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Real Estate Market Trends West Palm Beach 2014


Boca raton, florida A City for All Seasons There are always many magnificent Palm Beach homes for sale in the City of Boca Raton. With a population nearing 90,000 in incorporated areas and nearly 200,000 living in unincorporated areas under the postal address of Boca Raton, this highly sought-after city features almost 30 square miles of land area and 1.96 square miles of water area. Boca Raton is especially well-known for its affluent social community and high income demographic. Since its beginnings as a resort destination, Boca Raton has evolved into one of the most desirable, vibrant and exciting places to live in the entire country. Boca Raton originated during the 1920s Florida land boom, was incorporated in 1925, and a year later, Addison Mizner built Cloister Inn, later renamed the Boca Raton Resort & Club. Boca Raton’s development as a high-tech center resulted from the establishment in the late 1960s of an important IBM branch, where momentous developments occurred, including the world’s first personal computer – the IBM PC. Boca Raton is a veritable hotbed of cultural attractions including a ballet theatre, a museum of art, an historical society and museum, a children’s museum, the Philharmonic Symphonia, and the Caldwell Theatre Company. The City’s beaches include Red Reef Park, which features a living reef for spectacular snorkeling direct from shore, and Gumbo Limbo, an environmental education center, which provides but a sampling of Boca Raton’s environmentally sensitive attractions and interests. The City features an enormous assortment of shopping facilities, fine dining, country clubs, hospitals, and excellent public and private schools and universities. It also features a wide selection of fine hotels, as well as a extensive range of sporting facilities, including tennis courts, world-class golf courses, both public and private. Boca has easy access to transportation arteries and is equidistant between and easily accessible to international airports in West Palm Beach and Fort Lauderdale, each only 25 miles away. Miami’s international airport is only an hour away. Boca Raton features an enormous collection of highly desirable communities in which to live, including gated, non-gated, country club, condo and waterfront properties. Three of them are among the 10 most expensive gated communities in the United States: The Royal Palm Yacht and Country Club, The Sanctuary and Le Lac.


Palm Beach Real Estate Pros - Executive Summary Boca Raton, Florida – Single Family Homes


Boynton Beach, Florida The Gateway to the Gulfstream The City of Boynton Beach is among the most popular Palm Beach real estate. Located across the Intracoastal Waterway from Ocean Ridge and Briny Breezes, the Boynton Beach of today actually has no beachfront, but, that doesn’t detract from its desirability as an exciting place to live in Palm Beach County. Imbued with a unique character and personality all its own, Boynton Beach real estate runs the gamut of residences from condos, townhomes, to villas and custom homes. Boynton Beach has a land area of 16.25 square miles with a population over 65,000, and an additional 100,000 residents located in unincorporated Palm Beach County, in what’s known as West Boynton Beach. Boynton Beach is called the Gateway to the Gulfstream because the Gulf Stream is closer to Boynton Beach than any other U.S. city. The Gulf Stream current carries warm Caribbean water up the east coast of the United States, bringing with it a wonderful assortment of game fish, including Wahoo, Mahi Mahi, tuna, and sailfish. The founder of Boynton Beach, Civil War major Nathan Boynton arrived from his home State of Michigan in 1894, which is early in the area’s history since it predates Flagler’s railroad by two years. Finding the area’s climate and features particularly impressive, he built the Boynton Hotel, an early seasonal destination. Farming settlers who accompanied Boynton discovered that the fertile climate ideal for fruits and vegetables, which were soon being shipped across the country via the Florida East Coast Railroad. Originally incorporated in 1920 as the Town of Boynton, it became Boynton Beach in 1941. The City’s first planned subdivision, Lake Boynton Estates was developed in 1926. The western area later became a center for dairy farms, which ceased being profitable in the 1970s, making way for more housing developments. The development of Boynton Beach as a place to live year-round began after World War II when soldiers returning to Miami discovered its charm and many moved their families to the young community. According to the Chamber of Commerce, the City of Boynton Beach is in the midst of major public-private development and revitalization efforts, which continue to enhance the quality of life for residents, businesses and visitors alike. In addition to the well-known Boynton Beach Inlet, some of Boynton Beach’s outdoor recreational facilities include its Municipal Park, Ocean Inlet Park, and Gulfstream Park. There is a large selection of beaches and parks from which to choose to enjoy the great outdoors. To illustrate the area’s commitment to the environment, the City’s Links at Boynton Beach Golf Course has the notable designation of a Certified Audubon Cooperative Sanctuary.


Palm Beach Real Estate Pros - Executive Summary Boynton Beach, Florida – Single Family Homes


Delray Beach, Florida Florida’s Village by the Sea Many Palm Beach homes for sale are available in the City of Delray Beach. With over 15 square miles of land and over half a square mile of water, totaling an area of nearly 16 square miles, there is a wide variety of Delray Beach real estate and a wonderful selection of Delray Beach Homes for Sale in today’s real estate market. Situated within 30 minutes of two international airports and two seaports, Delray Beach is a dining, retail, cultural and residential center with a pedestrian-friendly atmosphere and a wonderful selection of nightclubs, retail, restaurants and art galleries. In 1876, Delray Beach became the site of the Orange Grove House of Refuge, one of 12 such facilities dedicated to housing shipwrecked sailors on Florida’s east coast. With a population of about 65,000 today, Delray Beach was settled initially by African Americans who purchased area land from the House of Refuge and began to farm. William S. Linton, a US Congressman from Michigan, bought land in 1894 and began selling plots for farming, which succeeded for a time, until a hard freeze in 1898 drove most of them away. In 1911, pineapple and tomato canning plants were established and by 1920, the population reached just over 1,000. The land boom of the 1920s in Florida brought tourism and real estate speculation, only to be followed by a collapse. Recent developments include the Delray Beach Tennis Center, which hosts major international tennis events; the Old School Square, a cultural center; the Cornell Museum of Art and History; an outdoor entertainment pavilion; the Spady Cultural Heritage Museum, which houses black historical archives and an amphitheater. A building boom in Downtown Delray took place from 2003 to 2008, including new mixed-use developments both north and south of Atlantic Avenue. Expanded in 2009, the Downtown Delray Beach Arts District has been a draw for over 20 years with its annual 3-day art and street fair. The Delray Beach Garlic Fest, another 3-day event, celebrates music, food and art. In addition, Art & Jazz on the Avenue takes place 6 times a year and Gallery Walk happens every Friday night on Atlantic Avenue in the Arts District. And this is only scratching the surface! Regularly scheduled social and cultural events go on almost endlessly in the City of Delray Beach. Delray Beach features five beach and oceanfront parks, five athletic fields, eight community parks and two intracoastal parks – all offering a rich selection of activities and facilities.


Palm Beach Real Estate Pros - Executive Summary Delray, Florida – Single Family Homes


Jupiter, florida

Jupiter is a wonderful location for Palm Beach real estate. With a population just over 55,000, the Town of Jupiter has a total area just over 21 square miles, of which 20 square miles are land and the balance is water. Jupiter real estate offers a selection of residential areas, condo communities and upscale waterfront properties that attract families, professionals, retirees and seasonal residents alike. To accommodate each of these demographic groups, there is a nice selection of Jupiter homes for sale. The best-known symbol of the Town of Jupiter is its lighthouse, and for good reason. Jupiter protrudes into the Atlantic Ocean further than any other point along the Florida coast. This phenomenon was well known among navigators of ships near the area for hundreds of years before the establishment of a Jupiter Inlet Lighthouse, which was completed in 1860. The lighthouse was built on a 46-foot hill on the north shore of the Jupiter Inlet and stands 105 feet high. Lighthouse Park was once part of Fort Jupiter, a military installation established during the Seminole Indian Wars. Because the early settlers of Jupiter relied upon fish from both the Loxahatchee River and the Atlantic, they took extra pains to ensure that Jupiter Inlet remained open with flowing water. Providing tourism, boating and sport fishing, all major attractions to the area, the Intracoastal was permanently deepened in 1929. Providing 10 major freshwater and saltwater habitats for a variety of wildlife, the peaceful and slow flowing Loxahatchee River empties through the Jupiter Inlet into the Atlantic Ocean. Known for its beautiful beaches, Jupiter also has a vibrant cultural life as the home of the Florida History Center & Museum, and annual events such as Shakespeare by the Sea, the ArtiGras Arts Festival, and the Art Fest by the Sea. Features of Jupiter’s Riverwalk include the Jupiter Inlet Lighthouse and Museum, the DuBois Pioneer Home, the Loxahatchee River Environmental Center at Burt Reynolds Park and the Burt Reynolds and Friends Museum. Riverwalk also includes bike and pedestrian paths along Ocean Way, the Jupiter Ridge Natural Area, Mangrove Bay, Lagoon Bridge, the Jupiter Yacht Club and Events Plaza. Future plans for Riverwalk include an Entertainment District, the Burt Reynolds Park, and Inlet Village and Marina.


Palm Beach Real Estate Pros - Executive Summary Jupiter, Florida – Single Family Homes


Palm beach gardens, florida Growing Together in the Gardens Looking for magnificent Palm Beach real estate? Try Palm Beach Gardens. Known as a center of rapidly developing area north of West Palm Beach, the City of Palm Beach Gardens is in the northwestern part of Palm Beach County. Largely residential, Palm Beach Gardens is well known for its sought-after gated communities. The population of Palm Beach Gardens is just under 50,000 with a total area of 55.3 square miles. Of that total, 55.1 square miles are land and only 0.2 square miles are water. Early in its history, Palm Beach Gardens was a center for cattle ranches, pine forests and swampland, until 1959, when John D. MacArthur, wealthy landowner and insurance mogul, decided to develop 4,000 acres of land. His plans included building homes for 55,000, a total population that has yet to be met. While the city was formally incorporated in 1959, it had only one resident. The 1960s brought rapid development and by 1970 the City had nearly 7,000 living within its boundaries. It was back then that MacArthur brought an 80year old banyan tree, at great trouble and expense, in order to plant it at the entrance to the City. A second tree was moved there the following year. The trees, which still stand tall in Palm Beach Gardens, became symbols of the City and one of the trees is prominently featured on the City’s emblem. The spectacular MacArthur Beach State Park developed in MacArthur’s honor in North Palm Beach in 1989. The opening of the 1.4 million square foot Gardens Mall in 1988 brought more development to the area. The Mall has 160 shops, and five major national anchor stores. The more recently developed Downtown at the Gardens is an open-air, pedestrian-only shopping mecca with restaurants, live entertainment and various kinds of events. Shopping, dining, and similar enjoyments are a natural pastime in Palm Beach Gardens, which is only a few miles from myriad ocean-related and other outdoor activities. In addition, the City is within a quick drive of all kinds of local cultural activities, museums, dining and many other attractions found throughout Palm Beach County. Home to the Professional Golfers’ Association of America, Palm Beach Gardens hosts The Honda Classic annually. The City has 12 golf courses within its city limits, including a municipal golf course. It is also close to the exciting Palm Beach International Raceway, the Roger Dean Stadium, the Jupiter Inlet Lighthouse and Museum, and the Maltz Jupiter Theater, all in nearby Jupiter.


Palm Beach Real Estate Pros - Executive Summary Palm Beach Gardens, Florida – Single Family Homes


Palm Beach, Florida The Best of Everything Palm Beach real estate is among the most desirable in the entire world. Palm Beach was named after the fortunate results of an 1878 shipwreck that spilled coconuts bound from Cuba to Spain and early settlers planted the coconuts in an effort to establish coconut growing in the state. Later, Henry Flagler, a founder of Standard Oil, declaring it a “veritable paradise,” established the world-class Town of Palm Beach as a resort. With his Florida East Coast Railway, Flagler connected the mainland to the barrier island, where Palm Beach is located. Flagler’s Royal Poinciana Hotel and Breakers Hotel quickly became the world-class destination hotels to which America’s rich and influential families would travel each winter season. It was because of Flagler that the practice of owning a private railroad car to transport them to Palm Beach developed among America’s rich. In 1902, Flagler built his own mansion called Whitehall – now the Flagler Museum – and began to establish the winter season by entertaining on a grand scale and sold Palm Beach real estate to America’s aristocrats. The Town of Palm Beach was incorporated in 1911. Most people don’t know that the 16mile long island known as the Town of Palm Beach is the easternmost town in Florida with a total area of 10.4 square miles, 3.9 square miles of which is land and 6.5 square miles, or 62.45%, of which is water. Lake Worth Lagoon, also known as the Intracoastal Waterway, divides Palm Beach from the cities of West Palm Beach and Lake Worth. Known for its mild climate that is best during the winter season from November through April, Palm Beach’s proximity to the Gulf Stream provides copious tropical greenery and a healthy marine environment. The yearround population of Palm Beach is as high as 10,000 and the seasonal population increases considerably to about 30,000. When it was selected in 2003 by the Robb Report as one of America’s Best Places to Live, the town’s affluence, “abundance of pleasures” and its “strong community-oriented sensibility” were cited as some of the deciding factors. The Town positions itself as a small-town Mediterranean-style mecca with stunning architecture, natural beauty, acclaimed shopping, restaurants and hotels, and a cosmopolitan culture. Palm Beach has always been a mecca for the rich and famous. Perhaps the best known today is Donald Trump who purchased Mar-A-Lago and created a 126-room, 110,000 square foot club. Mar-A-Lago was established originally as an estate by cereal heir Marjorie Merriweather Post with her husband E.F. Hutton of investment banking fame. The property is an especially beautiful National Historic Landmark.


Palm Beach Real Estate Pros - Executive Summary Palm Beach, Florida – Single Family Homes


Singer island, florida

Singer Island is among some of the very best Palm Beach real estate available today. Located mostly in Riviera Beach with a small part located in Palm Beach Shores, Singer Island is actually a peninsula that used to be connected to the island of Palm Beach to the south. Singer Island was named after Paris Singer, a colorful character who was one of the 23 children of the even more colorful Isaac Singer, of Singer Sewing Machine fame. Isaac Singer was the genius behind production of affordable home sewing machines that people could buy over time, a revolutionary concept that made him extremely rich. While his original plans for Singer Island ultimately came to naught, Paris Singer had already worked closely in concert with Addison Mizner in those earlier days to develop the style and tenor of the Town of Palm Beach, plans which reached successful fruition.

Located only 20 minutes from Palm Beach International Airport, Singer Island is particularly well known for its four miles of sparkling sand beaches, parks, marinas, hiking and biking paths and its island ambiance. Singer Island is located within quick access of all of the area’s shopping, attractions, dining and nightlife. It is close to the MacArthur Beach State Park and Wildlife Reserve and events such as Florida’s major waterfront music and art festival called Sunfest, the Artigras FineArt Festival, and summer concerts at Cruzan Amphitheater. MacArthur Beach State Park provides a wonderful place for kayaking, fishing, snorkeling and bird watching. The Palm Beach Inlet and the nearby Port of Palm Beach feature wonderful world-class marinas, restaurants and all kinds of water-sports, including deep-sea fishing, snorkeling, scuba diving. kayaking, surfing, snorkeling, waverunners, sport-fishing, sailing, and kitesurfing. And dozens of golf courses are within an easy drive. The Gulf Stream is only three miles offshore, providing an abundance of game fish, including sailfish, kingfish, tarpon, grouper, snapper and wahoo.


Palm Beach Real Estate Pros - Executive Summary Singer Island, Florida – Single Family Homes


Wellington, florida Palm Beach homes for sale in Wellington are in a truly unique community. Named as one of the top 100 best places to live in 2010 by CNN Money Magazine, Wellington bills itself as a unique hometown with a family atmosphere, a natural environment and all kinds of recreational, cultural and educational activities. In addition, Wellington is regarded as one of the most successfully crafted communities in Palm Beach County with many parks, high quality schools and attractive neighborhoods. Wellington has a total area of 31.4 square miles, of which 31 square miles is land and 0.3 square miles of it is water. The Village boasts a population of about 60,000. The concept of Wellington began in 1951 when Arthur “Bink” William Glisson advised Charles Oliver Wellington to purchase several tracts of land in the area. Wellington was a successful accountant and investor from New York who quickly learned that the land he purchased was frequently flooded. After all, it was in the Florida Everglades. Fortunately for Wellington, the State soon devised a plan to drain the area and provide flood control technology to develop agricultural land for what became the world’s largest strawberry patch. Wellington hired Glisson to oversee the property which became the Flying Cow (for the initials of Charles Oliver Wellington) Ranch. Glisson became a community leader in the area that became Wellington 44 years later. Major construction on the community began in 1972 in a joint venture between Alcoa Aluminum and the Investment Corporation of Florida. Ultimately, Gould Florida would own the development, which led to the creation of the Palm Beach Polo and Country Club by William Yilvisaker, Gould’s Chairman, who was an avid polo player. With over 2,000 acres of lush countryside, Palm Beach Polo and Country Club has been a center for luxurious living. With about 45 distinct neighborhoods, 36 holes of championship golf, two clubhouses with tennis and fitness facilities, it is unlike any other community and country club. Ownership of Wellington has changed since those early days to Corepoint and later, Lennar. The Palm Beach Polo and Country Club was sold to Glenn Straub in 1993, after which Wellington was established as an independent municipality in 1995. This qualified the Village for certain Florida State funds. Today, the Village of Wellington is an affluent and thriving municipality that is recognized as the winter equestrian capital of the world. Each year, Wellington hosts 26-goal polo matches, such as the USPA Piaget Gold Cup and the Nespresso US Polo Open at the Palm Beach International Polo Club. A far cry from its early roots as a strawberry patch, Wellington is now the residential community and equestrian destination of choice for international society, business personalities and celebrities alike.


Palm Beach Real Estate Pros - Executive Summary Wellington, Florida – Single Family Homes


West palm beach, florida

The Capital City of the Palm Beaches West Palm Beach homes for sale are plentiful at all price ranges. With a total population of nearly 100,000, West Palm Beach is the third most populous city in the State of Florida. With a total area of 58.2 square miles, of which 55.1 is land and 3.1 square miles is water, West Palm Beach is located west of the Intracoastal Waterway. The Downtown center of the City is located closest to the Waterway. Founded by Henry Flagler as a community for the servants working in his hotels and the land of Palm Beach, across Lake Worth, West Palm Beach was incorporated in 1894, and the area’s sub-standard housing was quickly upgraded to brick and stone structures. Growing rapidly during the 1920 land boom many of the city’s National Landmark designated buildings and preserved historical neighborhoods were constructed during that time, including Belair Historic District, Flamingo Park, Grandview Heights, Mango Promenade, Old Northwood Historic District, and Northwood Hills Historic District. These areas of West Palm Beach contain many wonderful examples of architecture – including Mission Style, Mediterranean Revival, early Craftsman Bungalows, Frame Vernacular, Shotgun, Bahamian Vernacular and American Foursquare, and Mission Revival styles. There is a thriving Hispanic community just south of the Downtown area called Poinciana Park. Neighborhoods not technically within the boundaries of West Palm Beach are part of its urbanized area that shares its West Palm Beach address and urban services. West Palm Beach is known for its Bak Middle School of the Arts. Other educational institutions include Palm Beach Atlantic University, Northwood University, and the Florida Culinary Institute. The new City Library opened in 2009 on Clematis as part of the Centennial Park and CityPlace houses the Harriet Himmel Theater. Other recognized cultural centers include the Raymond F. Kravis Center for the Performing Arts, the Norton Museum of Art, the Meyer Amphitheatre and the Palm Beach Convention Center. The City hosts SunFest an annual music festival and the Palm Beach International Film Festival. Other notable events include the BarrettJackson Collector Car Auction, held in the South Florida Expo Center, various championships at The National Croquet Center, the largest dedicated croquet facility in the world and BMX Racing events at Okeeheelee Park.


Palm Beach Real Estate Pros - Executive Summary West Palm Beach, Florida – Single Family Homes


Palm Beach Real Estate Pros