Good news for an island housing market starved for new construction – seven luxury courtyard homes are going up in Palm Island Plantation with another four-unit building slated to break ground this month. There are nine additional units on the drawing board awaiting buyer commitments, for a total of 20 new homes in the Indian River Shores gated community known for its West Indies architecture and prime ocean-to-river setting.
The single-story, fee-simple homes under construction comprise two buildings, one with three units and one with four. The building about to break ground has four units, and the nine on the drawing board will be divided between a four-unit building and a five-unit structure.
Home prices start at $840,000 for interior units and $870,000 for end units.
“That is a good range,” says Grier McFarland, an agent with Dale Sorensen Real Estate who has listings in Palm Island Plantation. “The price is right in there with what is selling. Anything under $900,000 is very popular. So those should do well.”
“A lot of people want to stay under that million-dollar level,” says Palm Island Plantation sales associate Lia Peters. “We have already sold four of the seven homes that are being built and I have one reservation for another building.”
Palm Island is cooperating with outside brokers, but Peters says so far all the sales have been in-house.
Buyers purchase the land their homes sit on, paying $150,000 in the case of the four sold units, and sign a home purchase contract at the same time.
Peters says all four buyers are local, including some people who have sold multimillion-dollar homes in nearby communities and downsized for retirement.
“We are also getting a lot of qualified buyers who spot our model home sign on A1A and pull in to see what we have to offer,” Peters says.
Two floor plans are available in the courtyard homes, both including three bedrooms and three bathrooms with two-car garages and – no surprise – spacious private courtyards.
End units include 2,642 square feet of air-conditioned space with another 858 square feet under roof, for a total of 3,500 square feet. A courtyard approximately 28 feet by 31 feet that is open on one side is set into the home, so that residents can access it from the great room, the dining room, the leisure room and the master bedroom. An optional courtyard pool can be added for approximately $30,000-$35,000.
Interior units include 2,325 square feet of living space with 3,400 square feet under roof. The interior courtyard is approximately 22 feet by 47 feet and can accommodate a pool and optional summer kitchen.
Both models come with a long list of upgraded features and luxury finishes, including whole house sound and security systems, granite and marble countertops, Kohler bathroom fixtures, crown molding, inverted hip ceilings with wood splines in primary rooms, 8-foot interior doors, insulated, impact-resistant windows and exterior doors, and a complete landscape package. There is a $40,000 allowance for cabinets and $15,000 allowance for kitchen appliances, and the entire home can be finished and decorated to the buyer’s taste during the construction process.
Along with some of the most appealing architecture on the island and fine-quality craftsmanship, courtyard home buyers will get great community amenities, including complete exterior maintenance and yard care and membership in the Palm Island Beach Club. There is also a marina with docks, a fitness club and two pools.
“There will be only 131 units here at build-out,” says Palm Island Broker Steve Owen. “Other communities our size don’t have a beautiful beach club like ours. It is an exceptional amenity for a community this size.”
Westmark Development acquired the Palm Island Plantation property in 2000. Construction began in 2002 with the first sales in 2003.
The lush, 58-acre community contains a nicely balanced mix of estate homes, carriage homes, courtyard homes, townhomes and condominiums ranging from 2,300 to 6,000 square feet.
Plat 3 where the courtyard homes are going up is the final phase of development in Palm Island Plantation. There are approximately 27 single family home lots remaining.
Peters says it takes about 10 months to build a courtyard home from the time a contract is signed, and she expects those under construction to be finished by late November.
