Introduction to New Construction in Palm Beach County

The value of new construction in Palm Beach County is set to exceed $5 billion this year, with thousands of new residences being added. According to Palm Beach County Property Appraiser Dorothy Jacks, this significant investment is a testament to the area’s enduring appeal and the ongoing demand for new homes and rentals.

Market Overview

New construction value has already reached $5 billion in taxable value in 2024, with nearly 6,500 new livable units added to the tax roll for 2025. The estimates for this year include more than 3,000 new homes and over 4,000 rentals, indicating a thriving market. Jacks attributes the high new construction numbers to the availability of land and the rising cost of construction, which results in better-built properties.

Understanding Taxable Value

Palm Beach County Chief Appraiser Cecil Jackson clarified that the $5 billion in taxable value is essentially equivalent to the assessed value, which represents a property’s deemed worth. This is distinct from the market value, which is the price at which the property would sell. The addition of $5 billion in new construction effectively widens the tax base for all taxpayers in Palm Beach County, according to Becky Robinson, a spokesperson for the Property Appraiser’s Office.

Benefits for Prospective Buyers

The influx of new construction is beneficial for prospective buyers seeking newer, more vibrant properties. As Jackson noted, buying a new property is akin to purchasing a new car – it appeals to those who prefer the latest and greatest. This diversity in options caters to different buyer motivations, offering a range of choices from new constructions to existing properties.

Insulation from Economic Slowdown

Despite the slowing economy, Palm Beach County is somewhat insulated from development problems due to its ongoing appeal to developers. Jacks pointed out that while areas like Broward are becoming built out, Palm Beach County remains a desirable location for development, particularly as it is situated at the center of South Florida’s growth.

Market Diversity

The county’s market is characterized as "robust" by Jackson, with a diverse range of properties, including mobile homes, single-family properties, and condominiums. This diversity contributes to the area’s attractiveness and supports the high value of new construction.

Conclusion

In conclusion, the new construction worth billions in Palm Beach County underscores the area’s attractiveness and the strong demand for new residences. With its diverse market, available land, and the appeal of new constructions, Palm Beach County is poised to continue seeing significant investments in new properties. This trend not only benefits the local economy by widening the tax base but also provides prospective buyers with a wider range of options, catering to different preferences and needs.

FAQs

• Q: What is the expected value of new construction in Palm Beach County this year?
  A: The value is expected to top $5 billion.
• Q: How many new livable units were added to the tax roll for 2025?
  A: Nearly 6,500 new livable units were added.
• Q: What factors contribute to the high new construction values?
  A: The availability of land and the rising cost of construction, resulting in better-built properties.
• Q: How does the addition of new construction affect taxpayers in Palm Beach County?
  A: It widens the tax base for all taxpayers.
• Q: Why is Palm Beach County appealing for developers despite the slowing economy?
  A: Its central location in South Florida, the availability of land, and the diversity of its market make it an attractive location for development.
  

  The value of new construction in Palm Beach County will top $5 billion this year as thousands of new residences are added.

  This is according to Palm Beach County Property Appraiser Dorothy Jacks, who recently told county commissioners about the state of the market from last year and what to expect this year.

  New construction value also hit $5 billion in taxable value in 2024 with nearly 6,500 “new livable units added to the tax roll for 2025,” Jacks said during a recent public County Commission meeting. And the new construction estimates for this year include more than 3,000 new homes and more than 4,000 rentals.

  “In Palm Beach County, we still have a lot of land to build on and also the cost of construction is rising, which causes the new construction values to rise because all of that new construction is being better built, probably more solidly built, and so I suspect we’ll see a continuation of these high new construction numbers over the next few years,” Jacks said.

Palm Beach County Chief Appraiser Cecil Jackson explained that the $5 billion in taxable value is essentially the same as assessed value, which is a property’s deemed worth. This is different from market value, which is the cost for which the property would sell.

Adding the $5 billion in new construction ultimately means a “widening of the tax base for all taxpayers in Palm Beach County,” said Becky Robinson, a spokesperson for the Property Appraiser’s Office.

And for prospective buyers who may want a property that is newer and more “vibrant,” rather than buying a used property, the new construction is good news for them, too, Jackson said.

“It’s just a lot like buying a new car. Some people like new cars. Some people like used cars. It just depends on the motivation of the buyer,” he said.

The county also is “insulated” in many ways from the inevitable development problems that will be spurred by the slowing economy, Jacks said.

“We still have a lot of interest from people who want to develop in this particular area in Florida but also in South Florida and really Palm Beach County is right there at the center of it now as Broward is built out,” Jacks said. “Broward really is east-to-west built out. They can only go up now, and Miami-Dade certainly still has a fair bit of land to build but also a very large population already.”

Jackson called Palm Beach County’s market a “robust” one.

“We have very diverse types of property here throughout the county from mobile homes to multimillion-dollar, single-family properties to the condominiums,” he said.