Prices of homes in two of Palm Beach Gardens upscale country club communities have begun to rebound in the first half of 2011.
Old Marsh and Old Palm, each a small exclusive community with high end club facilities, are seeing prices increase for sales of large executive homes.
Old Marsh is an older community of about 140 homes in the northwestern portion of Palm Beach Gardens. From January through June, four homes sold in the community, averaging $367 per square foot, about 30 percent higher than sales throughout 2010. Homes in Old Marsh are generally priced above $1 million. There are currently 17 homes on the market in Old Marsh and one is a short sale priced just under $1 million.
The community has an outstanding clubhouse and golf course well know for its caddies and "no tee time" policy. Membership at the club is optional for residents of the community.
At Old Palm, prices of larger homes, over 4000 square feet, have increased about 30 percent in the first half of 2011 compared with 2010 sales. From January through June 2011, there were five homes sold over 4000 square feet and they averaged $461 per square foot. In all of 2010 just three homes over 4000 square feet sold and they averaged $323 per square foot.
Smaller homes in Old Palm also increased in value with two selling in the first half of 2011 averaging $321 per square foot compared with just one selling in 2010 at $269 per square foot. There are about 300 homes built or planned at Old Palm with 24 homes on the market in early July.
Old Palm is a newer community of about 300 homes located along PGA Boulevard just east of the Turnpike. It has a world class golf practice facility adjacent to its single golf course. Membership in the club is optional for residents.
The Weiss-Clawson Team researches market trends and prices in most Palm Beach Gardens communities and many Palm Beach County communities to provide the most up to date information for our clients. If you are interested in buying or selling a home in Palm Beach Gardens or anywhere throughout Palm Beach County, we would like to work with you. Please contact The Weiss-Clawson Team directly. We look forward to hearing from you and to working with you.
Comments(1)