HUTCHINSON ISLAND, FL-It’s been rightly said that they aren’t manufacturing any more waterfront land. That’s one reason why Carlton Exchange is expecting plenty of action on the auction of a $24-million loan secured by 43.7 acres of prime intracoastal waterfront land in Hutchinson Island.

The site offers 17 single-family home lots directly across AIA from the Atlantic Ocean, with 1,200 linear feet of direct Intracoastal waterfront in Martin County, north of Palm Beach County. Investors can bid on the non-performing loan sale, which has about $24 million in unpaid principal balance, at a discount.

“A parcel of this size with 1,200 linear feet on the intracoastal waterfront does not come on the market very often,” JP Josephson, managing director of the Carlton Group, tells GlobeSt.com. “Martin County has a very restrictive growth policy and having a zoned, entitled, ready to go vertical, piece of land of this size, that would have ocean and intracoastal views from each home, is a rarity. Additionally, the property has approval for an elevated walkway or pier and 12 boat slips accommodating 60-foot boats.”