Buying in a New Condo Development in West Palm Beach

Buying in a New Condo Development in West Palm Beach

  • Helena Drori
  • 03/3/22

With its tropical climate, brilliant sunshine, and a wide array of exciting things to do, West Palm Beach is a gorgeous city to make your home. There are many reasons to love this city, from its beautiful oceanfront houses to pristine beaches bursting with diverse restaurants, shopping outlets, and cultural attractions. With its access to nature, top-notch educational opportunities, and affluent neighborhoods, it is easy to see why this city is a favorite among locals and visitors alike.

West Palm Beach is nestled along the Atlantic Ocean and is located 68 miles from downtown Miami. With its vibrant and bustling atmosphere, this city is a prime location to develop and build new condos. These valuable and informational points will provide insight into the current construction trends in West Palm Beach and how you can be a part of this successful development.

Understanding condo ownership

Buying a condo in a new development can come with many perks. New development condos might include access to parks, pools, gyms, and other communal areas open to you and your guests. Keep in mind that the more plentiful the amenities, the higher your condo fees are likely to be. As a savvy real estate agent with extensive experience in new construction, Helena Drori can help you navigate the costs of condo ownership in a new development. We’ll look at amenities and fees in greater depth below.

There are several key things to know before stepping into the world of condo ownership in a new development. You will want to research current real estate trends, mortgage interest rates, and various locations. Second, take your time to learn about the homeowners’ association (HOA) requirements. For example, some new developments restrict short-term stays through sites like Airbnb. If you plan to use your condo for rental income, make sure you choose a development that welcomes short-term rental activity.

Choose your neighborhood

When considering your new and exciting condo development, take the time to contemplate and choose which West Palm Beach neighborhood is right for you. Each community has its own unique personalities — Jupiter is quiet, family-friendly, and peaceful and West Palm Beach and Del Ray are bustling and active. They appeal primarily to empty-nesters seeking a relational, lively, and energetic lifestyle experience. Flamingo Park, meanwhile, is a popular and highly sought-after condo destination. With its sparkling water, easy access to the beach, and gorgeous architecture, it is a prime neighborhood ready for development.

When thinking about buying a condo, it is essential to consider the neighborhood’s vibe and its impact on your condo. In Palm Beach, you will discover an abundance of luxurious condos with waterfront locations and panoramic views, but which one is right for you and your vision?

Consider your price point

As you consider your budget and price point, there are several factors you will want to take into account. For one, what amenities are important to you? New construction can offer a plethora of amenities for a price. These can include Peloton stations, bowling alleys, boat rentals, car wash stations, recording studios, lap pools, and much more. You will discover that some condos even have guest rooms available to rent while others provide on-site restaurants and recreational opportunities.

Remember that you are purchasing more than just a condo unit when deciding your price point — you are buying a full-service lifestyle. Furthermore, you want to take a good look at your finances and determine how much you want to spend on this real estate investment. Take your time to gather the information and details you need to make the best decision possible. Research and budgeting are both smart moves to make on your investment journey. Remember, your condo should benefit you long-term and help you reach your goals.

Additionally, your condo’s wealth of diverse amenities will contribute to the building's holistic lifestyle and general atmosphere. Be sure to consider what vision you have for this condo and the practical steps it will take to turn it into a reality.

Understand HOA fees

Most HOAs include the costs of water, maintenance, and other utilities. Fees may also include services such as gym upkeep and other on-site services. Keep in mind that a reasonable fee is about $0.80 to $1.00 per square foot. If it is more than this, it very well might be overpriced. Understand the extra costs and what additional value is included with these expenses.

Similarly, fees less than $0.80 per square foot are a great value. As you preview the market and current prices on condos in the West Palm Beach area, make sure to take all factors into account. Scrutinize the neighborhood location, onsite amenities, special features, prices, required fees, etc. An excellent real estate agent like Helena Drori can help buyers like you understand HOA fees and whether or not they make sense for their lifestyle. Not all amenities and features will resonate with buyers in the same way.

Where to buy new construction

With so many fantastic options to choose from, choosing the best development can feel overwhelming. However, it certainly doesn’t have to be! Here are some of the hottest locations on the market right now:
Photo courtesy of Pompano Beach

Pompano Beach

First, consider buying in Pompano Beach in Broward County. Situated on the edge of Palm Beach, this area offers fantastic value and potential. Known for its pristine beaches, fantastic dive sites, fishing, and boating, the city of Pompano Beach is a knockout location. It is often affectionately called “the Heart of the Gold Coast” for its natural beauty and shining reputation. Pompano Beach is well-loved for many reasons, including its laid-back vibe and tranquil atmosphere.

Lake Park

Another great spot to consider buying your new condo is in Lake Park. Located in Palm Beach County, this town has a lot of heart and fun things to do. Known for its easy-going lifestyle and oceanfront recreation, residents enjoy abundant water activities, like scuba diving and snorkeling. There is no shortage of excitement to be had here, and owning a condo in the area would guarantee stunning views, picturesque scenery, and a charming small-town feel.

Lake Park is brimming with possibility and opportunity due to its thriving surfing culture, access to nature, and stellar restaurants. Other locations in the area can be relatively saturated, with prices reflecting their popularity. If you need advice or guidance on current condo developments and trends in the area, an excellent real estate agent will be happy to assist you in the decision-making process.

If you’re looking to purchase a newly constructed condo in the West Palm Beach area, contact Helena Drori today to get started. Helena will help you navigate every step of the real estate process, from finding the best location for your lifestyle to winning a bidding war for your dream condo. Between oceanfront views and ultra-luxury amenities, there are certainly a lot of fabulous condos to choose from in West Palm Beach — Helena will guide you through the exciting journey of finding a condo that is perfect for you. Contact her today to find your next dream home in West Palm Beach!

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I strongly believe that selecting where you want to live is one of the most important decisions of your life and I am here to educate you in making the right decisions!