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Palm Beach County courts New Yorkers harder than ever as cradle of capitalism leans socialist

Welcome to The Dirt! I’m real estate, weather and critter reporter Kimberly Miller with the latest developments in the sizzling market.

This is a weekly newsletter about real estate in Palm Beach County because we live in, and/or curse our commutes to Palm Beach County so let’s talk about New York City. There’s a little election up there that could trigger an exodus of affluence from the Big Apple to Sunshine State if the cradle of capitalism turns socialist. You know fire and brimstone coming down from the skies, rivers and seas boiling, 40 years of darkness, human sacrifice, dogs and cats living together…or it could all be a collective meh.

Boca Raton is putting itself out there like a thirsty Tinder date hoping to lure NYC companies and residents to its sprawling burbs and tony gated strongholds with a $70,000 ad campaign touting low taxes. The Business Development Board of Palm Beach County was there first with its “Dear NYC, It’s not you, It’s me” Wall Street South campaign. And Related Ross has taken a “Field of Dreams” approach, building Class A office space in downtown West Palm Beach so quickly it razed the city’s only movie theater, which everyone (me) is still bitter about.

Polls close at 9 p.m. in New York City, which is past my bedtime but is, like, when New Yorkers eat dinner I think. Will there be a Mamdani tsunami to South Florida if he wins? We’ll see.

In other real estate-related news, Palm Beach County home sales increased with the market teetering back toward a seller’s advantage, Related Ross wants to build a convention center hotel with one pricey stipulation, a West Palm Beach waterfront home is on the market for a hefty $25.5 million, Lennar agrees to build a wall, and, ho-hum, a former West Palm code enforcement officer shivved a former colleague’s convertible top.

Related Ross would like no property taxes on new hotel in West Palm

Related Ross wants to build a new convention center hotel in West Palm Beach because to get bigger bookings than the mango fest and cheerleading championships, you need more than 400 rooms at the nearly decade-old Hilton. Related’s proposal includes asking to pay no property taxes on the new hotel, which I would also like to pay no property taxes, thank you very much, and maybe the street sweeper could come by more than once a month.

But I am also not going to sell downtown land valued at $20 million to the county for $1 or build a $290 million hotel or pay the county rent of up to $2 million a year. So, there’s that to consider. Related says it’s trying to be creative to make this hotel happen in the current economic environs. Stay tuned.

Palm Beach County home sales jump in September with cash deals galore

Realtors are notoriously positive about the market. You’re under a noisy flight path? Great for airplane enthusiasts! AI bots are taking over the world? Push the mini-apartments, everybot needs a place to live! It’s the zombie apocalypse? No better place to live than an island and Palm Beach has lots of gated estates! But, honestly, the monthly housing reports in Palm Beach County are looking pretty good, unless you’re a first-time buyer, in which case you might be better off renting, on an upper floor, you know, for when the zombies come.

Anyway, September’s home sales report showed a 25% increase in single-family homes sold from the previous year with a median price that stayed stable at $615,000. Also, a Redfin study found Palm Beach County ranked first nationwide in all cash sales. Why? Retirees, Wall Street South, mortgage interest rates, Trump bump, and this is just wild speculation, really nice winter weather.

West Palm code enforcement doubles down on crazy

Code enforcement is a part of real estate because property values rely on cleanliness, mowed lawns and cars being parked properly, like in a driveway or on the street, unless you’re in my neighborhood of course, then your front yard or the sidewalk is just fine. And also this is too good not to highlight.

SOURCE: http://yahoo.com/news/articles/palm-beach-county-courts-yorkers-115912764.html?guccounter=1

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Palm Beach County courts New Yorkers harder than ever as cradle of capitalism leans socialist

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