Thursday, February 6, 2014

GL HOMES BUILDING ANOTHER LUXURY COMMUNITY OUT WEST

The Western sprawl continues! Before we start let’s talk about the mystery surrounding the article, which I cannot supply! But it did appear in today’s Sun Sentinel, on the first page on the Money section and it is at the bottom of the page. For whatever reason, it cannot be accessed online! I tried and tried so you will just have to take my word on this one. Now to the article. 

From Clint Moore Rd. in Boca Raton to Forest Hill Blvd. in Wellington there is a ton of agriculture reserve zoned land on 441 AKA State Rd. 7. Over the years the County has agreed to let developers build residential communities here. One in particular, has dominated the area, creating one community after another almost right next to each other. GL Homes is the “busiest builder in Palm Beach County last year” and it seems they cannot go wrong in this area. They just completed the Bridges, a 591 home community that already has 500 units sold. This led them to announce the creation of Seven Bridges, a 742 home community that will be built right next store to the Bridges. All of these communities are aimed at the higher end side of the residential market, and prices for the new project are expected to be similar to what was seen at the Bridges, homes ranging from $600,000 to $1,600,000. Going North from here they have the potential to build dozens of more communities out here. 

But why can they? This land was set aside to preserve it, and to be used for agricultural uses. For political reasons unknown (which must be money of course), the county continues to agree to change the zoning to allow more development. It makes for a strange sight, seeing a community like this across the street from a farm. It is clear what the future of the area will be: more homes, which will require more retail and office space to provide for the residents. This is much more valuable to the County than farmland from a taxation basis, and also keeps the wheels turning on development, which is also very profitable for the city and county where it happens. So no surprise here, another community on the way on 441. What is sort of interesting is why GL is the only one developing out here. Given the track record of success you would think that there would be no shortage of developers looking to build here. Politics my friends, a necessary evil that I do not enjoy. What do you think?



Orin Rosenfeld
President
Rosenfeld Realty Advisors
9858 Glades Rd. Suite 209
Boca Raton, FL 33434

Phone: 561-756-1665

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