Brokers & Agents

Meet Margit Brandt:

The Broker Behind the Historic Sale of Tarpon Island in Palm Beach

Tarpon Island
Photo: Trevor Melton at Studio910

HRES: Tell us about your famous sale of Tarpon Island, which is featured on our South Florida cover this month.
MB: 10 Tarpon is a one-of-a kind property. It is quite literally one-of-one, being the only private island in Palm Beach. With over 2.2 acres and over 28,000 square feet of total living space, the island has a magical, medicinal, restorative, and curative quality to it. It somehow feels both removed from the world and right in the middle of the action all at the same time, being less than a mile from the heart of town on Worth Avenue. A main selling point is the 1,300 ft of direct waterfront exposure, which is nearly an unheard of scale in Palm Beach. Having this much frontage also creates views from every single room. The property boasts a 95’ lap pool, cold plunge, gym, salon, spa, and walk-in fridge. It is the epitome of luxury.

HRES: What were the big takeaways from this past season in the Palm Beach market?
MB: This past season we saw some incredible sales in Palm Beach, and a material uptick from 2023. Including both Palm Beach and neighboring Manalapan, nearly $1B of sales volume has transacted exclusively with 16 properties valued over $30M. Just on Palm Beach Island alone, 13 deals have transacted totaling $872.4M since January. Demand has been extremely consistent and inventory is naturally limited, which has helped to create a strong market. The interior new construction market has been trading at $3,000-$5,000 price per square foot, while the waterfront market has established a consistent range between $4,000 price per foot and $10,000 price per foot. These new metrics have placed Palm Beach at the top of the luxury market, competing with and in some cases powering past prices in other prime destinations like New York City, London, Aspen, The Hamptons, and LA.

HRES: What were your milestones personally year-to-date in the marketplace?
MB: We were proud to exclusively represent the buyers of 10 Tarpon Isle (a.ka. Tarpon Island), which is not only one of the most incredible properties anywhere in the world, but also the largest residential transaction in America so far this year (as of this interview). Imagine having your own private island in the middle of Palm Beach, which in itself is one of the most exclusive islands on the planet! In addition to Tarpon, we also represented the buyers of 10 Via Vizcaya for $39M, the buyers of 1140 S Ocean Blvd for $32.5M, and the sellers of 584 Island Drive for $31M. When it comes to properties over $30M along Palm Beach’s Intracoastal waterway, we have participated in 50% of those six transactions since May. In terms of overall market share for deals larger than $30M, we’ve been very fortunate to participate in 25% (4) of these16 transactions in Palm Beach since January, and to have transacted $250M of the nearly $1B sold in the most luxury segment of the market. Both in terms of sales volume and transaction count, we’ve proudly been able to participate in about a quarter of the market activity taking place at the highest price point of the island!

HRES: Looking ahead to the 2024-2025 winter season, what are you forecasting in terms of the impact of the election, and the momentum in the Palm Beach market?

MB: I think most luxury markets, including Palm Beach, will benefit from a post-election environment. Having more geopolitical certainty does allow investors to make more informed decisions which keeps capital markets moving, and that in turn trickles down to these high-end residential sales. We anticipate that many more well-known financial institutions will be making additional announcements in the coming years that they are moving at least part of their workforce to the West Palm Beach area. So we are cautiously optimistic that the market reacts well to the election and that whether the outcome produces more fear or more confidence in the economy, that Palm Beach is well positioned to be a haven for people where they can run their businesses, tap into a more friendly tax-code, and live active outdoor lifestyles year-round.

HRES: Is the party over in Palm Beach, or just getting started?
MB: If we were Tom Brady in the Super Bowl and the game was Palm Beach real estate, I would say that we are currently at half-time. There has, without question, been a remarkable amount of growth, with property values doubling, tripling, and even quadrupling in some cases, but at the same time Palm Beach was undervalued to begin with and is primed for continued growth. Steve Ross, as an example, recently announced that he is taking a step back from Related Cos, which has a very heavy NYC presence, to exclusively focus on his West Palm Beach/South Florida portfolio. If you look at the development capital pouring into the industrial, commercial, and residential markets, as well as new upgrades to the local education, entertainment and healthcare infrastructure, the area is primed to be able to welcome hundreds or even thousands of new families over the next 4-5 years. It is not by any means over, and smart money is still investing in Palm Beach before it is truly too late. There are still high-value opportunities if you enlist qualified representation.

HRES: What strategies or insights have been key to your remarkable success and transition from a newcomer to an established leader in the industry?
MB: Thank you! Unlike some of these larger cities in the US and worldwide (where it may be easier to break into), Palm Beach is hyper-local. I think being authentic in who you are is key, paired with a tireless work ethic, and a real connection and loyalty with our clients. I have the best clients in the world, and I am so grateful for them. To top it all off, you absolutely have to be full-time in PB. It is not a destination you can simply visit in the winter but still service year-round. I have learned in my 10 years in this industry that a Jack of All Trades is a Master at None. My husband is also from Palm Beach originally (a local native if you can believe it!), and I think arriving here as a natural, genuine part of the full-time residential community has been valuable in terms of forging natural, organic relationships with our neighbors, peers, and friends around town. Not to mention, the PB market is very nuanced in terms of best practices and off-market information. It is one of the most well-guarded markets in the country.

HRES: You’ve achieved significant milestones in your career. What do you consider to be your most notable achievement, and how did you accomplish it?
MB: Being a woman under 40 and consistently being in the top 10 producers on Palm Beach Island has been a unique feat for us. I believe I am the only agent in Palm Beach under 40 in the Top 10. In terms of properties, Tarpon Island was an important milestone, as was selling over $300M in total volume so far this year. Finally, consistently having a market share of 25%-50% of the waterfront transactions has been a big achievement, as this is one of the most competitive micro-markets in the country. We’ve done it mainly by providing value to our clients, who then tell their friends and family. There is no other way to succeed, especially quickly and at a younger age, than consistently delivering positive results. We always embrace the power of positive thinking, and thinking big!