The Pros of Buying a Waterfront Property in West Palm Beach

The Pros of Buying a Waterfront Property in West Palm Beach

  • The Drahan-Keiser Team
  • 07/13/23

West Palm Beach, Florida, is a vibrant coastal city in South Florida known for its ideal waterfront location and upscale atmosphere. From its world-class dining and shopping to its lively nightlife and entertainment scene, West Palm Beach is an active community for families, professionals, and retirees. The area is the perfect mix of water and land with two large lakes, ocean access, and massive natural areas like Grassy Waters Preserve and Winding Waters Natural Area.

West Palm Beach's waterfront location is ideal for its beautiful views and luxurious homes occupying the shoreline. From sprawling estates with private amenities to contemporary condos with stunning views, the options for waterfront living in West Palm Beach are endless. Many single-family waterfront homes feature private docks and access to the lakes or the Atlantic Ocean, making them the perfect choice for avid boaters.

Why you should buy a waterfront home

Many people are drawn to living near the water, enjoying stunning views, and accessing aquatic activities such as boating or swimming right from their own backyard. Owning a waterfront property can also offer excellent investment potential.

Potential for appreciation

Waterfront homes have high appreciation potential. Historically, these properties have appreciated over time and have been more resilient in market downturns than homes further inland due to their desirability. The waterfront lifestyle, including the proximity to water, scenic views, and access to water-based recreational activities, are substantial factors in the strong value retention of waterfront properties.

Choosing a home that is likely to appreciate can lead to significant financial gain, making it a savvy investment choice. With proper market research and thorough consideration of the property's condition, investing in a waterfront property with solid appreciation potential can yield great rewards if you choose to sell.

You can earn rental income

Another advantage of owning a waterfront property in West Palm Beach is the potential rental income opportunity. Many people are looking to rent a waterfront property for a vacation or short-term stay throughout the year, which provides an excellent opportunity for homeowners to earn a steady stream of passive income. You may also be able to use the investment property as a long-term rental for locals waiting for homeownership. With the increasing demand for vacation homes and rentals near the water, a waterfront property can be a profitable investment. Generating rental income also helps offset the costs of maintaining and owning the property.

Unobstructed water views

Waterfront homes have the best views in West Palm Beach, allowing for stunning sights of the water and often providing a front-row seat to breathtaking sunsets. This can improve mental health and well-being, as studies have shown that being near water can reduce stress and promote relaxation. Waterfront homes often have large windows and more outdoor living spaces, allowing homeowners to enjoy the location and the scenery.

These views alone can increase the property's value and provide a sense of tranquility for homeowners. When a home or condominium is directly on the water, the views will never be in jeopardy of being blocked by new developments, making these locations highly desirable.  If views are a high priority, buyers should be wary of properties too far from the water because any distance between a property and the water allows for new construction and limited sight lines. Work with a realtor to research regulations and ensure your views are protected.

Lifestyle support

Living on a waterfront property is not only an upscale experience, but it is also a way of life. It creates an opportunity to relax and appreciate the beauty of the natural environment without ever having to leave home. Waterfront homes support a certain lifestyle that revolves around the water, where homeowners can indulge in activities like fishing, swimming, and boating with simplicity. This lifestyle promotes privacy, community, and luxury. With the ability to enjoy hobbies within minutes, waterfront homes create a convenient and high-end living experience.

How to find the perfect waterfront home in West Palm Beach

When considering a waterfront property purchase, learn about the current market trends in target neighborhoods. Research recent sales prices and compare them to similar properties in the region to understand the general worth of the homes for sale in West Palm Beach. Once a general sense of the market has been developed, choosing the perfect home becomes easier. Another step is determining what type of property you are looking for, a single-family home, condominium, or townhouse. Consider the location; are you looking for a walkable area with lots of shops or a quieter spot with more privacy? Consider the property's age, nearby amenities, and condition before choosing the perfect waterfront home.

Connect with your network for off-market listings

Finding the perfect waterfront property can sometimes require extra effort. One strategy is to connect with your network for off-market listings. These are exclusive properties that may not be actively advertised online but are known to be available by word of mouth. By networking with professionals, family, and neighbors, you may find an incredible waterfront home that hasn't even hit the market, staying ahead of the competition.

Work with an expert realtor

When searching for the perfect waterfront property, working with an expert local realtor who understands the market and can provide premier services is critical. It is best to find an agent specializing in waterfront homes, as they will have the right network, resources, and information to help you secure a property. A seasoned luxury agent will have access to off-market listings and can help you locate the right property that meets your unique lifestyle needs. With their knowledge and reputation, they can provide valuable advice on location, amenities, rental income, and appreciation. Ensure you are working with the best agent by interviewing local candidates to find a match for your real estate goals.

Discover more tips about luxury properties in the community

The Drahan-Keiser Team is a West Palm Beach real estate team specializing in luxury homes, equestrian properties, and high-end investment opportunities. Discuss your goals with a professional and knowledgeable team and implement your real estate strategy to purchase a waterfront property.

*Header photo courtesy of Shutterstock

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Can't find something you like in this red-hot market? Some of the best properties aren't listed and we have access through our exclusive network to help you find the right home. If you're in the market for Wellington, Ocala, or Palm Beach County property, contact us today.

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