Highland Beach Oceanfront Market Update

by Craig Greenberg
LuxuryOceanMarket.com

Highland Beach Real Estatee Market Update

Oceanfront Homes for Sale

Currently there are 13 oceanfront homes for sale in Highland Beach.  The above list is sorted with the newest listings at the top of the list.  Homes for sale range in price from $3,999,000 all the way up to $19,500,000.

In this update I'll go over the three newest listings.  First on the list is 2635 S Ocean Blvd.  This home is as direct beachfront as you can get in Florida.  The home is listed for $4.2 million making it one of the lesser priced homes, but don't let that fool you.  It's in one of the few gated communities on the ocean.  It's 3 bedrooms plus a den, 3 1/2 baths and a 2 car garage.  Don't let this boring picture fool you.  The home is beautiful, both inside and out.  One thing I like about this home is the grass yard right behind the house separating it from the beach.  This home is described as:

Enjoy 80' on the ocean, a large, private back yard and pool, expansive balcony overlooking ocean off of the spacious master suite. Many recent upgrades including impact windows and doors

Next on the list is 3621 S Ocean.  This is one of the pricier homes being offered for sale in Highland Beach.  But just take a look at this photo and you'll see why the home is asking this price.  It has 200' direct oceanfront in Highland Beach.  The home is asking $16,000,000 but was previously listed for sale for $12,995,000 only a few weeks ago.  It's important to note that this home is a short sale where the bank is a third party to this sale.  This estate home is described as:

Rare Oceanfront opportunity on 200 feet of direct oceanfront in Highland Beach, just next to Boca Raton and just south of Delray Beach. Although the estate has been completed and decorated, it has never been lived in since its completion.Expanding over 200 feet of pristine waterfront, this estate sits on one of the most unique properties in southern Palm Beach County. The residence has a great elevation and provides some of the best panoramic views available. Property features include stunning gourmet kitchen with family room and breakfast nook, formal living and dining, office and second floor bar and lounge. Ground and second level living: two master bedroom suites and large guest bedrooms. Incredible wood work and finishes throughout, elevator, impact doors and windows, pool and spa overlooking the ocean, entry security gates, fully furnished and decorated. Spectacular ocean views from almost every room. This property has the best of everything, call for specific details regarding this opportunity

 Last on the list is 4023 S Ocean.  Like 3621 S Ocean, this home was previously listed for sale (making not that new) but unlike 2635 S Ocean, 4023 isn't a hidden gem.  It's more or less a great opportunity to buy 100' of direct oceanfront in Highland Beach.  It is one of the lesser priced properties for $4,195,000.  While I was working with the previous agent on this property, he described it as:

While this is not a "tear down," it does need some updating in order to use the property as a rental. The kitchen was remodeled and appliances are newer with exception of the stove. New quartzite granite counter tops, stainless steel appliances. The bathrooms are all original -- low counter tops, formica counters, original sinks, hardware and toilets. Small shower in master with a large Roman tub in the middle of the room. A buyer would obviously renovated the bathrooms since the kitchen was already done. The roof is about 6 years old and in excellent condition.

It shows as a two bedroom now -- the 3rd bedroom they removed the wall (walk-in closet and full bath are still there) because they made it a game room/billiard area with pub. The 4th bedroom they removed the wall and made it an ocean-view office/library. This also has a walk-in closet and full bath. The drywall could easily go up again for a person wanting 4 true bedrooms. Especially since the closets and baths are still there.

This shows like a Nantucket or Cape Cod beach house.

Basically he said the property is outdated and needs work.  You'll get 100' of beachfront, but it does not live up to today's buyers standards.  Now let's see what the new agent describes the home as:

Fantastic opportunity directly on the ocean in Highland Beach minutes from Boca Raton and Delray Beach. This property features stunning direct ocean views and represents incredible value. This cottage-style residence sits on 100 feet of direct ocean frontage and is not across the street or next to any condominiums or large buildings providing a tropical and private setting. The estate lot has great elevation and provides endless ocean views. The residence also features high ceilings, custom kitchen with quartzite countertops, two car garage, pool, large second floor terrace, elevator, four bedrooms, four bathrooms, entry security gate, lush tropical landscaping throughout. The options are endless, one can move in and renovate, buy and hold, or knockdown and build - this opportunity allows one to enjoy an oceanfront cottage until they are ready to build their New Oceanfront Estate. Phenomenal location; phenomenal value.

 Currently there are no pending contracts to purchase homes in Highland Beach and year to date there have been four sales:

If you are in the market to buy, sell and/or rent an oceanfront home in Florida, please make sure to visit LuxuryOceanMarket.com where you can view all the luxury oceanfront properties on the market from Palm Beach down to famed Hillsboro Mile and even create your own custom searches that will send you automatic email alerts as new homes come on the market.  And if you come across the home of your dreams, please make sure to either contact myself, Craig Greenberg at 561-376-8540, or my associate, Tripta Chawla at 561-703-7733, and we'll be more than happy to assist you.

November 2011: Highland Beach - Oceanfront Real Estate Market Update for Single Family Homes

Current list of oceanfront homes for sale in Highland Beach:

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From the list above, we see that there are currently 9 oceanfront homes for sale in Highland Beach, Florida.  If you have been looking to buy for a while, most likely you have already seen these homes.  You need to reference the column CDOM that stands for Collective Days on Market.  Sometimes agents like to take a home off the market and put it back on the market to make the DOM (days on market) look like a new listing, but in fact the home has been listed for sale for quite some time. And this is why I am going to use the CDOM.  There are 2 homes on the list above, 4521 S Ocean Blvd and 4621 S Ocean Blvd, that have been listed for 3 years and many other appear to have been listed between 1-2 years.  I just find it interesting that the longest shelf life on the list above is either the least expensive and most expensive listing out of all the oceanfront homes for sale in Highland Beach.
Currently there are no homes under contract for Sale in Highland Beach and there has just been one close sale in the last three months:

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[one_half][/one_half]2367 S Ocean Blvd: Major gated and walled Italian-inspired Oceanfront estate sited on 1+/- acres is designed to reflect the modern lifestyle with contemporary amenities. Magnificent motor court, gardens, fountains and verdant beachfront lawn. Glamorous main and guest house, newly furnished by award-winning Marc-Michaels Interior Design.  Here is a house that has been listed on and off the market since 2008, starting with an original list price of $18,900,000 and believe it or not, sold in April 2010 for $12,650,000.
The home then gets relisted for sale just a few months later, September 2010 for $14,950,000. There has to be some type of story behind this because the home then sells once again in November 2011 for $14,000,000.  That's right, almost $1.5 million more than when it was sold 1.5 years ago.  And we all thought the luxury real estate market was still taking a hit.

Click for Oceanfront Condo Update in Highland Beach, Florida

October 2011: Highland Beach – Oceanfront Real Estate Market Update

Current Oceanfront Homes for Sale in Highland Beach

As of October 16, 2011, there are 11 oceanfront homes for sale in Highland Beach, Florida ranging in price from $4.5 million to $15,650,000.  The newest home on the market is 4215 S Ocean Blvd listed for $9.995 million.  It’s part of a development called Ocean Places Villas right on the ocean.  The home sold back in 2007 for $9.5 million, so there is definitely room to play with on it’s current list price.  Let the home sit on the market a little bit (few months) before we see the owner’s real motivation for selling.
Currently there are no homes under contract for sale.  During the last six months, there were two homes sales:

4121 S Ocean Blvd was on the market for almost one year.  But if one does a little bit more research, the home actually came on the market back in 2009 listed for$5.25 million and was sold a few months later for $4 million.  Then the home was relisted for sale one year later (June 2010) for $4.995 million.  We can all guess at the motivation of relisting the home for sale one year later (almost one million dollars higher than was paid for), but eventually the list price had been lowered to $4.249 million within a few months.  So there must have been something more to this sale.  The home eventually sold for $3.4 million in May 2011.

4201 S Ocean Blvd was on the market for 532 days before selling.  The home had actually been listed on and off since 2006.  That would actually be closer to 1500 days on the market (DOM).  The home had a roller coaster ride with it’s list price since 2006.  It started at $9.95 million in 2006 and made it’s way upward towards $13 million in October 2007m but eventually was relsited for sale in 2009 at $9.45 million and sold 532 days later for $7.7 million.