Living in Florida's Space Coast
Waterstone
Waterstone is a master community off Mara Loma Boulevard from Babcock Street in southeast Palm Bay, not a single subdivision. Heron Bay and The Lakes came first, the project stalled with the market, and Courtyards, Cypress Bay West and the KB Home Gardens section followed. Which village you buy in decides your dues, your gate and your price.
Waterstone In Palm Bay, Florida
Waterstone is an umbrella, and underneath it sit separate associations registered with the state in different years. The Lakes at Waterstone Homeowners Association came first in 2005, Heron Bay at Waterstone followed in 2006, Courtyards at Waterstone was registered in 2020, and Cypress Bay West at Waterstone Community Association arrived in 2022 with its own Phase 1 and Phase 2 associations beneath it. The Gardens section, built by KB Home from 2023, is the newest piece.
The history explains the gaps. The project first came before the city in 2005 and the earliest phases, Heron Bay and The Lakes, delivered close to three hundred homes before the downturn stopped everything. The ground sat. Palm Bay City Council approved the final development plan for the next phase on June 7, 2018, covering roughly 96 acres and 283 homes, and building started again in earnest in 2023.
Here is the number that matters most. Quarterly assessments attached to Waterstone addresses have run from about $236 to nearly $1,195, and at least one arrangement bills $382 a month. That is a fivefold spread. The word Waterstone on a listing tells you the neighborhood and almost nothing about your carrying cost, so get the village name and the association name before you make any comparison at all.
The older villages are single story throughout. Homes across Waterstone run roughly 1,939 to 2,514 square feet with three to four bedrooms, two car garages, stucco over concrete block and shingle roofs. Lots range from 0.16 to 0.42 of an acre, wider than most of the newer building in Palm Bay. Streets include Middlebury Drive, Dittmer Circle, Leclaire Lane, Kalista Court, Plume Way and Hubbard Court, reached from Mara Loma Boulevard by way of Rixford Way and Finola Avenue.
In the older Waterstone villages the range is $375,000 to $460,000, centered at $410,000, about $188 a square foot, and houses have taken around two months to go under contract. Half of what trades has either water behind it or a screened pool. Amenities vary by village but include community pools, tennis courts, a playground, security gates in the gated sections and full time management in parts of the community.
Waterstone At A Glance
Waterstone across its villages.
| Detail | What you get |
|---|---|
| Detail | Value |
| Location | Off Mara Loma Boulevard from Babcock Street, southeast Palm Bay 32909 |
| Built | 2006 to present, about 2012 typical in the older villages |
| Villages | Heron Bay, The Lakes, Courtyards, Cypress Bay West and the Gardens |
| Home size | 1,939 to 2,514 square feet, about 2,050 typical |
| Bedrooms | Three to four, with two to four baths |
| Levels | Single story throughout the older villages |
| Lot size | 0.16 to 0.42 of an acre, about 0.18 typical |
| Construction | Stucco over concrete block, shingle roofs |
| Association | Mandatory, and it varies by village. Quarterly figures across Waterstone have ranged from about $236 to nearly $1,195, with one arrangement billed at $382 monthly. Separate associations registered in 2005, 2006, 2020 and 2022 govern the different sections |
| Gated | In parts. Several villages have controlled entry, others do not |
| Amenities | Community pools, tennis courts, playground, grounds maintenance, full time management in parts of the community |
| Garage | Two car |
| Water frontage | Retention lakes through the plan, water behind a significant share of homes |
| Utilities | City water and public sewer |
| Price range | $375,000 to $460,000 in the older villages, typical $410,000 |
| Price per square foot | Around $188 |
Waterstone Details
One Name, Several Associations
The Lakes registered in 2005, Heron Bay in 2006, Courtyards in 2020 and Cypress Bay West in 2022, each with its own governing documents. The Gardens section by KB Home is newer still. A listing that says only Waterstone has not told you which set of rules and fees applies.
Dues Range Fivefold
Quarterly assessments here have run from roughly $236 to nearly $1,195, plus at least one monthly billing arrangement. Nothing about the community name predicts where you will land. Ask for the association name, the current amount, the billing frequency and what the money covers, in writing.
A Fifteen Year Gap In The Middle
The project came before the city in 2005, delivered close to three hundred homes in Heron Bay and The Lakes, then stopped. The final development plan for the next phase was approved on June 7, 2018 for roughly 96 acres and 283 homes, and construction restarted in 2023.
Gated In Parts, Not Throughout
Some Waterstone villages have controlled entry and some do not. If a gate is on your requirement list, verify it for the specific street rather than for the community as a whole, because the answer changes from one section to the next.
Wider Lots Than The Newer Stuff
Homesites here run from 0.16 up to 0.42 of an acre. That upper end is generous compared with the tenth acre lots common in Palm Bay's newest construction, and it shows up in the setbacks, the side yards and how much room there is for a screened enclosure.
Not Bayside Lakes, Not Cypress Bay Preserve
Bayside Lakes is a separate master community several miles north with its own villages. Cypress Bay Preserve is a stand alone D.R. Horton community off Babcock Street that is not part of Waterstone, despite the similar name to Cypress Bay West. Confirm the plat before you compare.
Homes For Sale In Waterstone
Listings across the Waterstone villages appear below. Read each one for the specific section it belongs to, because a house in Heron Bay and a house in the Gardens can differ by hundreds of dollars a quarter in assessments.
Waterstone Frequently Asked Questions
Is Waterstone one neighborhood or several?
Several. It is a master community containing Heron Bay, The Lakes, Courtyards, Cypress Bay West and the Gardens, each with its own association. The Lakes registered with the state in 2005, Heron Bay in 2006, Courtyards in 2020 and Cypress Bay West in 2022.
Why do the association dues vary so much?
Because each village funds a different amenity package and a different maintenance obligation. Quarterly figures across Waterstone addresses have ranged from about $236 to nearly $1,195, with at least one monthly arrangement at $382. Always confirm the specific association before comparing two houses.
When was Waterstone built?
In two eras. The project came before the city in 2005 and the earliest phases delivered close to three hundred homes before the downturn halted work. The final development plan for the next phase was approved June 7, 2018, and construction resumed in 2023.
Is the whole community gated?
No. Several villages have controlled entry and others do not. Check the specific street, not the community name. Security gates and full time management appear in parts of Waterstone and are absent in others.
What is the difference between Waterstone and Bayside Lakes?
They are separate master communities in different parts of Palm Bay. Bayside Lakes sits north off Bayside Lakes Boulevard with villages like Brookside, Stonebriar and Holly Trace. Waterstone sits south off Mara Loma Boulevard from Babcock Street. Neither association governs the other.
Is Cypress Bay Preserve part of Waterstone?
No. Cypress Bay West at Waterstone is part of Waterstone and registered its association in 2022. Cypress Bay Preserve is a separate D.R. Horton community off Babcock Street with its own association registered in 2020. The names are close and search results mix them constantly.
Who built the newest section?
KB Home builds the Gardens at Waterstone, delivering from 2023 forward. The earlier villages were built by different companies in the mid 2000s, which is why floor plans, elevations and finish standards vary noticeably between one part of Waterstone and another.
How far is I-95?
Short. Babcock Street runs north to Malabar Road and I-95 at exit 173, and St Johns Heritage Parkway meets the interstate at exit 166 through a diverging diamond interchange. Melbourne, the airport and the causeways east are all a reasonable drive from either.
Mara Loma Boulevard, Palm Bay 32909
Waterstone sits in southeast Palm Bay along Babcock Street below Malabar Road, with Mara Loma Boulevard running west into the community. From there Rixford Way, Finola Avenue and Fossen carry you toward the individual villages, and Middlebury Drive, Dittmer Circle, Leclaire Lane, Kalista Court, Plume Way and Hubbard Court hold the addresses. Coming from the interstate, either Malabar Road at exit 173 or St Johns Heritage Parkway at exit 166 works.
This is a part of the city that filled in late, which means highway access came before retail did. Everyday shopping means heading north on Babcock Street or over to Malabar Road. Melbourne, the airport and the employers along the corridor sit north and east of here, none of them far. The ocean is further off than the community name suggests, on the far side of the Indian River and a bridge.
Near Waterstone In Merritt Island
Considering Waterstone?
The first question in this community is never price, it is which village, because the answer moves your quarterly bill by hundreds of dollars and decides whether you live behind a gate. My partner Nichole and I can identify the section from an address, pull the right association documents and tell you what the fee actually buys before you tour anything. Call or text (321) 212-7676.
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