Excerpt from Palm Beach Post Story 12/9/14 Click Here to View Full Story
|Units are priced from the $300's to $700K|
Kevin Dickenson, an agent with Berkshire Hathaway Home Services, said 95 percent of his clients want to be on the water, and agreed there is not much in the way of newly-built inventory. He said his buyers are often interested in Palm Beach, but that many of the condos on the island are decades old and have “dated designs.”
The number of Palm Beach County waterfront parcels has increased just 8 percent since 2000, while non-waterfront parcels have grown by 17 percent, according to the property appraiser.
Still, Dickenson said there is newish inventory that can be found at reasonable prices.
Dickenson represents an investor who bought multiple units at the bottom of the market in the colorful Marina Grande condominium on the Intracoastal in Riviera Beach. Built in 2007, the 349-unit development suffered with the real estate downturn, losing buyers who didn’t mind walking away from their contracts when the market crashed.
He said units can be purchased now at the Marina Grande for about $200 per square foot, $50 to $100 less than at the peak.
“That is a bargain for a building built during the boom,” Dickenson said. “My investor is starting to sell and he’ll triple his money on some units and double it on others.”