Expert: Land shortage to help PBC real estate

Posted at 5:08 PM, Jan 18, 2016
and last updated 2016-01-18 17:08:43-05

2016 is shaping up to be the hottest year to buy property in Palm Beach County, experts predict some areas will see double digit growth.

Daniel Kodsi grew up Florida, he's now a real estate mogul. In 25 years he's built 24 developments, six of them in Palm Beach County. He says builders are flooding the area because unlike Dade and Broward, Palm Beach County still has land.

"To the south of Palm Beach we're built out,” Kodsi said. “You have natural barriers with the Everglades and the Atlantic Ocean, so Palm Beach is going to be the only area with developable land where you can build single family homes."

According to CBRE South Florida ranked seventh behind D.C., Chicago and San Francisco for the busiest global investment destinations. The news has people buying up land to build in places like West Delray and Boynton Beach.

All Aboard Florida is also taking credit for spurring development. They expect to see multi-million dollar complexes with retail, residence and office space around each of the rail line's stations.

"The congestion we have… there's a formula for success here for our transportation service and all the development around it,” Adrian Share, EVP of Rail Infrastructure said.

With all this development going on, experts say newer construction may be the way to go since it is likely to give you a higher return on your investment.