A “hidden gem” island that happens to be a stone’s throw from two of the most exclusive places in the world may not be hidden much longer as it hits “record highs” in home prices.
Hypoluxo Island, a quick hop west of Palm Beach and north of Manalapan, has seen valuations surge as buyers—priced out of those famous Florida towns, and even West Palm Beach—have discovered the tiny barrier island.
“Here, you can live the Palm Beach lifestyle for a fraction of the cost,” agent Steven Presson with Corcoran, tells Realtor.com®.
Presson has been selling real estate on the barrier island for 19 years, and fell in love with the area so much that he purchased his own slice of paradise seven years ago.
With only 315 single-family homes, the area has a “Midwestern community” vibe, Presson says, while still having the exclusivity of its wealthy neighboring island of Palm Beach.
Only a quarter of a mile wide and 3 miles long, this prime strip of coastal living has a mere 15 families with children under 2 (up from about three families a few years ago), says Presson, who has repped 13 of the 18 homes on the island sold this year.
Currently, he reps a five-bedroom, newly constructed gated residence on Barefoot Lane. The $12 million price tag wouldn’t get you much in the surrounding areas, where a comparative intracoastal home on S Flagler in West Palm Beach costs $25.5 million. Here, you get 85 feet of prime water frontage.
“It’s one of the best-kept secrets in all of South Florida,” Presson says of the island.
But chances are, it won’t stay secret for long. Single-family home prices jumped 151% year over year, according to a Corcoran report, with the average price on the island reaching $10.4 million, second only to Palm Beach at $21.4 million for the area. (Palm Beach was up 30% year over year.)
Hypoluxo Island’s sales have risen to “record highs” according to the report, and while not one house closed over $20 million in the third quarter 2024, this year, there have been three at that price point.
“The secret is getting out more and more every day,” acknowledges Presson, who recently showed a supermodel and her real estate enthusiast husband several properties on the island.
“Up until recently, those people would have gone to Palm Beach, but have had no reason to come here,” he says. “A person of that stature might have come here once a quarter, but now it’s about once a week.”
Hypoluxo Island vs. Manalapan
While Manalapan has larger lot sizes, ocean access, and a private police force, it has “less of the old Florida natural landscape” of Hypoluxo Island, says Madison Collum at ONE Sotheby’s International Realty, who has been serving the area for 12 years.
“Buyers choose Hypoluxo Island for the relaxed way of life and the small community feel, all within minutes to different larger cities for a night on the town, incredible dining and entertainment destinations, and shopping meccas,” he says.
Despite not being nearly as well known as Manalapan—which has attracted the likes of wellness guru Tony Robbins, tech billionaire Larry Ellison, WeatherTech founder and CEO David F. MacNeil, and wealth management expert Robert Fessler—Hypoluxo Island is attached to it. One must drive though the island to reach Manalapan.
Hypoluxo Island is squeezed on both sides by Lake Worth Lagoon waterways, and connected by a drawbridge to both Palm Beach and the mainland town of Hypoluxo (part of Palm Beach County).
Search for Hypoluxo Island real estate, and you’re just as likely to end up with listings in Lantana, the town of Hypoluxo, or Manalapan—making property hunting on the island a bit of a treasure hunt.
Margit Brandt of Premier Estate Properties reps 1422 SE Atlantic Drive, the second-priciest home on the island at $21 million. Crafted by luxe Hamptons builder Farrell Building Co., the estate comes with seven bedrooms, plenty of outdoor living space and a pool, and 120 feet of direct waterfront.
“Haha, god bless you,” Brandt says when asked what a comparable house would cost in Palm Beach. At about $2,700 per square foot versus about $6,000 per square foot for Palm Beach intracoastal, the property is practically a steal.
But Brandt says the landscape is changing, with people who have moved to the area (usually from California or New York) being more “open-minded” about not being in Palm Beach proper—not to mention having a lower entry point.
“It’s a true little hidden gem,” agrees Anthony Addeo of Posh Properties. “It’s very hush-hush and generational. You don’t have the Palm Beach pricing, but you have a similar lifestyle.
“The A1A [the state road that divides the barrier islands and the ocean] on the sand will cost you $50 million or $60 million, if those properties even come on the market at all.”
Given that Hypoluxo Island is intracoastal waters only, will this keep prices in check?
“I don’t think so,” Addeo says. “If you have a boater, they’re not going to want to be on the sand. If you want something on the water with a dock, Hypoluxo Island is really kind of your only option.”
Both Addeo and Presson believe it is only a matter of time before the island’s prices explode as they have in Palm Beach and West Palm Beach.
Presson tells of a client who has only lived on the island for 90 days but recently told him, “I wish I had the money to buy every house on the island.”