High-end homebuilders and luxury developers came together at Bisnow's West Palm Beach multifamily event last month to discuss developments in Palm Beach County. The race for new construction is on as the area offers more waterfront space, less people/traffic than down south, and a wealth of opportunities for business.
“Palm Beach is completely on fire,” said Todd Michael Glaser, a top-tier homebuilder who gained his fame in Miami but has recently started focusing on Palm Beach County, “I’ve never seen the amount of $8 million to $70 million-dollar homes as in the last three and a half, four months. It’s staggering.”
Aside from Palm Beach island, home to many celebs and Billionaire's Row, Palm Beach County has generally taken third place in luxury sales behind Miami-Dade and Broward Counties. That's all changing with new construction in every city and the surge of not just single-family homes but also high-class condos and multifamily apartments that are more affordable than comparable ones in Miami and Broward.
"Luxury is not a feeling it's a thing," said Joe McMillan, developer of 3550 South Ocean on Palm Beach, "If you’re buying a Louis Vuitton handbag or great condo, you want it to feel special.” That's why most of the new condos in Palm Beach County are offering lifestyle options for condo owners that go beyond the average fitness room and spa. The Amrit Ocean Resort & Residences on Singer Island is a good example- it's based on the Five Pillars of Wellness: Nutrition, Fitness, Mindfulness, Sleep and Relaxation. The Happiness and Peace Towers both offer in-unit therapies like aromatherapy and vitamin-infused water as well as lifestyle plans from personal coaches to live a balanced life. "There is nothing like this in the U.S." said Indian-born developer of the Amrit, Dilip Barot. "Combining the inner science of the east with the modern technology and comfort of the west provide the tools and support systems for the optimum peace and happiness that people are looking for."
Luxury buyers are also looking for waterfront views and good entertainment, which is why Palm Beach County is the perfect place to develop. The overall market is strong, the Port of Palm Beach is importing/exporting more business thanks to the widening of the Panama Canal, and new businesses are popping up on every corner while major companies like Amazon are offering job opportunities to a new generation in the region. Palm Beach County is becoming more and more attractive to wealthy and successful people looking to live their best lives. See more about the new developments in the area here.