With its white-sand beaches, stunning crystal blue waters, pristine architectural beauty, and year-round sun, the Town of Palm Beach Florida has long been an ideal destination for those looking to buy a home. This paradise offers homes designed to suit the needs and tastes of buyers looking for upmarket features in exclusive communities. If you have been thinking of buying, here are 5 reasons to consider buying real estate in Palm Beach now:
- The Palm Beach Market has Been and Remains Competitive- In 2019, the Florida real estate market saw unprecedented activity. The Town of Palm Beach and its surrounding communities became a seller’s market with record-setting sales in its luxury sector. Those looking for high-end properties found limited supply, and today, speculation mansions have been appearing to meet demand. Although the market slowed in March during the pandemic, this sector soon became active again. By late April, brokers were getting numerous inquiries and offers. Buyers are closing residential deals remotely and sight unseen in some cases. Palm Beach agents are bracing for a busy summer and report that they expect an above-average activity for the season in this sought-after community. Prices remain competitive, and those looking to buy are encouraged to start searching now.
- Florida’s Tax-Friendly Climate- When the federal SALT (state and local) Tax laws went into effect, Florida saw an influx of new residents from states with high tax laws. Wealthier residents from places such as New York, New Jersey, and Connecticut, quickly saw the benefit of moving out of their home states and into Florida where there is no income tax and the property tax laws are more favorable. These new transplants soon also realized the benefits of Florida’s temperate weather. Californians, who already love the sun, but were burdened by high property taxes also migrated in to benefit from Florida’s tax laws. Those relocating into Palm Beach can enjoy its beautiful surroundings as well as the practical benefits of the state’s tax laws.
- Palm Beach is Evolving With Today’s Corporations- Out-of-state citizens weren’t the only ones leaving tax-burdened communities. Several corporate entities have relocated to the Sunshine State to benefit from Florida’s business-friendly laws and policies. According to a recent report, over the past three years, 70 hedge funds, wealth management companies, and private-equity firms have relocated to Palm Beach County. These moves do not appear to be by coincidence. According to reports, Governor DeSantis has traveled to New York City at least twice to meet with tech and financial industry representatives to discuss Florida’s business-friendly environment. West Palm Beach has become a hub for some of the country’s most influential financial firms. With a lower corporate tax rate and no income tax for citizens, several major industries have moved their regional offices and corporate headquarters into Palm Beach County.
- Palm Beach is Great for Families- Palm Beach has several thriving communities that are perfect for families raising school-aged children. With top-ranked schools, parents can buy homes in one of the community’s beautiful residential neighborhoods and have their kids grow up and attend classes together. If your son or daughter loves equestrian events, nearby Wellington offers riding and polo. For the budding golf enthusiasts, Palm Beach has top tier courses and instruction. There is also yachting and other water sports recreation for today’s adventurous youth.
- Palm Beach has World-Class Cultural Events, Dining, and Experiences- Palm Beach exclusive dining and shopping experiences. The community is also committed to preserving is architectural and cultural integrity. Additionally, the Town has groups dedicated to providing its citizens with the opportunity to experience the best in theatre, art exhibits, music, and other cultural events.
At Rabideau Klein, David E. Klein Esq. and Guy Rabideau, Esq. are Florida Bar Board-Certified
Real Estate Attorneys, with experience assisting clients with their residential and commercial real estate matters in the Town of Palm Beach and throughout Palm Beach County. We have the expertise and local knowledge you need to evaluate and protect your interest during your Palm Beach County real estate transaction. Contact Rabideau Klein today to discuss your legal real estate needs.