South Florida Oceanfront Homes-2017 Market Report

South Florida Oceanfront Homes
Real Estate Market Report

Toes in the Sand…amazing Sunrises, the peaceful sound of Waves lapping against the Shore…many dream of living in a Beachfront Home and direct Oceanfront properties are not only highly desirable, but maintain high values because of their prime locations.

Of Beachfront properties in South Florida, the available Residential property types are Single Family Homes, Townhomes, Villas, Co-ops, and Condos. Of these, Condos comprise the vast majority of the properties. Oceanfront Single Family Homes, Townhomes, and Villas represent less than 1% of the available properties. Land value is a significant part of the price for Oceanfront Single Family Homes and, on average, their prices start at $3,000,000 and above.

Below is a Market Report that details recent activity and purchase prices of Oceanfront Single Family Homes that were purchased in the Tri-County area of Southeast Florida within the last 12 Months (June 2016 – present).

Broward County

8 Properties Sold: Purchase price range of $3,100,000 – $20,000,000, with an average purchase price of $7,350,000. The Properties are located in the Cities of Ft. Lauderdale (Lauderdale Beach Community) and Pompano Beach (Hillsboro Shores Community), and the Town of Hillsboro Beach.
13 Properties for Sale: List price range of $3,500,000 – $18,500,000.

Miami-Dade County

1 Property sold: $4,550,000 purchase price–located in the Town of Golden Beach.
3 Properties for Sale: List price range of $6,499,800 – $27,500,000.

Palm Beach County

19 Properties Sold: Purchase price range of $3,000,000 – $49,000,000, with an average purchase price of $13,375,000. The Properties are located in the Cities of Palm Beach, Manalapan, Gulfstream, Delray Beach, Highland Beach, Jupiter Inlet Colony, Boynton Beach, and South Palm Beach.
45 Properties for Sale: List price range of $4,975,000 – $165,000,000.

Of Oceanfront Single Family Homes that were built in the Tri-County area, Palm Beach has the highest number of existing properties and more Cities where Oceanfront Single Family Homes are located, so that’s reflected in the number of Properties for sale and Properties sold. Broward County and Miami-Dade County do not have, nor is it possible for them to have the same level of sales activity that Palm Beach County has in the Oceanfront Single Family Home Market due to the significantly smaller number of existing Properties.

New construction and vacant Oceanfront Land

Vacant Oceanfront Land that’s buildable and zoned for Single Family Residential use is a very rare commodity and few such Parcels of Land exist. Typically, such property becomes available when an older, existing Home that’s located on the property is demolished, so Teardowns that are sold primarily for Land value are prime targets for those who are interested in building a new Home. Of Oceanfront properties that are currently on the Market for sale, some are new Homes that are currently under construction.

Currently, 9 Oceanfront Lots are listed on the Market for sale in the Tri-County area and are priced in a range of $4,975,000 – $12,000,000.

Price differences

Factors that affect the vast price differences for Oceanfront properties include, but aren’t limited to, size of the Land/Acreage, size of the Home, age of the Home, condition of the Home, City location of the property, views, interior features of the Home, custom Rooms (i.e. indoor Spa, Fitness Center, Basketball Court, Pool) Architectural style, Garage size, outdoor features (i.e. Pool, Grotto, exterior entertainment areas, Summer Kitchen, Tennis Court), etc. Note that some Oceanfront properties in South Florida also include a Parcel of Land along the Intracoastal–some offering Dockage for Yachts and other Vessels, so that clearly impacts and increases values as well.

Note: To be very specific with the information presented in this post, I didn’t give “Honorable Mention” LOL to Homes that are located across from the Beach. I only referenced those that are direct Oceanfront ON the Sand.