Based on findings provided by the Realtors Association of the Palm Beaches median costs of townhome and condos increased over 22 percent and took about 30 percent less time to sell. As one might speculate from these findings, there were also fewer townhomes and condos available in Palm Beach County in 2014 as compared to the year prior.
To understand the downtown market a bit better – Whitehorn and associate Tim Frater specialize in downtown WPB real estate for Logan Realty, Inc. – Whitehorn analyzed data from the 33401, or downtown, zip code in WPB. In all, Whitehorn found that 33401 addresses, when compared to the rest of the county, experienced fewer sales, less drastic increases in home prices, and took a longer time to sell.
A more involved research process was involved to determine how the specific downtown condos, 20 of which are featured on LiveWPB.com at the time of this writing, compared to overall county trends for the year. “We found that downtown properties tend to sell quicker than those in the county as a whole,” explains Whitehorn of the condo-specific research. “However, the median prices for downtown condos fell about 11 percent since the same time in 2013.”
Whitehorn would go on to say that the price drops were something of a relief for those in the know. “After experiencing the fallout after the last real estate bubble many realtors were worried that the property value increases were happening too fast, too soon. Now that property values have leveled off it means that folks looking to buy downtown are not chasing a runaway train.”
For the full blog check out the LiveWPB.com site at http://www.livewpb.com/