Over the past decade or so Palm Beach County has become one of the most desirable zip codes to own
a home in the country, however a recent report shows that the most active sector of their real estate market is commercial properties. According to a survey regarding loans over the $1 million mark that was conducted by Rabideau Law, Palm Beach commercial loans have nearly doubled since last month alone. The report also showed that commercial loans accounted for $428 million borrowed from lenders and amounted to 59 mortgages, so clearly the business sector of Palm Beach is booming, which seems natural given the increased status of the area. Palm Beach has become widely know as the ideal vacation spot for the super rich, and businesses are seeing the opportunities of setting up shop here.
This rise in commercial loans is likely prompted by both the rebounding economy and possibility of interest rates going up in the near future. The Federal Reserve has acknowledged publically that we should expect interest rates to increase sometime during this coming summer, so now would be the best time to take out a loan in order to get the best rate possible. Also, the economy is in good shape and more people are spending money so businesses are making enough revenue to expand their companies. Palm Beach offers access to some of the wealthiest clientele in the country, and naturally serves as the ideal place to build or grow a business, which businesspeople seem to be taking advantage of given the skyrocketing amount of commercial loans.
Areas such as Palm Beach and Miami-Dade are becoming well known for their upper-crust crowd and dual access to city and beachside lifestyles, which appeals to companies as well as vacationers. With mortgage rates low and property values growing daily, now is the time to invest in either commercial or residential real estate in South Florida. Contact a RE/MAX agent today and they will help you find the perfect property, whatever your needs may be.