I just wondered if anyone had any views on West Palm Beach as an area for multi-family property growth?
Hi @Matthew Cullum ,
the market in south florida is very high priced comapre to other markets..
rents are higher too.. its a very compatitve market and you will find investors from all over the world buying here in the tri county..
apprication is high too.. but you have to buy smart...:)
inbox me if you have quietions about our market..
Good luck investing :)
Its excellent, I have been here a very long time and its really incredible for many reasons.
Overpriced given what it is and ripe for a correction.
I was just in south FL two weeks ago from NYC and looking at deals in Miami, Ft. Lauderdale and WPB. Never seen so many cranes in my life.
I would also say, given how low cap rates are in WPB, why not focus on Miami instead. Not THAT much more expensive in terms of cap rates but much more liquid and stable.
I checked the ten-X website and their research suggests Miami is in the top 5 fallers in the US for multifamily growth but Fort Lauderdale is top 5.
top 5 fallers? what does that mean?
Sorry as in overpriced and due for correction
I am a local and the vibe here is that the south florida market is due for a correction. I am personally holding off as long as possible. Job growth and pay increases don't justify local property appreciation. It is being held up by exterior investors and vacation homes. If the market hits any bumps it could dive.
If I had investment property here I would sell or try to hold until the crash and 1031 into something else. Also climate change will have a real effect on this market long term. We were lucky avoiding Hurricane Matthew. Flooding/ beach erosion are major issues and thats not even taking into account some of the algae issues they are having just north of us.
I hope that helps.
Welcome!! I'm currently in palm beach county and looking into getting into real estate. So I hope you don't mind if I use your post to seek out some help from the pros :)
Good luck to you!!!
I know you said if you had investment property here you would sell it.
If you run into any multi families or income producing assets in PBC, Martin or Broward counties I am definitely a buyer and have serious investors as well.
I am sitting on the sidelines right now and actually renting because of my position on the market. Are you up for grabbing lunch sometime? I don't have anything particular in mind but there might be value in an open discussion.
Sure thing buddy, just PM me and we can set it up. Hope all is well.
I was curious to know if you knew any investors in the Palm Beach area who are looking to hire someone eager to learn and help grow their business.. Any help is much appreciated thanks.
I am looking to buy income-producing properties up to 2.5 and work with investors up to 20.
If you have deals that make sense I am a serious buyer that can close quickly with cash.
From low to high price I am a buyer
I know things don't change THAT fast in the markets, but I'm new to BP. So being that this thread is a month old, has anyone's views changed towards the WPB market? I'm currently looking for niches to invest in my first property before the year ends.
Mine hasn't but many people are on the "sidelines" for WPB and PBC.
I am still strong on the market and am looking for income all the time.
Today at 12:30 there is a Palm Beach REIA meeting at crazy buffet where you can get some opinions or if you want to talk to me I can show you where I am buying.
Hope all is well.
Good thread. I've recently decided to make the jump from single family to apartment buildings. I am in the super-competitive Tampa Bay area now and was considering moving to PBC since my girlfriend lives over there.
@Jeff Morelock as you look towards PBC what are looking for in terms of cap rate? I am new to investing and not sure as to what make a "good deal"good in terms of the CoC or Cap rates. Have you been able to check the difference in cap rates between the 2 markets?
1.6 DCR if a mortgage is needed.
I don't think there's a difference between a good CAP in Tampa Bay or WPB, but then again I don't know the market over there yet.
There are new zoning laws as well limiting multi families. It is rare to find a "great" deal...most multi unit properties I see are WAY overpriced for the area.
Palm Beach County has several good areas to invest in. Our main iinvestment type is in the class c multifamilly asset type. Mostly single story 2 and 3 bedroom units that rent for $1200 to $1400 per month. We try and stay away from rough areas like parts or Riviera Beach, Belle Glade, east Boynton Beach, Lantana etc. Our investors have been purchasing apartment complexes and single family units in Lake Worth, Palm Springs and Greenacres for 110K to 130K per unit that rent for around $1300 per month.
Our company manages over 500 apartments and single family homes in this area and most of investors continue to purchase so I feel like this area is a good buy and hold location but I was wondering how the BP members view this sub market? Any thoughts?