Dorothy Jacks, Palm Beach County’s chief deputy property appraiser, delivered the keynote address at the Realtors Association of the Palm Beaches luncheon on Tuesday, June 7 at the Club at Ibis in West Palm Beach.
Jacks talked about the county’s vibrant real estate development and growth, both residential and commercial. “From Palm Beach Gardens to Boca Raton, real estate is on the uptick, and all indications suggest this progression will continue,” she said.
Some highlights from Jacks’ speech included:
In Palm Beach County’s 2,500 square miles, with a population of 1.4 million, there are 635,000 parcels of real property and 58,000 tangible personal property accounts. Plat filings have been steadily increasing, from 77 in 2013, to 85 in 2014, to 98 in 2015. Several new projects are coming on line, especially in the north county area. In Palm Beach Gardens alone are Avenir, a residential development slated to include a university and a town center; Alton, another residential living community; and Azure, a luxury waterfront condominium residence. During the next 10 years, the county is expected to see more than 15,000 new residential units.
Taxable values increased 7.85 percent from 2015, totaling $164.5 billion (with a market value of $236 billion). That number includes the value of new construction, which is at $2.1 billion overall. The county sustained increases in the residential market, especially with moderately priced homes. Properties in the under $150,000 range had a 10-15 percent increase, while properties up to $300,000 jumped between 5 and 10 percent. Condominiums are catching up also, with room to grow.