The Shifting Landscape of West Coast Residential Developments

Inland vs. Beachfront Built Property

Over the past three years, numerous residential developments have emerged along the West Coast, featuring a mix of single-family homes, townhouses, and condominiums, with ongoing projects continuing to expand the region’s housing options.

Given the limited availability of beachfront land for development, the majority of new residential projects have been concentrated inland, primarily east of Highway 1. Notable developments include Azzuro, Coral Beach, and Allure, among others. Additionally, inland expansion continues with projects such as West Beach, Ayana, Alora, Porters Place Apartments, and Solaire, all offering a diverse range of housing options and are currently under construction. Aspire stands as the only beachfront development on the West Coast currently available on the market.

Among the developments mentioned, all units at Coral Beach were sold before the project’s completion in July 2023. Similarly, approximately 90% of the units at Azzuro were sold before construction was finalized, with Allure experiencing comparable pre-completion sales success. Many buyers have acquired these condominiums as investment properties, capitalizing on the strong demand for vacation rentals in the West Coast area, a trend largely driven by platforms such as Airbnb.

Overall, there is a clear demand for inland developments, accompanied by a noticeable increase in available offerings. However, a key trend is the rising property prices alongside larger unit sizes, resulting in lower price-per-square-foot rates. 

This shift may go unnoticed by the average buyer, who is likely to focus primarily on total price, unit size, and specific development features. Nevertheless, these factors are expected to influence sales velocity, transaction volumes, and overall property values in the region.

Advantages and Challenges of Off-Beach Condominiums

Advantages

• Affordability – Inland condominiums provide a more budget-friendly alternative to beachfront properties while maintaining convenient access to the island’s attractions.
• Privacy – Depending on their location and design, these properties often offer a quieter, more secluded environment away from high-traffic beachfront areas.

Challenges

• Maintenance Costs – Although generally lower than those for beachfront properties, maintaining amenities such as pools and gated facilities can still represent a significant expense.
• Hurricane Risk – While the island rarely experiences direct hurricane impacts, prospective buyers must consider insurance costs and the resilience of their investment.

As the market continues to evolve, these factors will play a crucial role in shaping buyer preferences, investment decisions, and overall property values in the region.

The overall increase in property offerings has provided buyers with greater choice, which is likely to influence market dynamics, particularly in terms of supply and demand. This could potentially extend the time required to finalize sales and may encourage greater price negotiations. 

However, the limited availability of new beachfront developments remains a key factor. This scarcity could drive up the value of both existing beachfront properties and any new beachfront projects entering the market.