Stay in the “Know” With the Latest Housing and Real Estate Updates January 2018
With a booming economy, healthy real estate market and the recreational space for a ton of activity, there’s no guessing why Boca Raton is a place for real estate investments. There’s so much going on in our fabulous city it is sometimes hard to keep up with the updates. However, as professionals in the housing market, we’re always on the inside track to what’s happening in Palm Beach County and how the changes impact us as homeowners or investors. Here’s some valuable information for you to chew on and to be aware if you’re thinking about either buying or selling a luxury home or condo.
The first update that every potential buyer should know is that the housing prices are expected to go up for 2018. However, that doesn’t seem to be affecting this area just yet. As a matter of fact, there’s plenty of new developments happening around the city, even as you’re reading this article.
Mandarin Oriental Hotel
Other than the new tennis and swimming center, another exciting development is that of the Mandarin Oriental Hotel and Residences that began last year. The luxury hotel will offer rentals to elite crowds and will include restaurants, a meditation garden and memberships to Via Mizner Golf & City Club (for a fee). This hotel comes from an award-winning background that has a prestigious list of properties from around the globe. Not only has the Mandarin received several accolades from businesses such as the American Automobile Association, but they also list as the Number 1 in Best Luxury Hotel Chains with the Business Traveller. While there are several conference centers and business venues, the Mandarin will undoubtedly be one that stands out.
Monarch Boca Raton
In addition to the success of the Mandarin Oriental, another luxurious property that is breaking ground is The Monarch in Boca Raton. The condominium community will include 384 units within three, nine-story buildings and will be conveniently found downtown. The new development is taking place where Mizner 200 used to stand and will be three times as tall making this a crown-jewel for area residents across the street from Royal Palm Plaza. Just as other properties such as Townsend Place and 200 East condos have been a much sought-after neighborhood, The Monarch is sure to make it to the top of the list when it comes to real estate investments and homeownership.
Pick up either the Sun-Sentinel or the Palm Beach Post, and you’ll quickly learn how many new developments are taking place in Boca Raton. One which is very exciting for those who love aquatics and racquetball is that of the Swim & Racquet Center for Greater Boca Raton. Builders will put the new complex once they replace “Chuck’s Steakhouse” on St. Andrews Boulevard. More importantly, these types of structures help to build more value to new and existing properties. While this is a much-anticipated venue is going to make the residents happy, it’s also going to bring the city more revenue and we can all benefit.
Just as the new housing and recreational space continue to grow, infrastructure is equally critical. The Boca Raton Airport Authority has completed its electrical upgrades. Some of the enhancements include completion of runways and installation of LED lighting to make the city’s airport safer. While many of the residents who own aircraft and private planes use the Airport Authority, the facility will allow for more growth for other world-travelers. The convenience of the airport will also help to enhance more tourist and hospitality ventures.
Other than the airport safety, the city of Boca Raton provides a safe and beautiful community where people will enjoy working and living. Programs such as the Beach & Park District as well as the Beautification Fund have increased to improve things like medians and to manage the recreational spaces. According to the proposed budget for 2017 and 18, the city has asked for proper funding to expand things like the police and fire forces as well as other essential improvements. If you’d like to learn more about the proposed budgets, please visit www.myboca.us.
Next update for you to consider, is the educational institutions. According to the Palm Beach Post, a new elementary school has been requested by the city council to alleviate crowded school classrooms. At this point, many of the schools have become overcrowded since there’s plenty of new residents with school-aged kids and not enough facilities to accommodate the significant growth. New schools are on the horizon, and something this South Florida city is in desperate need. In the event that you’re seeking housing in this area and have children, there’s still plenty of homes for sale with proper education space.
Besides the issues with schools in the area, there’s more money requested by the city for hurricane and disasters. The city officials have proposed a budget of $13.4 million to be used for things like disaster relief. As any business owner or homeowner will tell you, there’s always a chance on nature in Florida. However, the city of Boca Raton is no stranger to natural disasters and prepares us all when storms come our way. While many of the residents in the area are savvy when it comes to things like hurricane impact windows, shutters and generators, it’s also good to know the town is well versed for a significant event. However, the people living in the area are the ones who will make the decisions to juice up funding when it comes to things like cleaning roadways. Either way, these updates are vital to our communities.
Click here to see the City of Boca Raton 2017-2018 Proposed Budget
We’ve covered the updates for January 2018 and will continue to keep you abreast in the event there are further changes. In the meantime, the information you find in this article will provide you with some valuable insight into what’s happening in our town. Also, this type of information comes in handy when looking to buy or sell your property.
If you are looking to sell your Boca Raton Luxury Condominium or Country Club home, our professional staff will proudly serve you.