Downtown Condos Compete With New Luxury Units

Josh Atlas and Steve Daniels

PALM BEACH COUNTY, FL—Now that the Great Recession has been officially over for several years, many new residential projects are either under construction or on the drawing boards throughout Palm Beach County, particularly in and around downtown West Palm Beach. That is according to attorneys Steven L. Daniels and Joshua M. Atlas . In an article, written for GlobeSt.com sister publication, ALM’s DailyBusinessReview.com, the team, who work at Arnstein & Lehr , say that as a result of these new projects coming online in the immediate and not too distant future, existing condominiums are facing a different problem than they faced 10 years ago: stiffer competition from their newer and more modern neighbors for buyers. The views expressed below are the author’s own. The new challenge is demanding condo associations to take a proactive approach to mitigate the impact of new luxury condos being delivered in a relatively small market. Not taking action is not an option if condo owners want to protect and grow the value of their condos by remaining competitive in the market. Many of the condo associations we represent, especially in downtown West Palm Beach, are preparing for this new competition and the resulting pressure on property values by upgrading their exterior appearance, modernizing their amenities and improving the infrastructure of their buildings. They want to be ready to compete when downtown West Palm Beach begins to deliver a significant number of new luxury condo units. Between Bristol Condominium on Flagler Drive and Park Palm Beach in the Northwood-Curry Park section of downtown, 174 units are expected to be delivered during this real estate cycle. That’s nothing compared with the over 1,600 combined units planned between the Icon Palm Beach, Eighty Points West and Transit Village projects, none of which have broken ground yet. Development in the North Flagler-Riviera Beach neighborhoods, the Northwood-Currie Park area and the South Dixie corridor also promise to bring additional options to condo buyers seeking the urban living experience. Click here to continue reading the full article on DailyBusinessReview.com.