Welcome toThe Dirt!I’m real estate reporterKimberly Millerwith the latestdevelopments in the sizzling market.
The Dirt has been saying for years that Covid-19 was the best thing that ever happened to golf, well since "Caddyshack", of course, but now there is undeniable proof and Palm Beach Post county reporter Mike Diamond crunched all the numbers so you don't have to.
But, really, is it any wonder? (The following includes a stereotype, so sensitive folks ❄ should look away now.) Girls got yoga, boys got golf. And what's the best part of playing 18 holes? Day-drinking! Seriously, girls should get some co*cktails with those chakras! Chaktails?
Also, someone paid $85 million for a vacant lot in Palm Beach, Vanderbilt University is hot for West Palm Beach, and the site of the former Carefree Theatre... welp, read about the lengthy and ongoing saga between a billionaire movie buff and a century-old historic district that's not too keen on his development plan.
And, Boynton Beach wants to add a slew of new communities to its tax roll, but it obviously hasn't heard of the most intimidating powerhouse force in the western communities. That's right, COBWRA is coming and it's rejecting the invite.
Palm Beach County golf courses rake in the cash
County golf courses are profitable enterprises, pulling in $5.7 million between 2019 and 2023 after operating expenses and improvements that were not taxpayer funded. Much of the spike in popularity is attributed to the pandemic when people were doing anything to get outside and the dog just couldn't go on 12 walks a day.
And I suppose I'm naive but does it really cost $90 for a single morning tee time!?! That's like 17 venti salted caramel mochas or 35 nacho cheese Doritos Locos tacos. It's also more expensive than getting a parking ticket in Palm Beach. And that, my friends, is why surfing is still cheaper and better than golfing. 🏄♀️
Yawn...another vacant lot, another $85 million sale
Realtors love to say that they're not making any more waterfront land. And they're not for the most part, except in Hawaii or where there is an active volcano and building on fresh lava rock probably isn't so smart. But in the Town of Palm Beach, the proof is in the sale prices.
A vacant lot with 225 feet of direct beachfront has sold for $85 million. The buyer is another Palm Beach mystery covered by Delaware's privacy laws on limited liability corporations. This is a rare find because it is actually on the beach, not across from the beach, and maybe that's why the price went from $12.7 million in 2005 to $85 million.
Developer of Carefree Theatre site asks for delay to planning board meeting
New York real estate developer and part-time Palm Beacher Charles Cohen was scheduled to go before a West Palm Beach planning board today (Tuesday, April 16) with his pitch for two new buildings on the old Carefree site. But he's asked for a postponement to possibly work with the El Cid community and come to a project size that is amenable to all involved.
It's been nearly a decade since Cohen bought the first parcels of land. He's tried twice before to get a development out of the ground and, turns out, the third time wasn't the charm.
Vanderbilt chancellor said potential campus in West Palm Beach is a 'marriage that has to work for us'
Senior business reporter Alexandra Clough got an exclusive interview with Vanderbilt University Chancellor Daniel Diermeier, who is interested in potentially opening a graduate school campus in downtown West Palm Beach.
Vanderbilt has a $10 billion endowment. Does it want the publicly-owned land for free? It's unclear, but Diermeier said it's a "marriage that has to work for us." If you remember, we're talking about the acreage that was initially going to be a University of Florida campus before all hell broke lose and it crashed and burned in a Towering Inferno-style fire stoked by ego and money.
Live lightly.
Kimberly Miller is a veteran journalist for The Palm Beach Post, part of the USA Today Network of Florida. She coversreal 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.
