Looking for Palm Beach County Property and Opinions

[Hunter Purnell]

I'm interested in getting an AirBnB in the Palm beach area. I live in KY, but I have some family and friends in the area and really like it. In my opinion I think its due for a correction. Prices have doubled in a few years. But I don't live there, and I wanted to get an insiders view on the area. Which areas are on the rise, and which areas are falling.

Any investor/agents in the area I will be looking for an investment home in the next 2-3 months to 1031 into. I'm not going to buy unless its a deal, needs to be able to get financing, but not scared of a place needing updating/renovation. 

[Share Ross]

@Hunter Purnell It's a great strategy if you do it right for sure! 

As for prices and corrections - I am a busy residential realtor and work with a LOT of investors. (and end users too for that matter) What we have all seen, is that 'values' are not coming down. Not at all around here. However price corrections are happening. Often due to sellers who have very much over valued their home and are stubborn on the price when they first list. Then ... the market gives feedback and they don't get any offers so they have to price reduce to where it should have been listed in the first place. 

As for values in the area - a lot of folks way smarter than me say that the area was actually under valued for years. And has now caught up with a bit of added appreciation. (Would love for any data driven folks to pipe in on that line of thought.) 

From a personal stand point - I don't know how long it can last where it is. We are stuck at around 50% inventory and more buyers than ever before. Will it be like Los Angeles, San Fran and NYC where ... it just keeps going up and has little pull backs? Or will it have some massive devaluation? 

Nobody has a crystal ball and I think anyone who claims to 'know' what will happen is basically crazy! LOL 

As for deals, nobody wants to overpay and it's typically a fight for all my buyers right now. Every single deal has multiple offers on it. Even the teardowns. Unreal? Yes. It is! And yet.. my investor clients are still buying and still making it work. Several flippers, househackers, and several STR clients and also - several buy and hold. None of my clients get the 1% rule. But a lot of strategies DO work if you can actually win the property!

Hope that gives some insight and eager to hear what other folks have to say.