There’s a quote attributed to Mark Twain that always makes me smile... “Buy land, they aren’t making it anymore.”
For most people “New Construction” brings to mind images of shiny new condominium towers. While we have an unprecedented assortment of beautiful condos, there is another major luxury real estate submarket emerging in the Boca Raton and Delray Beach coastal corridor - New Construction Single Family Homes.
While there are a handful of new developments offering single family homes in the western suburbs, the real story is the emergence of new construction estate and waterfront homes east of Federal Highway. In the last year, there have been 95 newly built homes sold and closed here at $1,000,000 or more; with total volume of $363,320,283. Those located east of Federal Highway accounted for 41 of those sales and $243,105,387 of the volume.
The original build era of most of our eastern coastal areas was the 1960’s and 1970’s. At that time the area was very seasonal and the preference at the time was for ranch-style, single story homes of less than 3,000 square feet. Fast forward to present-day and the population of the region is composed of increasingly affluent consumers with a taste for new luxurious home options. In certain neighborhoods, the turnover has been dramatic. We are seeing land values along the corridor skyrocket as the demand for land from both individuals looking to build custom homes and developers with a spec home program as their primary business model dramatically outpaces supply.
Not all neighborhoods are equal; each has a unique character and value proposition. Let’s look at some of the top neighborhoods for new development homes.
Royal Palm Yacht & Country Club
Just across the Intracoastal Waterway at the southeastern corner of Palm Beach County lies Boca Raton’s most prestigious private country club & yachting community, Royal Palm Yacht & Country Club. Renowned for embodying the best of the Florida coastal lifestyle RPYCC is known internationally as one of Florida’s most coveted Country Club communities.
690 custom estates span 749 original home sites that range from stately Mediterranean revival mansions to contemporary Florida masterpieces. Roughly one-third of the homes are located on a canal or the Intracoastal Waterway and feature dockage for vessels ranging from 50’ (15m) to over 165’ (50m). This is one of only two subdivisions in Boca Raton with natural gas on every street and underground utilities.
Perhaps the most unique aspect of this subdivision is that it is nestled in and around an ultra-exclusive private yacht and country club; yet unlike every other Boca Raton country club community, membership is not mandatory or related to a home purchase.
The Sanctuary
An ultra-exclusive enclave of custom estate homes, The Sanctuary stands out as the most private and secure among the luxury waterfront communities in the area.
92 custom estates, covering 107 original home sites in The Sanctuary, were first offered in 1978 and the newest homes are under construction. Roughly two-thirds of the homes are located on a canal or the Intracoastal Waterway. Most of the homes feature private docks that can accommodate boats ranging from 30 -100 feet in length on deep water canals. In addition, there is a full-service community marina available.
Golden Harbour
Located just off of 5th Avenue in East Boca Raton, Golden Harbour is just down the street from Mizner Park, Royal Palm Place, and the beaches. Originally developed in the 1960’s comprised of single-story ranch-style homes, much of the real estate in Golden Harbour has been completely renovated or rebuilt with custom-built waterfront estates.
Sun & Surf
Nestled among the sandy white beaches, the oceanfront Red Reef Golf Course, Florida’s natural tropical waterways, and downtown Boca Raton lies the most perfectly-located waterfront community - Sun & Surf of Boca Raton.
Located just north of Palmetto Park Road along Ocean Boulevard/A1A, Sun & Surf is a private community comprised of 81 luxury estate homes. The majority of the residences in Sun & Surf are located on waterfront. Residents enjoy panoramic views of the stunning tropical backdrop from every angle. Even the most discerning mariner will appreciate Sun & Surf’s convenient location, just off the Boca Inlet, providing access to the open waters of the Atlantic Ocean.
Boca Villas
If a walkable location and single family home is of interest, then Boca Villas is one of the best options. Located directly in the center of downtown Boca Raton, Boca Villas is a serene single-family home community initially built in the 1950s. In addition to being walkable to Mizner Park and all of the best restaurants in town, this enclave is about one mile from the beach as well. Boca Villas is truly in the middle of the best of Boca Raton.
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