Private islands still exist in Florida, and they’re attracting the mega rich in a booming market

A thin strip of asphalt reaches out into the Atlantic Ocean south of Islamorada and leads to an idyllic looking private island. Patti Stanley, a Coldwell Banker Schmitt real estate agent, is one of the few who have ever set foot there. She represented the former owner, who sold the nearly 16-acre lot for $10 million in December.

Amid a pandemic-fueled real estate boom in South Florida, real estate agents who’ve tapped into the niche private island and investment property market say they’re seeing unprecedented action.

“I’ve sold more real estate in the last year than I’ve ever done in my life,” Stanley said, “and I’m 67 years old. I’ve been in the business for quite a while.”

Stanley focuses on properties near the upper Florida Keys, which she said have become a hotbed for investment properties. But at least 21 private islands across Florida are listed for sale on privateislandsonline.com, ranging from $1.1 million to $95 million.

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She noted housing uncertainty caused by the pandemic as a factor in competition for the finite land of the Keys. “It’s just been the perfect storm so to speak,” Stanley said.

Here is a look at three island properties.

A 5,000-square-foot mansion sits amid 26 tropical acres on the bay side of northern Key Largo. The $95 million island is reachable only by boat and is a short ride from the Ocean Reef Club, an exclusive marina club in Key Largo equipped with its own grocery store, veterinarian center, medical center, and school.

“There’s not many buyers for something of that price, but there’s lots of interest,” said Russell Post, a real estate agent who holds the listing with Ocean Sotheby’s International Realty.

Pumpkin Key has its own water, electric and high-speed fiber cellular and internet service. A main home with three bedrooms is the island’s prized estate, but there are also two cottages for groundskeepers as well as an office and apartment for a dockmaster.

The island is within three miles of the Florida barrier reef, the only living coral reef in the country; there’s a marina large enough to accommodate a large yacht.

Current developments account for a fraction of the total land. The listing suggests a potential for up to 12 homes on one and one-half acre bay front lots.

“It’s just really a canvas for a new buyer to paint on,” Post said. “There have been people who look at it hoping to buy it for a price where they can then turn around and sell the individual lots. But I think ultimately the buyer will probably be a wealthy family that just wants that kind of island lifestyle with all the amenities.”

Palm Beach is already a wealthy island enclave. But Todd Michael Glaser, a developer from Miami, is in the process of building a residence on a private island within that island.

10 Tarpon Isle, a nearly three-acre man-made island created by dredging in the 1930s, will be home to Glaser’s opulent mansion. The estate will build upon an existing 12,321-square-foot house and include new amenities. Glaser was tight-lipped about details but said the sticker price is currently $220 million.

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“It’s the most expensive house in the United States,” Glaser said. “This isn’t a private island in the Bahamas that we’re talking about; this is a private island in Palm Beach. It’s a whole different animal.”

The property will have its own bridge, tennis court, and in-ground swimming pools overlooking the Intracoastal Waterway. A six-car garage is another possible addition to the estate.

Glaser did not disclose when the construction will be complete or when the mansion will be formally placed on the market, but he said he’s already begun showing the island off to interested buyers.

For $9.5 million, Cow Key offers nature-minded millionaires 50 acres of open space and mangrove shoreline. The property is accessible by a land bridge and is on the southern, ocean-facing side of Stock Island, an unincorporated community right next to Key West.

According to the listing, the current owners use the land to run a small farm, beekeeping operation, and summer camps.

Since the current owners make use of the land for farming, there currently no developments on the island. Yet the listing suggests a possible equestrian estate or “an excellent place to host large events or possibly therapeutic programs or retreats,” for someone who wants to spend a few extra million dollars adding event space or curating a personal nature park on the island.

Cow Key is commercially zoned. But Ellen Gvili, a real estate agent who holds the listing with Ocean Sotheby’s International Realty, said the current owners plan to request approval from the Monroe County Planning Department for the construction of residential units on the island. This would expand the island’s possibilities for future owners.

Gvili said she received at least 10 calls about the property in the first week it was on the market.

“It’s been practically a call every day,” she said.