PALM BEACH GARDENS' IRONHORSE COUNTRY CLUB GENERATES NEW INTEREST
Home sales in the Palm Beach Gardens area Ironhorse community turned brighter in late March when a private individual bought its bankrupt country club breathing new life into one of the area’s most delightful neighborhoods.
In the months leading up to a late December bankruptcy filing, the club lost a protracted court battle by some residents fighting mandatory club membership for everyone living in the community.
So now Ironhorse is a stand alone community surrounding a very attractive golf and country club with no mandatory memberships required for residents. Homeowners benefit from the beauty of the golf course, without paying the fees if they so chose.
It is expected that this development will jump start housing sales within Ironhorse. And it will make the community more attractive to home buyers. The homeowners association fees, which ones included mandatory membership in the country club, are now reduced to a level competitive with other gated communities.
Homes prices in Ironhorse are down 18 percent since the end of 2008, as a result of overall market conditions, unrelated to issues at the country club. In 2008 13 homes sold averaging $172 per square foot; in 2009 11 homes sold averaging $159 per square foot; and in the first quarter of 2010 three homes sold averaging $141 per square foot.
In early April there were 37 homes on the market in Ironhorse with eight under contract. Prices of homes on the market today range from $229,500 for a three bedroom, three bath 2092 square foot two story home to $1,295,000 for a four bedroom, two bath 3464 square foot estate home.
The number of homes sold or under contract by early April, 2010 is now equal to the total number of homes sold in Ironhorse for all of 2009. Buyers are finding great deals in this community!
The Weiss-Clawson Team researches the local housing market to provide the most up to date information for our clients. If you are interested in seller or buying a home in the area, we would like to work with you. Please contact The Weiss-Clawson Team directly. We look forward to hearing from you and to working with you.