Palm Beach Real Estate… Second Quarter 2016 Market Report

July 14, 2016 by · Leave a Comment 

Dear Clients, Colleagues, Friends and Family;
Are you thinking about buying or selling a Palm Beach home or condominium?
The hallmark of our firm is Superior Customer Service. We believe an educated customer is a satisfied customer, and satisfied customers lead to sales and referrals. We are delighted to share our 2016 Quarterly Market Sales Report (April to June, 2016), for you to analyze the market. Visit our outstanding website LindaOlsson.com to preview previous quarterly reports, testimonials from buyers and sellers, all listed Palm Beach properties for sale, and keep abreast of market trends through our blog.
Choosing a firm with the commitment, confidentiality and dedication to represent your best interest makes all the difference. Specializing in Palm Beach Luxury Properties for over 26 years and ranked 26 in the State of Florida for sales volume by the Wall Street Journal….we welcome the opportunity to put our expertise to work for you.
We hope you enjoy the report and look forward to hearing from you.

Contact Us For Experience You Can Trust!

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Palm Beach Quarterly Market Report: (April to June 2016) Summary:
Active Palm Beach listings for Homes and Condominiums as of July 12, 2016
North End Homes: 65

Mid-Town Homes: 28

Mid-Town Condominiums: 99

Estate Section: 33
Area 1: North End: (Inlet Drive to Wells Road) 18 homes– SOLD
Average price: $6,235,966 – Average per sq.ft. $1009
Highest priced per sq.ft. 1055 N. Ocean Blvd. – $1,897
Lowest priced per sq.ft. 305 Maddock Way – $217
Area 2: Mid-Town: (Wells Road to Worth Avenue) 14 homes–SOLD
Average price: $3,647,500 – Average per sq.ft. $776
Highest priced per sq.ft. – 150 Clarke Avenue – $1,519
Lowest priced per sq.ft. – 168 Seabreeze Avenue – $358
Area 2: Mid-Town: (Worth Avenue to Wells Road) 38 condos — SOLD
Average price: $1,307,421 $704/sq/ft.
Highest per sq. ft. – 2 N. Breakers Row S-44 – $2,719/sq.ft.

 

Area 3: Estate Section: (Worth Avenue to Sloan’s Curve) 8 homes– SOLD
Average price: $11,818750 – Average per sq.ft. $1,219
Highest priced per sq.ft. – 7 Golfview Road – 1,920 sq.ft.
Lowest priced per sq.ft. – 9 Golfview Road – $784
(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.)

Palm Beach Real Estate… In-Town Ocean Block

July 1, 2016 by · Leave a Comment 

Dear Clients, Colleagues, Friends and Family,
I am pleased to share our newest listing with you… 120 Atlantic Avenue. This gracious 5BR/5.5BA home with open floor plan and floating staircase is fabulous for entertaining. Built in 1990 this Classic Mediterranean with private direct oceanfront beach parcel is a rare find! New custom kitchen with three Subzero refrigerators, 3 Miele dishwashers, 3 wine coolers, impact windows, mahogany library, formal dining room, spacious laundry room, and excellent closet space throughout. Features circular Chicago brick driveway, two car garage and additional parking area. Lovely pool, spa and covered patio. The 5th bedroom and bath are perfect for guests or staff with private outside entrance. Fabulous approx. 6,000 sq. foot beach house in a prime Palm Beach location! Click here to preview home photos and details.

Atlantic Avenue, is hot with two sales in June of new construction homes on the middle block. Sales have been brisk in this sought after location, within walking distance to restaurants, shopping, and The Breakers. Two Atlantic Avenue homes will undergo total renovations, one is under contract (pending), the other sold in late 2015.  Click to preview sold, and pending sales.
Thinking of buying or Selling in Palm Beach? Contact Us for Superior Customer Service and Experience You Can TRUST! Preview all Palm Beach listings on our outstanding web site at LindaOlsson.com.
Happy Fourth of July! Sending our very best wishes for a wonderful weekend full of fun, cookouts, beach days and fireworks.

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Preserve Your Wealth…Palm Beach Real Estate

June 8, 2016 by · Leave a Comment 

Dear Clients, Colleagues, Friends and Family,
Palm Beach Market Trend…according to the Palm Beach Daily News and The New York Times just about everyone living in the Northeast, Chicago, California and other high tax states is relocating to Palm Beach and Miami.
Why are high net worth individuals, like David Tepper, Ken Griffin, Paul Tudor Jones, Kenneth Tropin, Paul Edgerley along with many of your colleagues, friends and neighbors relocating to South Florida other than the fabulous weather? It’s simple… Wealth Preservation. According to April 30, 2016 article in the New York Times “One Top Taxpayer Moved, and New Jersey Shuddered” by Robert Frank (highlights below), New Jersey’s wealthiest resident reportedly “shifted his personal and business domicile to Florida.

Hedge-fund billionaire David Tepper declared himself a resident of Florida after living for over 20 years in New Jersey. He later moved the official headquarters of his hedge fund, Appaloosa Management, to Miami. Several New Jersey lawmakers cited his relocation as proof that the state’s tax rates, up from 6.37 percent in 1996, are chasing away the rich. Florida has no personal income tax or inheritance tax. “If you’re making hundreds of millions of dollars and you’re paying close to 10 percent to the state of New Jersey, you do the math,” said Jon Bramnick, the Republican leader in the New Jersey Assembly. “You can save millions a year by moving to Florida. How can you blame him?”

In New York, California, Connecticut, Maryland and New Jersey the top 1 percent pay a third or more of total income taxes. Some academic research shows that high taxes are chasing the rich to lower-tax states, and anecdotes of tax-fleeing billionaires abound. Millionaires and billionaires who move from the high-tax states in the Northeast to Florida, for instance, may be drawn by the sunshine, lifestyle and retirement culture, in addition to lower taxes.

Thinking of relocating to Florida? Specializing in Palm Beach Luxury Properties for 26 years and recognized by The Wall Street Journal as one of “America’s Best Real Estate Agents”, we have the dedication, confidentiality and commitment to represent your best interests. Please visit our outstanding website LindaOlsson.com to preview properties for sale, analyze quarterly market reports, and review our valued customer testimonials.

We look forward to hearing from you…Contact Us for Experience You Can TRUST!

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Palm Beach Real Estate… Unique Opportunity!

June 6, 2016 by · Leave a Comment 

Fantastic opportunity to build your dream home—side by side lots on Prestigious North End Street…walk to the best beach in Town. Combined lots, both 130 feet deep, create an an over 24,000 sq. foot lot… lease the existing homes until you are ready to build. The existing homes are lovely, and this is truly a unique opportunity and rare find!
Specializing in Palm Beach Luxury Properties for over 26 years, we pride ourselves on superior customer service. Our unrivaled web site LindaOlsson.com provides global internet exposure, quarterly market reports, testimonials, and trends in Palm Beach real estate on our Blog.

We appreciate your business, and look forward to hearing from you…Contact us for Experience you can Trust!

Palm Beach Real Estate 2016 Season Highest Sales

May 4, 2016 by · Leave a Comment 

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!

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