According to Palm Beach Daily News, The U.S. Secret Service's unexpected and extended closure of South Ocean Boulevard near former President Donald Trump's Mar-a-Lago Club has created a significant impact on the Palm Beach real estate market, particularly affecting high-end properties. This shutdown has caught many real estate agents off guard, especially those listing homes in this exclusive neighborhood, known for its luxury listings.
A recent search of the Multiple Listing Service (MLS) reveals seven properties for sale in the vicinity, ranging from $13.9 million to $48.85 million. Notably, these listings do not account for properties that might be privately sold outside the MLS. This area, known for its opulent estates, continues to attract buyers despite the road closure.
While road closures were not uncommon during Trump's presidency, they were typically temporary and occurred only when Trump or his immediate family were present at Mar-a-Lago. The current shutdown, however, is set to be in effect 24/7, at least until the November presidential election, where Trump is the Republican nominee. The recent closure follows an assassination attempt on Trump at a rally in Pennsylvania, underlining heightened security concerns.
The closure of South Ocean Boulevard, a major artery, effectively splits Palm Beach, causing significant traffic detours. Residents in the affected area can only access their homes through checkpoints, requiring proof of residence. This disruption complicates travel for residents and agents alike, especially those showing properties south of Mar-a-Lago.
Despite the challenges, real estate activities continue. Notable properties on the market include:
- 130 Algoma Road - A five-bedroom house listed for $17.5 million, offering 7,337 square feet of living space.
- 120 Clarendon Ave - An eight-bedroom estate priced at $32.75 million, featuring a main residence and a guesthouse with a total of 12,773 square feet.
- 1090 S. Ocean Blvd - A $45 million mansion under construction, marketed with an exclusive Mar-a-Lago membership benefit, waiving the initiation fee for Woodbridge Road residents.
- 160 Clarendon Ave - The most expensive listing at $48.85 million, this Mediterranean-style estate spans approximately 1.5 acres and includes a main house, garden, pool pavilion, and guesthouse.
While the increased security measures offer peace of mind, they also bring inconveniences such as longer travel times and stricter access controls. The extended closure's impact on property values and buyer interest remains to be fully seen. However, the market's resilience and continued interest in Palm Beach's luxury real estate suggest that the area's allure endures, even under these unique circumstances.
This developing situation requires close monitoring, especially as it pertains to security protocols and their implications for the local real estate market.
Source: palmbeachdailynews.com
