wealthiest zip codes

WEALTHIEST ZIP CODES South florida buSineSS journal | january 22-28, 2010 | 15

INSIDE:Wealthy Weston is thriving as a ‘boomburbs community’ P16Key Biscayne: Island paradise with the backdrop of a big city P17

NotablE NEIGHboRHooDS PHOTOS BY MARK FREERKS

Some swanky spots have made it onto the South Flor-ida Business Journal’s list of the region’s wealthiest ZIP codes. Although the fact that we have many affluent

areas may come as no surprise, the Business Journal’s special section pro-vides a revealing glimpse beyond the gates of several local, posh commu-nities. Writer Jeff Zbar covers their cache – profiling some of the top ZIP

codes in each county, detailing their features, why some residents chose to move there and the changes they are experiencing.

Our Top 25 list on 8 was com-piled with help from ESRI, a Redlands,

Calif.-based company that provides geographic information and a for-mulaic approach to determining the wealth of each area. ESRI’s Tapestry Segmentation provides descriptions of each ZIP code’s area.

Tony Cavallo and Carolyn Cavallo had vacationed in Palm Beach Coun-ty long enough to know what they wanted from a community when they decided to settle there.

They wanted good schools, open land and less congestion than they found in east Jupi-ter – where they’ve owned a vacation prop-erty for several years.

The couple – both work from home in the pharmaceutical industry – found what they were looking for in ZIP code 33449 in the Wel-lington community of Versailles. Their two children – ages 8 and 11 – would have good schools. They wanted value for the money and a young community. Essentially, they found the Florida equivalent of the home out-side of Philadelphia they left last year.

“We were looking for a community simi-lar to that in Philly,” Tony Cavallo said. “Good schools, nice house for the money, restau-rants, soccer fields, parks.”

Though it comes up on charts as Lake Worth, 33449 – ranked No. 10 on the list of South Florida’s wealthiest communities – ac-tually encompasses several communities. Bordering Lake Worth, with parts stretching into Wellington, and other borders lining up against Palm Beach County’s western farm lands, the ZIP code encompasses much of what today’s residents want, said Lisa Talio, an agent with Coldwell Banker in Wellington, which itself was folded into 33449 recently.

“People are moving here for the good schools and a lot of house for the right price,” she said.

It has a population of 4,757, with 1,903 households and an average household size of 2.5 residents. The median household in-come is $113,977, with an average income of $142,136. Median net worth tops $651,000,

with the average closer to $1.56 million. The average home value is $406,024. The ZIP is characterized as a “wealthy seaboard suburb.”

A small cluster of homes can be better characterized as “super high end,” especial-ly those homes neighboring the polo fields and equestrian communities, said Michael Gallacher, an agent with Coldwell Banker. The Boca Raton native, who has worked the Boynton Beach, Wellington, Lake Worth and Delray Beach market since 2003, has seen a transition. It offers a variety of neighbor-hoods – especially for empty nesters and families who are moving west, he said.

“There’s always been a push for newer, more grand subdivisions,” he said. “This isn’t

DINKs (double income, no kids). The push has been people moving from Broward and Boca. More established families with kids al-ready in grade school.”

Wellington – with its allure of the hors-es – continues to be a draw, even for those with no equestrian leanings, he said. Most people moving in are seeking the “equestri-an style” – larger properties, an acre-plus for larger home sites and larger homes. One ex-ample is HomeLand, a 5-acre-plotted, ranch-like community. Big lots mean homes up to 10,000 square feet, Gallacher said.

“If you were to look for the statistics,” he said, “you’d fine more people looking for the equestrian style than for the actual

equestrian.”The Cavallos closed on their 4,200-square-

foot Wellington home in November. Their short-sale price: $560,000, he said. The previ-ous closing price: $700,000. The Cavallos still own the townhome they purchased in Jupi-ter’s The Bluff enclave in 2004. But, they left behind the seasonal nature of east Jupiter, he said.

“It’s far enough from the beach where you don’t get the seasonal differences. It’s not go-ing to fill up here for three months,” said Tony Cavallo, whose new home still has strewn about the boxes of a family unpacking.

Though new to the community, they know what they’re getting, he added. “I feel no dif-ferent than the neighborhood we came from. There are kids up and down the streets, and there were lights during the holidays. There’s a lot of pride in the neighborhood.”

Western Palm Beach County: Home to space, value, a future

MARK FREERKS

Tony and Carolyn Cavallo bought a 4,200-square-foot home in Wellington in November.

State Road 7

Lyons Road

Ocean Blvd.

1

95Southern Blvd.

Okeechobee Blvd.

Lantana Road

Lake WorthWellington

33449

South Palm BeachLake Worth Road

Boynton BeachHypoluxo Road

Florida’s Turnpike

Boynton Beach Blvd.

Briny Breezes

Delray BeachAtlantic Ave.

84

75

25

Gri�n Road

Sheridan St.

Pines Blvd.

Sawgrass Expressw

ay

Weston33327 Florida’s Turnpike

University Drive

Commercial Blvd.

Oakland Park Blvd.

Plantation

Hiatus RoadFlam

ingo Road

Pembroke Pines

Miramar

W. Broward Blvd.

Miami

Kendall

Hialeah

CutlerRidge

KeyBiscayne

MiamiBeach

1

N.W. 36th St.

Tamiami TrailCoral Way

Bird Road

Biscayne Bay

CoralGables

N. Kendall Drive

Palmetto Expressway


S.W. 152nd St.

N.W. 37th Ave.

N.E. 2nd Ave.

N.W. 12th Ave.

33149

16 | WEALTHIEST ZIP CODES South florida buSineSS journal | january 22-28, 2010

Michael Zoldan and Marissa Zoldan are successful entrepreneurs. He builds and op-erates sports medicine and rehabilitation centers across South Florida. She runs TAG USA Gymnastics.

Their home purchase in Weston’s 33327 ZIP code also represents smart business. Af-ter living in Weston’s Savannah community for six years, the family negotiated a lease-to-purchase for a home in Weston Hills Coun-try Club in 2007. The price at the time was $1.1 million. They got in on the short sale for a “significant drop” of about 30 percent from that price, Michael said.

“We’re close to Miami, Fort Lauderdale, even the west coast,” said Michael, 46, an os-teopathic doctor who owns several medical centers, including Weston Medical Associ-ates. “When we moved here, I saw the op-portunity for a facility, and thought it would be great to open a business right here.”

Their ZIP code is ranked as the wealthi-est in the tri-county area. It includes Savan-nah, Weston Hills and some Weston Hills Country Club residences. With a population of 19,773 in 6,031 households, its median income is $169,336 with an average house-hold income of $213,248. Average family net worth was $1.9 million.

The average home value is $411,656. In 2008, some 285 closed sales averaged a sale price of $450,000, said Bob Cable, a Realtor with EWM Realtors in Weston Town Cen-ter. The lowest sale price was $175,000, with the highest sale coming in at $1.5 million, he said. Now, inventories and average days on the market are dropping, Cable said.

“2009 was the year in which the market

struggled in the beginning of the year, but started to recoup over the summer,” he said.

The Zoldans provide a snapshot of the area. They have five children, ages 4 to 18. Though they know the area has well-ranked schools, their grade school-aged kids attend private school. In fact, Weston thrives for those rea-sons and others, Cable said. Low crime, a good quality of life and planned community amenities like parks, nearby shopping and common areas from the beginning made Weston a city unto itself, he said. This ZIP code offers some of the city’s newest homes.

Savannah was the last major community built, he said. It incorporated a greater variety

of architectural design, models enhanced to be more desirable and with more amenities – including a recreational park with a nine-hole miniature golf course and a water slide.

For the serious golfer, the community is the only subdivision with 36 holes of Robert Trent Jones Jr.-designed courses, said Dean Sklar, who, with his wife, Rose Sklar, works for Coldwell Banker in Weston and is a nine-year resident of 33327. Beyond the links, the touches make the difference, he said.

“It’s the visual aesthetics,” Sklar said. “There’s more exotic landscaping throughout the development.”

Weston reflects the South Florida demo-

graphic. It has seen growth among Hispan-ics, Cable said. Relocations remain strong, with heightened activity from Caterpillar, Siemens, DHL and Nestlé, he said.

“This is one of the hottest spots for trans-ferees,” Cable said. “When you’re moving your family away from a comfort zone, this is an area of choice.”

Zoldan said the neighborhood feel ap-pealed to the family. Having moved from Hollywood seeking a “little less congestion,” they found green space, a welcoming com-munity, a growing Jewish congregation near-by – all amid strong home values, he said.

“They’re all neighbors within the commu-nity,” he said of his fellow congregants. “We’ve made a lot of friends in the neighborhood who we go out with or do business with at the synagogue. That makes it comfortable.”

MARK FREERKS

Marissa and Michael Zoldan sought ‘a little less congestion’ when they moved to Weston.

Wealthy Weston is thriving as a ‘boomburbs community’

State Road 7

Lyons Road

Ocean Blvd.

1

95Southern Blvd.

Okeechobee Blvd.

Lantana Road


33449




Boynton Beach Blvd.

Briny Breezes


84

75

25

Gri�n Road

Sheridan St.

Pines Blvd.

Sawgrass Expressw

ay


University Drive

Commercial Blvd.

Oakland Park Blvd.

Plantation

Hiatus RoadFlam

ingo Road

Pembroke Pines

Miramar

W. Broward Blvd.

Miami

Kendall

Hialeah

CutlerRidge

KeyBiscayne

MiamiBeach

1

N.W. 36th St.

Tamiami TrailCoral Way

Bird Road

Biscayne Bay

CoralGables

N. Kendall Drive

Palmetto Expressway


S.W. 152nd St.

N.W. 37th Ave.

N.E. 2nd Ave.

N.W. 12th Ave.

33149

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In the Lead

South florida buSineSS journal | january 22-28, 2010 WEALTHIEST ZIP CODES | 17

Each day, Richard Goldstein drives across a causeway to reach his downtown Miami offi ce. And each afternoon, he heads back across that same causeway – to a place far removed from his daily grind.

“Every night when I go home, I’m leav-ing the city and the rat race,” said Goldstein, a partner and tax chairman at the law fi rm Bilzin Sumberg Baena Price & Axelrod LLP.

Key Biscayne seems out of place. An island just minutes from downtown Miami, Brickell and Coral Gables, it’s a bustling community of almost 11,000 residents. But, many see it as their own island getaway.

Key Biscayne is no new community. Its population of 10,981 nestled in 4,449 house-holds off ers a mix of newcomers and long-timers. Th e average household size is 2.47, with an average household income of $157,646 and an average net worth of $1.52 million. Th e average home value is $710,797.

Th e community has become an exclusive latitude with almost no sites remaining for development, said Edgardo DeFortuna, pres-ident and CEO of Fortune International. Th e Miami Realtor has offi ces on Key Biscayne and has lived there since 1993. During the re-cent real estate boom, “not a single new con-do unit was built in Key Biscayne,” he said.

What does exist are a variety of old-style Florida homes known as Mackle homes, named for the brothers who developed homes there in the 1950s and ’60s. Th ree-bedroom/one-bathroom homes built on single lots, they were weekend homes for Miamians, he said. When DeFortuna ar-rived, Mackle homes were fetching $350,000. Th ey peaked at $1.7 million, and today go for about $1 million, he said.

Goldstein’s fi rst condo in Key Colony ap-preciated 35 percent. His fi rst single-family home appreciated 35 percent, he said. His current home has appreciated “conservative-ly” 125 percent, he said.

Oceanfront residences at Grand Bay and Ocean Club are going for more than $1,000 a square foot, DeFortuna said. “Th e value con-tinues to grow because of the lack of supply.”

With the condos, knockdowns and vaca-tioners – some 40 percent of island residents are part-timers – locals have “adapted to de-velopment” and newcomers, he said. DeFor-tuna brings his boys – ages 4, 6 and 2 – to

the Donut Gallery Restaurant, just like the other regulars – no pomp or circumstance.

“Some are among the wealthiest in their own country, but no one shows off ,” the Ar-gentina native said. “You could be sitting next to a billionaire, but you wouldn’t know because he’s in fl ip fl ops and shorts.”

Th ose billionaires – and others – hail from across the U.S. and the hemisphere, Gold-stein said. In fact, the news often can foretell population shifts on the island, he said.

“As things happen negatively in Central and South America, like political upheaval, you have the well-to-do trying to fi nd a very safe environment that they feel comfortable in,” said Goldstein, who met Kattia, his Nica-raguan wife, walking along Crandon Beach. “It’s a melting pot. Th at’s a great attraction.”

To be sure, island life can have its challeng-es. Big retailers – even grocery stores – are few. Residents must evacuate on warning of a Category 1 storm. Goldstein’s children went to Gulliver Academy, a 30-minute drive away.

“We’d thought about living much close to where their school was,” he said, “but I couldn’t leave Key Biscayne.”

But, with the fabled peacocks, the bike path along Crandon Beach, golf, tennis and two parks, the Goldsteins are fi rmly rooted – like the pilings that support their elevated home to protect it from storms and fl oods.

“And soon as I go over the bridge, I feel like I’m on vacation,” he said. “I never get tired of it.

Key Biscayne: Island paradise with the backdrop of a big city

MARK FREERKS

Fortune International CEO Edgardo DeFortuna has lived on Key Biscayne since 1993.

State Road 7

Lyons Road

Ocean Blvd.

1

95Southern Blvd.

Okeechobee Blvd.

Lantana Road


33449




Boynton Beach Blvd.

Briny Breezes


84

75

25

Gri�n Road

Sheridan St.

Pines Blvd.

Sawgrass Expressw

ay


University Drive

Commercial Blvd.

Oakland Park Blvd.

Plantation

Hiatus RoadFlam

ingo Road

Pembroke Pines

Miramar

W. Broward Blvd.

Miami

Kendall

Hialeah

CutlerRidge

KeyBiscayne

MiamiBeach

1

N.W. 36th St.

Tamiami TrailCoral WayBird Road

Biscayne Bay

CoralGables

N. Kendall Drive

Palmetto Expressway

Florida’s TurnpikeS.W. 152nd St.

N.W. 37th Ave.

N.E. 2nd Ave.

N.W. 12th Ave.

33149

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