Palm Beach County real estate is some of the most expensive real estate in the country. That fact is very evident when you take a look at the newest empty lots for sale in Palm Beach. These lots range in price from $6.9-$14.5 million dollars depending on the size of the lot. Then you have the added costs of building your dream home on the parcel of land.
The British insurance mogul Peter Wood owns the lots that are now for sale in Palm Beach. He purchased the 3.4-acre plot of land for $39 million in 2016. He is now looking to sell the land for a hefty profit. Peter Wood is the founder of Direct Line and Esure insurance companies.
In recent years Wood has taken a step back from the insurance industry, and he has begun to buy property. The plot of land in Palm Beach is one of the many major real estate investments that Wood has made in recent years. His real estate venture has obviously been treating him very well. Wood’s net worth is now well north of $600 million.
The empty lots are located in Palm Beach at 89 Middle Road. These properties border South County Road at the northeast corner of El Bravo Way. This area of Palm Beach is known as the Estate Section and is just a short walk to the beach. Wood also purchased a 1-acre lot that is adjacent to the beach, but that lot is not part of this subdivision and is for sale for $21.9 million.
Wood is dividing the lot into five parcels. These parcels range in both size and price.
- E: The largest of the empty lots is Parcel E. The lot covers 40,150 square feet. The lot, located on the corner of South County Road and El Bravo Way, is priced at about $14.5 million, or $361 per square foot.
- B: Parcel B is the second largest lot, it spans 30,268 square feet and is priced at $10.9 million, or $360 per square foot. Parcel B is closer to Middle Road.
- C: This parcel is on the northeast corner of the property and covers 21,164 square feet. Parcel C will cost you $8.3 million, or $390 per square foot.
- A: Parcel A is the smallest lot of the five. Parcel A, spans 17,985 square feet along South County Road and can be yours for $6.9 million, or $383 per square foot.
Additionally, parcel D is already pending. These lots are going fast, so if you have interest in purchasing one, you may not want to wait.
The Estate Section in Palm Beach
If you are looking for high-class celebrity neighbors than the Estate Section is for you. The estate section is situated between Worth Avenue and Sloan’s Curve on Palm Beach Island. The homes range in size from 7,000 to 45,000 square feet, and you can find properties that span seven acres.
The area is home to some exclusive clubs including the President’s Mar-A-Lago. Also, the Estate Section is home to some of the world’s wealthiest and well-known celebrities. This exclusive area of Palm Beach lends itself to a quiet and elegant lifestyle.
One thing to keep in mind before buying one of the empty lots is that you may not have the most friendly neighbors. Residents have been fighting the project since the start. The residents biggest gripe is the fact that the new subdivision is not keeping with the character of the traditionally low-density neighborhood. The residents were granted a small victory when the number of lots was reduced from six to five. While this may not be the best situation for someone looking to buy in the area, the neighbors are sure to get over their concerns.
Your Dream Home
The best part about purchasing one of these empty lots is that the possibilities are endless. With a blank slate, you could build your dream home from the ground up. Also, the price of homes in this area have gone up every year for the last five years. That means you will not only have the home you have always wanted but also a sound investment.
So what are you waiting for? If you are interested in one of these empty lots in Palm Beach, contact Scott Gordon Realty today! If buying an empty lot scares you, we can also help you find your dream home that doesn’t have to be built from the ground up. Our agents have decades of experience in Palm Beach and will surely be able to find the right home for you.