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West Palm Beach has become increasingly popular for both homebuyers and investors. It’s now cementing its reputation as a premier destination, both for its vibrant and dynamic lifestyle, and the value presented by its real estate market, especially when compared to Palm Beach.
West Palm Beach has an enviable choice of golf courses and waterfront homes that offer elevated living in one of the most iconic cities in the country.
Here, we’ll explore the benefits and considerations of each in a guide that should give you a clearer view of whether you want a home that’s as close to a tee as possible or whether you’d prefer a waterfront home where you can access the waters easily. We’ll look at the characteristics, investment prospects, and lifestyle of each, as we compare a home by the fairway or by the water.
Waterfront Homes in West Palm Beach
There are some outstanding waterfront properties in West Palm Beach. At the highest end of the luxury market, properties can go for tens of millions, and $20m plus properties are not uncommon. Some can even command prices closer to $40 million.
At around $20 million there are some tremendous luxury condo units. Investors or homebuyers can expect fantastic views of the water. The architecture and design will maximize the bright and sunny climate and will likely incorporate oversized windows, with many using ceiling-to-floor glass doors or walls.
There’ll be ample space with around 4 to 5 bedrooms and the same number of bathrooms. The finishing will be top-end. Amenities could include high-end, even gourmet kitchens, and walk-in closets. Naturally, there will be easy access to the water.
At the $40M price point, you can expect a one-of-a-kind, waterfront home in West Palm Beach. The building will occupy a prime location by the water and will be a one-off property built by a named architect. Expect 7 to 8 bedrooms or more and the same number of bathrooms. There’ll likely be a pool, and with the prominence of infinity pools, you may have a view where your pool reaches out over the edge, seemingly merging with the greater expanse of water just beyond your home. You’ll have a boat dock including a lift, depending on the elevation of the property, which will give instant access to your boat or yacht.
However, there are also more modest luxury properties available. Within the $4M to $7M bracket, there are some gorgeous waterfront homes in West Palm Beach. You can still expect a large number of beds and baths and excellent quality finishing throughout.
Bear in mind that there are many new developments, especially of luxury waterfront condo units in West Palm Beach, such as the development by Flagler. These present a different option from the ones investors and buyers can find in Palm Beach. For a start, they are new buildings with all the technology and modern design aesthetics to create stunning luxury homes. However, they are also considerably more affordable in comparison to properties in Palm Beach and present fantastic value in the luxury market.
With the range of luxury waterfront homes available in West Palm Beach, it certainly helps from the offset to consult with a local real estate agent to discuss which type of waterfront home best matches your vision.
Golf Course Homes in West Palm Beach
Florida is an epicenter for the golfing world and the PGA had their official HQ in Palm Beach for decades. In West Palm Beach alone there are 24 golf courses and within a 20-mile radius, there are almost 80 more. It’s safe to say that you could spend a lifetime in West Palm Beach and never want for a new challenge. Some of the more notable courses and communities include The Club at Ibis and Trump International Golf Club.
The Club at Ibis
This is a large premier golfing community that has almost 2000 homes in West Palm Beach. The surroundings are lush and full of verdant greens, trails, and lakes. Of the 3 golf courses associated with the community, 2 were designed by the members of the Niklaus family, and one was designed by legendary golfer and course designer Jack Niklaus himself.
The community is very self-sufficient and contained and all manner of amenities are on hand or nearby, such as beaches, malls, and upscale restaurants. The clubhouse covers over 1000,000 sq ft and has everything you would expect from a top-tier clubhouse. Amenities include a pro shop, games room, and events venue which is more like a ballroom.
Membership is tiered but mandatory with different levels providing a range of different privileges and benefits. Prices for condos here range from $300,000 to over $1M, so there’s plenty of opportunity to find a property that will suit your preferences and budget.
Trump International Golf Club
Regarded as one of the best golf courses in the US, this private golf club is the recipient of many awards. The Championship Course was designed by another heavyweight name in the world of golf, Tom Fazio, and offers the perfect balance between providing a challenge while immersing players in the beauty of the natural landscape.
There are different membership options including family which provides access to all the amenities of the club for everyone in the family. There’s also a package called Social Membership which caters to those who may not necessarily want to play golf that often but who do enjoy the benefits and amenities of the club such as the dining opportunities and the events.
55+ Golfing communities
If you’re looking to join a 55+ golfing community there are communities like Cypress Lakes. Typically these communities will have an excellent course and plenty of amenities where residents can enjoy social activities apart from golf. These will include bocce ball, shuffleboard, tennis courts, and restaurants.
Benefits of Living in a Golfing Community
Living in an exclusive village has the potential to open doors to an active social life with residents who share the same interests and values. This active social life in turn brings health benefits. As you improve your physical health, you can also improve your mental well-being.
Golfing communities are also great for the whole family. Homes are often in gated communities providing enhanced security for residents, something families will love. However, they also provide so much more than just golf. While golfing communities are centered around the golf course, they often have an array of other amenities that other members of the family will love, such as pools, tennis courts, gyms, and libraries.
Investment Prospects
In the first quarter of 2022, the Federal Bank raised interest rates to cool a market that was seen by many to be overheating. As expected, many real estate markets in the US floundered, appreciation sharply decreased and in some areas turned into depreciation, and home sales were at their lowest for many years. This was not the case in West Palm Beach.
After a little stutter between July and August 2022, prices have on the whole continued to rise even with high interest rates. The median price of a home sold in April 2021 was $265,000. A little under 3 years later in March 2024, that median had risen to $380,000. That’s an increase of over 35% in slightly under 3 years.
When it comes to the luxury market, your investment may prove to be even more fruitful. An example would be a property bought in the area by renowned rock artist Bon Jovi in 2020 for $43M. That property is now worth around $90M. Even if we allow that having been owned by a star adds to the value of the home, appreciation in the luxury market is booming.
The construction of upscale residential properties that are near golf courses continues unabated. Some developers have been keen on converting or extending the courses themselves into gated communities. Last year saw a minimum of 20 such projects in development.
It’s also important for investors looking to rent out to know that Florida is very pro-business. Unlike in many other states, landlords in Florida have a very free hand in how they conduct their business. An example of this is that Florida has no cap or limit on how much they can raise the rent on their properties. They are allowed to raise rent rates at the end of a contract and the only requirement for a year-long contract is that they give 60 days notification to a renewing tenant. If the lease is short-term or weekly, the notification period can go to as low as 1 week’s notice.
Who’s Moving to West Palm Beach?
Covid has fundamentally changed how many Americans want to live their lives. The technology that allowed people to work from home was already present before Covid struck, but the pandemic hastened the necessity for companies to allow employees to work from anywhere in the world. Many chose to relocate to Palm Beach County.
New Yorkers count for the largest number of migrators to West Palm Beach and the surrounding area. Here they can expect a better quality of life in sunnier climes with housing that while expensive, is still more affordable than comparative homes in prime areas of New York. In West Palm Beach, investors can expect a continuous influx of young professionals who can afford high rent rates and homebuyers can expect that their homes will continually appreciate along with the growing demand in the market.
There are also people moving from Palm Beach to West Palm Beach. The surge in home prices has meant that property taxes have exceeded what homeowners can or are willing to pay for them. A typical case could be someone who has inherited a house in Palm Beach that was bought by their parents many years ago. By the time that person inherits the home, appreciation has worked its magic and what was a sub $1M home has now become a $10M home or more. Unable to pay the property tax, the person who wishes to stay in the area moves to West Palm Beach where there are still great housing options within their pricing bracket.
Then, there are those who are looking to take advantage of Florida being a no-income-tax state. Anyone with considerable income, be it from investments or retirement plans, can keep 100% of their money. For those with expansive revenue streams, this is a big draw. Even those who have comparably modest incomes can greatly benefit from the extra money offsetting higher than national average living costs.
Considerations for Waterfront and Golfing Homes
While waterfront homes and ones in golfing communities share many perks, there are also some differences. These are some comparisons and considerations to keep in mind.
- Privacy and tranquility: The security measures in both kinds of properties are considerable, especially in upscale communities. Often higher-end golfing or waterfront homes will be in gated neighborhoods. The difference in privacy will predominantly lie in whether you choose a condo or a single-family home. West Palm Beach golf course homes will provide proximity to neighbors which is perfect for some while a family home will naturally lend itself to more privacy. However, this is not to say there is a greater sense of community with condos, as some neighborhoods with single-family homes are very inclusive and active in promoting a sense of community.
- Activities: Both waterfront homes and golf course residences score high in this area. They offer a lot of activities and events that have to do with exploring and enjoying the natural landscape and many that foster a sense of community.
- Maintenance costs: With waterfront homes, there will be added maintenance and insurance costs. You’ll have to invest in flood insurance, install flood-resistant devices like foundation vents, and regularly clean water-related features.
Note that a golf club is an excellent way to make new friends and connections in a setting that is conducive to both business and pleasure.
For waterfront and golf homes you’ll also want to take into consideration HOA fees. These are higher than the norm in waterfront and golf course properties as there is more maintenance required to keep the grounds pristine and services running at optimum.
Discover More With Suzanne Frisbie and Team
Both types of property in West Palm Beach offer an elevated lifestyle in the Florida sunshine. With so many options and considerations let Suzanne Frisbie guide you through your real estate venture.
Leading licensed broker Suzanne Frisbie has helped many individuals to successfully steer their course through luxury real estate in West Palm Beach. With her years of experience, industry expertise, and data-driven approach, you could not be in better hands. Give us a call at 561.373.0941 or leave us a message here and let’s start discussing your real estate options in up-and-coming West Palm Beach.