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Prospect Park-Monceaux

By: Elizabeth Clarke
Published: 8/20/2011Source: The Palm Beach Post

When it comes to historic neighborhoods, South Florida doesn't have much on its Northeastern neighbors. So what it does have, residents embrace and protect.

 

That's certainly the case with Prospect Park-Monceaux, a small Intracoastal neighborhood tucked between Belvedere Road and Southern Boulevard with winding streets, homes dating to the 1920s and shady parks for kids and dogs to gather.

 

"It's a lovely neighborhood," says Wray Alison Kunkle, a Palm Beach real estate agent with Barclay's International Realty. "I think it's one of the undiscovered areas of upscale housing."

 

The neighborhood offers impressive, mostly old -- and some new -- homes, including many on the Intracoastal. It includes more modest homes, too, with prices today ranging from $199,000, a short sale, to $1.89 million. Most run in the $400,000 to $600,000 range.

 

"I think it's a buying opportunity of a lifetime," Kunkle says. "Prices are down. It's one of the top places for people to buy right now because Palm Beach is still very expensive."

 

Homes closer to and on the Intracoastal cost more, of course. Those on the western edge of the neighborhood, just east of Dixie Highway, cost less. Historic homes and larger estates cost more than smaller homes and those that haven't been renovated.

 

Either way, agents say Prospect Park buyers appreciate its historic feel, the short commute to downtown, its parks and the short walk to Flagler Drive, with its wide sidewalk on the water's edge for strolling, skating or bike-riding. The handful of winding streets also limit traffic.

 

"Prospect Park is one of those really well-established neighborhoods in the city," says Molly Douglas of Illustrated Properties. "It has really good schools, good neighbors, a good association, and it is so conveniently located to downtown, the interstate and the water that people love to live there."

 

Developed from 1920 to 1935 on a former pineapple plantation, the area was named after Prospect Park in New York's Brooklyn neighborhood. It became a city historic district in 1993 and has been nationally recognized within the past year.

 

Early owners of the homes, built in the Mediterranean and Mission styles, were investors and businesspeople from the Northeast, according to West Palm Beach historical information.

 

Prospect Park resembles other city historic districts, such as Flamingo Park and nearby El Cid, in style but offers a few added perks, says association board member Marion Holloway.

 

"I think we're the hidden jewel," he says. "We are a continuation, in a sense, of El Cid, but we have better amenities -- meandering roads, parks, direct waterfront. And we have plenty of historic homes. We have a lot of very interesting homes."

 

Today, new, young families live alongside older longtime residents, creating a dynamic and intimate community, residents say. Its voluntary homeowners association has worked to install neighborhood signs and earn the historical designation, Holloway says.

 

Kids in the area attend A-rated Palm Beach Public Elementary and B-rated Conniston Middle and Forest Hill High schools, or any of the nearby private schools.

 

Over the years, homes values in Prospect Park-Monceaux have fared relatively well, considering the overall market, agents say. In 2010, eight sales ranged from $245,000 to $950,000. This year, just three sales so far hit high, middle and low: at $1.7 million, $712,500 and $175,000.

 

A few agents believe it's a great time to buy, as values creep up. Inventory is coming down, says Don Moore of the Corcoran Group, who watches the area carefully.

 

"At some point here, I definitely think we are going to see a turning point," Moore says. "This area is showing signs ... deals aren't as good as they were six months to 12 months ago."

 

Total number of homes: 204

 

Median home sales price this year: $712,500

 

Homes listed for sale: 12

 

THE REAL ESTATE MARKET AT PROSPECT PARK-MONCEAUX

 

 

 

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