West Palm Beach real estate inventory and sales expected to increase
With residential projects in the works, plans for a convention center progressing along, and the All Aboard Florida West Palm Station’s design unveiled, residential and commercial real estate is expected to rise in 2015.
Brad Capas, founder of CapasGroup Realty Advisors, said in a news release that after years of limited product availability, the volume of new Class A apartments and sales should increase steadily throughout 2015 as projects are completed.
He added that most of the communities are being developed by builders who traditionally sell soon after completion and lease-up, adding to increased demand on the part of institutional investors for new South Florida apartments.
In 2014, CapasGroup represented the sales of Aqua Vista, a 5.63-acre waterfront site in West Palm Beach, which sold for $7.7 million, and Prism and Poinsetta, properties totaling 4.57 acres in West Palm Beach, which sold for $5.5 million. — Kristina Puga