New condo developments are transforming the skyline of West Palm Beach, Florida, and buyers are moving quickly. Some projects are nearly sold out while others are just beginning, creating a market where timing and due diligence are critical. According to Kourtney Pulitzer, a senior global real estate advisor with Sotheby’s International Realty, the market is defined by a mix of ready-to-move-in buildings and long-term pre-construction opportunities.
South Flagler House commands the most attention, with pricing starting near $10 million, placing it in the ultra-high-net-worth category. That price point has pushed many buyers toward other projects. Mr. C sold through quickly, leaving only a handful of units. The Berkeley and Shorecrest are drawing steady interest, while The Ritz-Carlton Residences is almost completely sold out. Alba is finished and available for immediate occupancy. Pulitzer notes that comparing a completed tower like Alba to one delivering in three years is apt, since both are brand new; for many buyers, the deciding factor is how long they are willing to wait.
One major buyer group is current residents of the island of Palm Beach, where building height is capped at five or six stories and zoning changes are unlikely. “To get that elevation, vertical living, and those views, people are jumping over the bridge from Palm Beach to West Palm Beach,” Pulitzer says. “They’re living on a nice high floor with a beautiful view, and they can walk downstairs to everything.” Walkability and downtown growth are central draws. Seasonal buyers also drive demand, typically arriving around Halloween, settling by January, and staying through April or June. Pulitzer says early activity suggests another strong season, with many deals closing without a mortgage—Palm Beach County is one of the strongest cash markets in the country. Buyers who finance tend to be high earners or second-home purchasers who accept that rates fluctuate and loans can be refinanced later, a philosophy Pulitzer summarizes as “marry the property, date the rate.”
Because pre-construction means buying something that does not yet exist, vetting the developer is essential. Pulitzer advises buyers to research who is financing the project, the developer and contractor, and their prior builds. She recently had dinner with the head of Mast Capital, one of the firms behind Banyan Tree Residences West Palm Beach. “I know them personally,” she says. “I understand who’s putting up the money. I understand who the contractor is. I know what other buildings they’ve built.” Deposit schedules, delivery timelines, and delay remedies are all set by the purchase contract. Pulitzer says an experienced advisor knows where that contract has pressure points. “It’s understanding the things that can and cannot be negotiated, understanding the pitfalls and what could happen, and really understanding what you’re buying into,” she says. Buyers should read deposit terms, delivery language, and delay remedies before signing, and ask which terms are open for discussion.
