10 tips for new homebuyers in West Palm Beach, Florida

West Palm Beach, Florida

West Palm Beach has everything you need in a laidback coastal city rich in history and culture.

At the turn of the 21st century, railroad magnate and Standard Oil co-founder Henry M. Flagler planned a small residential area to the west of exclusively located Palm Beach. This once fledgling town would outgrow Flagler’s vision and develop into the charming city that’s now renowned for its energetic downtown core and family-friendly atmosphere.

People from all walks of life gravitate to West Palm Beach – foodies, avid shoppers, artists, weekend warriors. Young professionals and families are drawn to the convenience and the sense of calm that the city offers. Finding a locale that strikes the right balance between peace and vibrancy can be a tall order, but West Palm Beach does it well that it’s difficult to settle for any other place.

West Palm Beach lies along the coast of the Atlantic Ocean. It’s the oldest incorporated city in Southeast Florida (c. 1894) with an area of 57.73 square miles, and a population of close to 121,000 in early July 2023. Driving to major cities south of West Palm Beach takes 27 minutes to Boca Raton, 47 minutes to Fort Lauderdale, and 70 minutes to Miami.

If you’re new to West Palm Beach, fantastic homes for sale await you. Explore your housing options here. And to enhance your home buying experience, here are 10 tips to keep in mind.

Table of Contents

  1. CHECK OUT THE LOCAL REAL ESTATE MARKET

    Homes in West Palm Beach go up for sale anywhere from $400,000 to well over $30 million. Featuring a wide range of single-family homes and a selection of condos and townhomes, the city offers you plenty of options to pursue your preferred lifestyle. Whether that’s living in a comfortable two-story townhouse or soaking in superb waterfront views in a sophisticated penthouse unit.

    Spanish, Mediterranean, Craftsman, and Ranch are the usual architectural styles you’ll find, but there’s also an ever-growing number of Contemporary single-family homes throughout the city. Luxury high-rise condos are some of the newer developments in and around the city center, a highly appealing choice for those who want to be where the action is.

    While the most sought-after properties are the ones close to the downtown area and facing the Intercoastal Waterway, there are private communities further west. For those looking for space to stretch out, this part of West Palm Beach offers a range of spacious single-family homes and top-tier amenities that take advantage of that extra square footage.

    The best time to buy a home in West Palm Beach: There’s almost never a lull in buying activity throughout the year, but October is generally considered the best time to spot deals. This is typically the time when many families have finished relocating in preparation for the new school year. Yearly data shows that home sellers in West Beach are more likely to get about 8% less than their asking price.

    That said, there will be exceptions depending on the property type you’re seeking out and the neighborhood you’re looking into. To get the latest market data and insightful real estate advice, seek professional guidance from leading real estate agents in West Palm Beach and the surrounding area.

  2. SHORTLIST YOUR TOP WEST PALM BEACH NEIGHBORHOODS

    West Palm Beach has more than its fair share of charming and tranquil neighborhoods. Here’s a snapshot of what you’ll discover during your home search:

    Riverwalk

    Although located away from the coast, the master-planned community of Riverwalk is one of the few neighborhoods to the west of West Palm Beach that has a gorgeous waterfront. Winding islets are situated amidst a man-made lake. In the middle of the neighborhood is where you’ll find the homeowners association and a slew of five-star amenities (fitness center, swimming pools, tennis courts, jogging paths, and many more). Every aspect of the community exudes luxury, from the palm-lined entry of Riverwalk Boulevard to the serene cul-de-sacs.

    The Residences at Banyan Cay

    Owing to its proximity to the eponymous resort, this up-and-coming community is touted as a golfer’s paradise, but in reality it’s more than that. The Residences at Banyan Cay is for the highly discerning buyer who appreciates the finer things in life — whether it comes in the form of a Jack Nicklaus-designed championship golf course, a posh dining experience, or state-of-the-art self-care and fitness facilities.

    El Cid

    This historic district has a slice of the city’s coveted eastern shoreline. One of the oldest neighborhoods in West Palm Beach, El Cid used to be the site of South Florida’s first pineapple plantation. These plans were dashed when Henry Flagler laid the foundations for the Florida East Coast Railway in 1885. While newer housing stock continues to be added, the neighborhood is known for its historic luxury estates and cottage-style homes dating as far back as the 1920s and many of which are priced in the millions.

    Old Northwood

    Another historic neighborhood worth exploring is Old Northwood, where you’ll also find a good number of homes from the early 20th century — mostly styled in Frame Vernacular, Mission, or bungalow-style. A number of these properties are well-maintained and fitted with the up-to-date finishes that align with today’s high-end lifestyle. Owing to its rich history and decent proximity to nearby art galleries, the community strongly appeals to culture aficionados. Additionally, the vibrant Northwood Village District to the south of the neighborhood is a favorite spot for food enthusiasts and avid shoppers.

    Southend

    Southend, popularly known among locals as “SoSo,” boasts a highly coveted eight-mile stretch facing the Intercoastal Waterway. This neighborhood is renowned for its sizable estates with private docks dating back to the 1950s. Many homes here sit on one acre lots and have been generously updated with modern features and amenities. The long span of South Flagler Drive not only serves as a key thoroughfare but also an ideal jogging and walking route by the water.

  3. DISCOVER AN EXCELLENT SELECTION OF SCHOOLS

    Family-oriented buyers will be pleased to know that West Palm Beach has a plethora of competitive schools serving preschool to tertiary students. The city is within the jurisdiction of The School District of Palm Beach County, the 10th biggest school district in the country in terms of enrollment population. In addition, you’ll also find a great variety of schools with specialized programs geared towards STEM and the arts. The following are some of the best schools in the area:

    Preschool to middle school

    High school

    College level

  4. PAYING CASH IS A MAJOR ADVANTAGE

    In 2022, West Palm Beach ranked number two nationwide for homes bought with cash. While the market has stabilized in recent months, bidding wars could flare up when desirable properties receive multiple offers within a short period of time.

    To secure their advantage, buyers who are serious about finding a sought-after property in a South Florida city like West Palm Beach arm themselves with a cash offer. This is not only an attention-getting move, it also discourages sellers from entertaining competing offers from other interested buyers. While this may not always be the case, a strong financial position and your agent’s sound advice will help you secure the best deal.

    Thus, it may also be wise to:

    • Put down a sizeable down payment or earnest money deposit
    • Accommodate a seller’s special request such as fast tracking the closing timeline
    • Waive certain contingencies after consulting with your Realtor

  5. YOUR ASSESSED PROPERTY TAX WON’T BE THE SAME AS THE PREVIOUS HOMEOWNER’S

    Florida’s “no income tax” policy is a big draw for many people. However, when it comes to residential property taxes, there’s a chance that you could be paying higher on a newly purchased home compared to the previous homeowner’s tax assessment.

    After a home changes ownership, county property appraisers are obligated by state law to remove any tax exemptions and reassess the property. The assessment is conducted on January 1 every year.

    Let’s say you bought a home in November 2022, when the assessed value was $200,000 and the taxable value was $50,000. Beginning January 1, 2023, that year’s assessment is no longer applicable and you will have to pay an amount based on an updated assessed value.

    According to data from the Census Bureau, the median annual property tax payment in Palm Beach County, FL is $3,088.

    Tax exemptions you can apply for:

    • The Homestead Exemption can help decrease the taxable value on your new West Palm Beach home. You can get an exemption up to $50,000 on your home’s assessed value.

    • After the first year of availing of the homestead exemption, the Save Our Homes (SOH) Benefit takes effect – preventing the assessed value from increasing by more than 3% (the percent change in the Consumer Price Index for each tax year). You may find more information about Florida’s property tax regulations here.

  6. KNOW HOW CLOSING COSTS WORK IN FLORIDA

    Before going through homes for sale in West Palm Beach, it’s essential for first-time buyers in the state of Florida to know how closing costs work here.

    Overall, the buyer shoulders approximately 3% to 5% of the closing costs and the seller covers anywhere between 5% and 10%. According to mortgage solutions provider ClosingCorps, the average closing costs for a Florida home priced at $375,368 amount to $8,554.

    Buyers typically pay for:

    • Mortgage costs (if the transaction requires financing)
    • Settlement fee (for cash transaction)
    • Appraisal and survey
    • Title search
    • Home inspection
    • Notary fees
    • Escrow fees

    Sellers typically cover:

    • Agent commission/broker fee (a significant chunk of the total closing costs)
    • Taxes (up to the last day the sellers owned the home)
    • Title transfer fees
    • Homeowner association fees
    • Outstanding utility bills

  7. WEST PALM BEACH IS LUCRATIVE FOR SHORT-TERM RENTAL OWNERS

    If you’re looking to earn passive income from short-term rentals, West Palm Beach is a worthy addition to your asset portfolio. State law prohibits cities and counties from outright banning short-term rentals (STR) in their communities.

    However, local jurisdictions are allowed to set reasonable limitations to regulate rental activity. If you’re planning to invest in a West Palm Beach property to generate income, you’ll need to learn how to navigate the local rules and guidelines.

    For starters, you’ll need to acquire a rental license which will entail:

    • Completion of rental license application form
    • Identification of type of rental property
    • Inspection for code compliance
    • Fire inspection, if three or more units share the same roof

  8. BEEF UP YOUR INSURANCE COVERAGE

    Hurricane season in Florida occurs from June to November, but historically, the first two months of the season are the calmest.

    While West Palm Beach is not hurricane prone, it’s best to cover all bases. Extreme temperatures and weather conditions have been occurring more frequently, making it imperative to protect your real estate investment. It helps to know the cost of paying additional flood insurance in Florida is among the lowest in the US, or around 20% less.

    To protect against wind damage, West Palm Beach residents regularly have their homes undergo wind mitigation inspection. This specialized inspection examines a range of factors to determine a home’s capacity to withstand exceptionally strong gusts.

  9. CHECK OUT THE TOP ATTRACTIONS IN WEST PALM BEACH

    Outdoor recreation:

    • Grassy Waters Preserve is a vast 23-square-mile wetland area that plays a key role in the city’s freshwater supply. Here, you can sample a variety of activities like wildlife watching, kayaking, and trekking. Some of the animals that have made this protected area their home include the great blue heron, bobcat, white-tailed deer and the commonly sighted alligator.

    • The family-friendly Manatee Lagoon provides a refuge for endangered Florida manatees. To support conservation efforts, the center organizes various educational exhibits and presentations, as well as engaging child-friendly activities throughout the year.

    • Bear Lakes Country Club is a posh and luxurious hangout for those looking to experience a Jack Nicklaus-designed golf course and exclusive private club amenities. The recently updated clubhouse covers about 22,000 square feet, with 360 views of the beautiful Lakes Course. Additionally, members and frequent guests praise the club’s competitive tennis program with six Har-Tru tennis courts.

    Cultural hotspots:

    • The Henry Morrison Flagler Museum, otherwise known as Whitehall, was the oil and railroad titan’s stately winter retreat. Completed in 1902, the white marble-facade structure is an opulent display of how the wealthy and influential spent their leisure time during the Gilded Age. Today, a host of historical exhibits and educational lectures are conducted here.

    • Visit the Norton Museum of Art to immerse yourself in a wide variety of artistic movements and cultures. Housed in the Art Deco building are European, Chinese, and American art. It was founded by Ralph Hubbard Norton and Elizabeth Calhoun Norton in 1941 to house their ever-growing collection of rare paintings and sculptures from all over the world.

    • Bohemïa AG is an eclectic art gallery that’s not only prominent for its display of avant-garde pieces, but also some of the best gelato in town. Plus, the vegan sorbet is a good option for those on plant-based diets.

    Great eats:

    • Buccan is the brainchild of James Beard nominee Clay Conley, who is renowned for his flavorful small plate dishes that incorporate the freshest ingredients. From the Maine Lobster Ceviche to the empanadas and calamari, everything is prepared to perfection.

    • Dine in style at Table 26° Palm Beach, where you’ll bask in a comfortable nautically-themed restaurant while chowing down on some of the finest home-style comfort food.

    • City Cellar Wine Bar & Grill is a go-to for dry-aged steaks, cured meats, hearth-baked pizzas (the cellar pizza is a best-seller) and an excellent selection of wines. Make sure to sample their cheese boards and in-house desserts as well.

    • Spruzzo is everything you want in an upscale eatery. A welcoming atmosphere, great tasting food, and spectacular waterfront views combine to deliver a memorable dining experience. Must-tries include the BBQ charred octopus, honey za’atar wings, and ground wild salmon burger.

    • Grato is another Clay Conley creation whose main appeal is a distinct seasonal menu that you’ll be hard-pressed to find replicated anywhere else. It’s also a beloved neighborhood brunch spot where locals love to catch up on the latest buzz around town.

  10. WORK WITH THE BEST REAL ESTATE AGENTS IN WEST PALM BEACH

    As you get to know the city better, you’ll want to lean on the proven expertise of some of the best agents in the area. Up-to-date real estate information and sharp negotiation skills will be crucial when you find that dream home in West Palm Beach. With Suzanne Frisbie and company, you’re in capable hands.

    Suzanne leads one of the top-producing real estate teams in South Florida. With her intimate knowledge of cities and local communities, as well as decades of experience in high-end residential and commercial property, you’ll be in the best position to make the investment decision.

    Suzanne Frisbie is prepared to go above and beyond to help you find attractive opportunities and enhance your portfolio. Consider booking a private consultation today. You may get in touch with Suzanne and her team by phone at 561.373.0941 or send an email here.



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