Inside Jupiter’s most exclusive waterfront golf community.
Photographed home: 389 Eagle Drive. Previously listed and sold by Donna Hutchins. This report is brought you by Gary Pohrer and Donna Hutchins of Douglas Elliman.
We are delighted to welcome you to the first edition of Admirals Cove Market Report, which details the trends and history of Admirals Cove real estate. Within this report, we have broken down the market in a way that no one has done before, with various statistics showing the state of the market not only today, but over the past 20+ years.
The purpose of this report is to inform the local community, prospective sellers and new potential residents about the Admirals Cove real estate market. We believe that data is a very powerful tool when transacting on real estate for either personal or investment purposes. Drawing from data, our experience, and trends in Admirals Cove, we endeavor to predict what may come next in our local residential real estate market to help guide our clients in navigating these changing times.
Over the past 19 years, Gary Pohrer’s record-breaking sales and unwavering work ethic have earned him impressive accolades. Ranking as the #1 Douglas Elliman Realtor in Palm Beach for Sales Volume since 2017 and #15 Nationwide 2022 REALTrends + Tom Ferry The Thousand, he is one of the most successful real estate agents in Palm Beach. His top-tier experience with record sales expands throughout Palm Beach County, selling oceanfront residences from Manalapan to Jupiter Island to Seminole Landing and exclusive homes in top golf club communities like Admirals Cove and Old Palm golf club. Gary Pohrer has proven his ranking as one of the top agents in the area with sales totaling over $1B since 2020.
Donna Hutchins has consistently ranked among Douglas Elliman’s top-performing brokers nationwide, and over the last 20 years has been privileged to work with some of the most influential individuals and developers in New York, New Jersey, and Florida who value her hard work, honesty, and dynamic negotiating skills. Known for her record-breaking accomplishments over her rich career, recent career highlights have included closing the highest sale in Jupiter’s exclusive Admirals Cove community in 2022. Donna resides in Admirals Cove and brings intimate knowledge of the community and all it has to offer to her clients.
$1B+
#15
Ranked Nationwide 2022 REALTrends + Tom Ferry The Thousand
19
Years Selling Real Estate in Florida
In 2022, Gary and Donna represented the buyer and the seller on what is to date the highest sale in Admirals Cove with the record breaking sale of 194 Spyglass Court at $15.7M.
Together we bring more than 40 years of real estate experience in Palm Beach, Jupiter and its coastal towns to the market, and we look forward to sharing our expertise with the Admirals Cove community.
We hope you enjoy the read and look forward to your feedback so we can improve on this report in the future. If we can assist you in 2023, please don’t hesitate to reach out as we would love to help you navigate your real estate needs this year and beyond.
Best Regards, Gary and
Donna
Gary Pohrer Executive Director of Luxury Sales Sales Associate gary.pohrer@elliman.com
Photographed home: 194 Spyglass Court. Previously listed and sold by Gary Pohrer and Donna Hutchins.
Transaction volume was down -64% year-over-year (YOY)* in Q4. In Q4 of 2021, there was a total of 22 transactions, whereas Q4 of 2022 only saw 8 transactions.
Total sales value* was down -57% YOY in Q4 of 2022. In Q4 of 2021, there was more than $88M in sales value transacted. In Q4 2022, that number dropped to nearly $38M.
Price per square foot (PPSF)* continues to grow YOY, and was up significantly from the same period last year: +47%. Price per square foot on waterfront properties was up +50%, whereas non-waterfront only increased by +10% YOY in the fourth quarter.
Year-over-year (YOY ): A method of evaluating two or more measured events, comparing the results of one period with those of a comparable period on an annualized basis.
Total sales value : The sum of all sales during a period of time.
Price per square foot (PPSF): A calculation of the value of each square foot of area of a house, condo or any building. It is calculated by dividing the price by the square footage.
PPSF: Home Size: Home size is based on the current under air square footage.
PPSF: Lot Size: This is based on the PPSF of the total lot.
Inventory of real estate in Jupiter continued to build in the fourth quarter, up +105% YOY. It grew from an average of 222 active listings in Q4 2021 to an average of 453 active listings in Q4 2022.
Single family homes stayed on the market for an average of 39 days during Q4 2022. This was up +33% from last year at this time, when homes took an average of 30 days to sell.
In Q4 2022, single family homes sold on average -7% below the asking price, quite similar to trends seen in the previous quarter. One thing to note is that in the first half of 2022, properties sold at nearly 99% of asking price. Starting in July of 2022, sale to list ratio dropped to 93%.
Sale to List Ratio: The ratio of the final sale price of a home to its list, or asking, price expressed as a percentage. If the sale to list ratio is above 100%, the home sold for more than the list price. If it’s less than 100%, the home sold for less than the list price.
The custom home collection at Admirals Cove is made up of single family waterfront, non-waterfront and golf-view residences. Waterfront lots boast at least 100 feet on the water, and can accommodate vessels that range from 70 to 120+ feet. Custom homes range in size from approximately 3,000 square feet to 25,000+ square feet.
Photographed home: 103 Schooner Lane. Previously listed and sold by Gary Pohrer and Donna Hutchins.
Transaction volume was down -80% YOY for the fourth quarter of 2022, dropping from 10 sales in Q4 2021 to 2 sales in Q4 2022.
Total sales value* was down -73% YOY, decreasing from $65.6M in Q4 of 2021 to $17.4M in Q4 of 2022.
PPSF was up +42% in Q4 YOY, increasing from $1,037 PPSF in Q4 2021 to $1,477 in Q4 2022.
2022 closed out the year with 12 custom home transactions. Custom home transactions were down -61% in 2022, which was a significant decrease from the last two years. 2022 marked the fourth slowest year we’ve seen since 2000. TOTAL ANNUAL SALES VALUE
Total sales value for custom homes was $96M in 2022, split between waterfront ($90M) and non-waterfront ($6.5M) sales. Total sales value on the custom homes asset class was down -60% in 2022 compared to 2021, and down -36% compared to 2020. However, the total sales value for 2022 was still above pre-Covid levels.
Price per square foot on custom homes was up +15.5% in 2022. Waterfront custom homes PPSF rose +21.5% from $1,018 to $1,237, and non-waterfront PPSF was down -22.8% from $836 in 2021 to $646 in 2022. Note, non-waterfront PPSF was based on a very small sample size of just two sales in 2022, and therefore not necessarily representative of a trend. We will continue to watch this metric over the coming quarters.
Set on a private marina with access to both the Intracoastal and the Atlantic Ocean, the cottages & villas at Admirals Cove are situated with waterfront, non-waterfront and golf course view throughout the East side. Waterfront properties boast 70 to 90 feet on the water. These elegant, three to four bedroom single family homes range in size from approximately 2,600 to 3,500 square feet, and offer residents the opportunity to join South Florida’s premier club as full golf members, who enjoy world class golf, tennis, and dining.
Transaction volume was down -50% YOY for the fourth quarter of 2022, dropping from four sales in Q4 2021 to two sales in Q4 2022.
Total sales value was up +13%, increasing from $10.1M in Q4 of 2021 to $11.4M in Q4 of 2022.
PPSF was up +99% YOY, increasing from $818 PPSF in Q4 2021 to $1,631 in Q4 2022. This large increase was driven by a record-breaking sale for club cottages & villas, which went for $8.5M at 185 Island Drive.
2022 closed out the year with 11 club cottage and villa transactions, which was a -39% YOY decline. Unlike custom homes, it’s worth noting that 11 transactions is average for a typical year, based on the last 20+ years of sales.
Total sales value for club cottages and villas was just below $40M in 2022, split between waterfront ($20M) and non-waterfront ($20M) sales.
In 2022, total sales value on the club cottages & villas asset class was only down -2.8% compared to 2021, and flat compared to 2020. Overall, it was above pre-Covid levels.
Sales Value ($) Non-Waterfront Sales Sales Value ($) Waterfront
Price per square foot on club cottages and villas was up +49% for waterfront villas and +56.6% for non-waterfront villas in 2022. Waterfront cottage and villa PPSF rose from $954 to $1,423, and non-waterfront PPSF increased from $591 to $926, from 2021 to 2022 respectively.
The luxurious Harbor Condos of Admirals Cove are two-story buildings with a single residence on each floor and four residences to a building. All second floor homes include a private elevator. Harbor Condos boast views of either lush golf greens or water, and most include docks accommodating vessels up to 34 feet. Harbor Condos range in size from approximately 2,160 to 2,600 square feet.
Transaction volume was down -50% YOY for the fourth quarter of 2022. This marked a drop from 8 sales in Q4 2021 to four sales in Q4 2022.
Total sales value was down -27%, declining from $12.5M in Q4 of 2021 to $9M in Q4 of 2022. PPSF was up +45% in Q4 YOY, increasing from $790 PPSF in Q4 2021 to $1,142 in Q4 2022.
2022 closed out the year with 16 Harbor Condo transactions. Transactions were down -51% in 2022. This was down significantly from the two preceding years, but was on par with pre-Covid transaction levels.
Total sales value for Harbor Condos was just above $35M in 2022.
Total sales value on the Harbor Condo asset class was flat YOY. This was the only property type in Admirals Cove that did not see a decline in sales value YOY.
Price per square foot on Harbor Condos was up +103% YOY, rising from $544 in 2021 to $1,103 in 2022.
We appreciate you taking the time to read our report, and hope you found our insights on the Admirals Cove market helpful!
Admirals Cove has experienced a tremendous amount of growth over the last few years, with the macro headwinds impacting south Florida in such positive ways. Although 2022 was a bit slower than what we’ve experienced in the two years prior, we’re still seeing tremendous demand for properties in the premier community, keeping us optimistic about continued investment in Admirals Cove in 2023 and beyond.
If you have any feedback for us, we’d love to have it, as we are always looking for new ways to break down the data in more interesting or accessible ways.
Warmest wishes, Gary and Donna
Donna Hutchins Senior Director of Luxury Sales Broker Associate
M: 732.241.7002
donna.hutchins@elliman.com
Source: Above data is pulled from Beaches MLS and the Palm Beach Property Appraisers (PAPA). Specifically, we are only looking at transactions located in the Admirals Cove development.
In Contract: 379 Eagle Drive, new construction, last ask: $18.5M Exclusively listed by Donna Hutchins of Douglas Elliman.
