After almost 2 decades selling luxury real estate throughout Palm Beach County, I believe one of the most undervalued opportunities is owning a single-family home between the Intracoastal Waterway and the Atlantic Ocean.
Communities such as Ocean Ridge, Gulf Stream, Manalapan, Hypoluxo Island, Juno Beach, and Jupiter offer an extraordinary coastal lifestyle, often steps from the beach, with significant potential for long-term appreciation.
The greatest advantage of these markets is something that cannot be recreated: location and limited supply.
Consider Ocean Ridge, where there are currently just 16 single-family homes for sale. To put in perspective I've personally sold more than 20 homes in Ocean Ridge in a single year.
Manalapan has only 8 homes for sale. Gulf Stream has 10.
I believe inventory will remain limited for two reasons.
First, wealthy buyers are increasingly purchasing neighboring properties to create larger estates, potentially reducing the number of individual homes.
Second, longtime homeowners have little incentive to sell. Many consider downsizing, but today's replacement costs, property taxes, and insurance make staying in their existing homes more attractive.
Meanwhile, the pricing disparity between these coastal communities and neighboring luxury markets is remarkable.
In Palm Beach, the median asking price for a single-family home is approximately $19 million.
In West Palm Beach's historic El Cid neighborhood, homes have sold for $7 million to $8 million on dry lots, even several blocks from the Intracoastal.
Yet minutes south, buyers can find exceptional single-family homes within walking distance of the Atlantic Ocean for a fraction of those prices.
We recently sold 48 North Harbour Drive in Ocean Ridge for $2.35 million, a beautifully updated home steps from the beach. The buyer recognized both the litestyle and potential appreciation through modest improvements and long-term ownership. This will be a future $4M property before too long.
At the higher end, consider 5 Barefoot Lane on Hypoluxo Island, a spectacular new waterfront estate offering more than 6,500 square feet of living space. A comparable Palm Beach property could command over $40,000,000+, illustrating what I believe is an extraordinary value gap. In West Palm Beach this same property is $25M+.
Real estate markets fluctuate, and appreciation is never guaranteed. But limited coastal land, increasing wealth, and an exceptional lifestyle create compelling long-term fundamentals.
I often tell prospective buyers something working with other real estate brokers: If you find another coastal home you love listed with someone else, buy it!
Because I believe one of the best investments in Palm Beach County is owning a piece of its irreplaceable coastline.
Don’t be surprised when coastal Palm Beach County is home to the first billion-dollar residential sale in the country. It’s coming!
