Published:
Views: 709

Major Players Move Wellington Equestrian Market

Fewer transactions involving much larger parcels lead to a 10 percent price per acre reduction in West Palm Beach County. The twelfth edition of Atlantic Western Realty Corporation’s biennial Wellington Land Report features an incisive look at the epicenter of

TIGHT SQUEEZE. The sale of several landmark properties means fewer training and stabling opportunities for Palm Beach polo players. [Photo credit: David Lominska]

Fewer transactions involving much larger parcels lead to a 10 percent price per acre reduction in West Palm Beach County.

The twelfth edition of Atlantic Western Realty Corporation’s biennial Wellington Land Report features an incisive look at the epicenter of South Florida’s equestrian real estate market.

Since 2015, more than 100 equestrian properties have changed hands in the Wellington market. While the overall number of sales fell by 30 percent, the total acreage jumped by 30 percent to a record 1,033 acres. Sales volume also hit a new high: $480 million.

Although the banner tally shows market vitality, it also demonstrates a noticeable volume discount. The average price per acre sold from 2015 to 2017 was $465,000, a 10 percent drop from the record high of $515,000.

According to Brad Scherer at Atlantic Western, “We currently see a larger supply of listing inventory, slowing transactional volume, and increasing buyer discretion.”

To Scherer’s point, there were 120 major Wellington equestrian properties representing 1,380 acres on the market when his report went to press. The total asking price of this inventory exceeded $870 million, which works out to approximately $632,400 per acre. Those MLS listings suggest a 25 percent bid-ask spread premium over recent sales. This is almost twice the bid-ask spread premium reported in 2015.

Go to www.atlantic-western.com to get the Wellington Land Report as well as for market updates.

Tagged with: ,
Posted in Equestrian, Eric OKeefe, Feature, Florida, South

EMAIL SIGNUP

Please sign me up to receive breaking news and updates from the Land Report!

Latest Tweets

News By Region

The Land Report | 2017 America's Best Brokerages
The Land Report is proudly partnered with:
Mirr Ranch Group
Hall and Hall
Bates Land Consortium
Mossy Oak Properties
United Country Real Estate
Live Water Properties
Fay Ranches Inc.
Land Leader
Whitetail Properties
Western Ranches
Pacific West Great Plains Great Lakes Midwest Southwest South Northeast Pacific West Great Plains Great Lakes Midwest Southwest South Northeast

Before you go, how about signing up for
eNews & Updates
from The LandReport.com?

x

Join the official LinkedIn Group for
The Magazine of the American Landowner
and expand your networking opportunities.

Land Report LinkedIn

I'll join later, take me to The Land Report homepage

x