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Old 05-29-2022, 05:33 PM
 
408 posts, read 291,220 times
Reputation: 306

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Riviera Beach over the next decade is probably going to do what the northern Bronx New York did in the last generation, went from being “the streets” to this gentrified structure of homes along the Hudson River Parkway that are super expensive. But this time a tropical Palm paradise where coastal living in style in a “Sunset Strip” atmosphere is the theme. Homes will be in the million dollar range, homes that are now 10% of this value.

Riviera Beach is traditionally and has always been the poor lower income stretch of coastal Palm Beach County for any West Palm native with the location treated like a sort of crime watch area with only transient access to magnet school Suncoast high school with its Math Science Engineering and IB programs.

This is that part of west Palm between blue heron and 45th street along Dixie Hwy.

But with the scramble rush to Florida for headached New Yorkers tired of lock downs who want year round warm weather and beach and just want a home hooked with Wi-Fi for remote work over a laptop and the beach and City Place and a tax haven , and it’s a seller’s market, real estate has gone exorbitant

Ultimately a number of affluent New Yorkers will say “ok, we will buy a home in Riviera Beach, we will renovate it, we will install Vivint alarm, and we will embrace our location and be within ideal distance of downtown west Palm and the gardens…. If we get acquainted we can always move up in house but for now we will settle in Riviera Beach

This thinking will be followed by many many many New Yorkers after countless bidding wars for lease contracts and home purchases with hefty down payments in other preferred places in Boca delray boynton beach and Juno Beach that will be not as affordable as they ever banked on…. They will not be alone

Ultimately what will happen is parts of Riviera Beach will be possessed by this New York demographic . At which point the area will change significantly, new shops serving these new residents sprawling up over old rundown buildings with new constructions

After 3-4 years there will be a sudden new perspective : We don’t want to leave Riviera Beach after all, it’s got a nice mixed vibe , it’s the newest happening developed spot on the palm beach coast

6-10 years , it will be almost unrecognizable as new towering structures change the landscape and those who bought those starter homes in Riviera beach will suddenly find themselves owning real estate that’s 4 or 5 times the price they bought their homes and then it will be an area with many locals forced into eviction, and some rows with local laws capping rent contracts to protect lower income longtime dwellers from being priced out.

Local tenants will not be happy about this dilemma and they will fight for subsidies and for a district which is off limits to transient buyers with grandfathered clauses, and they will fight in litigation to have some of the wealth of the infrastructure, but many will flee from the area to more affordable housing markets north and west of the coast

Last edited by Freesponge; 05-29-2022 at 05:50 PM..
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Old 05-31-2022, 07:19 AM
 
17,316 posts, read 22,056,580 times
Reputation: 29678
nope......... the existing residents and crooked politicians will stifle any substantial development.

Need proof?

Marsh Harbour
https://www.zillow.com/homes/1973-Ma...76475610_zpid/

AUG-2021 $135,000 32891 / 00045SearchIcon WARRANTY DEED TRINIDAD OF MIAMI CORP
MAR-2020 $107,000 31341 / 00924SearchIcon WARRANTY DEED EDIFICIA LLC
SEP-2015 $72,500 27821 / 01272SearchIcon WARRANTY DEED ADAR B INVESTMENTS LLC
SEP-2015 $10 27821 / 01271SearchIcon QUIT CLAIM VENTURES TRUST 2013
SEP-2014 $3,800 27054 / 01268SearchIcon CERT OF TITLE BAC HOME LOANS SERVICING LP
JUN-2006 $133,430 20835 / 00442SearchIcon

Place is not worth what it sold for NEW in 2006........now its getting old/needs remodeling/roof etc.

Sonoma/Thousand Oaks are the same issue, brand new beautiful developments next to a new Walmart. Didn't matter the surrounding areas dragged it all down to their level. I know a guy that was a retired teacher, went in on multiple units and then after the crash in 08/09 he bought more........net net end of story it was a disaster financially. He "invested" over a 10-15 year period and broke even. The landlord experience wasn't great for him and the condo hoas were severely underfunded due to the foreclosures etc.
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Old 05-31-2022, 07:25 AM
 
17,316 posts, read 22,056,580 times
Reputation: 29678
Need a waterfront example: the Grande Towers.

That place was dead money for 10-15 years and it has some of the best views in the city. Now they are starting to climb in price but it certainly wasn't a windfall for the owners who bought new.
https://www.zillow.com/homedetails/2...82121900_zpid/

Taxes 8K yr, HOA 1K month. So 20K a year plus insurance if nothing breaks, no special assessements. Note they were asking $2100 a month a few years back. 25,200 in rent - 20K in expenses = 5200 yr to buy insurance/pay the realtor/maybe mortgage?

Hard to get a return if you factor in a mortgage/property manager costs and any deadbeat tenants you encounter over the years.
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