As usual, I check out local real estate activity when I'm traveling. This weekend, I explored an extremely upscale neighborhood in North Palm beach called Old Point Cove. Built on 60 acres along the water, the spectacular views are of MacArthur State park, Lake Worth Lagoon and the ocean.
Association fees are not cheap, but they cover a lot. Everyone gets 24 hour security, and depending on the building, can cover landscaping, insurance, cable, water sewer and trash. The fees can range from $298 for three months to $5000 at the high end Lake Point Tower.There is no golf, but the boating is top notch...and yes, Tiger Woods docks his boat there.
Currently units are selling from $137,000 for a short sale to about $850,000. Of the 1153 condos in the development, 109 are listed for sale.
At the market's high point in 2005, the median price here was $461,000...with a high of $1,250,000. In 2009, the median was $260,000, with a high of $750,000.
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