Is the Palm Beach real estate market showing signs of a rebound? Low interest rates or maybe currency valuations?
A long time builder in the area, Divosta, broke ground to complete phase II of Mallory Creek, a 2200 acre single family home development in Abacoa. PS: They need to plant some trees first. Compared to the rest of Abacoa, Mallory Creek looks like a wasteland.
In May, Toll Brothers snapped up 77 acres of prime Intracoastal land in Juno Beach from bankrupt WCI Communities for $20M, and are now building a new waterfront community called Frenchman’s Harbor.
WCI obtained site plan approval for 48 single family homes and 30 condos all with 50 foot boat slips. I heard the permits were set to expire and they needed to break ground. Toll Brothers also bought the land on the north side of Indiantown Road where Jupiter Country Club is located from WCI.
New Urban Communities had several commercial parcels sitting idle for years in the Greenwich subdivision also in Abacoa. See Mallory Creek above.
Earlier this year, Kolter acquired a distressed oceanfront property in Gulfstream and unveiled plans for 4001 Ocean, a 34 unit tower. They have however abandoned construction of a new complex on a choice piece of land in North Palm Beach, at least for the time.
Maybe the big boys know something...
Buyer and sellers, are you listening?
You can see all homes for sale by visiting me at http://www.coastalfloridarealestate.net/ or calling me at 561-762-4073.