This season was an amazing year… particularly sales of oceanfront, lakefront and estate section homes. In fact, there were 9 sales this season all over $15,000,000! This trend shows many high net worth individuals relocating from the North East and other high tax rate states to Palm Beach to take advantage of Florida’s tax benefits; no personal income tax, no inheritance tax…just to name a few. In this low interest rate economy, buying hard assets, i.e., Palm Beach real estate, is viewed as a wise investment. Preserve your wealth, relocate to Palm Beach!
$43.7 million — 1695 N. Ocean Way: The biggest sale of the season was recorded in March when a just-completed oceanfront house developed by Palm Beacher Pat Carney on the far North End fetched nearly $44 million.The property was on the market about two months. With 24,000 total square feet of living space and 110 feet of beachfront, the five-bedroom house and a four-bedroom guesthouse were furnished when they sold to a trust in the name of Palm Beach hedge-funder Kenneth G. Tropin.
$39 million — 89 Middle Road: After nearly five years on the market, the estate of the late billionaire John W. Kluge sold in April for $39 million to developer Palm Beacher Peter Wood. With 4.3 acres, 150 feet of beachfront, two historic houses, three major outbuildings and extensive gardens, the Estate Section property was sold by the board of trustees of Columbia University, which had been bequeathed the estate before Kluge died in 2010.
$32 million — 225 Indian Road: February saw the island’s third-highest price ever paid for a house on the lake or inlet. Developed on speculation by the Frisbie family and still under construction on the inlet, the eight-bedroom house sold for $32 million in an off-market deal. A Florida limited-liability company managed by attorney Curtis Shenkman bought the house, which has 12,445 square feet of living space, inside and out, and stands on an irregularly shaped lot measuring nearly 1½ acres with 217 feet of water frontage.
$31.4 million — 390 N. Lake Way: Developed on spec by Pat Carney and sold in December for $31.4 million to a Bain Capital financier, the five-bedroom lakefront house is the fourth-highest lakefront or inlet property ever sold in Palm Beach. With 12,655 square feet of living space, inside and out, the house occupies a lot of a little less than three-quarters of an acre with 130 feet of lakefront and deep-water dockage.
$23.95 million — 720 S. Ocean Blvd.: Named El Solano, the 1923 house is best known as the vacation retreat of the late John Lennon, who co-owned it briefly with his wife, Yoko Ono, before his death in 1980. She subsequently renovated and sold the property. The most recent sale, for nearly $24 million, occurred January, when its longtime owners sold it to equity investor. The house was designed by noted society architect Addison Mizner.
$20.76 Million — 240 Banyan Road: In late September, a trust sold a lakefront house at 240 Banyan Road for $20.76 million, the second time it had changed hands within three months.
$18.14 million — 757 Island Drive: On the southwest tip of Everglades Island, a vacant lot with nearly 400 feet of waterfront at 757 Island Drive sold for $18.14 million in an off-market February deal.
$18 million — 473 N. County Road: A television personality paid $18 million for Louwana, a landmarked house at 473 N. County Road built in 1919. On a 1½-acre lot with 150 feet of beach frontage, the 12-bedroom, 12,483-square-foot house was designed by Addison Mizner and renovated by architect Maurice Fatio.
$17.6 million — 101 El Brillo Way: The longtime home of the late Jean van Waveren, a landmarked 1921 oceanfront house at 101 El Brillo Way changed hands in January for $17.6 million in an off-market deal. The Palm Trust bought the five-bedroom house with 10,400 square feet with a Moroccan-style loggia. Designed by noted society architect Marion Sims Wyeth, the house is known as Qui Si Sana (“Here is the Cure”).
Are you interested in analyzing the Palm Beach real estate market? Click here to see our 2016 1st Quarter Market Report.
Specializing in Palm Beach Real Estate for 26 years… Linda was recognized by The Wall Street Journal as one of “America’s Best Agents”; ranking #26th in the State of Florida for sales volume. Visit our unrivaled website lindaolsson.com to view all Palm Beach properties, client testimonials and more.
If you are thinking about buying or selling a home in Palm Beach, call us for experience you can trust! Sales information in this blog post was pulled from The Palm Beach Daily News Article Sunday May 1, 2016 Author Darrell Hofheinz.
We look forward to hearing from you!
Area 1: (Inlet Drive to Wells Road) 17 homes SOLD –
Average price: $8,097,368 – Average per sq.ft. $1,061
Highest priced per sq.ft. 14030 N. Ocean Blvd. – $2,127
Lowest priced per sq.ft. 225 Bahama Lane – $734
Area 2: (Wells Road to Worth Avenue) 8 homes SOLD –
Average price: $3,698,437 – Average per sq.ft. $892
Highest priced per sq.ft. – 180 Barton Avenue – $1,563
Lowest priced per sq.ft. – 259 Everglade Avenue – $489
Area 3:(Worth Avenue to Sloan’s Curve) 5 homes SOLD –
Average price: $11,639,745 – Average per sq.ft. $1,295
Highest priced per sq.ft. – 720 S. Ocean Blvd. – $1,679
Lowest priced per sq.ft. – 247 Jungle Road – $1,017
CONDOS – 26 SOLD in 1st Quarter of 2016
Area 2: (Worth Avenue to Wells Road) –
Average price: $979,250 $677/sq/ft.
Highest per sq. ft. – 150 Bradley Place #412 – $1,322/sq.ft.
Information provided by the Palm Beach MLS service, deemed reliable but subject to errors and omissions. Private sales from tax reports are included in the report.
What’s currently trending in the Palm Beach real estate market? Palm Beach homeowners are taking advantage of the low inventory and high demand for quality properties. They are selling their homes for high prices and buying condominiums in full service buildings to take advantage of the carefree lifestyle they provide. Tired of homeownership and endless maintenance problems? Are you ready to sell your home to purchase a condominium to allow you the freedom to travel and lock your door without the worries associated with owning a home?
If so these are four top buildings to consider… they all have two things in common. They are top full service buildings that will cater to your needs and they all accept pets.
The Villas on Worth Avenue, Unit 4D: Co-Op; asking $4,295,000. Most prestigious white-glove building in Palm Beach.
One Watermark, Unit 1201: Condominium; asking $5,295,000 including cabana. Concierge building with valet.
Trump Plaza, Unit 22E: Condominium; asking $1,200,000. Full service building with valet.
Beachpoint, Unit 204: Condominium; asking $1,500,000. Full service building on the beach.
Specializing in Palm Beach Luxury Homes and Condominiums for over 26 years… we welcome the opportunity to work with you…. we pride ourselves on prompt professional customer service 24/7. Please visit our outstanding website www.LindaOlsson.com to preview all properties currently listed for sale, customer testimonials, quarterly market reports and our blog. Linda R. Olsson was recognized by The Wall Street Journal as one of America’s Best Real Estate Agents … ranked #26 in the State of Florida for sales volume.
Thinking about buying or selling in Palm Beach? Contact us today for experience you can TRUST!
It is always a pleasure to share our Quarterly Market Reports with you. We know you enjoy analyzing the Palm Beach Real estate market… Please contact us with any questions regarding these sales of Palm Beach Homes and Condominiums.
|(Information provided by the Palm Beach MLS service, deemed reliable but subject to errors and omissions. Private sales are not included in the report.)|
Area 1: (Inlet Drive to Wells Road) 10 homes SOLD –
Average price: $9,403,365 – Average per sq.ft. $1,181
Highest priced per sq.ft. 390 N. Lake Way. – $2,481
Lowest priced per sq.ft. 201 Debra Lane – $662
Area 2: (Wells Road to Worth Avenue) 9 homes SOLD –
Average price: $4,080,944 – Average per sq.ft. $906
Highest priced per sq.ft. – 245 Atlantic Avenue – $1,466
Lowest priced per sq.ft. – 265 Park Avenue – $459
Area 3:(Worth Avenue to Sloan’s Curve) 2 homes SOLD –
Average price: $6,100,000 – Average per sq.ft. $824
Highest priced per sq.ft. – 160 Woodbridge Road – $933
Lowest priced per sq.ft. – 150 Algoma Road – $715
CONDOS – 36 SOLD in 4rd Quarter of 2015
Area 2: (Worth Avenue to Wells Road) –
Average price: $1,271,508 $720/sq/ft.
Highest per sq. ft. – 2 N. Breakers N31 – $3700/sq.ft.
The market is strong and inventory is low; commanding high prices for quality properties. We strive to locate properties that suit the needs of our clients whether it be in Palm Beach or the surrounding area. A recent trend worth noting… several clients are selling their homes and condominiums in town taking advantage of the high pricing, and moving to Flagler Drive, Trump Plaza for example, or to the wonderful golf course community of Old Palm, and other northern communities. In past days, it was not fashionable to “move across the bridge”, but today that is far from the truth. Old guard Palm Beach homeowners, are gladly making the move, and we would be pleased to help you should you wish to sell your property and make a change.
Please contact us for your confidential appointment. We welcome the opportunity to meet with you, provide you with a market value for your property, and to show you alternative properties that would best suit your needs. If you are considering selling your property, contact us today. Preview all listed properties on our fabulous web site:www.LindaOlsson.com.
We appreciate your business and look forward to serving all your real estate needs in 2016. Whether you are buying or selling, contact us for prompt, professional, real estate services 24/7.
We pride ourselves on keeping you abreast of Palm Beach market trends and opportunities in the market. Townhomes in Palm Beach are on the move, and the time to buy is now, while you can still obtain a great unit at a price under $1,000.00 a foot. These Palm Beach townhome units are under contract… and will close soon. Click to view listing(s)
We are pleased to announce that we sold; 360 Cocoanut Row, a truly elegant 4,196 (under air) sq. foot townhouse in walking distance to Worth Avenue boasting the finest finishes and lovely designer furnishings.Asking $6.3 million.
In addition, we listed and put under contract; 224 Bradley Place..A Villa Plati townhome. This traditional 3 Br. 4.5 BA. unit has outstanding Intracoastal views. Boasting 3,177 sq. ft. under air conditioned space, high ceilings, hardwood floors, elevator, and 3 car garage. Asking $2,695,000. These in-town Villa Plati townhome units are truly the best opportunities in Palm Beach, and should be considered as an alternative to a condominium or single family home.
I truly believe Villa Plati Townhomes are the best opportunity in today’s market. They represent value, a great location,outstanding sq. footage with the privacy of a private home, and the luxury of a managed building for an easy lifestyle.
Our listing at 302 Atlantic Avenue, is truly the best deal in town asking $2,750,000. Please note the asking price is only $724.o0 per sq. foot, an amazing value in today’s market. This 4 BR 4.5 BA unit with approximately 3,800 sq. feet of living space, private pool, elevator, high ceilings, and fabulous intercoastal views is not to be missed. These units are perfect for walking the bike trail, are steps to the Beach, close to the Clubs, use of an Olympic size pool, and tennis court. Full time manager and handyman for easy living.
Please contact us for your private showing of 302 Atlantic Avenue. Don’t miss your opportunity to purchase in this fabulous development at a great price! Please preview all in-town townhomes listed for sale.
We look forward to serving all your real estate needs in the New Year. Please review all listed properties for sale on our outstanding web site www.LindaOlsson.com. and contact us to see properties of interest at your convenience.
With best wishes to you and yours for a Happy, Healthy New Year.