We know Wellington is the place to be for equestrians, but this winter we’re taking a deeper dive with those who know it best. We asked: How does Wellington real estate differ from the rest of Palm Beach? What are some of the challenges for buying and selling in Wellington in 2023?
Maria Mendelsohn
Douglas Elliman
Wellington
“The main difference between Wellington and Palm Beach real estate is that the majority of Wellington clients are coming for the winter equestrian season. It’s quite easy to sell them homes because the horses are their first priority and the residence naturally just follows. The real estate challenges in Wellington can be, at times, on the residential side, finding a newer, high-end home for an equestrian client who is accustomed to living in homes in the Hamptons, New York City and Palm Beach. Another challenge is that farms are harder to sell than Palm Beach properties, but if you have a very good farm at a proper price, the buyer is more focused and determined to fulfill the acquisition. If you have more than six horses, there is an economic interest in owning rather than boarding, and possibly offsetting the costs with leasing your extra stalls. Sometimes the same client who has a significant property in Palm Beach has a home in Wellington for the nights they stay while they are showing.”
Jane Babcook
Brown Harris Stevens
Sag Harbor
“Unlike Palm Beach’s high rises and commercial development, Wellington is considered a village community. The land was bought in the 1950s by New York accounting magnate Charles Oliver Wellington. That began the groundwork with the Gould Corp. and William Ylvisaker who dedicated thousands of acres to equestrian sport and laid the foundation to this unique community, home to Palm Beach Polo and the Winter Equestrian Festival. As the winter equestrian capital of the world, some residents are full-time while others are part-time. Many live in both Palm Beach and Wellington where they have extensive equestrian estates. The majority of real estate agents in Wellington have been involved with horses all their lives and understand the agricultural tax benefits, the boundaries of the equestrian preserve and zoning in the equestrian overlay district. When it comes to buying and selling a horse property, they understand the language of true horsemen and what their needs are. Despite developers attempting to build condos and hotels on the preserve, the equestrian community, many of whom spearheaded the Wellington Equestrian Festival from the beginning, fought hard to keep the preserve intact and though development has expanded, Wellington maintains some of South Florida’s most valuable real estate dedicated to horses and horse sport.”
David Welles
Equestrian Sotheby’s International Realty
Wellington
“Wellington is a unique village located just west of Palm Beach that is centered around the equestrian sport and lifestyle, known as the “Equestrian and Polo Capital of the World.” Where else can you find crosswalks and sidewalks for horses with a bridle path trail system? This alone makes Wellington different from any area in Palm Beach County, throughout North America and beyond. Wellington is home to the Winter Equestrian Festival, Global Dressage Festival and the National Polo Center. These venues attract top competitors (and horses) from across the globe. The main challenge facing us as we head into 2023 is low inventory throughout all categories of real estate including equestrian, residential and raw land. Even commercial opportunities are limited. Due to demand, it remains a sellers’ market where most transactions are cash and rising interest rates are not a deterrent. As we enter our season, there will be properties coming available as families age out of competitions and head off to college or start other careers. At what level remains to be seen. Located only minutes to an hour from three major airports, the Wellington real estate market continues to be strong and vibrant, bolstered by the equestrian lifestyle, world-class competition and venues.”
Darlene Streit
The Corcoran Group
Palm Beach
“When compared to other parts of Palm Beach County, Wellington offers more space and a wonderful sense of community. The village of Wellington’s tagline is “a great hometown” and that neighborly feel is definitely something special. The obvious equestrian and polo element here may be the best-known aspect of our town, but in addition, there are extensive opportunities for water sports on Lake Wellington. Aviation is also a popular local hobby, with the Wellington Aero Club offering residents their own private runway for small aircraft. In terms of housing, there is a healthy mix of ultra-high-end and more affordable homes. The challenge is finding good inventory — especially in the higher end for horse farms. Finding great barns combined with great homes is not always easy, as often there is one or the other but not both. Because we are the world’s winter equestrian capital, there is a huge demand for these properties, especially in close proximity to the showgrounds. In season, there are so many events that attract an international mix of people — another thing that makes Wellington shine. It’s truly a cosmopolitan area … with a small-town heart.”
Nancy Batchelor
Compass
Miami
“Wellington offers some of the top equestrian properties in the country due to the world-class horse show. It is the ultimate playground for equestrians and is often referred to as the “Horse Capital of the World.” The estates that are closer to the horse show are priced accordingly. It is an equestrian-focused community that welcomes horses and has bridle paths all over the place. One of my favorite aspects of owning a home in Wellington is the accessibility and ease of getting there. Not only is the community simple to navigate via miles and miles of interconnected horse trails, it’s an easy flight into Palm Beach International Airport, only a 35-minute drive to Palm Beach and an hour-and-a-half drive to Miami Beach. Since Wellington is such a coveted community, the inventory may be a bit limited, especially when it comes to equestrian properties. This area offers some of the most luxurious homes, not only in Florida but in the world. Every year I see more and more horse lovers travel here for the three-month horse show. They fall in love with the city, weather and world-class competition, and then they end up making it their home. There is truly no place in the world like it, and I think people really see the value in purchasing property here.”
This article appeared in the January 2023 edition of Behind The Hedges Palm Beach. Read the full digital version here. For more on Wellington and Palm Beach real estate, click here.
