Ever so quietly, a developer is banking on the fact one percenters would want to live on Palm Beach-style estates built in West Palm Beach!
A first breathtaking property at 2914 Washington Road is set to hit the market early next year with a $13.5 million-price tag, making it the most expensive single family house in West Palm Beach history.
A half dozen other similar mansion along South Flagler Drive are in various stages of development and, in time, should fetch between $12 million and $15 million.
Developers Aquantis Group CEO Steve Bendat has been personally designing the homes with local architects, which all have views on the Intracoastal and Palm Beach in neighborhoods south of downtown.
With so many financial service companies and hedge funds relocating to the area, the demand for new waterfront homes are at an all time high with virtually no inventory being available,” he said.
And then, there’s the price.
“It’s Palm Beach living for half what it’d cost in Palm Beach,” said Leslie Holvey, the company’s spokeswoman.
So, what’s at 2914 Washington that could possibly justify the price?
Try six bedrooms and 9.5 baths with a library that can be converted to a seventh bedroom, family room, gourmet kitchen, master suite, and guest suites all facing Everglades Island and Mar-A-Lago. Then there are seven, count’ em, seven fireplaces, a wine vault, an elevator and the latest automation technologies. The gated estate has over 90 feet of direct water frontage with private boat dock, cabana, summer kitchen, infinity edge pool and spa, and a guest house.
There have been some serious big deal sales in the city this year, but mostly in the condo realm. At The Bristol near downtown, pre-construction prices hover around the $10 million-mark with two units selling for $14 million.
The single family home market, however, hasn’t even been near $10 million.