PROPERTY SUMMARY – SUBMERGED LAND
Property Type: Submerged Land
Zoning:
9500 – Rivers/Lakes Submerged Lands
Location:
Adjacent to Fairwinds Cove, Jensen Beach, FL
What Is Being Offered?
The property consists of submerged land legally zoned for uses such as docks, piers, lifts, and other water-dependent improvements. The most economically advantageous use is the development of a community dock serving Fairwinds Cove, a 160-unit waterfront condominium community that has access and right-of-way to this parcel.
Previous Dock on Site:
Yes. A dock previously existed at this location.
Why the Dock Is No Longer Present:
The prior dock was destroyed during a storm. Negotiations between Fairwinds Cove and the former dock owner regarding reconstruction did not result in an agreement, so the dock was not rebuilt.
About Fairwinds Cove:
Total Units: 160
Closed Sales (approx. last 2.7 years): 22
Average Sale Price: $361,600
Median Sale Price: $371,000
Occupancy Mix: Approximately 60% seasonal residents (“snowbirds”) and 40% year-round residents
Contact information for owners, board members, and the property management company is available to support buyer due diligence.
Why the Seller Is Not Developing the Dock:
The owner is currently committed to other higher-priority projects and is offering this as an investment opportunity.
Pricing Rationale:
Historical layouts and engineering concepts indicate the potential to construct a new dock with approximately 38–40 slips (or more, depending on design and permitting).
Estimated completed dock value:
40 slips × $50,000 = $2,000,000
40 slips × $80,000 = $3,200,000
Reasonable estimated value range: approximately $2,500,000–$2,600,000.
The seller’s asking price is approximately 10% of the projected completed dock value, consistent with norms for South Florida developer-level land acquisition.
Reference Links:
Property Appraiser Data: https://www.pa.martin.fl.us/app/search/view/354
Property Appraiser Map: https://geoweb.martin.fl.us/general/?pcn=14-37-41-000-000-00060-4#
