Residential Real Estate may be falling and fallen however one area that tends to get overlooked in the Real Estate Market is the Commercial Market. The Commercial market is alive, well and very HOT in Sunny Palm Beach and Broward Counties including the area known as 'Sleepy Wellington'. Well, Wellington has awakened and is no longer the sleepy bedroom town that once was!
This region's once VERY HOT housing market is now in a slump. But Commercial development is rising due to the prolonged period of time where the code restrictions and permitting were too strict. This created rental rates and occupancy to be at all time highs. There is more demand than supply. We know what happens as a result of low supply and high demand! These rules are loosening up in order to promote Commercial Investing in Wellington, the rest of Palm Beach County and also Broward County. This makes this area very attractive to investors.
In Downtown West Palm Beach Florida the famous waterfront Phillips Point was sold last month to Colonnade Properties of New York for a record $ 200 MILLION! That is a hefty price of $474 per square foot! There are 422,000 square feet in this building and four years ago it was sold for $138 Million. Phillips Point is a gorgeous building that also host the Governor's Club of the Palm Beaches with a spectacular view of the Intracoastal and downtown West Palm Beach. The BNI group that I belonged to for three years meets there for lunch and I was able to enjoy those views once a week!
During the first half of this year investors have spent over 3 BILLION dollars in office, retail and industrial developments in Broward and Palm Beach Counties. Why all the investors? Because of job growth and the area is geographically close to Latin America.
So if you want to invest in Commercial Real Estate In South Florida contact my husband and partner, Nestor Gasset. He works with investors and land bankers and is knows how to help the investor with the market facts and figures.
Visit our profile to find out more about our services. Call us today at 561.753.0135 or Toll Free 800.444.3316. Contact us by email if you prefer by clicking on email me on the right side of this page under our photo. To view all the Wellington Fl Luxury Homes For Sale Click here and then click on Multiple Listing Search where the globe is on the right side of the screen that opens up. We know Wellington, live in Wellington and will help you get your home Sold if you need to Sell your home and help you buy your Wellington Fl. Luxury Dream Home.
Photo courtesy of Palm Beach Post
Copyright © 2007 By Katerina Gasset, All Rights Reserved
The material herein may not be copied, reproduced, distributed, transmitted, displayed or published. All rights reserved. Plagiarism will be detected and is punishable by law. Commercial Real Estate Is Hot In Sunny Palm Beach County, Wellington Florida.
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