An undeveloped land plot with an area of 16,200 sq m located in an extremely popular area along the Intercoastal Waterway (which runs along the Atlantic and Mexican Gulf coast) in Boca Raton has been put on sale in Florida. The parcel is proposed for building single-family houses.
The $43 million price tag is relatively small for a property in such a prime location. Nearby are small coves and canals where wealthy homeowners can dock their yachts and boats. Over the past 18 months, local house prices have been growing by 10% per month and more. A mansion in this area can easily cost $18 million.
The only problem is, the last and largest undeveloped beachfront land plot near Boca Raton is underwater. The future owners will have to spend time and money to drain the water and clean the land. The real estate agency that listed the property for sale is ready to build a seawall and backfill the dirt for $3.5 million above the selling price.
A review conducted in 2018 showed that developing this area will not have a negative impact on populations of manatees, sea turtles, and other endangered marine life. Investors will only have to drain the area, build luxurious mansions on the coast, and sell them at a profit.