Real estate construction in Boynton Beach has been reborn--finally. In a freeze frame condition since 2007, real estate construction is showing signs of life. Statistics indicate property values declined as much as 40 percent in 2010 and 2011 from the top fair market values of 2007.
City commissioners have been looking for answers--and finding none--to resolve the budget crisis caused by the real estate crash. These across-the-board decreases in values have generated much less tax and fee revenues. In recent years, commissioners have had to drastically cut budgets and reduce services for Boynton Beach.
While commissioners have not yet adopted broad smiles, they are excited about the renewed construction activity. Calling current conditions a "tremendous boom in construction activity," the interim development director advised city commissioners that new permit applications are now averaging around $8 million per month in projected new construction value.
Since October 2011, Boynton Beach has collected around 64 percent in the total permit fees predicted for the entire fiscal year 2011-2012. This combination of new construction and renovations pleasantly surprised everyone at the city commission's last regular meeting. Even the Vice Mayor asked the development director to repeat her statements to be sure he heard the report correctly.
This apparent real estate renaissance is having positive effects on existing properties, too. The Promenade, a 318 unit condominium was a victim of bad timing, as it was completed in 2009. After selling very few units as of spring 2010, this large project has now sold more than 25 percent of its available condos.
Even commercial construction is participating in the revival. Three Publix stores are being demolished, to be rebuilt from the ground up. Additionally, the iconic JCPenney department store located at the mall recently enjoyed a $3 million renovation. Two other major residential projects, Seabourn Cove and Estates at Heritage Club, also have started.
While commercial projects should remain modest until the jobs picture improves, residential construction is becoming a positive force in Boynton Beach. Do you believe this residential real estate renaissance will continue?
Source: WPTV, "Construction activity growing in Boynton Beach," Eliot Kleinberg, March 11, 2012
justin theroux buenos aires train crash pga tour presidential debate argentina train crash nancy pelosi nancy pelosi
No comments:
Post a Comment