Ritz Carlton recently announced they had set their sights on West Palm Beach. This move would introduce the luxury brand into this south Florida city. The luxury brand, a subsidiary of Chevy Chase, Maryland-based Marriott International, has reportedly signed a condo license with Aventura-based BH Group and Related Group based in Miami for the property at 1717 N. Flagler Drive. But why are these luxury branded residences so famous in Florida, and what can West Palm Beach expect from this development?
Why Are These Luxury Branded Residences So Popular in Florida?
2021 saw branded residences pop up as the real estate trend of the year. The hype has since continued in full swing, with no signs of slowing down globally, specifically in Florida. Several brands have since gotten in on the action, with Marriott International going home with the more significant piece of the pie.
For buyers in Florida, branded luxury residences promise hassle-free ownership and professional management of the home. Society’s elites prefer it because of the quality of life offered with top-quality amenities and services.
Branded luxury residences are also popular amongst developers in Florida because of the higher visibility of the project, premium prices for developers, and buyers’ confidence because of their association with the brand. In addition, residences are more consistent in design, services, and quality across the board.
How Will This Affect the City of West Palm Beach and the Rest of the New Construction Condos in the Area?
The entrance of a luxury residence brand like Ritz Carlton into the West Palm Beach real estate scene has the potential to boost the profile of the city’s condo market. West Palm Beach is home to the famous “Wall Street of the South,” and having such a luxury brand in the area would attract more residents and companies in the city’s financial sector.
Ritz Carlton’s investment in the Bristol Palm condo some years ago saw remarkable record-breaking sales proving a ready market exists for such condos in the Intracoastal Waterway. As a result, condo prices in West Palm Beach can start at well over $1 million.
Most condos in neighboring settlements like Palm Beach are mostly high-priced older buildings. Condo buyers who opt to live on the other side of the Intracoastal Waterway in West Palm Beach would benefit from newer units and better amenities at a lower price point. We can expect to see other branded and non-branded new construction in the area in the coming years to meet various consumer needs and be available at various price points.
The only Ritz-Carlton resident condo in Palm Beach County is on Singer Island in Riviera Beach. There is much to look forward to with this real estate mogul establishing a residency in West Palm Beach. Such an investment will pay off for both developers and will be a welcomed innovation by buyers and the city. There is indeed more in store for West Palm Beach.