New luxury condos for sale near West Palm Beach, and Banyan Cay Resort has an open date

Kimberly Miller, Palm Beach Post
·3 min read
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The Palm Beach Architectural Commission has unanimously agreed that the design of this mansion designed for 1440 S. Ocean Blvd. needs work.
The Palm Beach Architectural Commission has unanimously agreed that the design of this mansion designed for 1440 S. Ocean Blvd. needs work.

Welcome to The Dirt! I’m real estate reporter Kimberly Miller with the latest developments in the sizzling market.

If I've said it once, I've said it 1,000 times, Han shot Greedo first. Oh, wait, wrong newsletter. No, what The Dirt has emphasized repeatedly is you don't mess with the Palm Beach Architectural Commission. You'll find out why in luxury real estate reporter Darrell Hofheinz's comprehensive story on two new home proposals on the well-heeled island of champagne wishes and caviar dreams.

On the mainland, the sequel everyone has been waiting for is outlined in senior business reporter Alexandra Clough's excellent piece of reporting on the timeline for the Banyan Cay Resort & Golf development to open. It's a longstanding drama that Clough has chronicled so you can spend more time at the beach/golfing/with family/scrolling Tinder TikTok and generally not reading lengthy bankruptcy filings.

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Also, just when you thought the housing market may be cooling off in Palm Beach County, it heats up like an August afternoon. Another record high price was set in May. Let's be clear, there are single family homes for sale east of I-95 that could be affordable for first-time homebuyers, but they may be near the railroad tracks and/or under a flight path.

Overlooked Florida beach town gets new luxury condominiums

A rendering of the Pearl luxury boutique development at 123 Ocean Avenue, Palm Beach Shores.
A rendering of the Pearl luxury boutique development at 123 Ocean Avenue, Palm Beach Shores.

A sleepy beach town on the south end of Singer Island is like "Islamorada" without the lengthy drive, according to a developer who just opened sales on a luxury condominium called the Pearl. Palm Beach Shores, which is home to the Sailfish Marina, has largely escaped the Fort Lauderization of Singer Island, and the Pearl, at just six stories, isn't likely to change that.

But the Pearl isn't the only development the Atlantic Group has its eyes on in Palm Beach Shores.

$5 million and five months to finish Banyan Cay Resort

Banyan Cay Resort under construction June 7, 2022 in West Palm Beach.
Banyan Cay Resort under construction June 7, 2022 in West Palm Beach.

With that pesky bankruptcy mostly in the rearview mirror, the proposed new owner of Banyan Cay Resort & Golf is looking to the future and an open date by year's end. The whole race to the finish line includes some last-minute touches, including completing the construction of the pool deck and a facelift to some parts of the golf course.

In all, it's some measly $5 million finishes. What could go wrong? 🌈🦄🎂🤞

Powerful ArCom members say design of Palm Beach home "uninspiring" and "stringy"

The Architectural Commission has asked for major revisions to the design of this mansion proposed for a vacant lot of 1.7 acres at 1440 S. Ocean Blvd.
The Architectural Commission has asked for major revisions to the design of this mansion proposed for a vacant lot of 1.7 acres at 1440 S. Ocean Blvd.

The Palm Beach Architectural Commission gave a big ol' Friday Night SmackDown to a design for a lakefront home at 1440 S. Ocean Blvd. I'm not exactly sure what "stringy" means when it comes to a blueprint for a home, but that's what one ArCom member called it. Another said it was "uninspiring." And please put some cedar shingles on that thing for Pete's sake.

So it's back to the drawing board for Palm Beach architect Mark Marsh of Bridges Marsh & Associates. Ouch.

Hey buddy, can you spare $1 million-plus for a home in Palm Beach County

Sale pending at a home for sale in West Palm Beach, Florida on June 30, 2022.
Sale pending at a home for sale in West Palm Beach, Florida on June 30, 2022.

I sat down to look at May's housing reports fully expecting a further cooling in the market as the pandemic real estate mosh pit chills out some but, then, what the?!? May set another price record?!? That's right, the median single-family home in May cost $622,500. That beats the previous record of $620,000 set in June of last year.

The average price was for a single-family home was $1.1 million. One. Point. One. Million. Dollars.

Live lightly.

Kimberly Miller is a veteran journalist for The Palm Beach Post, part of the USA Today Network of Florida. She covers real estate and how growth affects South Florida's environment. Subscribe to The Dirt for a weekly real estate roundup. If you have news tips, please send them to kmiller@pbpost.com. Help support our local journalism, subscribe today. 

This article originally appeared on Palm Beach Post: Banyan Cay resort in West Palm Beach has new open date set after bankruptcy