Palm Beach Relocation Guide

SPR-SUM 2016

The Palm Beach Relocation Guide is Palm Beach County's most respected relocation publication and is a MUST for anyone considering visiting, moving to, living in, or just wants to learn more about the Palm Beaches.

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86 P A L M B E A C H R E L O C A T I O N G U I D E – S P R I N G | S U M M E R 2 0 1 6 H O U S I N G & N E I G H B O R H O O D S in the world. The county has over 150 golf courses and hosts two championship tour- naments. Inland, there are numerous parks with everything from family playgrounds to technical hiking trails, canoeing, freshwater fishing, camping, and more. For those who enjoy eco-tours and wilder- ness excursions, Florida offers the River of Grass, the only such ecosystem in the world. Spectacular wildlife abounds in the Ever- glades, as well as in Florida's many pine woodlands, cypress hammocks, and central prairies. Alligators, once endangered, are now common and numbers are managed through an annual hunting season. Bird watchers will find Florida to be a paradise, especially during fall and spring migrations, when millions of birds from across North America follow the Eastern Migration Route through Florida to South America and back again. HOUSING MARKET IN PALM BEACH COUNTY Florida is experiencing a strong housing recovery, with many buyers from overseas offering cash for high-end homes across South Florida. According to CNBC, 21 percent of all U.S. real estate sold to overseas buyers was in Florida. In November 2015, the Sun-Sentinel reported that a surge in single-family housing sales during the year is making for buyer competition over available houses. The Realtors ® Association of the Palm Beaches (RAPB) reported in November 2015 that the median sale price of a single family home was $295,000, up 11.3 percent from November 2014. Sales in the county were brisk, with houses selling on average within 37 days of being listed for sale. The median price for a condo was $140,000, up 5.3 percent from the previous year. The RAPB believes the market is close to achieving balance between the numbers of buyers and sellers. Buyers may still need to show flexibility as they shop the market, and be prepared to take action when they find a home that meets most of their criteria. With construc- tion going on all over Palm Beach County, including urban mixed-used developments as well as single family homes, the balance predicted by the RAPB should occur soon. According to figures issued by the Palm Beach County Property Appraiser in 2015, property values have been on the rise in Palm Beach County for the past four years, and taxable values on 600,000 properties in the county increased by 9 percent from 2014 to 2015, adding $152 billion to the county's tax revenue. This indicator of economic health is welcomed by property owners, as the value of their investments are rising. The high interest in home buying is one of the factors driving increased property values, and with increased tax revenue bringing improvements to infra- structure, city and county services, expect to see this upward trend in value reinforced. Even with most millage rates remaining flat, cities across Palm Beach County are collecting more income due to the rise in property values. Riviera Beach saw the biggest property value increase in the county last year, with a 32 percent jump from 2014. Other cities with notable increases were West Palm Beach (12 percent), Delray Beach (10 percent), Boynton Beach (9 percent) and Boca Raton (7 percent). The pressure for more housing – and the supporting infrastructure and services that MUNICIPAL POPULATIONS BY COUNTY (2014 estimates) ---------------------------------------------------------------------------------------------------- Percent Change from 2010 Palm Beach County 1,397,710 5.90% Belle Glade 18,061 3.40% Boca Raton 91,332 8.20% Boynton Beach 73,124 7.20% Delray Beach 65,055 7.30% Jupiter 60,681 9.80% Lake Worth 37,097 6.3% Lantana 10,996 3.60% Pahokee 6,029 6.70% Palm Beach Gardens 51,919 6.90% Royal Palm Beach 37,015 8.40% Wellington 61,485 8.40% West Palm Beach 104,031 3.70% Martin County 153,392 4.50% Stuart 16,197 3.90% St. Lucie County 291,028 5.00% Fort Pierce 43,601 4.20% Port St. Lucie 174,110 5.70% Overall, the trend in Palm Beach County is for more housing and development, rising population, rising property values, and growth in infrastructure and services – all supporting an expanding business climate! " "

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