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The Fisch Bowl Blogs by Sam Fisch
Sam was on Channel 5 News last night talking about condo's in Downtown WPB. Check it out here in case you missed it!
http://www.youtube.com/watch?v=byK6H6x5LIg
Best Deals and Options From A West Palm Beach Insider Expert (posted March 10, 2010)
People want to know: WHAT IS THE BEST DEAL DOWNTOWN? From an insider expert, there are two types of downtown living. Those with waterfront views, and those with the closest proximity to CityPlace.
Best Waterfront Deal: Across the board, The Slade is currently the best value in West Palm Beach. With its north Flagler location, "South Beach" inspired lobby, sunrise and sunset pools, and close walking distance to downtown and Palm Beach, The Slade sells itself. What has buyers flocking to the building are the amazing price opportunities. Luxury finished 1 bedroom 1 baths from $95,000 and 2 bed 2 baths from $120,000 for 1200 square feet of waterfront luxury living.
Best CityPlace Deal: If you are a location junkie take a look at City Palms. This midrise condo, a stone’s throw from Cityplace, has dramatically dropped all of their prices to accommodate the adjusted market. Prices at an astounding $200 per sq feet, less than half of their average sales price of 2 years back, literally causes most buyers mouths to fall open when they see the quality finishes and amenities of this property. City Palms is sure to be the winner in 2010 its many new residents enjoy frequent social gatherings, unique Concierge Jack service, and ability to walk to the shops, restaurants, art and cultural venues that Downtown West Palm Beach has to offer.
This is NOT the high priced, over hyped market of 5 years ago. This is real VALUE. These prices are almost 75% on the decline from a few years back and are not available for long cash buyers are scooping these places up by the dozen at these numbers. Contact your local Realtor for more info on some of these amazing opportunities, or find us on the web at www.RealEstateSolutionsWPB.com
Where are all these EMPTY condos Downtown? (posted January 13, 2010)
This is what many snowbirds and new renters/buyers are saying now about the downtown West Palm condo market. What had seemed to be an endless supply of vacant condos available for rent to the lowest bidder, or for sale to whoever can scrape together the cash, has turned into an actual SHORTAGE of places to live. With many new condo projects turning to leasing as a temporary strategy until they can successfully sell their remaining inventory, Downtown's savvyest residents have already snatched up most of the best properties, and do not appear to be moving anytime soon. "I had looked into buying a new condo for almost $500,000, but with the state of the market and the ability to rent the same style unit for around $2000 a month, I am happy and comfortable with my situation, and don't see myself moving for as long as I can stay here" is a common sentiment from one of our clients, and shared by many others. The simple reality is, people have really taken to the concept of Downtown West Palm Beach living, and don't want to leave. More people are moving here everyday, and with all new construction projects on hold, we will soon see availability shrink to virtually zero in no time.
Well, what about the condos for sale you ask? Surely there are a plethora of available condos to purchase, any buyer should have their choice of any property they want right now. Again, many out of town home buyers are under this impression, and come to town with cash in hand looking to make an easy purchase and are surprised when they leave, still with their cash and without a condo. The reality is, there arent as many opportunities to buy nice properties as most people think. These are your options:
#1 Find a property listed as a foreclosure or REO (bank owned) These are the easiest to buy right away, but very few are available at a time.They are usually priced very attractively, but you will find yourself bidding against 5-10 other people, which makes it tough to be the winning bidder on any 1 particular property.
#2 Make an offer on a short sale. There are many short sales available, which if you dont know what they are, check out my synopsis on, Short Sales for Dummies. You can usually get a good price on a short sale property, that is, assuming that the seller qualifies, the offer is in line with recent sales, and you have an expert negotiator in your corner. But, be prepared to wait 3-9 months and sometimes longer to get an answer whether or not the bank will accept your offer, accept any offer, and settle all monies so that you can close on the property. This is a very inefficient, but sometimes the only way to find a property to buy right now.
#3 Buy from a developer/motivated seller with no mortgage. This is the easiest and fastest way to buy a property. However, many sellers/developers don't want to sell at the same price point that short sales or foreclosures are selling at. So you may need to pay a premium for this convenience.
So all in all, as you can see, it is not as easy to buy or rent in this market as is the general impression based on local and national media. While CNN says the housing market as a whole is in a slump, that doesn't mean that West Palm Beach, one of the nations most desirable places to live, is in that same slump. Take it from an industry expert, things are not always as they may appear to be. While there are many distressed properties out there, many savvy buyers have already jumped in to the market and are trying to buy them as we speak, pretty soon, there wont be anything left!
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