Admirals Cove Market Report Q4 2022

ADMIRALS COVE MARKET REPORT Q4 2022

Inside Jupiter’s most exclusive waterfront golf community.

Photographed home: 389 Eagle Drive.

Previously listed and sold by Donna Hutchins.

This report is brought you by Gary Pohrer and Donna Hutchins of Douglas Elliman.

CONTENTS 4 6 10 14 18 23

Let te r f ro m Gar y Po hrer and Donna Hu tc hins A l l Proper ty Ty pes C u stom Ho mes C l u b C ottage & Villas Ha r b or Co ndo s In C l os i ng

GARY POHRER | DONNA HUTCHINS | 3

Letter From Gary & Donna We are delighted to welcome you to the first edition of Admirals Cove Market Report, which details the trends and history of Admirals Cove real estate. Within this report, we have broken down the market in a way that no one has done before, with various statistics showing the state of the market not only today, but over the past 20+ years.

The purpose of this report is to inform the local community, prospective sellers and new potential residents about the Admirals Cove real estate market. We believe that data is a very powerful tool when transacting on real estate for either personal or investment purposes. Drawing from data, our experience, and trends in Admirals Cove, we endeavor to predict what may come next in our local residential real estate market to help guide our clients in navigating these changing times.

By way of introduction, we’d like to introduce ourselves.

Over the past 19 years, Gary Pohrer’s record-breaking sales and unwavering work ethic have earned him impressive accolades.

Ranking as the #1 Douglas Elliman Realtor in Palm Beach for Sales Volume since 2017 and #15 Nationwide 2022 REALTrends + Tom Ferry The Thousand, he is one of the most successful real estate agents in Palm Beach. His top-tier experience with record sales expands throughout Palm Beach County, selling oceanfront residences from Manalapan to Jupiter Island to Seminole Landing and exclusive homes in top golf club communities like Admirals Cove and Old Palm golf club. Gary Pohrer has proven his ranking as one of the top agents in the area with sales totaling over $1B since 2020.

Donna Hutchins has consistently ranked among Douglas Elliman’s top-performing brokers nationwide, and over the last 20 years has been privileged to work with some of the most influential individuals and developers in New York, New Jersey, and Florida who value her hard work, honesty, and dynamic negotiating skills. Known for her record-breaking accomplishments over her rich career, recent career highlights have included closing the highest sale in Jupiter’s exclusive Admirals Cove community in 2022. Donna resides in Admirals Cove and brings intimate knowledge of the community and all it has to offer to her clients.

SCAN ME!

GARY POHRER | DONNA HUTCHINS | 4

$1B+

#1

In Sales Since 2020*

Douglas Elliman Palm Beach Realtor for Sales Volume From 2017-2022**

#15

19

Ranked Nationwide 2022 REALTrends + Tom Ferry The Thousand

Years Selling Real Estate in Florida

In 2022, Gary and Donna represented the buyer and the seller on what is to date the highest sale in Admirals Cove with the record breaking sale of 194 Spyglass Court at $15.7M. Together we bring more than 40 years of real estate experience in Palm Beach, Jupiter and its coastal towns to the market, and we look forward to sharing our expertise with the Admirals Cove community.

We hope you enjoy the read and look forward to your feedback so we can improve on this report in the future. If we can assist you in 2023, please don’t hesitate to reach out as we would love to help you navigate your real estate needs this year and beyond.

Best Regards, Gary and Donna

Gary Pohrer Executive Director of Luxury Sales Sales Associate gary.pohrer@elliman.com

Donna Hutchins Senior Director of Luxury Sales Broker Associate donna.hutchins@elliman.com

REPORT CONTRIBUTORS

Tammy Bernstein

Sales Associate

Beth Johnson

Sales Associate

***2022 GROSS COMMISSION INCOME AT DOUGLAS ELLIMAN REAL ESTATE.

15+

Douglas Elliman 2022 Platinum Award - Top 8% of Agents Company-Wide***

Years Selling Real Estate in Florida

Honored in 2022 REALTrends + Tom Ferry America’s Best Real Estate Professional

Elizabeth Tristan

Sales Associate Market Insights Advisor

*AS DETERMINED BY 2020 DOUGLAS ELLIMAN REAL ESTATE SALES VOLUME AND GROSS COMMISSION INCOME. **AS RECOGNIZED BY THE DOUGLAS ELLIMAN ELLIE AWARDS FROM 2017 TO 2022.

8%

GARY POHRER | DONNA HUTCHINS | 5

Photographed home: 194 Spyglass Court. Previously listed and sold by Gary Pohrer and Donna Hutchins.

ALL PROPERTY TYPES

Q4 2022 Summary: All Property Types Transaction volume was down -64% year-over-year (YOY)* in Q4. In Q4 of 2021, there was a total of 22 transactions, whereas Q4 of 2022 only saw 8 transactions.

Total sales value* was down -57% YOY in Q4 of 2022. In Q4 of 2021, there was more than $88M in sales value transacted.

In Q4 2022, that number dropped to nearly $38M. Price per square foot (PPSF)* continues to grow YOY, and was up significantly from the same period last year: +47%.

Price per square foot on waterfront properties was up +50%, whereas non-waterfront only increased by +10% YOY in the fourth quarter.

% CHANGE

Q4 2022

Q4 2021

TRANSACTIONS

8

22

-64%

WATERFRONT

7

17

-59%

NON-WATERFRONT

1

5

-80%

TOTAL SALES VALUE

$37,862,369

$88,214,538

-57%

WATERFRONT

$34,962,369

$77,874,538

-55%

NON-WATERFRONT

$2,900,000

$10,340,000

-72%

AVERAGE SALES PRICE

$4,732,796

$4,009,752

18%

WATERFRONT

$4,994,624

$4,580,855

9%

NON-WATERFRONT

$2,900,000

$2,068,000

40%

AVERAGE PPSF: HOME SIZE

$1,418

$965

47%

WATERFRONT

$1,531

$1,020

50%

NON-WATERFRONT

$750

$683

10%

YEAR OVER YEAR

FOOTER: Glossary Year-over-year (YOY): A method of evaluating two or more measured events, comparing the results of one period with those of a comparable period on an annualized basis.

Total sales value: The sum of all sales during a period of time.

Price per square foot (PPSF): A calculation of the value of each square foot of area of a house, condo or any building. It is calculated by dividing the price by the square footage.

PPSF: Home Size: Home size is based on the current under air square footage.

PPSF: Lot Size: This is based on the PPSF of the total lot.

GARY POHRER | DONNA HUTCHINS | 7

Inventory: Active Listings Inventory of real estate in Jupiter continued to build in the fourth quarter, up +105% YOY. It grew from an average of 222 active listings in Q4 2021 to an average of 453 active listings in Q4 2022.

1000 885

900 800

ACTIVE LISTINGS

859

814 741

730

718

700 633

600

553

500

436

426

400 300

258

248

200 100

Oct-22

Jul-22

Apr-22

Jan-22

Oct-21

Jul-21

Apr-21

Jan-21

Oct-20

Jul-20

Apr-20

Jan-20

Oct-19

Jul-19

Apr-19

Jan-19

Oct-18

Jul-18

Apr-18

Jan-18

Oct-17

Jul-17

Apr-17

Jan-17

0

Days On Market Single family homes stayed on the market for an average of 39 days during Q4 2022. This was up +33% from last year at this time, when homes took an average of 30 days to sell.

39 DAYS 90

83.1

DAYS ON MARKET

80

71.7

70

68

64.7

64

60 53.9

50

53.6

44.8

40

42.6

39.6

28.3

30 20 10

GARY POHRER | DONNA HUTCHINS | 8

Oct-22

Jul-22

Apr-22

Jan-22

Oct-21

Jul-21

Apr-21

Jan-21

Oct-20

Jul-20

Apr-20

Jan-20

Oct-19

Jul-19

Apr-19

Jan-19

Oct-18

Jul-18

Apr-18

Jan-18

Oct-17

Jul-17

Apr-17

Jan-17

0

Sale to List Ratio* In Q4 2022, single family homes sold on average -7% below the asking price, quite similar to trends seen in the previous quarter. One thing to note is that in the first half of 2022, properties sold at nearly 99% of asking price. Starting in July of 2022, sale to list ratio dropped to 93%.

105 100.4

SALE TO LIST RATIO

100 95

94.8

93.3

95

94.1 93.8

97.1

95.6

93.2

92.6

90 85 80 75

Dec-22

Sep-22

Jun-22

Mar-22

Dec-21

Sep-21

Jun-21

Mar-21

Dec-20

Sep-20

Jun-20

Mar-20

Dec-19

Sep-19

Jun-19

Mar-19

Dec-18

Sep-18

Jun-18

Mar-18

Dec-17

Sep-17

Jun-17

Mar-17

70

Glossary Sale to List Ratio: The ratio of the final sale price of a home to its list, or asking, price expressed as a percentage.

If the sale to list ratio is above 100%, the home sold for more than the list price. If it’s less than 100%, the home sold for less than the list price.

GARY POHRER | DONNA HUTCHINS | 9

CUSTOM HOMES Photographed home: 103 Schooner Lane.

Previously listed and sold by Gary Pohrer and Donna Hutchins.

The custom home collection at Admirals Cove is made up of single family waterfront, non-waterfront and golf-view residences.

Waterfront lots boast at least 100 feet on the water, and can accommodate vessels that range from 70 to 120+ feet. Custom homes range in size from approximately 3,000 square feet to 25,000+ square feet.

Q4 Summary: Custom Homes Transaction volume was down -80% YOY for the fourth quarter of 2022, dropping from 10 sales in Q4 2021 to 2 sales in Q4 2022.

Total sales value* was down -73% YOY, decreasing from $65.6M in Q4 of 2021 to $17.4M in Q4 of 2022.

PPSF was up +42% in Q4 YOY, increasing from $1,037 PPSF in Q4 2021 to $1,477 in Q4 2022.

% CHANGE

Q4 2022

Q4 2021

TRANSACTIONS

2

10

-80%

WATERFRONT

2

9

-78%

NON-WATERFRONT

0

1

-100%

TOTAL SALES VALUE

$17,395,000

$65,621,175

-73%

WATERFRONT

$17,395,000

$61,826,175

-72%

-

$3,795,000

-100%

AVERAGE SALES PRICE

$8,697,500

$6,562,118

33%

WATERFRONT

$8,697,500

$6,869,575

27%

-

$3,795,000

-

AVERAGE PPSF: HOME SIZE

$1,477

$1,037

42%

WATERFRONT

$1,477

$1,045

41%

-

$916

-

NON-WATERFRONT

NON-WATERFRONT

NON-WATERFRONT

YEAR OVER YEAR

GARY POHRER | DONNA HUTCHINS | 11

Custom Homes: Transactions

40 35

34

32

31

30 25

25

23

22

23

20 15

15

13

10

12

11

5

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

0 2000

ANNUAL CLOSED TRANSACTIONS

2022 closed out the year with 12 custom home transactions. Custom home transactions were down -61% in 2022, which was a significant decrease from the last two years. 2022 marked the fourth slowest year we’ve seen since 2000.

All Transactions

Custom Homes: Total Sales Value Total sales value for custom homes was $96M in 2022, split between waterfront ($90M) and non-waterfront ($6.5M) sales.

$300,000,000.00 $250,000,000.00 $200,000,000.00 $150M

$150,000,000.00 $100,000,000.00 $63M

$50.5M

$50,000,000.00

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2007

2006

2005

2004

2003

2002

2001

2008

$24M

$0.00 2000

TOTAL ANNUAL SALES VALUE ($)

Total sales value on the custom homes asset class was down -60% in 2022 compared to 2021, and down -36% compared to 2020. However, the total sales value for 2022 was still above pre-Covid levels.

Sales Value ($)

GARY POHRER | DONNA HUTCHINS | 12

Custom Homes: Price Per Square Foot (PPSF) Price per square foot on custom homes was up +15.5% in 2022. Waterfront custom homes PPSF rose +21.5% from $1,018 to $1,237, and non-waterfront PPSF was down -22.8% from $836 in 2021 to $646 in 2022. Note, non-waterfront PPSF was based on a very small sample size of just two sales in 2022, and therefore not necessarily representative of a trend. We will continue to watch this metric over the coming quarters. $1,400 $1,237

$1,200 $1,000

PPSF ($)

$800 $600

$646

$400 $200

$/SF Waterfront

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

0

$/SF Non-Waterfront

Most Recent Custom Home Sales SALE PRICE

ADDRESS

WATERFRONT?

SF HOME SIZE

PPSF ($)

$15,700,000

194 SPYGLASS COURT

YES

9,290

$1,690

$12,500,000

372 REGATTA DRIVE

YES

9,400

$1,330

$11,000,000

109 SCHOONER LANE

YES

6,711

$1,639

$10,750,000

371 REGATTA DRIVE

YES

7,290

$1,475

$8,500,000

129 COMMODORE DRIVE

YES

8,188

$1,038

$7,000,000

406 MARINER DRIVE

YES

7,509

$932

$6,500,000

408 MARINER DRIVE

YES

4,189

$1,552

$6,395,000

287 REGATTA DRIVE

YES

5,065

$1,263

$6,300,000

381 EAGLE DRIVE

YES

8,365

$753

$5,000,000

349 EAGLE DRIVE

YES

6,458

$774

$3,500,000

119 CLIPPER LANE

-

5,526

$633

$3,022,500

467 MARINER DRIVE

-

4,572

$661

APPROX

HOME SIZE

GARY POHRER | DONNA HUTCHINS | 13

\

CLUB COTTAGES & VILLAS Set on a private marina with access to both the Intracoastal and the Atlantic Ocean, the cottages & villas at Admirals Cove are situated with waterfront, non-waterfront and golf course view throughout the East side. Waterfront properties boast 70 to 90 feet on the water. These elegant, three to four bedroom single family homes range in size from approximately 2,600 to 3,500 square feet, and offer residents the opportunity to join South Florida’s premier club as full golf members, who enjoy world class golf, tennis, and dining.

Q4 Summary: Club Cottages & Villas Transaction volume was down -50% YOY for the fourth quarter of 2022, dropping from four sales in Q4 2021 to two sales in Q4 2022.

Total sales value was up +13%, increasing from $10.1M in Q4 of 2021 to $11.4M in Q4 of 2022.

PPSF was up +99% YOY, increasing from $818 PPSF in Q4 2021 to $1,631 in Q4 2022. This large increase was driven by a record-breaking sale for club cottages & villas, which went for $8.5M at 185 Island Drive.

% CHANGE

Q4 2022

Q4 2021

TRANSACTIONS

2

4

-50%

WATERFRONT

1

1

0%

NON-WATERFRONT

1

3

-67%

TOTAL SALES VALUE

$11,400,000

$10,114,420

13%

WATERFRONT

$8,500,000

$5,139,420

65%

NON-WATERFRONT

$2,900,000

$4,975,000

-42%

AVERAGE SALES PRICE

$5,700,000

$2,528,605

125%

WATERFRONT

$8,500,000

$5,139,420

65%

NON-WATERFRONT

$2,900,000

$ 1,658,333

75%

AVERAGE PPSF: HOME SIZE

$1,631

$818

99%

WATERFRONT

$2,725

$1,585

72%

NON-WATERFRONT

$750

$545

37%

YEAR OVER YEAR

GARY POHRER | DONNA HUTCHINS | 15

Club Cottages & Villas: Transactions

20

19

19

18

17

16

16

14 12

12

13

11

10 8

8

7

6 5

4 2

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

0 2000

ANNUAL CLOSED TRANSACTIONS

2022 closed out the year with 11 club cottage and villa transactions, which was a -39% YOY decline. Unlike custom homes, it’s worth noting that 11 transactions is average for a typical year, based on the last 20+ years of sales.

All Transactions

Club Cottages & Villas: Total Sales Value Total sales value for club cottages and villas was just below $40M in 2022, split between waterfront ($20M) and non-waterfront ($20M) sales.

In 2022, total sales value on the club cottages & villas asset class was only down -2.8% compared to 2021,

$35,000,000.00 $30,000,000.00 $25,000,000.00 $20,525,000

$20,000,000.00 $19,190,000

$15,000,000.00 $10,000,000.00 $5,000,000.00

Sales Value ($) Non-Waterfront Sales

GARY POHRER | DONNA HUTCHINS | 16

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

0 2000

TOTAL ANNUAL SALES VALUE ($)

and flat compared to 2020. Overall, it was above pre-Covid levels.

Sales Value ($) Waterfront

Club Cottages & Villas: Price Per Square Foot Price per square foot on club cottages and villas was up +49% for waterfront villas and +56.6% for non-waterfront villas in 2022. Waterfront cottage and villa PPSF rose from $954 to $1,423, and non-waterfront PPSF increased from $591 to $926, from 2021 to 2022 respectively.

$1,600 $1,423

$1,400 $1,200

PPSF ($)

$1,000

$926

$800 $600 $400 $200

$/SF Waterfront

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

0

$/SF Non-Waterfront

Most Recent Club Cottages & Villas Sales SALE PRICE

ADDRESS

WATERFRONT?

SF HOME SIZE

PPSF ($)

$8,500,000

185 ISLAND DRIVE

YES

3,119

$2,725

$5,140,000

102 REGATTA DRIVE

-

4,124

$1,246

$4,325,000

154 WATERS EDGE DRIVE

YES

2,959

$1,462

$3,650,000

114 REGATTA DRIVE

-

3,299

$1,106

$3,400,000

114 REGATTA DRIVE

-

3,299

$1,031

$3,200,000

245 REGATTA DRIVE

YES

2,614

$1,224

$2,900,000

329 EAGLE DRIVE

-

3,869

$750

$2,400,000

403 MARINER DRIVE

YES

3,116

$770

$2,300,000

102 WATERS EDGE DRIVE

-

3,171

$725

$2,100,000

245 REGATTA DRIVE

YES

2,614

$803

$1,800,000

110 WATERS EDGE DRIVE

-

2,959

$608

APPROX

HOME SIZE

GARY POHRER | DONNA HUTCHINS | 17

HARBOR CONDOS The luxurious Harbor Condos of Admirals Cove are two-story buildings with a single residence on each floor and four residences to a building. All second floor homes include a private elevator. Harbor Condos boast views of either lush golf greens or water, and most include docks accommodating vessels up to 34 feet. Harbor Condos range in size from approximately 2,160 to 2,600 square feet.

Q4 Summary: Harbor Condos Transaction volume was down -50% YOY for the fourth quarter of 2022. This marked a drop from 8 sales in Q4 2021 to four sales in Q4 2022.

Total sales value was down -27%, declining from $12.5M in Q4 of 2021 to $9M in Q4 of 2022.

PPSF was up +45% in Q4 YOY, increasing from $790 PPSF in Q4 2021 to $1,142 in Q4 2022.

% CHANGE

Q4 2022

Q4 2021

4

8

-50%

TOTAL SALES VALUE

$9,067,369

$12,478,943

-27%

AVERAGE SALES PRICE

$2,266,842

$1,559,868

45%

$1,142

$790

45%

TRANSACTIONS

AVERAGE PPSF: HOME SIZE

YEAR OVER YEAR

Harbor Condos: Transactions

35

33

30 25

29 23 19

20 18

15

15 13

15

10

11

5

6

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

0 2000

ANNUAL CLOSED TRANSACTIONS

2022 closed out the year with 16 Harbor Condo transactions. Transactions were down -51% in 2022. This was down significantly from the two preceding years, but was on par with pre-Covid transaction levels.

All Transactions

GARY POHRER | DONNA HUTCHINS | 19

Harbor Condos: Total Sales Value Total sales value for Harbor Condos was just above $35M in 2022.

Total sales value on the Harbor Condo asset class was flat YOY. This was the only property type in Admirals Cove

$40,000,000.00 $35M

$35,000,000.00 $30,000,000.00 $25,000,000.00 $20,000,000.00 $14M

$15,000,000.00

$10M

$8M

$10,000,000.00

$5M

$5,000,000.00

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2009

2008

2007

2006

2005

2004

2003

2002

2001

2010

$3M

$0.00 2000

TOTAL ANNUAL SALES VALUE ($)

that did not see a decline in sales value YOY.

Sales Value ($)

Harbor Condos: Price Per Square Foot Price per square foot on Harbor Condos was up +103% YOY, rising from $544 in 2021 to $1,103 in 2022.

$1,200

$1,103

$1,000

PPSF ($)

$800 $600 $357

$400

$314

$219

$373

$217

$200

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

0

Average $/SqFt GARY POHRER | DONNA HUTCHINS | 20

Most Recent Harbor Condo Sales SALE PRICE

ADDRESS

WATERFRONT?

SF HOME SIZE

PPSF ($)

$3,050,000

4601 CAPTAINS WAY

YES

2,357

$1,294

$2,863,830

220 EAGLE DRIVE

YES

1,866

$1,535

$2,750,000

501 CAPTAINS WAY

YES

1,866

$1,474

$2,725,000

152 EAGLE DRIVE

YES

1,952

$1,396

$2,690,000

226 EAGLE DRIVE

YES

1,866

$1,442

$2,500,000

350 SPYGLASS WAY

YES

1,866

$1,340

$2,250,000

164 EAGLE DRIVE

YES

2,256

$997

$2,100,000

260 EAGLE DRIVE

YES

1,866

$1,125

$2,100,000

164 EAGLE DRIVE

YES

2,256

$931

$2,000,000

2003 CAPTAINS WAY

YES

1,952

$1,025

$1,960,000

384 SPYGLASS WAY

YES

2,256

$869

$1,950,000

1702 CAPTAINS WAY

YES

1,952

$999

$1,800,000

1503 CAPTAINS WAY

YES

1,952

$922

$1,700,000

320 SPYGLASS WAY

-

1,866

$911

$1,453,539

1803 CAPTAINS WAY

YES

1,952

$745

$1,450,000

312 SPYGLASS WAY

-

1,952

$743

APPROX

HOME SIZE

GARY POHRER | DONNA HUTCHINS | 21

In Closing We appreciate you taking the time to read our report, and hope you found our insights on the Admirals Cove market helpful!

Admirals Cove has experienced a tremendous amount of growth over the last few years, with the macro headwinds impacting south Florida in such positive ways. Although 2022 was a bit slower than what we’ve experienced in the two years prior, we’re still seeing tremendous demand for properties in the premier community, keeping us optimistic about continued investment in Admirals Cove in 2023 and beyond.

If you have any feedback for us, we’d love to have it, as we are always looking for new ways to break down the data in more interesting or accessible ways.

Warmest wishes, Gary and Donna

Gary Pohrer Executive Director of Luxury Sales Sales Associate M: 561.262.0856 gary.pohrer@elliman.com

Donna Hutchins Senior Director of Luxury Sales Broker Associate M: 732.241.7002 donna.hutchins@elliman.com

Source: Above data is pulled from Beaches MLS and the Palm Beach Property Appraisers (PAPA).

Specifically, we are only looking at transactions located in the Admirals Cove development.

GARY POHRER | DONNA HUTCHINS | 23

In Contract: 379 Eagle Drive, new construction, last ask: $18.5M Exclusively listed by Donna Hutchins of Douglas Elliman.