Home Values in Palm Beach Polo Club in Wellington
This month we are bringing a very popular development to our Behind the Gates Series. We are covering Home Values in Palm Beach Polo Club in Wellington. The Palm Beach Polo Club is made up of a number of different segments that stretch along Polo Fields and golf courses. Featuring Villas, Townhomes, Condominiums, Single Family Homes and Estate Homes. Developed mostly in the late 80's to early 2000's, the area is almost at full capacity. It is common practice for owners and buyers to perform full renovations within this market segment. Contractors that cater to this market segment state the current environment is fantastic with increasing renovation costs and a high demand. Realtors that service this segment state business is strong with a growing seasonal buyer due to recent tax law changes in the Northeast.
New Construction in the Polo Club
The market is almost built out with the remaining sectors being under construction. There are some remaining sites left for development on Cypress Island Way and Blue Cypress Ln. Over the past 5 years, the price of land has significantly increased due to the scarcity and demand for new construction. As of the writing of this story, there are 6 available homes that are new construction ranging in price from $2,795,000 to $10,495,000. The homes range in size from 3635 sf to 8198 s/f with all homes having oversized sites and swimming pools.
The Polo Club is a large development with multiple areas featuring a wide range of homes. The estate sections are considered the Bridle Path, Cypress Island and Blue Cypress. There are some estates located on Maidstone Dr and Long Meadow Dr. However, historically the highest sales have taken place in Bridle Path and Cypress Island. In fact, over the past 19 years based on MLS data, the highest sale was in Bridle Path for $12,500,000 and Cypress Island for $11,000,000. There are currently 3 listings available between Bridle Path and Cypress Island priced between $13,000,000 and $14,900,000.
Rumors overheard by our appraiser that services Wellington is that parties (Recorded Trust) connected to Lou Dobbs recently purchased a home in Bridle Path for $5,000,000. Since the time of purchase for $5,000,000, the home is under full renovation. Lou Dobbs has been reported to have real estate holdings in Wellington for years now with a family interest in the equestrian activities. Lou Dobbs is a TV personality currently on Fox Business with prior shows on CNN.
Are there mandatory membership fees for Wellington Polo Club? No, but some new sites are subject to a mandatory membership to the Polo Club. These fees start with an initial fee of $21,000 and annual dues of $6,000 to $11,000. What was the highest sale in the Polo Club? The highest sale in the Polo Club to date stands at $12,500,000 per the local MLS. There may be off market transactions that exceed this amount. How much does an appraisal cost in the Polo Club? Appraisal fees start at $400 in the Polo Club. The rates vary based on size of the home and complexity.
Local Property Appraiser Experience
We are a team of local property appraisers that service the Palm Beach County market. On a regular basis we write stories coined "Behind the Gates". Our Behind the Gates Series are written for the average person to get some information on their local gated developments. Take a look at some of our other Behind the Gate stories:
If you are in need of an appraisal in Wellington or in the Polo Club than go ahead and contact us. We cater towards non lending assignments for owners, sellers, buyers, attorneys and CPA's. If you need an appraisal for a divorce, estate, land, listing, FSBO or a purchase than we can help!
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