Palm Beach Real Estate Guide: Buying & Selling a Home

For Buyers

Buying a home in Palm Beach: what to know

Town of Palm Beach or a neighboring town?

The Town of Palm Beach runs its own zoning, building permits and code enforcement. South Palm Beach, Manalapan and other towns farther south on the island are separate municipalities, and West Palm Beach is a different city across the lagoon. Confirm the jurisdiction on the Palm Beach County Property Appraiser's record for any home you consider.

Architectural review and landmarks

New construction and significant exterior changes in the town generally go through the Architectural Commission (ARCOM), and designated landmarks are overseen by the Landmarks Preservation Commission, established in 1979. Oceanfront work seaward of the state's Coastal Construction Control Line also needs a permit from the Florida Department of Environmental Protection. Build review time into renovation plans and ask whether a property is a designated landmark.

Property taxes and the homestead exemption

To qualify, you must own the home and make it your permanent residence by January 1, then apply by March 1 with the Palm Beach County Property Appraiser. The exemption deducts $25,000 from assessed value, plus a second exemption of about $25,000, now adjusted each year for inflation, on assessed value above $50,000. After you qualify, assessed value can rise no more than 3% or the change in the Consumer Price Index each year, whichever is lower. Taxes reset for a new owner, so don't budget from the seller's current bill.

Flood zones and flood insurance

Much of the island is low-lying, and oceanfront and lakefront homes may sit in higher-risk flood zones, including coastal V zones. Most homeowners policies do not cover flood damage, and homes with federally backed mortgages in high-risk A or V zones must carry flood insurance. Look up any address on FEMA's Flood Map Service Center, and ask your insurance agent whether the town's Community Rating System class earns a discount.

Condos, co-ops and inspections

Florida requires milestone structural inspections for condo and co-op buildings three or more habitable stories tall, generally at 30 years and every 10 years after, and condo associations in those buildings must complete a structural integrity reserve study at least every 10 years. Before buying a condo, ask for those reports, the budget, reserves and any planned special assessments. Co-op buildings may also require board approval of buyers and have their own financing and rental rules. Florida insurers commonly ask for a wind mitigation inspection and, on older homes, a four-point inspection, so get insurance quotes during your inspection period.

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Lifestyle

Living in Palm Beach

• Worth Avenue has been Palm Beach's signature shopping street since the 1920s, with boutiques, galleries and restaurants along its courtyard vias.
• The Breakers, which first opened in 1896, and the Flagler Museum at Whitehall, Henry Flagler's 1902 mansion, reflect the town's Gilded Age history.
• The Lake Trail runs along the Lake Worth Lagoon for walking, running and cycling.
• The Society of the Four Arts, founded in 1936, offers gardens, a library, lectures and performances.
• The town's population grows to about 25,000 in the winter season, from November through April.
• Palm Beach International Airport and the Brightline station in West Palm Beach are a short drive across the bridges.

Also see William's Jupiter, Tequesta and Jupiter Island real estate guides.