The Palm Beaches mark the start of tropical south Florida. The so-called Diamond Triangle is located off the shimmering waters and golden beaches of the Atlantic. Many will agree that this three-city geographic triangle provides the finest, most enjoyable lifestyle Florida has to offer. If you’re not familiar with the Diamond Triangle let me introduce you.
The Diamond Triangle is comprised of three communities, located in popular Palm Beach County, in the lower-third of the state. Florida’s largest county area is situated at the peninsular knee-joint of the state. The neighboring cities of West Palm Beach, Wellington and Jupiter, distinctively handsome and unique communities on their own, when coupled together, offer a perfect lifestyle-recipe of opulence, history, arts, education, international events, employment, health and housing.
West Palm Beach is poised to boom in the near future. The city of 110,000 offers some of the best lifestyle-housing-value in south Florida. Billionaire Jeff Greene, himself a Palm Beach County resident, has spent $200 million on properties in the county since 2009. If you are thinking of investing, it’s helpful to know that the median home value in West Palm Beach is under $300,000 and yet the waterfront is riddled with million-dollar homes and condos along Flagler Drive. There are over 160 golf courses in the area. An 80-acre waterpark offshore, at Peanut Island, provides visitors with activities that include fishing, kayaking and snorkeling in the ultra-clear swimming lagoons.
The Island of Palm Beach, one of America’s most exclusive enclaves for the wealthy is the beachfront for West Palm Beach. Just a short walk or drive over the Flagler or Royal Palm bridges that border the downtown core of West Palm Beach lead you directly to the Atlantic shore and opens a whole new world to visitors. Obviously known for Mar-a-Lago, the winter White House of the President, some of the world’s most affluent people [over 30 Forbes List Billionaires] winter here. Some famous names include Donald Trump, Rod Stewart, Steve Wynn, Wilbur Ross, Rush Limbaugh, Howard Stern, Henry Kravis, the Koch Brothers, Jeff Greene, Jimmy Buffet, Robert Kraft, the [Esté] Lauder family, the Bronfman [liquor] family, and on and on the list goes. The island is truly a playground for the rich and famous where real estate prices seem to have no limit. The median (not average) price of homes currently listed on the Island of Palm Beach hovers at $1.3 million, as calculated by Realtors Property Resource, which uses public and MLS records available in the US for its analyses. The median rent price is $7,500./mo., though many oceanfront condos garner tens of thousands per month.
There is something to be said for the fact that the world’s wealthiest citizens choose to live, play and vacation in the Palm Beaches.
A beneficial financial spin-off of the compressed local wealth on Palm Beach Island fuels the active, growing community of West Palm Beach. The crown jewel of all waterfront condominium projects in Florida, The Bristol is nestled on the very water’s edge of the Intracoastal at the Flagler Bridge, looking east to the Island. These exclusive residences will offer the uber-rich impressively large, ultra-luxury condominiums, featuring amenities that will rival five-star hotels. Now under construction, there’s still a good selection of available units, offering panoramic waterfront views, starting at $5,000,000 and up. Veronica Caracciolo, our Haute Residence Exclusive Real Estate Partner and multi-lingual, founding member of the Palm Beach Lux Group, describes The Bristol as “a stunning architectural masterpiece.” She and her team are happy to arrange personal VIP tours. (see Bristol ad in the current issue of Haute Residence Magazine, or view details, floor plans and renderings at www.palmbeachluxgroup.com.)
The recent completion of the high-speed Brightline commuter train connects West Palm Beach to Fort Lauderdale (next Miami and Orlando) and augments the lifestyle and connectivity of the Diamond Triangle. West Palm Beach boasts gorgeous waterfront vistas, a popular downtown core of restaurants, pubs, eateries and clubs, its own playhouse theater and a vibrant city park featuring concerts, outdoor movies and a popular Intracoastal walkway that beckons joggers, bikers, roller-blades and dog-walkers. (I’d rate West Palm Beach one-of-the most dog-friendly communities I’ve had the pleasure of living in).
West Palm Beach is also the proud home to Palm Beach Atlantic University (PBA), a comprehensive liberal arts institution located downtown. Imagine living in a city where your children can go to school from kindergarten to college and never have to leave home. There are 28 colleges within 50 miles of West Palm Beach and 7 Community Colleges in a city where an international airport is only 10 short minutes from the downtown core, where you can have your feet in the ocean in less than 30 minutes of landing. There’s a laid-back, tranquil atmosphere that permeates West Palm Beach and makes it the anchor city of the Diamond Triangle.
Wellington, the second of the Diamond Triangle communities still calls itself a village, but make no mistake, it’s a vibrant Florida city with an identity and reputation all its own. Wellington was included in Money Magazine’s ‘Top 100’ Best Places to Live in America, located about 20-minutes west of West Palm Beach. It’s a winter oasis for the wealthy. Prominent names have graced the city as participants, residents and property owners, including Bill Gates, Michael Bloomberg, Tommy Lee Jones, Bruce Springsteen, and billionaires from around the world.
Wellington is known for its abundant parks, quality schools, tasteful neighborhoods and of course, it’s equestrian interests. Wellington is internationally recognized as the Winter Equestrian Capital of the world. Over 5,000 horses, valued over half a billion dollars, compete within the circuit. This Equestrian destination for Show Jumping, Dressage, and Polo has been called one of the most successfully orchestrated communities in Florida. With a population hovering around 63,000, Wellington seems larger than it really it is. Its love affair with horses and related equestrian events has made Wellington the main attraction for top-level participants and Olympic hopefuls from around the globe.
Real estate in Wellington is relatively affordable for most buyers. The median home value here is about $365,000. The median price of homes currently listed in Wellington is just over $500,000. There’s no doubt, Wellington is a unique lifestyle community. Many of the opulent horse stables have values higher than the multi-million-dollar mansions the owners reside in.
Jupiter is the third of the Diamond Triangle communities located about 20 minutes north of West Palm Beach. What is it about the town of Jupiter that has attracted the likes of Michael Jordan, Tiger Woods and thousands of other newer residents? Well, besides great golfing, the extensive waterways and superb fishing and boating, Jupiter is one of the most desirable places to live in the state of Florida. With a slightly larger population than Wellington, this town has experienced a surge in growth in recent years. The small community of Stuart, just north of Jupiter is purported to be ‘the Sailfish Capital of the World.” No doubt about it, the fishing is great in Jupiter.
Known for its iconic Jupiter Lighthouse and Museum, the 120-acre protected parcel is operated by the Loxahatchee River Historical Society, while the scenic treasure is protected by the Department of the Interior’s Bureau of Land Management. As the Lighthouse Museum website reads, “this is one of only three Outstanding Natural Areas in the country…found throughout the West, Alaska and Florida…standing in stature with our National Parks, National Forests and National Wildlife Refuges.” No wonder Jupiter residents find it such a popular area to call home.
Real estate in Jupiter is strong and stable. The median home value is approximately $340,000 and the median price of homes currently listed for sale approaches $500,000. Multi-million-dollar mansions along the waterfront, blended in with the natural beauty of the region, are simply breathtaking to behold!
So, whether you’re considering moving to, or investing in south Florida, the Diamond Triangle in Palm Beach County is definitely an area you’ll want to consider. Our local Haute Residence Partners are available to assist you in making your Florida dreams come true.
Frank Kirschner, MBA, is a Lic. R.E. Broker in FL & GA and Founder of the ‘Palm Beach Lux Group’ at Premier Brokers International. As an Exclusive Haute Residence R.E. Partner in Palm Beach County, he specializes in marketing Luxury Homes & Condos. An industry writer since 1993, Frank knows south Florida well and services clients from Palm Beach to Miami Beach. Ph. 877.696.6386 [email protected] / www.palmbeachluxgroup.com