*It’s the peak of the season in the Hamptons, but back in the Palm Beach area the real estate market is on fire. A bit of news, over in the Jupiter-Tequesta coast, construction on new development is underway.
Forté Development celebrated the groundbreaking of its new luxurious waterfront community Forté Luxe late last month. The development at 12450 Crystal Cove Place features 15 multilevel, ultra-modern residences on a peninsula, surrounded on three sides by the Intracoastal Waterway and across from Jupiter Island.
“Situated in a prime waterfront location, Forté Luxe is a unique luxury development in beautiful Jupiter, Florida,” says Marius Fortelni, the founder and CEO of Forté Development. “Forté Luxe presents a wonderful opportunity for the luxury buyer to enjoy the laid-back yet elegant Jupiter lifestyle, just minutes from the arts, golf, culture, dining and shopping of the Palm Beaches.”
The pet-friendly community will offer the option to purchase one of the 13 private boat docks for up to 60-foot vessels. There is also a private resort-style swimming pool and sun deck with entertainment areas.
Fortelni has a history of building in the area, as he is the original visionary for The Forté West Palm Beach, a collection of 41 residences. He has 40 years of international real estate development, including developing and managing several residential projects throughout the New York metropolitan area, including in the Hamptons.
Forté Luxe residences will range in price from $4.35 million to over $8 million. Douglas Elliman is the exclusive sales team. Residences boast 3,550 to over 5,000 square feet and include features such as spacious, elevated balconies, unrestricted views and of the beach line and water, expansive great room interiors with full-height glass doors and windows and private garages. Private interior elevators, voluminous ceilings, full-height sliding glass windows and doors, and waterfront-covered terraces with built-in outdoor gas grills for al fresco dining provide pristine luxury.
Real Estate Insider:
Top golf country clubs from Miami to Palm Beach are seeing record applications, leading to years-long waiting lists. In Boca Raton, we hear buyers are securing their membership by buying multimillion-dollar homes for that coveted country club membership.
Aaron Buchbinder of Compass tells us that St. Andrews Country Club has seen median sales prices jump over 200% from pre-pandemic levels, with median days on the market dropping by 67% over the same period. Inventory hovered above 10% at that time and today is under just 2%. Other premier club communities, such as Woodfield, Broken Sound, Boca West, and Boca Grove – have seen similar jumps.
BTH:
Do you think this country club frenzy will plateau or slow down?
AB:
I don’t think the country club frenzy will slow down because of Baby Boomers’ retiring and the proliferation of remote work. Country clubs offer both of those groups the amenities, lifestyle and security that is highly desirable. Pair those two segments with the low inventory, stemming from homeowners who secured lower interest rates staying put and original owners having nowhere to go, it’s really a tight market. It ultimately comes down to interest rates and whether the home is priced right.
BTH:
What are you hearing from buyers about why they crave this lifestyle?
AB:
For all buyers, the sense of community is a huge selling point. Young families enjoy the structure for their kids and the different athletics offered, plus good education – Boca Raton has grade A schools. Some parents will pay the premium to live in a country club community to make sure they are in the preferred school district instead of sending their kids to private school. For the retirees, the social aspect and leisure activities are a big draw. Avid golfers love some of these clubs. In Florida, you have the country club lifestyle year-round versus the handful of months you get in the North.
Sales:
An $8 million house trade has set a record for the priciest sale in the prestigious community of Long Lake Estates. The transaction for 8808 Twin Lake Drive closed on May 31, 2023.
Originally listed for $10 million in November of 2022, the lakefront property experienced a few price drops throughout January and February.
Jeff Miller with ONE Sotheby’s International Realty represented the sellers, who are, according to public records, Ken Rosen and his wife, Lisa Rosen. He is the founder and CEO
of Boca Raton-based telecom and broadband services company Infinity Sales Group.
The undisclosed buyer was represented by Buchbinder.
With Ana Vissicchio
This article appeared in the issue of July 21, 2023. To read the full digital version of the magazine, click here. For more articles from our various magazines, click here.
