[As published in WPB Magazine's Spring 2024 print edition. REAL ESTATE | #REALWPB | SPRING 2024]
A Conversation with Real Estate Agent Jonathan Duerr, One Sotheby's International Realty and Senior Sales Exec. at Alba Palm Beach
Is buying real estate in Florida an excellent investment? Well, that all depends on where in Florida. Despite big layoffs nationwide, Florida still has a good economy. The job market is growing, and with no state income tax, the Sunshine State is a magnet for professionals seeking financial stability and an attractive place to live.
In early January, vacation rental marketplace FloridaRentals.com examined house prices on Zillow, a leading real estate marketplace, to create a ranking of the most and least expensive areas to purchase a property in Florida, and here's what they found:
Monroe County tops the list as the least affordable area to buy a house, with a median house price of $954,012. Monroe is the southernmost county in Florida, comprising the Florida Keys and parts of the Everglades National Park, making the county rich in stunning, natural landscapes.
Collier County followed Monroe, with St. Johns and Walton trailing closely behind. Surprisingly, Miami-Dade came in 5th place and Palm Beach County in 6th, with the average median house price in Palm Beach County at $524,918. Manatee County came in 10th place as the most affordable county in Florida, with a median house price of $476,592.
Jonathan Duerr, Senior Sales Executive for One Sotheby's International Realty and Alba Palm Beach sees a low inventory of houses. Still, he thinks the market is picking back up in Palm Beach County.
“There's a next wave that's coming. Look at the 360 Rosemary building developed by Steven Ross and his Related Group. They're putting so much money and effort into developing the city and the commercial buildings and attracting the upper northeast financial institutions to come here. Palm Beach County has exploded and will continue to do so for the next 3, 5, and 10 years,” he says.
Duerr has provided his real estate clients with white-glove service for the past 20 years in Palm Beach County, and now is also spearheading the sales team at Alba Palm Beach, the newest direct waterfront luxury condominium in the Palm Beaches.
“Everything went wild after COVID-19. We saw a big wave in 21 and 22, and then in 23 things started to stabilize. We're expecting 2024 to be another good year and continue to grow in the next three to five years in Palm Beach County,” he continues.
“West Palm Beach has a mixed culture and classes of people — from company CEOs to secretaries — slowly integrating into Palm Beach County. So, you've got your young finance guys coming down to Florida and moving into these high-level rentals or starting their families and buying homes in El Cid, SOSO, Flamingo Park, or other neighborhoods nearby. You also have the other clientele with two or three kids. They're looking more in the northern part of the county, like Jupiter or Palm Beach Gardens, and they're commuting down to West Palm Beach or Palm Beach.”
Duerr thinks real estate in Palm Beaches is excellent for apparent reasons. Being sunny, South Florida, and whether it is for tax purposes, the climate, or because of how well the state is run, whatever political side you're on, "I think everybody agrees that it's just a well-run state. And Palm Beach county in itself is just a well-run county," he says.
Part of Palm Beach's allure is its reputation as a super clean, super friendly county. It's a place to be, he says. What once was a vacation destination or second home destination has become more of a primary residence and a stronghold for singles and families from all walks of life.
New in Town
“It's phenomenal,” he says about the county's broadness, growth, and evolution. Like Northwood Village's transformation — from Broadway's streetscape project to Curry Park's 35-million-dollar renovation near Old Northwood, there's always something new in town. “I love to see that change. Take Alba Palm Beach. It is part of the Northwood Villages district at 47th and Flagler, right on that north end of Northwood that's being developed.”
Alba Palm Beach offers 55 luxury condos from $2.8 million to $12 plus. And as you travel north on Flagler, Duerr points to $20 and $30 million homes being developed. “Some of these are primary homes, and others are spec homes, but for the most part, people are moving into these homes," he says.
Over the last two to three years, Northwood alone has almost doubled and sometimes tripled in appreciation in some of those areas while still keeping its integrity and its historicalness. Many of those homes are landmarked or historic homes.
“Northwood's renovations are good, which shows the city's initiative to start to clean up that area and make it friendlier and safer for all the residents,” says Duerr. “There's the Nora Project that will be a very high-end design district area for retail and commercial spaces, including hotels and some great restaurants and gyms. But that's going to be a destination where people can go and spend the day — go and work out, have lunch, go shopping, and enjoy some entertainment at night.”
Eyes on West Palm Beach
Duerr says that Palm Beach County was undervalued for a long time. Being part of South Florida on the eastern coast, in the country's best climates, residents were not prepared for the prices to jump up two and three times over the past two years.
“It probably should have been happening over three to five years,” explains Duerr. “It all happened at once, so it seemed very drastic to people. I look at West Palm Beach, and people call it the Wall Street of the South or a mini New York in terms of all these different boroughs that are popping up, like SOSO, which is south of Southern Boulevard and a great family-oriented neighborhood.”
SOSO is attracting more retail and restaurants and is very approachable when purchasing a family home. It is the same as Northwood, where you can still get a good single-family home for a decent price. And let's face it: We are paying a higher price based on location, minutes from a beach, and living in a coastal city.
“There are still some great neighborhoods west of I-95, and I think that's when you're starting to see communities like Avenir and Westlake come to life. Although they're about a 20—or 25-minute drive from downtown or the beach, you'll get a bigger bang for your buck,” Duerr says.
For many Floridians, commuting is not a word we're used to or like. For the Northeast and the Midwest, people coming here are used to commuting 45 minutes to over an hour to get to work sometimes. Living further out west or north isn't a huge deal for them.
“We are privileged to live in one of the best areas, counties, best states in the country for many reasons. And I believe there's still plenty of opportunity,” says Duerr. “I love that there are people from all walks of life here. That's what makes our city [West Palm] so great. I love the integration and immersion of Palm Beach and West Palm Beach, both from a real estate and lifestyle perspective.
"I love seeing it when we come together, especially after being here for almost 20 years; I used to live and work in Jupiter. I love going up there and going to the beach. But our county, from Delray to Jupiter, offers something for every lifestyle and family level. So, if you're a boater, a golfer, or a family-oriented beach-goer, we will look at Palm Beach Gardens and Jupiter. Suppose you want more of a city life or urban lifestyle. In that case, we will look around the Delray Beach area with Atlantic Avenue, which reminds me of southern California, where there's active biking and rollerblading."
For Duerr, it's fun to have clients come to his office wondering where they want to be. He knows Palm Beach County well, so he dials into their likes and dislikes and lifestyles for them and their family. He zeroes in on the city and town and into a particular neighborhood that suits their needs, and finally, he gets to that specific property that's perfect for them.
To contact Jonathan Duerr, call/email 305.962.1876 | jduerr@onesothebysrealty.com.
#RealWPB is a new column featuring local real estate agents' thoughts about what's trending in West Palm Beach and beyond.