Palm Beach County’s housing market has always been constrained: geographically, with the Everglades to the West and Atlantic Ocean to the East, and affordability-wise, as median home prices continue to climb. With families moving down from the Northeast and Midwest for jobs and a better quality of life—an influx of retirees and second-home buyers are arriving every day—where do they all go? For those buying luxury homes (priced over $500,000), there is a plethora of options, ranging from Kolter’s new masterplan Alton to Seven Bridges by GL Homes or Palm Beach Polo by Toll Brothers.
But where does the buyer who has less than $500,000 to spend on a home choose to live? Here is our predictions for growth in the region:
- West. For the first time in nearly a decade, Palm Beach County will see a master-planned community with multiple builders in Arden, located west of Lion Country Safari on Southern Boulevard. While the location is considerably rural today, it is in the future path of growth. Additionally, Minto Communities has entitlements for a 4,500+ home community called Westlake in Loxahatchee, which will add to the western growth. GL Homes also is considering plans for its Indian Trails Grove Property—up to 4,000 units—north of Westlake.
- St. Lucie. While St. Lucie is two counties north of Palm Beach, it is just a 45-minute commute to Palm Beach County (similar commute time as living in the western suburbs) and is welcoming to new housing development. Affordability is key: in the masterplan of Tradition of St. Lucie, a buyer can purchase a 2,300-square-foot new home for $260,000, nearly 55% less than a similar-sized new home in Palm Beach County, on average. With over 65,000 entitled residential units in St. Lucie County, we expect significant growth due to its fantastic housing affordability.
