Nearly every new condo in downtown West Palm Beach, Florida, is marketed as luxury. For buyers comparing buildings, the more useful questions are what that word actually covers, which features they will use, and what it will all cost to maintain.
Kourtney Pulitzer, a senior global real estate advisor with Sotheby’s International Realty, helps buyers sort through those differences downtown. She says the answer comes down to how a building is finished, how it is staffed, what it offers residents, and how its finances are managed.
Finishes and staffing come first
Pulitzer says the fit and finish of a building is paramount. So is the way it is staffed and the services it offers. Some downtown buildings are very hands-on, with a large team on site to help residents.
That level of service has a price. “Sometimes those can come with higher maintenance fees,” Pulitzer says. “If you don’t need that, maybe you’re better off in a building where there’s less of it, so your maintenance fees aren’t as high.”
Her advice is to learn how each building is set up, what it offers, and why. Two towers with similar finishes can carry very different monthly costs depending on how they are staffed.
What new construction delivers
Right now, Pulitzer says, the clearest value gap is between new and older buildings. “Everybody seems to want new, not just in buildings, but in single-family construction as well,” she says. Construction quality has advanced so much in the last five to ten years that even a ten-year-old home can feel dated.
Compared with a building from the 1970s, a new tower starts with no maintenance issues. Buyers can expect high ceilings and gas cooktops. The biggest difference is in the amenities. Along with a 24-hour doorman, many new buildings offer a full wellness facility with a spa rather than a basic gym, and some include 30,000 square feet or more of wellness space.
When comparing luxury condos in downtown West Palm Beach, it pays to look past the lobby and ask how each of those features is used and maintained.
The amenity residents keep using
Amenity lists can run long, and not every feature gets regular use after the first few months. Pulitzer says the one her buyers still rely on after a full season is the house car.
“It’s essentially your own building’s Uber,” she says. A building may keep one, two, or three new cars on hand to take residents to the airport, to dinner, to a friend’s house, or to a game of padel, and to pick them up afterward. “It’s just sort of like you’re living in a hotel.”
When touring buildings, it is worth asking how many cars are available, how rides are scheduled, and how the service is covered in the monthly fees.
Check the finances before you make an offer
Reserves, assessments, and overall building finances should be reviewed before any offer is made. Pulitzer says established buildings now expect these questions from buyers. “Everything’s prepared for you,” she says.
That makes a lack of information meaningful. “The red flag is if you ask a building for financials, reserves, and assessments, and they can’t share anything,” she says.
New buildings work differently. While the developer still controls a building and it has not been turned over to the owners’ association, there are no reserves yet. Pulitzer says the current figures can change once the association takes over, and buyers should go in understanding that.
The right building is the one whose service level, monthly costs, and finances fit how you plan to live, not necessarily the one with the longest amenity list.
About Kourtney Pulitzer
Kourtney Pulitzer is a senior global real estate advisor with Sotheby’s International Realty, Palm Beach Brokerage. She represents buyers and sellers on the island of Palm Beach, in downtown and historic West Palm Beach, and in Avenir in Palm Beach Gardens.
Disclaimer
This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions.
