When Tom Frankel began developing a new luxury townhouse community in Juno Beach, he did not anticipate that 60% of properties would be reserved within a month. However, according to a recent report, 14 of the One Ocean project’s 22 units, priced between $1.8 to $2.2 million, were reserved within the first 30 days of the sales opening. Here is more on how Juno Beach property is in high demand:
One Ocean in Juno Beach
The One Ocean townhomes have two-floor plan options for residents ranging from 3,500 to 4,000-square feet. The units are two stories and have glass walls on three sides. Buyers can also add a third floor for an additional $200,000. Pools, sundecks, and spas are also optional. Depending on their locations and layouts, some units will offer ocean views.
Surprised by how soon the One Ocean units were reserved, Tom Frankel, president of Frankel Development Co. and Frankel-Ball Realty Group, remarked, “I’ve never seen a market like this.” Frankel, who developed Azure in Palm Beach Gardens and Admirals Cove in Jupiter, purchased the Juno Beach Property earlier this year. The 3.88-acre site located between US 1 and Ocean Drive was a vacant property just south of Old Towne Lane and west of the Seminole Golf Club. The site had been unoccupied for 13 years. Upon receiving the city’s necessary approvals, One Ocean’s development got underway with an anticipated occupancy during late 2021.
Potential buyers have reserved their One Ocean units with $10,000 deposits (10% down) that are being converted into sales contracts. Another 20% will be due during construction, and the final 70% amount is due at closing. According to a recent report, if all of the One Ocean reservations become residential real estate contracts and close, the total sales for the new residential community will be $25 million.
According to Frankel, some buyers include new residents from the Northeast who are currently renting nearby homes until they can move into their One Ocean units. Others are those who enjoy townhouse living over condominium conditions. There are also buyers who are attracted to living within walking distance of the beach.
Site work has started and is expected to accelerate in early 2021, when the townhouse construction framework begins to go up.
With the demand for new homes in Palm Beach County, it’s anticipated that there will be more small boutique developments in eastern Palm Beach County. There have also been several recent sales throughout the county due to the buyers moving away from the cities looking for more space and higher quality conditions. It appears that the demand for residential real estate in Juno Beach, like the rest of Palm Beach County, is strong.
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At Rabideau Klein, David E. Klein, Esq. and Guy Rabideau, Esq. are Florida Bar Board-Certified Real Estate Attorneys with extensive experience in the Town of Palm Beach County and its surrounding areas. We have the expertise and local knowledge you need to assist with all aspects of your Florida real estate matter. Contact Rabideau Klein today to discuss your real estate legal needs.