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Luxury Condos Downtown Putting Pressure on Associations

MIAMI—With a limited pool of foreign and domestic buyers in this city, the competition will surely rise.

By Jennifer LeClaire | jenniferleclaire | | Updated on July 13, 2016
Arnstein & Lehr partner Steve Daniels Arnstein & Lehr partner Steve Daniels
MIAMI—Drive through Downtown West Palm Beach and you will see cranes reshaping the city’s skyline. New condo units are coming to market. Between Bristol and Park Palm Beach, 174 units will be delivered during this cycle. Of course, that’s nothing compared with over 1,600 units planned in Icon Palm Beach, Eighty Points West and Transit Village, all of which have yet to break ground. The new wave of luxury condo construction will most likely put pressure on existing condo associations to upgrade their amenities and common areas to remain competitive, Arnstein & Lehr partner Steve Daniels tells GlobeSt.com. That’s because, unlike Miami, the West Palm Beach luxury real estate market has a limited pool of foreign and domestic buyers . The developers of the new towers are well positioned to capture a significant portion of that pool of buyers. In response, he says, established condo associations are proactively re-investing in renovations to fuel demand and protect market values. “It is all about staying on top of the game,” says Daniels. “In Downtown West Palm Beach, existing condos have started to take notice. Case in point: Trump Towers is undergoing significant improvements, setting the standard for downtown luxury living and competing with the newer buildings entering the market. Condo associations need to prepare their buildings to compete as new developments come online.”

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