BY BETH EASSA | PHOTO BY MELISSA KORMAN
Depending on who you ask, today’s real estate market may be described as hot as ever—or as finally cooling off from the explosive boom that followed the pandemic. Home prices remain high, but houses are sitting on the market longer than they used to, giving buyers a little more breathing room than they had just a few years ago. Then there’s Delray Beach.
To get a better idea of what’s happening locally, I sat down with real estate expert Allyson Sullivan, who has been selling real estate in the area for more than two decades.
“Delray is somewhat of an anomaly compared with the rest of Palm Beach County,” Sullivan said. “The downtown Delray district is relatively small, and proximity to Atlantic Avenue commands a higher dollar. So, because of that limited supply and strong demand, the market continues to stay strong.”
That’s not necessarily the case everywhere.
“Palm Beach County as a whole is definitely softer than it has been over the past few years,” she said. “Higher mortgage rates and uncertainty in the economy certainly play a role in that. But despite those factors, you can still find strong pockets and hot markets throughout the county.”
Delray happens to be one of them, and Sullivan has been around long enough to remember when downtown looked very different.
Originally from Boston, Sullivan moved to South Florida in the mid-’90s to attend Florida Atlantic University— “Go Owls!” After graduating in 2000, she obtained her real estate license the following year while also working at the iconic former Sundy House in Delray Beach. The timing gave her a front-row seat as downtown began evolving into the destination we know today.
“The renaissance of Delray Beach really started in the early 2000s, and it continues to be strong today,” she said.
Anyone who remembers Delray in the early 2000s knows just how much has changed. Atlantic Avenue has become a destination in its own right, packed with restaurants, bars and shops and drawing visitors from throughout South Florida. All of that activity has made living within walking distance of downtown increasingly desirable—and there’s only so much real estate to go around.
Of course, Delray’s desirability doesn’t make buying a home right now any less intimidating.
Mortgage rates are nowhere near the rock-bottom levels buyers became accustomed to a few years ago, and the cost of owning a home in South Florida has climbed along with property values. That can leave prospective buyers wondering whether they should buy now or wait for conditions to improve.
Sullivan’s advice? Don’t spend too much time trying to predict the perfect moment.
“If you’re waiting for the perfect time to buy, usually you don’t know it was the perfect time until it has already passed,” she said. “So dive right in!”
“For a first-time buyer who’s nervous about high mortgage rates, it’s certainly nerve-wracking, but at some point, you just have to make the jump,” Sullivan said. “Real estate has always been a great way to build wealth. It’s better to pay down a mortgage and build equity for yourself than to pay rent to a landlord.”
Whether buying makes sense, of course, depends on someone’s individual finances and plans. But for those waiting on the sidelines solely hoping for better rates or lower prices, Sullivan’s point is worth considering: by the time favorable market conditions become obvious, everyone else knows it too.
And if you’re looking for an area that might have some room to grow, Sullivan has another suggestion—look north.
“I wouldn’t sleep on east Boynton Beach,” she said. “There’s so much new development coming to the area that’s going to bring in more businesses and restaurants, and I would bet that’s going to have a positive impact on property values.”
There’s certainly plenty happening. Several large mixed-use projects are planned or underway in and around downtown Boynton Beach, bringing hundreds of new residences along with additional restaurants and retail space. Projects such as The Villages, Ocean One and the next phase of Town Square are part of a broader effort to create a more active, walkable downtown.
For Sullivan, the activity just to the north looks familiar. She experienced Delray’s transformation firsthand and knows how an influx of new residents, restaurants and businesses can change the character—and desirability—of an area.
After more than three decades in South Florida, Sullivan’s connection to eastern Palm Beach County runs deeper than real estate.
“I feel grateful to have called eastern Palm Beach County home for more than 30 years,” Sullivan said. “I have really enjoyed watching the growth and development of the area over the years and am excited to see what comes next.”
