Just a few kilometres down the road from Palm Beach’s multimillion-dollar beachfront estates, there is a palpable shift on the Florida island. Opulence and glamour give way to a sleepy boulevard with mid-century condos housing retirees and snowbirds.
In the words of one resident at a meeting where locals aired their grievances, they’re fighting to “preserve the character of all of Palm Beach”.What is at stake, more than the fortunes of one hotel, is a larger contest to unlock prime waterfront land for extravagant buildings for wealthy newcomers from the Northeast, Midwest and California.
That’s left a shortage of properties for the new arrivals to Palm Beach, where average home values have doubled since 2019, according to online real estate site Zillow. On the South End of the island, dated apartments with carpeted floors and linoleum kitchens can fetch $US700,000 – more than double the median price of a condo in the state, but well below the island’s median single-family home price of $US8.75 million at the end of last year.
Bobbie Lindsay, the town council president, said most people living in the area “could never afford to buy a unit like this, not even remotely”. She told the developers they should have more involvement with the local community.“Getting things through the pipeline here – you’re going to have lots of people who will argue with you about everything,” said Paul Holland, a former bond trader at Merrill Lynch who has owned a condo next door to the Ambassador for 15 years.
Source: Real Estate Daily Report (realestatedailyreport.net)
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