Tuesday, May 5, 2009

Click here for review of residential real estate sales in 33460 last 30 days

Some townhouse units and a unit in the Lucerne sold. It's interesting that the cry from those against townhouses at the time they were approved were that they weren't affordable housing. The market has a way for correcting that as these sales attest. Excess supply and less demand leads to falling prices. Eventually the market will find its equilibrium where currently vacant units are occupied at a new market price.

That is the trouble with the thinking of people who complain about vacant units in townhouses. First of all, these buildings are on the tax rolls and property taxes have to be paid whether vacant or not. Second, as noted above, it is a temporary situation that will resolve itself with the market. Third, the townhouses built in Lake Worth during this national and international BOOM in housing are a relatively small number compared to other local municipalities. Fourth, in many cases, these buildings took care of some blighting influences that couldn't be eradicated in other ways...6th Avenue South and Federal Hwy. come to mind. Fifth, for every unit built in Lake Worth - one less is built in environmentally sensitive or sprawl-prone areas.

Commissioner Jennings talks a lot about the FPL plant at "the headwaters of the Everglades" - she even lent her negotiating talents between protesters and law enforcement -and frequently references how that power plant represents the beating heart of development.

Question: If we wall off the already urbanized area (which Lake Worth is in the middle of) from redevelopment, then where will that go? The only place left will be interior regions of Palm Beach County and the rest of the state of Florida. All of which will be aided if Hometown Democracy makes it on the ballot in 2010 and becomes law.