Malasky Homes has sold a newly completed spec home at 608 Island Drive on Palm Beach’s Everglades Island for $15.5 million. The five-bedroom waterfront property spans 5,769 square feet, putting the reported sale price at about $2,695 per square foot. The buyer’s identity has not been disclosed.
Key takeaways
The transaction involves a newly completed home with direct Intracoastal Waterway frontage and a suite of indoor and outdoor amenities. Malasky Homes bought the site in 2016 for $6.49 million before developing the property.
- Sale price: $15.5 million
- Size: 5,769 square feet, with five bedrooms and 6.5 bathrooms
- Location: 608 Island Drive on Everglades Island in Palm Beach
- Buyer: Not identified
Waterfront home features
The residence includes a primary suite with a fireplace and two bathrooms, along with multiple balconies and an elevator. The property also has a three-car garage and landscaped outdoor areas designed around its waterfront setting.
Outside, the amenities include a pool and spa facing the water, plus a covered loggia with a fireplace and fountains. The home was completed in the year of its reported sale, according to the available property details.
Development and sale
Malasky Homes acquired the site for $6.49 million in 2016 and later built the spec house for resale. The $15.5 million sale equates to roughly $2,695 per square foot, based on the reported 5,769-square-foot area.
The gap between the land purchase price and the eventual sale price does not represent the developer’s profit: construction, financing, and other project costs were not provided. The buyer’s name and additional transaction details have not been made public.