Since the real estate market fell apart in 2008, there has been very little new construction. Now, however, a number of new projects and existing unbuilt-out projects have been selling very quickly. For example, Water Club, Old Palm, and The Bear’s Club. We’ve had sales in all 3 of those communities in the past 60 days! Even in existing communities, there is new construction. There have been 15 tear-downs in Admirals Cove and Frenchman’s Creek over the past 15 months.
What’s exciting is that we are starting to see new projects. Water Club is composed of 2 stunning contemporary towers that will be built starting later in 2014 overlooking the Intracoastal Waterway. This project was due to be built about 10 years ago, but the market derailment stalled it. Prices will be between $700,000 – $2,000,000. They have sold 49 of the 166 units in just a few months. At this rate, they could sell out before they begin construction!
There are also 2 other rumored condo projects in North Palm Beach/Palm Beach Gardens on the Intracoastal that are a few years off.
There are three single-family home projects in Palm Beach Gardens that have started. Frenchman’s Harbour actually started a year ago and has been very successful. Another development is a 29-unit custom-home complex in Juno Beach. Prices will be between $900,000 – $1,500,000. Lastly is a development near BallenIsles on Military Trail. It is not part of the club.
A big rental apartment complex in Palm Beach Gardens is now finished. Land is clearing for one in Jupiter off of Military Trail and 2 townhouse projects are nearby.
Lots of construction on Island Way in Jupiter. A monster project with land being cleared now, called Prada, has begun. Hidden Bridges, a small, 16-home development, also has lots available. Of course, Rialto is very far along. There is also another small development a bit farther up toward Tequesta. Divosta is looking to build west of the Turnpike on Indiantown Road, but that one has not been approved yet. Another development is in the planning stage on I-95 and Donald Ross Road.
Cary Lichtenstein is our New Construction Expert. He can be reached at (561) 379-2020 or cary@JeffRealty.com. Cary specializes in working with high-net-worth individuals, both in finding properties for Buyers and listing homes for Sellers. You will find Cary’s background rather unique among real estate professionals. He has a dual degree in finance & economics from the University of Illinois. He later earned a JD at DePaul Law School in Chicago and was admitted to the Illinois Bar. Rather than following a legal career, he opted to enter the family home furnishings business which he grew 20-fold and then sold at age 53 to Leggett and Platt, a Fortune 500 company, and retired to Jupiter, Florida. His bucket list included playing the top 100 US golf courses.
Cary then took up oil painting as a hobby and entered his son’s real estate business. Cary has sold homes, condos, and vacant land on the ocean from Jupiter Island in the north end to Boca Raton in the south end, and in gated/non-gated communities such as The Bear’s Club, Admirals Cove, Loxahatchee River, Old Palm, Ritz Carlton Singer Island, Water Club, and many more. Cary is up to speed on all of the new construction projects in the area and you will find him an incredible wealth of knowledge.