The neighborhood of Lotus Palm in Boca Raton, Florida, as described by Larry Mastropieri, a real estate broker and owner of The Mastropieri Group, is a testament to the robust real estate market in Palm Beach County.
Despite national and statewide trends, the county's allure keeps home prices at record highs, and Lotus Palm is a prime example of this phenomenon.
Located just north of Glades Road and west of the turnpike in West Boca Raton, Lotus Palm is a new community under construction by GL Homes. As of late November, almost every home in the community has been sold, with prices starting at $1.3 million. The neighborhood features 200 homes still under construction, expected to continue for another year or two.
GL Homes has utilized 11 different models in Lotus Palm, with the Maldives model being a standout. This model boasts five bedrooms, five bathrooms, and a four-car garage, laid out in a contemporary style. The homes vary in size from 2,500 to 4,100 square feet.
Lotus Palm offers extensive amenities, including a 26,000 square foot clubhouse with a full-service restaurant, an indoor sports court, pickleball and tennis courts, multiple pools, and a 24-hour fitness court. These features distinguish it from the original Lotus community.
However, the rapid development in Boca Raton and Palm Beach County has sparked community concerns about infrastructure sustainability. Palm Beach County Vice Mayor Maria Sachs has called for a slowdown in development, advocating for smart development over unchecked expansion.
GL Homes' high-end housing demand in southern Palm Beach County, especially in the Boca Raton market, remains strong. The company had implemented a lottery system for home selection due to the high demand, though this is not currently in use in Lotus Palm as the community is almost sold out.
As GL Homes nears the completion of Lotus Palm, they are already planning a new neighboring community, with presales expected to start soon. This continued development reflects the changing market as we enter 2024, highlighting the ongoing demand for high-quality housing in the area.
Posted by Larry Mastropieri on
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