WILL WELLINGTON'S EQUINE SUCCESS BREED DISCONTENT?

By Angel Streeter

05/13/2005

Horse lovers worldwide have found a previously hidden jewel in Wellington's equestrian area and are lining up to build spectacular new barns and homes.

They are drawn by the increasing popularity of the Winter Equestrian Festival, the re-emergence of polo with the new International Polo Club Palm Beach and the relocation of the National Horse Show to Wellington. They're staying for the mild weather, cozy equestrian lifestyle and top-notch show grounds.

Land along the narrow country roads is selling at a premium, with prices ranging from $250,000 to $600,000 an acre.

"The horse show here is one of the largest," said Tim Williamson, vice president of 5 Star Builders, which specializes in equestrian facilities. "People come from all over the world to the winter show. It's a place where equestrians want to be. The top dressage and polo players all have facilities here or they're building facilities here."

Three new equestrian communities are planned: Wellington Preserve will have 124 homes on 5-acre lots of a 600-acre former vegetable farm; Las Palmas is selling eight 5-acre parcels in a gated community with a private polo field; and owners of the Glenspur development plan to split 112 acres into 10-acre farms.

With the equestrian preserve's success come concerns from longtime residents about increased traffic. Some in the equestrian community have tried to block the paving of 50th Street to discourage drivers from cutting through the area. But the paving is tied to the development of the Wellington Preserve equestrian community.

"Equestrian communities don't want paved roads," said Martin Cherry, chairman of the Equestrian Preserve Committee. "They want to be able to ride their horses on unpaved roads."

Homes and ranches aren't the only things planned for the area.

Littlewood Farms, which stages horse shows, will build permanent show grounds on leased space in the equestrian preserve. Owner Dave Burton plans to have 400 permanent stalls, eight show rings, paddocks, parking and a restaurant on nearly 60 acres.

"There's been a tremendous growth of equestrian properties all through this area," Burton said. "You see it in dressage. You see it in polo."

The equestrian preserve boasts some of the highest-priced real estate in the county. With most lots 5 acres or larger, buyers are paying at least $1 million for land alone. The closer the lots are to the show grounds, the higher the price. Land in Grand Prix Village, adjacent to the Palm Beach Polo Equestrian Club, is listed as high as $600,000 an acre.

Jim Corbin, a realtor for Illustrated Properties, recently sold a barn on 3.3 acres in Grand Prix Village for $4 million.

It was a different story 10 years ago. Corbin remembers when 5-acre lots sold for $40,000 to $50,000.

In the late 1970s when he first moved to Wellington, Corbin said, "In Palm Beach Point [an equestrian community], we couldn't give those lots away."

Prices spiked about three years ago, when the National Horse Show, the oldest and most prestigious horse show in the nation, moved from New York City to Wellington. More than 20,000 people attended the six-day show last year. Soon after, International Polo built its stadium and accompanying club.

The people building and buying can plunk down a few million dollars for a second or third home.

"You just keep wondering when it's going to stop," Corbin said. "But there's such a limited supply and a lot of demand. And there are people with a lot of money who participate in these sports. They're willing to pay whatever it costs to be here. It's an amazing phenomenon."

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