CBRE has completed a lease for a professional services firm setting up shop in the Delray Beach area, mainly within the The Arbors Campus at 1615 Congress Avenue. Over the past four months, over 64,000 square feet of new leasing and tenant move-ins have been in play. The Arbors has been the host of these move-ins, with big name tenants like the Hospice of Palm Beach County, Regus, and a notable professional services firm that remains undisclosed.The total space absorbed by new tenants in the past 6 months totals 64,000 square feet.
The Delray Beach movers have found that the complex is desirable my many commercial tenants due to its vicinity to I-95 and it’s easy to access other suburbs of the South Florida metro area.The Arbors has a competitive edge among similar commercial developments with gorgeous marble lobbies and a wide array of amenities.
Throughout the US, the real estate market is linked to the economic stability of a region, and the Palm Beach County area is no exception. Waterfront Properties and Club Communities of Palm Beach County is just one of many companies hiring new agents and brokers to keep up with the activity in the Jupiter, Juno Beach, and Palm Beach Gardens real estate markets, among other areas in Palm Beach County. This has come in with the need for new houses built for prospective buyers, as housing starts are rising in the area. There are many industry professionals that are in play when a home is built, not just the realtor–in fact, a single sale gives work to professionals in underwriting, inspecting, installing, finishing, paving, and landscaping, among other jobs.
The Jupiter movers have found that the amount of homes started in the area has risen steadily, with projected starting single family homes to rise to 632,000 for 2013 and rise even higher to 800,000 for 2014. This growth will contribute to job opportunity and likely add significant boosts to the local economy.
Lilly Pulitzer’s tropical mansion has received a price cut from $11.5 million down to $8.5 million. The home, located at 710 S County Road, Palm Beach FL 33840. The home is known for its lush greenery and even earned the nickname “The Jungle” for it. The home sits on a property encompassing 1.4 acres and it is the largest non-waterfront estate section lot. The property has the ability to be subdivided or can be kept as one large estate.Lilly Pulitzer bought the home for $565,000 in 1980. It includes the main house, with 4 bedrooms, a 3 bedroom guest house and a 2 bedroom pool house for a total of 9,000 square feet of living space.
The Palm Beach movers have learned that the house is on the market due to Pulitzer’s children looking to sell the lot. Her son, Brown Harris Stevens’ Peter McKim Pulitzer and his sister Lisa Pulitzer, who had no interest in keeping the property, despite hopes that the house is not torn down.
The Boca Raton area skyline is about to get a boost, thanks to commercial and residential developments that are planned for the Boca Raton downtown area. The first crane has shown up and has begun developing the new Camden residential high-rise condo. The rental complex is set to be situated on a 2.21 acre lot between Southeast First and Second streets and Dixie and Federal Highways. The Boca Raton movers have learned that the complex will contain 261 rental units varying in 1 and 2 bedroom layouts.
Camden will be the tallest building in the area, a fact verified by the numerous construction notices that have been sent out, until the newer high rise begins construction, which is another rental complex called Ram, which will have 208 units and will be located on the corners of Palmetto Park and Federal Highway.
Even though home prices are rising in South Florida, experts say it is still financially a gain to buy in the area rather than to rent. In Broward County, buying a home is 53 percent more affordable than renting, with monthly mortgages averaging $773 and average rental rates coming in at $1,638. The same holds true for Palm Beach County, where the average home costs $773 a month and renting runs $1767 monthly.
The Boynton Beach movers have found that many renters in South Florida are fed up with rising rental rates and are looking for buying opportunities throughout the tri-county area. According to a report by Trulia, putting down 20 percent on a home, the buyer can acquire a 3.5 percent mortgage for 30 years and see these monetary comparisons.
However, there is a caveat. Owning a home requires other financial responsibilities that renters are not subject to, such as fixing broken appliances and paying property taxes.
Elin Nordegren, known to many as the ex-wife of Tiger Woods, has made a recent real estate purchase that leaves her acquiring not only her Palm Beach estate, but the one next door to it as well. Nordegren’s billionare boyfriend Chris Cline spent $16.1 million to snatch up the lot next to Elin’s home on the coast of Palm Beach. He now owns property on Seminole Beach Road totaling $31 million.
The Juno Beach movers have found that Nordegren is building an estate south of Cline’s 17,000 square foot mansion, a place that was previously owned and occupied by Illinois businessman Arthur Frigo. Cline paid cash for the 8,000 square foot home and has been snatching up property ever since.
The Cleveland Clinic of Florida is underway with a possible expansion that would result in a facility twice its current size in West Palm Beach. The clinic requires at least 60,000 square feet of space, and their current location in CityPlace is becoming too small to house the renowned medical facility. The Jupiter movers have found that the additional space is a necessity to properly contain medical offices, outpatient procedural space, and exam rooms.
The current location in CityPlace provides about 30,000 square feet for the Cleveland Clinic, and the need for double that has been expressed to various real estate outlets. No word yet on where they will relocate too, but its quite likely they will make a decision soon.
The housing market in Palm Beach County has seen some dramatic growth in recent months, with current home prices rising 27 percent over February 2012 figures, and an additional jump from this past January’s prices by 8 percent. The West Palm movers have found that a few positive trends on the local real estate scene have contributed to this growth in the area. The Realtors Association of the Palm Beaches has stated that sales volume is up 9.6 percent from a year ago, 5 percent higher than January 2013, and that shrinking inventory has boosted the demand for the limited supply.
Few foreclosures on the market and recovering prices from rock bottom lows over the past few years have proven to be well-timed, as buyers are ready to purchase homes and hopefully begin construction on new ones. The correction to the market has brought property values in desirable Palm Beach county back up where they belong. Most likely they will continue to grow, and we will keep you posted on the trends in the local market.
Section 8 housing has been an important solution for families struggling to make ends meet with low incomes. While the program has helped make South Florida housing accessible for families in select neighborhoods that accept the program’s vouchers as form of payment for rent. There are some pros and cons that have come with the program’s installment, with some good and bad affecting a variety of residents in different ways. The Boynton Beach movers have gathered the facts to examine:
Investors: Investors are at the good end of Section 8 laws. Section 8 renters pay on time, follow rules and respect properties.
Renters: Safe, sanitary and modern units are offered under the Section 8 plan. REO and bank-owned properties are even becoming part of the mix now that the Section 8 plan is a way for lenders to recoup losses.
Regular renters: These renters are at the sour end of the deal. They pay market rates, rather than cut rate deals that Section 8 renters get. The rental market becomes an uneven playing field favoring Section 8 renters who get reimbursed above market price.
The Section 8 waiting list: These people are also on the losing end of the deal because most people in the Section 8 system are doing whatever it takes to stay within the program requirements. Also, the payments dispersed are fixed rate, so they can’t be adjusted for current recipients to value more residents.
Foreclosure isn’t a new problem, but it is typically one that is associated with homeowners. A new report in the Palm Beach Post shares the effects that foreclosure can have on renters. The latest issue to arise has been around vacant and foreclosed properties in South Florida, which has investors snatching up properties through community association foreclosures and then renting the properties back to the bank. By doing this, the investor is capitalizing on the lengthy foreclosure process and the immediate payment the banks make to the investors. The Boca Raton movers are concerned because the tenants in these properties are often unaware of the status of their residence.
Some of the major problems in this case are unknown liens, association dues, and repairs that need to be done. Renters can have requests for these issues fall upon deaf ears, as the landlord may point to the bank as responsible, while the bank points to the investor.