Saturday, April 7, 2012

Palm Beach County’s rebounding Real Estate Market


West Palm Beach, Florida - As the recession finally appears to be in the rearview mirror for some areas others are still sinking further. However the development has returned to Palm Beach County, as some sources are reporting. There were plenty of projects that were on hold or closed down dues to the old Community Reinvestment Act destroying the Real Estate market. One project that has restarted is the long-stalled Cannery Row development. The Developers on many projects ran out of funding or decided to wait as home prices fell to record lows.

Palm Beach County Real Estate Development News

The plan was for a townhouse development in Pineapple Grove at the site of an old shopping center. But prolific Palm Beach developer Ironwood Properties stalled the project in 2007, along with several others it had forged, as the recession hit. But now the Cannery Row plans are back from the dead, as a clubhouse and pool were already built on the site and the first of three townhouse buildings, each with four units, will be completed this spring.

Ironwood was inspired to build by what it saw to be growing confidence in the real estate market. That move has paid off as six Cannery Row homes, each asking about $600,000, are already sold. The Mortgage Lenders will have to feel comfortable to start lending again. We must realize that if forecast have homes dropping another 3% to 4%, Mortgage Lenders and Banks will have to be funding below LTV (Loan to values) of projected dips in price.

West Palm Beach and Delray Beach Homes For Sale

Two developers have preliminary plans to build two condos in the county, one high-end one mid-tier, according to Premier Sales Group. Meanwhile, in the commercial sector, West Palm Beach-based McCraney Property Company was finally able to refinance its industrial portfolio and has found new tenants for 250,000 square feet of vacancies in its 2 million-square-foot portfolio.

Delray Beach and the Beautiful Atlantic Ocean

Cannery Row, set just north of Atlantic Avenue, is in the heart of Delray Beach’s Pineapple Grove and Bankers’ Row historic districts. The Pineapple Grove neighborhood is home to some of the finest shops, restaurants and galleries in Delray Beach. This area is a thriving arts and cultural center and full of excellent restaurants. Downtown Delray Beach’s mélange of history and energy provides the perfect setting for the elegant townhomes of Cannery Row.

Palm Beach County Retail Shopping Outlet Center Coming

The West Palm Beach area has news as the new owners are getting set to demolish the longstanding Palm Beach Mall. This was the first shopping mall in the Palm Beach County area and was the place to be during the 80's. Many West Palm Beach Residents were saddened to see the Palm Beach Mall slip away with crime and store closings. Rather than redevelop Palm Beach County’s oldest mall into a new outlet center, the partnership that bought the Palm Beach Mall in October has decided to demolish it and build a sparkling new facility.

Now, the $35.5 million New England Development, Eastern Real Estate and Lubert-Adler paid to buy the firm doesn’t seem like such a bargain price. Looking into the cost of planning, preparing and constructing the Palm Beach Fashion Outlets, as they will be known, likely brings the total price north of $100 million. New England Development Chairman Stephen Karp told the Post that he’d likely file plans with West Palm Beach in the next 90 days.

The developers are in talks with a whole host of retailers, and said that JC Penney, one of the two retailers that remain open at the mall, would likely get a new building. The new Retail Shopping Center Owners are in contact with over 100 net lease tenants right now. Currently some of them are in different stages of negotiations, some of them with lease requests at this point in time.


Bookmark and Share