PulteGroup pays $30 million for Palm Beach County farmland west of Boynton Beach

Kimberly Miller, Palm Beach Post
·2 min read
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An unusual slice of undeveloped land surrounded by planned communities west of Boynton Beach was snatched up this month by one of the nation’s largest developers with plans to build about 130 single-family homes.

The $30.3 million purchase by PulteGroup is the latest in a patchwork of land buys the Georgia-based company has made as it adds to its growing tally of seven custom-built communities in Palm Beach County.

The former farmland is an intact 43.6-acre lot west of Lyons Road and south of Hypoluxo Road. It last sold in 1997 for $1.3 million.

“Our commitment to Palm Beach County remains strong,” said PulteGroup Southeast Florida Division President Brent Baker in a news release. “We continue to find great development sites to meet the demand for new construction homes.”

PulteGroup bought 43 acres of farmland in December 2023 to build 131 single-family homes west of Lake Worth Beach. The new development will be called Greyhawk Landing and the homes will start around $700,000.
PulteGroup bought 43 acres of farmland in December 2023 to build 131 single-family homes west of Lake Worth Beach. The new development will be called Greyhawk Landing and the homes will start around $700,000.

In October, the company paid a total of about $21 million to cobble together a contiguous 27 acres from five private property owners east of Military Trail and north of Hypoluxo Road.

In November, PulteGroup announced the sales launch of luxury estate homes on 2-to-5 acre lots west of Jupiter at The Retreat at Bridgewater. And this month, it hosted a grand opening for its 79-lot Enclave at Sherwood Park, which is east of Military Trail near downtown Delray Beach.

Home prices at Enclave start at around $900,000.

“There haven’t been a lot of new homes available in the eastern part of Delray other than very high-end homes of $5 million or more,” Baker said. “The interest we are getting is from both local people who want new construction and seasonal buyers from up north trying to escape the cold.”

Housing economist Brad Hunter said after the October land buy that the purchases were a notable coup for PulteGroup in a county running out of buildable land.

More: New homes to be built in central Palm Beach County in gated community by PulteGroup

“Palm Beach County is an extremely desirable address and has just become more so over the past four years as we’ve seen an acceleration of companies bringing high wage jobs to the area,” Hunter said in an October interview.

The community planned for the recent 43-acre purchase will be called Greyhawk Landing, with home prices starting around $700,000.

Sales of newly built single-family homes nationally saw a 17% boost in October compared with October 2022, according to a Commerce Department report released last month. In the South, a 17-state region that includes Florida, there was a 19% increase in new home sales in October compared with the same time the previous year.

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: New home community in Palm Beach County to be built by PulteGroup