New Homes in Palm Beach County Starting under $400,000

Ok so I wrote a post on why I thought new homes sales were sluggish as recently reported by a lot of media outlets. I noted that most new construction communities in Palm Beach County started over $400,000 and continue to well over $1,000,000 in our area. I also let on that there are some new homes being built at starting prices under $400,000 in the Palm Beaches and promised to supply a guide to them. Here we go!

In Northern Palm Beach County it’s almost impossible to find a new construction home under $400,000. There are some smaller independent builders doing it, so check in with us for information on their products.

Arbor Parc in western Riviera Beach, Florida might be your best bet for finding a brand new home centrally located in the Northern Palm Beaches. 3 – 4 bedroom single-family homes and townhomes starting in the mid $200’s. There are not a lot of amenities within walking distance, but the location provides easy access from I-95 to PGA Blvd shopping at Downtown at the Gardens and The Palm Beach Gardens Mall to the north and the new Palm Beach Lakes Outlet Mall, Ballpark of the Palm Beaches and Cityplace in West Palm Beach to the south.

The western community of Royal Palm Beach, Florida often gets overlooked, but has wonderful amenities and very nice communities. Similar houses can be found at far more affordable prices than neighboring cities. We often say with some of these houses in Royal Palm if you could pick it up and put it in Palm Beach Gardens or Jupiter that they would sell for $100,000 – $200,000 more. There are many communities that are less than 10 years old and offer tremendous value, but here is a list of the new construction communities under $400,000 in Royal Palm Beach.

There is a very interesting townhome community named Greyson consisting of 93 three – four bedroom units in the $300’s just south of Southern Blvd off State Rd 7.

Park Central at Cypress Key townhomes in the $300’s by K Hovanian is located just off Southern Blvd and bordered by Wellington to the south, Loxahatchee to the west, and Royal Palm Beach to the north. Great location with lot of amenities, restaurants and shopping nearby. What I think is appealing about Park Central is that K Hovanian built essentially these same floor plans in the community of Hampton Cay in Palm Beach Gardens. That community is sold out now, but all of those townhomes are priced over $400,000. You’re getting the same product in Royal Palm Beach for potentially $100,000 less!

BellaSera by Lennar starts in the mid – $300’s for a 3 bedroom single family home. The community will have about 350 homes when completely built out. If it starts selling fast prices may not stay that low. More established communities like Madison Green and PortoSol offer homes starting in similar price ranges, so there are other good options nearby.

Lennar is also building 3-4 bedroom townhomes starting in the $300’s at Cambria Parc in the heart of Boynton Beach and at Andalucia in Lake Worth, Florida. Lennar has some interesting workforce housing communities priced under $300,000 they are building with income restrictions. Call us for details on those unique communities.

West Palm Beach, Florida

I mentioned Westlake in my previous post and this community is a beast. Springing up out of what has been the sleepy rural Loxahatchee this master planned community will eventually have thousands of homes and hundreds of thousands of square feet of commercial development. Get in early! There are some affordable single-family home options with 2 bedrooms starting in the high $200’s and 3-4 bedroom floor plans under $400,000. There will be many other options above $400,000 as well.

I also mentioned Arden another master planned community known as an Agrihood centering life around a 5 acre farm. Located a little further west of Westlake off Southern Blvd it’s in pretty much the furthest outskirts of the West Palm Beach area. Ryan Homes will be building homes in the $300’s and other builders the more expensive floor plans.

Mattamy Homes is breaking ground on a small 56 single-family home community named Solcera at Southern and Jog road in West Palm Beach, Florida. Expect prices to start in the $300’s.

DR Horton is advertising homes in the mid-to-high $300’s named Ranchette Royale, but those advertised prices don’t include the lot cost. Another reason to make sure you give me a call before you start visiting these new home communities. It can get frustrating visiting communities you think are in your budget to discover the real price after adding in the lot cost, closing costs and minor updates add $50,000 or more to the price.

Pulte homes, generally known for building higher end properties, is building a 164 unit townhome community with prices under $300,000!

Not too far away from there in Lake Worth, Florida you can find 3-4 bedroom single-family homes from the mid $300’s at Lake Cove.

West of the turnpike in Lake Worth, Divosta Homes is building townhomes starting in the lower $300’s at The Fields. Nearby is a single-family home community name Silverleaf with 3 bedroom homes starting in the mid $300’s.

In Wellington near the Polo Grounds, Binks Pointe is a neighborhood of 90 townhomes priced in the high $300’s, but I expect you may be paying over $400,000 for one of these units before it’s all said and done. It is nice that they all come with two-car garages.

If you’re trying to get into a new resort style area in Boca Raton under $400,000 then the townhomes of the Enclave at Boca Dunes look to be the only option right now.

If you’re looking for the finest in new luxury homes construction and location then visit the $1,000,000 plus new construction home list.

Quarterly Market Update – Macro Level

I like to start with a broad view of the real estate market as a whole and then narrow the focus down to our regional area and product type, which is residential housing in Palm Beach County. Daily I get the question of, “How’s the real estate market?” Why do people ask me? Well it’s my profession and I’m in the real estate market every day, and I also think because there is a lot of confusing noise out there for homebuyers and sellers right now. Can you trust what you hear when the media reports seemingly conflicting news every other day?

This week I saw one article from CNBC and another from Housing Wire stating new home sales were in the tank. Down almost 7% from December to January. Wow that’s bad you think! Wait though, didn’t I just see a different CNBC article a week ago that in December new home sales reached a 7 month high and another that read, “Housing prices could be on the verge of heating up again …” Huh? What? Really, you’re just gonna change the reported outlook on the real estate market in a week?! So, the quarterly update from the media is market is cold then hot, then not again. I’ll post my overall thoughts on the housing market in a separate post.

What you need to know is residential real estate is a slow mover. Most of the reports you see are guesstimates and then a couple months later they’ll go back and put out a new article with the revised numbers. Real monthly numbers going back 3 to 6 months to 12 months is a good trend line where you can make an educated decision. Guesstimates on new home sales matter a lot for builders and economists, but for the average homebuyer looking for a place to live maybe not so much. As they reported in the CNBC article, new home sales only make up about 10 – 12% of homes sales annually. Might be a bit rash to use one tenth of the sales in the US to make a prediction regarding the whole housing market.

Why are new homes sales slow? I’ll tell you why in my thoughts on sluggish new home sales post.

Bottom line – ignore it. Unemployment is low and interest rates are stable for the near future. It is a good time to buy. Having a sub 5% interest rate on a home mortgage is a great thing! If you are looking for a home for you and your family then you just need to evaluate your personal budget, lifestyle, location and functionality of the home. Your primary residence isn’t an investment, so don’t worry about if I wait a year or five will I get a better deal. The people that waited 5 years ago are kicking themselves. You just really need to evaluate what you can afford. You’ll build up equity paying down the principal with your mortgage payments. Do you have a down payment and steady employment? If you are buying a home hoping that appreciation is going to make your mortgage payments then you’re already in trouble. Don’t worry about the talking heads on TV. The investors that have built up tremendous wealth in real estate did so by buying at the middle of the market cycle, the top of the market cycle and the bottom of the market cycle. Point is they kept buying and investing for the long-term, but that’s a different topic.

Homesellers you are also homebuyers, so I wasn’t leaving you out. It is a good time to sell. I’ll leave it at that until another post. Knowing it is a good time to sell then you have to evaluate the move through the homebuyer lens. Can I sell and meet my homebuying or maybe even renting goals? Can you sell and get the home you need in a location that works for your family at a monthly budget you can afford?

Synopsis: We have a flattening housing market with low interest rates and strong employment making it good for both buyers and sellers over the next year to meet their housing needs.