3088 Safflower Circle
About This Property
Located ideally just East of I-95 just minute away from Whole Foods, shopping mall, restaurants and more. Just a few short minutes to the Beach and the world renowned Palm Beach island. Lawn care included in the HOA dues.
A complimentary 3-year resort access pass to Banyan Cay Hotel is included (Excludes Golf). The hotel is scheduled to be completed this year (May/June 2022), and it offers the new homeowner resort style amenities, clubhouse featuring indoor/outdoor dining, Pro Shop, 6 Har-Tru tennis courts, Spa, Large Resort Pool and other future hotel resort amenities. Conveniently located in close proximity to everything Downtown West Palm Beach has to offer. This won't last long!
FOR GOLFERS: Banyan Cay currently has Golf Memberships available. The initiation fee is $100,000 which is a one time, non refundable fee. The annual dues this year are $12,050 for an individual with a $900 Food & Beverage minimum and $15,850 for a family with a $1,200 Food & Beverage minimum. All dues and fees are paid upfront before the membership year (begins November 1 and ends October 31) or when you join. Additional fees would be a $30 cart fee every time the member plays, or you can purchase an annual cart rental plan for $2,000. Other optional amenities include $200 for bag storage and $250 for a locker for the year. The Golf Membership includes UNLIMITED golf (18 holes, practice greens, driving range, 3-hole chipping facility), tennis, and access to all Resort amenities when it opens (large resort pool with a tiki bar, jacuzzi, spa and spa pool, fitness, two signature restaurants, coffee bistro, conference and event space) with preferred pricing and reservations, along with a members' only lounge. Banyan Cay brochure attached in the documents tab.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
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Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
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Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Apr 16, 2023 | No longer available | - | |
| No longer available | |||
| Nov 19, 2022 | Price Decreased |
$1,575,000
↓ $120K
(7.1%) | |
| Price Decreased | |||
| Oct 14, 2022 | Listed by Douglas Elliman Florida LLC | $1,695,000 | |
| Listed by Douglas Elliman Florida LLC | |||
| | |||
|
The manager has listed the unit size as 3260 square feet.
| |||
| Jun 8, 2022 | Sold | ||
| Sold | |||
| Mar 17, 2022 | Listed by Serhant | $1,750,000 | |
| Listed by Serhant | |||
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About Villages of Palm Beach Lakes
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017