Wall Street South execs are moving north \u2014 but only a few miles. <\/p>\n
And they\u2019re not alone, as many house hunters on this end of Florida look to the under-the-radar Palm Beach Gardens \u2014 just 12 miles north of Palm Beach, which offers more space and less of a hustle.<\/p>\n
As The Post reported in 2023, Wall Street entities like Goldman Sachs have set up shop in new shiny towers in West Palm Beach, and luxury shopping and dining areas are now carved into the coastal Florida city. <\/p>\n
But the bustling corporate occupation of West Palm Beach and the billionaire boom in neighboring Palm Beach is making some there seek sanctuary, and lower prices, in this lesser-mentioned neighbor, Palm Beach Gardens \u2014 swapping the Palm Beaches\u2019 swinging social scene for the country club lifestyle.<\/p>\n
\u201cWe put in a tremendous amount of due diligence into finding this place,\u201d Will Weathersby told The Post of his new home in Palm Beach Gardens, purchased last June for $4.35 million. <\/p>\n
He and his wife Denise had eyed a move from Florida\u2019s Gulf Coast, and began looking around the Palm Beach area before settling on a newly renovated four-bedroom in the Old Marsh Golf Club. <\/p>\n
Homebuyers, such as Denise and Will Weathersby, are heading to Palm Beach Gardens \u2014 and loving their decision. Melissa Sweredoski<\/p>\n
\u201cWe looked around, but ruled out Palm Beach entirely. It\u2019s more crowded; it\u2019s beautiful, but it wasn\u2019t what we were looking for.\u201d<\/p>\n
Too touristy? <\/p>\n
\u201cYes,\u201d he said. <\/p>\n
The Weathersbys in front of their handsome home. Melissa Sweredoski<\/p>\n
\u201cHere we have the upside of a small community, but with everything you need nearby.\u201d<\/p>\n
\u201cIt\u2019s fun zipping into Palm Beach whenever we want to,\u201d added Denise.<\/p>\n
Most people know Palm Beach Gardens as America\u2019s golfing capital. <\/p>\n
\u201cHere we have the upside of a small community, but with everything you need nearby,\u201d said Will. Melissa Sweredoski<\/p>\n
In fact, the Professional Golfers\u2019 Association of America is headquartered there and PGA Boulevard, the main drag, is Palm Beach Gardens\u2019 dining and shopping hub, with around 100 restaurants and more than 2 million square feet of stores. <\/p>\n
It\u2019s a sporty town in general, though, and famous for being home to Olympian tennis icons Venus and Serena Williams. <\/p>\n
It\u2019s outdoorsy, even for non-Olympians.<\/p>\n
Their home comes with a luxe pool. Melissa Sweredoski<\/p>\n
\u201cWhat\u2019s wonderful about Palm Beach Gardens is that we have designated 50% green space into our city ordinance,\u201d Palm Beach Gardens Mayor Chelsea Reed told The Post. <\/p>\n
\u201cWe have 10 miles of public access hiking space, and we\u2019re bringing back native Floridian plants and trees there. We\u2019re planting milkweed, and building butterfly and pollinator habitat. Our residents love that they have butterflies and hummingbirds back in their backyards.\u201d<\/p>\n
\u201cRight now, we are looking over our backyard onto a wetlands preserve,\u201d added Will Weathersby.<\/p>\n
Their home has a gracious layout. Melissa Sweredoski<\/p>\n
\u201cWhat\u2019s nice is that Palm Beach Gardens is already built out,\u201d said Janet Lano, who recently returned to the city after buying a condo at Old Palm Golf Club. <\/p>\n
Lano originally moved to a four-bedroom house in Old Palm in 2016, and then sold it in 2022. <\/p>\n
She left to live in Jupiter and is now heading back to Old Palm Golf Club since she loved the area so much. <\/p>\n
The family is thrilled with their purchase. Melissa Sweredoski<\/p>\n
She plans to move into her new residence in April. <\/p>\n
\u201cOther areas you can buy a mansion and then next door they\u2019re tearing something down. There\u2019s always construction.\u201d<\/p>\n
It\u2019s not like living in Palm Beach Gardens is living under a rock, more of a nook. <\/p>\n
Buyers are heading to Palm Beach Gardens to avoid the high prices of the Palm Beaches, pictured here. Thomas Barrat \u2013 stock.adobe.com<\/p>\n
Two highways provide easy access to West Palm and Palm Beach \u2014 it\u2019s a 20-minute commute \u2014 and, as with every city everywhere, construction is happening in Palm Beach Gardens.<\/p>\n
Development here kicked off in the 1960s after insurance magnate John D. MacArthur bought a vast tract of land devastated by cattle ranches. <\/p>\n
MacArthur dubbed his investment Palm Beach Gardens and quickly incorporated the land as a city in 1959 with a population of 1.<\/p>\n
West Palm Beach has become home to a number of offices \u2014 and Palm Beach Gardens isn\u2019t located far away. SeanPavonePhoto \u2013 stock.adobe.com<\/p>\n
\u201cWe\u2019re looking at smart development, like redevelopment of empty strip malls,\u201d said the mayor. <\/p>\n
\u201cWe are addressing workforce housing, which is essential for the community to function.\u201d<\/p>\n
Functionality and not wasting time in traffic is a big plus, said the Weathersbys. <\/p>\n
Among the newcomers: Panther National. Panther National<\/p>\n
\u201cThe ease and ability to get around is tremendous,\u201d said Will Weathersby. <\/p>\n
\u201cWhoever did the city planning gets an A+.\u201d<\/p>\n
The main reason Palm Beach Gardens fell under the radar before is its location, tucked inland about 9 miles from the coast. <\/p>\n
Another Panther National rendering. Panther National<\/p>\n
Alluring beachside properties ribboned with white sand and sweeping ocean views, to use marketing parlance, are what Palm Beach offers \u2014 at a high price. <\/p>\n
Palm Beach Gardens doesn\u2019t.<\/p>\n
But the city does have the Intracoastal Waterway and a newly booming Marina District. <\/p>\n
Though Panther National has a stunning golf course, the development is for more than just sport. Panther National<\/p>\n
In January, the Ritz-Carlton Residences, Palm Beach Gardens poured its first concrete for three seven-story buildings that will add 106 spacious three-, four- and five-bedroom residences to the city. <\/p>\n
Pricing starts at $4 million and doubles for the larger, high-floor condos. <\/p>\n
This is the first non-country club luxury market community in Palm Beach Gardens, clearly expanding its social palette to high-spending boaters. <\/p>\n
The championship course has 18 holes. Panther National<\/p>\n
The Ritz-Carlton\u2019s 29-slip private marina, which can accommodate yachts up to 75-feet long, was completed first in 2023.<\/p>\n
\u201cWe will be attracting boaters,\u201d said Joey Eichner, senior vice president of Catalfumo Companies, the property\u2019s developer. <\/p>\n
\u201cBut our buyers are people with second or third homes. They collect country club memberships like they do homes as well. This feeds into the community and we have already built relationships with some of the clubs.\u201d<\/p>\n
Panther National won\u2019t shy from luxury. Panther National<\/p>\n
Another new development, Panther National, is centered on golfing, but also designed to upset the golf-centric condo community model nationwide. <\/p>\n
This luxury all single-family home private club development (prices from $4.5 million to $20 million), which boasts an 18-hole championship course designed in partnership with golf champion Jack Nicklaus and current PGA Tour star Justin Thomas, comes from former pro skier and sports agent Dominik Senn, who saw a hole in the local market.<\/p>\n
It\u2019s the first golf community to be built in Palm Beach Country in more than 20 years, and edges towards a luxury wellness resort in its style, and includes an expansive Lifestyle Club with fitness rooms and two swimming pools \u2014 all in addition, of course, to that golf course.<\/p>\n
The site of the Ritz-Carlton. THE RITZ-CARLTON RESIDENCES, PALM BEACH GARDENS<\/p>\n
\u201cThere\u2019s a new generation of young golfers who want a more relaxed place, which is why we do not call it a luxury lifestyle gated community. All the young executives working in West Palm will appreciate what we have,\u201d added Senn, Panther National\u2019s president and founder, who\u2019s living at Old Palm until his own home at Panther National is completed. <\/p>\n
Is Palm Beach Garden in danger of getting Palm Beached, swallowed up by the fast set pushing up prices? <\/p>\n
According to a recent Douglas Elliman Palm Beach Gardens numbers shared with The Post, the third-quarter of 2023 saw the single-family median sales price rise to the third-highest level on record to $957,500; condo prices increased to all-time highs, with median prices reaching $445,000. <\/p>\n
A shot of the Intracoastal in Palm Beach Gardens. THE RITZ-CARLTON RESIDENCES, PALM BEACH GARDENS<\/p>\n
Palm Beach Gardens is, however, fitting the national trend in the slight cooling of the red-hot market. <\/p>\n
By the end of 2023, at the top end of the market, the average price for a luxury single-family residence fell from $4.19 million to $3.42 million. <\/p>\n
But luxury condo prices continued to rise, and average third quarter sales saw a leap from $1.17 million to $1.48 million in the fall-into-winter market.<\/p>\n
\u201cPrices are plateauing after the COVID boom,\u201d local Compass real estate agent Dory Faxon told The Post. <\/p>\n
\u201cPrices aren\u2019t going down, because there is no inventory. A lot of people are staying put. There might be a little room for buyers to negotiate, but not much.\u201d <\/p>\n
Compared to the Palm Beach average single-family luxury home price of $20 million in 2023, Palm Beach Gardens is still very attractive for buyers.<\/p>\n
\u201cOn the value side of the equation, you still get quite a bit more for your dollar here, especially if you are not directly on the water,\u201c added Faxon.<\/p>\n
While the allure of a Palm Beach beachfront property isn\u2019t going away anytime soon, for some home seekers, it\u2019s not a selling point.<\/p>\n
\u201cSome people want the glitz and glam of living in Palm Beach ,\u201d said Will Weathersby, \u201cbut for us this is a very sweet spot.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Wall Street South execs are moving north \u2014 but only a few miles. And they\u2019re not alone, as…","protected":false},"author":2,"featured_media":7187,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"csco_display_header_overlay":false,"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"csco_post_video_bg_volume":false,"footnotes":""},"categories":[6],"tags":[786,787,270,3300,625,627],"class_list":["post-7186","post","type-post","status-publish","format-standard","has-post-thumbnail","category-florida","tag-florida","tag-florida-golf","tag-golf-course","tag-palm-beach","tag-real-estate","tag-residential-real-estate","cs-entry","cs-video-wrap"],"share_on_mastodon":{"url":"https:\/\/vive.im\/@fogolf\/117337561945280198","error":""},"_links":{"self":[{"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/posts\/7186","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/comments?post=7186"}],"version-history":[{"count":0,"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/posts\/7186\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/media\/7187"}],"wp:attachment":[{"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/media?parent=7186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/categories?post=7186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fogolf.com\/us\/wp-json\/wp\/v2\/tags?post=7186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}