many homes is now over $400,000." New affordable construction will allow young families to buy within the local market and keep them from looking elsewhere when shopping for a home.
Hunter believes that if affordable West Palm Beach housing isn´t built, "people will stop bringing their companies here and halt economic development and job growth. That´s going to stymie the growth in property values as well."
Condos, apartments and multi-family homes are now becoming major players in the West Palm Beach housing market because they are creative ways of building more housing on less land. Although these forms of housing are more limited in space, they also offer more affordable West Palm Beach housing options.
Hunter claimed that the need for new construction arises from the fact that West Palm Beach housing is still in high demand, but that there is beginning to be a downturn in the number of houses being built. Also, West Palm Beach housing prices have become too inflated. According to Hunter, "housing prices have increased by more than 30 percent, and the median resale price for many homes is now over $400,000." New affordable construction will allow young families to buy within the local market and keep them from looking elsewhere when shopping for a home.
Hunter believes that if affordable West Palm Beach housing isn´t built, "people will stop bringing their companies here and halt economic development and job growth. That´s going to stymie the growth in property values as well."
Condos, apartments and multi-family homes are now becoming major players in the West Palm Beach housing market because they are creative ways of building more housing on less land. Although these forms of housing are more limited in space, they also offer more affordable West Palm Beach housing options.
