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Palm Beach Real Estate Boom Leads to Crowded Clubs

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(Illustration by Real Deal with Getty)

A winter retreat for the wealthy and powerful, Palm Beach’s life revolves around private clubs. But the pandemic-induced luxury home-buying craze has created a backlog for getting in the door or getting on the green.

Applying to the island’s elite private club has never been easier, but over the past two years membership has reached capacity and waitlists have grown to unprecedented lengths.

Relaxed Corona Regulations, Lack of State Income Taxes, Warm Weather, West Palm Beach’s “wall street southall contribute to Waves of island migrationPalm Beach has always attracted wealthy buyers, but never before has so many of the hedge funds and CEOs who bought the homes been there year-round.

What’s more, the pandemic has spurred a resurgence in golf and golf club membership. Club membership across the country jumped from about 25% before the pandemic to 50% this year, according to industry group Club Benchmark.

As a result, every corner of Palm Beach life is experiencing growing pains. private school, teaching a record number of students. In some cases, homebuying is delayed by parents who are unable to send their children to the private schools of their choice.

Club membership isn’t as important as school, brokers say. However, the buyer was unable to enter the club, so he left.

Gary Pohrer of Douglas Elliman said:

Pohrer said the client flipped the house for a 50 percent return in six months and bought it in a gated community in northern Palm Beach County, where gated golf developments flourish.

“He wanted the whole package, just knowing how long the waiting list is at every club,” Poehler said. Of the clubs he belongs to, Pohrer said one has a three-year waiting list and “I think the other is indefinite.” Refused to disclose location.

Palm Beach County has plenty of golf and other private clubs, but there are only seven on Palm Beach Island. They are the Everglades Club, Bath and Tennis Club, Palm Beach Country Club, Beach Club, Sailfish Club, Breakers and, of course, Donald Trump’s Mar-A-Lago Club.

Each club offers different amenities. Only the Breakers, Palm Beach Country Club and Everglades Club have golf courses. According to the Palm Beach Post, the Everglades Club is notoriously secretive, banning phones and not having a website makes him sidestep 21st-century norms.

Some of the clubs are over a century old and are woven into Palm Beach’s sociable and historic fabric. Henry Flagler’s heirs maintain ownership of The Breakers, a part hotel, part club developed by Florida’s founding father and Standard his oil barons at the turn of the 20th century.

Before the pandemic hit, our membership base had room to grow.

Kelly Smallridge, president of the Palm Beach County Business Development Commission, said: “People have told me that the list is five years deep.”

Now, she says, “it’s hard to even get into the second and third level golf courses.”

Demand for club memberships is so high that entrance fees and dues are starting to rise as well, according to Premier Estate Property Broker Margit Brandt. But that shouldn’t deter prospective members.

“[An] Entry level home is $8 [million] Up to $10 million, actually closer to $10 [million] “When you add the $500,000 club, you just add it to the cost so far,” she said.

Brandt says the average entry fee is about $500,000, but some can reach as high as $1 million. The annual fee is about $25,000, she said. The club does not publicly disclose dues.

For Palm Beach newcomers, Blunt recommends getting on the waiting list as soon as possible.

In the meantime, many buyers are prioritizing properties with beach access and waiting to enter a club with the necessary amenities.

“Not all streets have beach access,” Brandt says. people are paying. “

Streets like this one at the north end of Palm Beach were demolished and a lot When spec house We will sell it at an unprecedented price.

Otherwise, buyers looking for golf and other club facilities are heading north to communities like Jack Nicklaus’ Bears Club in Jupiter. But even there the wait is long, said Vince Marotta, the broker for his property at Illustrated.

“If you buy a house at the Bears Club, you have to wait two years to play golf,” he said. “Can you imagine telling a guy you can see the golf course in your backyard, but you can’t play it?”

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