But among those in the know\u2014including Billy Joel and Tony Robbins\u2014interest in moving to Manalapan has skyrocketed since the COVID-19 pandemic, local realtors and residents say. Unlike those moving to other parts of Florida, though, new Manalapan residents are much more likely to be billionaires, thanks to the town\u2019s expansive oceanfront estates, relative privacy, and outsized listing prices.<\/p>\n
Estates are currently listed for up to $80 million<\/a> with a median price of $16.8 million, but the typical home value was around $4.3 million in April, according to Zillow<\/a>, making Manalapan one of the most expensive places to live in the country. <\/p>\n \u201cMuch of that has to do with the migration of people moving to Florida for tax reasons<\/a>\u2014many have brought their businesses here,\u201d says Nick Malinosky, a realtor with the Exclusive Group at Douglas Elliman.<\/p>\n For the price, buyers get what resident and former Manalapan mayor Stewart Satter calls \u201ca magical little oasis.\u201d The estates are situated between the Atlantic Ocean and the Intracoastal Waterway, with generous lot sizes and a quiet that draws away residents from nearby Palm Beach. The town, notes Malinosky, is \u201cin the middle of a ton of action\u201d\u2014near not only Palm Beach but also Delray and Boca Raton. And it boasts its own police and fire departments.<\/p>\n \u201cThe police department knows every resident,\u201d says Robert Burrage, a local builder who\u2019s worked in the area for 17 years. \u201cIf your gate gets left open after dark, the police call to make sure everything is okay. It\u2019s a very wealthy but quaint place.\u201d<\/p>\n Daniel Petroni Courtesy of The Exclusive Group<\/p>\n<\/div>\n Though it\u2019s easy to travel to nearby cities for restaurants, shopping, and nightlife, Manalapan itself is tucked away from the hustle and bustle of the Miami area. And that privacy has made it attractive to residents looking for a slower pace and less traffic, including billionaire Oracle<\/a> cofounder Larry Ellison, who recently dropped a staggering $173 million to purchase a Manalapan estate\u2014the largest residential sale<\/a> in the state\u2019s history. The property features 33 bedrooms, 34 bathrooms, a guest house, two cottages, a bird sanctuary, tennis courts, a PGA-standard golf course, and multiple tunnels under the road to connect the two parts of the property.<\/p>\n Tunnels are a big feature of life in Manalapan: Many residents have built them under State Road A1A, which bisects much of the town. The tunnels\u2014painted with murals, or acting as art galleries, in some cases\u2014connect the homes to the ocean, making it easier to get from one part of the estate to the other. (They are not without controversy, as building them requires shutting down the public road for days at a time<\/a>.) \u201cPeople flip when you say you have a tunnel,\u201d says Satter.<\/p>\n Another draw of Manalapan is, of course, its natural beauty. Many properties boast private docks to launch boats, and residents enjoy secluded beaches, where sea turtles nest and manatees swim. Homes are either situated on the oceanfront, with access to the Intracoastal Waterway, or vice versa. Those with homes not directly on the ocean are allowed to build 1,500-square foot beach homes to make up for it.<\/p>\n \u201cYou get the best of both worlds\u2014it\u2019s super unique,\u201d adds Malinosky.<\/p>\n Daniel Petroni Courtesy of The Exclusive Group<\/p>\n<\/div>\n Satter\u2019s experience in the area exemplifies how much the area has changed over the past few years. In 2004, the investor bought four properties in Manalapan for around $20 million total. He sold a single lot for $40 million<\/a> in early 2022. Earlier this year, he purchased a 1989 mansion for $28 million, which he plans to tear down and rebuild into something more modern (perhaps with a pickleball court<\/a>). <\/p>\n Rebuilding is common in Manalapan, and another draw for wealthy residents who don\u2019t like to hear the word \u201cno.\u201d Burrage says the town is much more open to different architectural styles than other nearby enclaves of the ultra-wealthy.<\/p>\n \u201cManalapan is open to the homes that people want to create,\u201d Burrage says. \u201cI\u2019ve seen very little pushback.\u201d<\/p>\n And of course, Florida\u2019s lack of state income tax is the cherry on top, says Satter, who resigned as mayor after the passage of a new financial disclosure law<\/a> in the state.<\/p>\n \u201cPeople are saying, I\u2019ve had enough of the weather, the high tax, my kids are grown up,\u201d he says of deciding to move south. \u201cIt\u2019s an absolutely beautiful little community. It\u2019s special.\u201d<\/p>\n<\/div>\n![\"1840](\"https:\/\/fortune.com\/img-assets\/wp-content\/uploads\/2024\/05\/1840-S-Ocean-Blvd-31-e1717164232813.jpg?w=1440&q=75\"\/)
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