When it comes to Palm Beach real estate, many individuals choose between buying a home for personal use, or venturing into real estate investments. But why not do both? Although the area is renowned for its steep properties, those with a flexible budget may be able to secure an additional source of income, while continuing to enjoy the location’s allure.
Discover why the town of Palm Beach is an ideal choice for living and investing with our guide.
Why Live in Palm Beach?
Palm Beach stands out as one of the most upscale places to live in Florida. Despite its small-town status, its appeal certainly is nowhere near small, thanks to its vast array of world-class restaurants, shops, beaches, beachfront properties, and more.
With a population of 9,251, it’s certainly one of the quaintest towns in Florida. However, it still meets all of your requirements, offering the best quality of life. Here are some reasons why Palm Beach remains such a go-to choice for those establishing their home base in Florida:
Diverse Range of Activities for all Ages
Weekends in Palm Beach can be as vibrant and varied as you want them to be. Whether you’d rather spend your weekends at nightclubs, golfing with friends, or swimming, you’re free to take your pick—and alternate them if you want! Palm Beach boasts an array of activities for all ages, making it the choice for anyone wanting to infuse dynamism into their days.
Strong Sense of Community
Although tourists dot the landscape of this town, residents of Palm Beach are still able to maintain a strong sense of community. Especially if you live in more secluded areas of town like North End, you can easily build close-knit relationships with your neighbors—and possibly be in the same circle as celebrities who also call this island home.
Potential for Property Appreciation
The demand for real estate in Palm Beach has always been strong due to its desirable location and luxury status. Palm Beach County, in general, witnessed an increase in demand in 2023, with home prices up by 3.6%. This upward trend indicates that Palm Beach remains a promising place to own real estate. With a well-chosen property, you can reap high returns should you sell your home in the future.
Best Places to Live in Palm Beach
Palm Beach stands out as one of Florida’s top residential destinations, particularly for the affluent. If, following a detailed discussion of its merits with a luxury property management firm in Palm Beach, you’re contemplating a move, consider these communities:
North End offers homeowners a retreat away from Palm Beach and West Palm Beach’s bustling tourism scene. Known as the more private part of the island, North End offers a slightly suburban feel with single-family homes. Although it’s far from the bustle, homeowners in this part of town still have access to Palm Beach’s signature charms, such as its crystalline waters.
Estate Section represents Palm Beach’s ritzy, “old money” zone—home to plenty of country clubs, and as the name implies, high-end estates. A close-knit community, Estate Section is where you’ll find some of the island’s most opulent properties, such as oceanfront mansions and winter retreats for the wealthy. While most of the properties in this part of town reach the eight-digit range, they boast classic charm you can’t find anywhere else.
Why Invest in Palm Beach?
Once you’ve secured your residence, consider pairing homeownership with real estate investing. Here’s why it’s a strategic move:
According to the Business Development Board of Palm Beach County, the county is witnessing growth. The town of Palm Beach, specifically, has welcomed more residents in 2023 with a population growth rate of 1.13%. It’s also worth noting that Palm Beach County as a whole achieved a record-breaking 9.1 million tourists in 2022, and they’ve continued to be a prime tourism spot throughout 2023.
Favorable Tax Benefits
When you live in one of the few states without income tax, you retain a larger portion of your rental income. This money can then be redirected towards expanding your portfolio, property improvements, or simply for future savings. Additionally, Florida’s relatively low property tax rates, currently at 0.89%, further contribute to enhancing your rental’s profitability.
Tap into the Tourism Market
Palm Beach is one of Florida’s top tourist destinations, with its clear waters, white beaches, and diverse range of retail and dining options. This presents the opportunity to transform your property into a short-term rental, especially if you’d like to use your home for personal enjoyment during the majority of the year. Whether you invest in a beachfront home or a condo, securing tenants is a breeze, especially when partnering with a reputable luxury property management company in Palm Beach.
Best Places to Invest in Palm Beach
While Palm Beach is renowned for its high-end homes, investors can still secure options aligned with their cost-conscious goals, particularly by buying condominiums rather than traditional single-family homes. Condominiums not only present the potential for favorable returns over time, but also offer a more affordable entry point.
When working with a property management company in Palm Beach to help you choose a real estate investment, they’ll likely point you to condos in areas like:
- Chilean Avenue
- Cocoanut Row
- Sunrise Avenue
- West Palm Beach (a separate city, often associated with Palm Beach due to its close proximity)
For those who prefer not to invest in a condominium, an alternative strategy is to rent out your Palm Beach residence during periods of non-use. While managing the day-to-day demands may seem difficult, collaborating with a luxury property management firm can seamlessly streamline the process, ensuring a hassle-free experience.
Consult a Luxury Property Management in Palm Beach
When you consult Luxury Property Care, our team will help you decide if a property in Palm Beach aligns with your long-term goals both as a homeowner and landlord. Should the answer lean toward “yes”, our experts are prepared to find a property that fits your lifestyle without overburdening your wallet. Furthermore, our services are designed to attend to every aspect of your investment, ensuring that you can reap the rewards without the burden of day-to-day management.