New homes in Palm Beach County: For just the top 10%
June 30, 2016 | Richard Sites
New homes are going up everywhere around Jupiter and Palm Beach Gardens. Massive projects like Alton, by Kolter, are bringing thousands of new residents to the area. Even small parcels are being developed, like Shores Pointe, where 31 homes are going up.
DiVosta is building close to 300 lakefront homes at Sonoma Isles west of the Town of Jupiter. So you have infinite possibilities around here right now with prices starting in the mid-$600,000’s. So, what is the problem?
Affordability is a problem according to Jack McCabe, CEO of McCabe Research & Consulting in Deerfield Beach. “About 90 percent of new construction is unaffordable for 90 percent of the population,” he said.
The average price of a new home is more than $650,000 in Palm Beach County, according to Metrostudy. So town homes priced at $250,000-$300,000 are becoming more popular among new homes, Cobb said.
It’s difficult for builders to put up more affordable houses in Palm Beach County because land and construction costs are so high. But in the county’s favor, it “still has developable land available, unlike Broward and Miami-Dade,” McCabe said
The increase in labor costs could delay completion of condominium buildings that are being built or have been announced, he said. Developers are leery of building new condos in any case, given the continuing excess inventory from last decade’s boom.
But Cobb thinks things are looking up overall for the county’s housing market. Strong job growth, rising household formation and rising wages should make the next couple years “pretty good,” he said. You can read more at The Real Deal.
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