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PALMAS
DEL MAR
RESIDENTIAL DEVELOPMENT
Palmas del Mar offers a diverse mix of housing land sales have been transacted on both an all-cash ²
alternatives ranging from hillside custom residences or cash and terms basis, with the pricing based on
to luxury attached villas and single-family detached a percentage of the estimated total sales revenue THE ADVANTAGES OF OFFSHORE
residences to beachfront and marina condomini- to be generated by the completed project. In LIVING…
ums. There are nearly 3,000 existing housing units connection with the sales, the Company and the
located throughout the community. The existing developer agree on the type of project to be built, THE SECURITY OF HOME.
housing supply at Palmas del Mar is approximately including the density, architectural style, and
30% single-family detached residences and 70% price points for the units.
multi-family structures. Approximately 30% of the The land parcels that have been sold are located in
housing units developed represent primary resi- the Central Palmas, Palmas Plantation and Resort
dences. Prices within Palmas del Mar have ranged Core sections of the development. Base land prices
from $250,000 to over $4 million, and the average have ranged from $120,000 to $1.5 million per acre,
volume of new sales since 2000 has been more with the highest values attributable to oceanfront
than 100 units per year. Additionally, a dynamic locations. In both the all-cash and terms transac-
resale market exists within the community. tions, the Company typically retains an interest in
The Company has sold a number of land parcels to the success of the project, participating in a percent-
third-party developers since the late 1990’s. These age of the gross revenues over specified thresholds.
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