The Town of Palm Beach is famous for its stunning ocean beauty, exclusive dining and shopping, and for having some of the most luxurious high-end real estate in the world. This beautiful part of South Florida is also known for being an appealing retirement destination. As the Palm Beaches continue to attract retirees, the need for active-adult communities is on the rise, causing some to ask: Is the future of Palm Beach County real estate in 55 and up communities?
Active-Adult Community Demand
According to a recent report, baby boomer retirees are entering the housing market in more significant numbers creating an increased demand for active adult communities. This generation’s focus on connection is a driving force behind the style and features in many of today’s new 55 + planned neighborhoods and condominiums. For instance, in several of Palm Beach’s 55 and up communities, it’s common to find ample clubhouses with multiple social calendar offerings. Residents can also enjoy opportunities to spend time together in fitness centers and classes, on pickleball courts, and in bistros and cafes.
Adult-Developments Continue to Boom in Palm Beach
Palm Beach real estate is being sold at a premium these days, and there is little available land in the county. However, adult-developments are continuing to go up in and around the Town of Palm Beach. For example, Cresswind at Westlake is set to open in the spring. This new Kolter Homes 55 + community will be focused on health, wellness, and nutrition in addition to meeting the lifestyle needs of its residents.
In September of 2019, luxury real estate developers, Toll Brothers, reportedly made a 31 million dollar investment in western Palm Beach County, by purchasing property to develop the Regency at Avenir. This 469 single-family-home age-restricted community will cover approximately 140 acres and is set to begin construction this spring.
Boynton Beach is also seeing its fair share of active adult retirees moving into Valencia Bay, which plans to continue its expansion with Valencia Sound. Like the other 55 + communities in the area, this neighborhood offers resort-style living, recreational activities, social events, and lifestyle amenities that appeal to residents in this age group.
These are just a few examples of the active retirement communities that are on their way to completion around the Town of Palm Beach. The number of retirement buyers in this area is expected to grow by leaps and bounds in the coming years. With its expanding population, the popularity of Palm Beach, and Florida’s tax-friendly climate, it appears the demand for adult-living real estate will continue in the foreseeable future.
Contact the Board-Certified Florida Real Estate Attorneys of Rabideau Klein
At Rabideau Klein, Guy Rabideau, Esq. and David E. Klein, Esq. are dedicated, Florida Board-Certified Real Estate Attorneys with the Palm Beach County expertise and experience you need to ensure that your interests are protected throughout your South Florida real estate matter. Contact Rabideau Klein today to discuss your Palm Beach area real estate legal needs.