April-May: Letter from Palm Beach: West Palm? Steve Ross is ALL IN!
Courtney Cregan
West Palm? Steve Ross is
ALL IN!
Lisa and John Cregan
#1 Ranked Team
at Sotheby’s Palm Beach
You’d Think Owning the Miami Dolphins Would be Time-Consuming.
Same for Sitting on the Boards of Lincoln Center and NY Presbyterian Hospital. Or Maybe Managing $60 Billion of Real Estate Assets?
But apparently for Related Company’s chair, Steve Ross, those are mere diversions, fripperies, occupations for his idle hours.
Ask where his passion flares these days and the answer is a small city on the less celebrated side of the Intracoastal that got its start housing Henry Flagler’s carpenters and housekeepers–West Palm Beach.
Unlike its historically more glamorous neighbor across the bridge, West Palm is not landlocked on a barrier island, nor are new buildings limited to six stories in height as they are in Palm Beach. Yet, until Covid supercharged demand for West Palm real estate, there’d been no new Class A office space and just one luxury condo tower built in the preceding 20 years. But the roaring success of The Bristol, a hyper luxurious 27 story condominium on the West Palm waterfront, was all the proof-of-concept Ross needed.
According to a fascinating recent Bloomberg piece, Related Companies is now building two-thirds of all new office space going up in West Palm. While on the residential side, Related has just broken ground on South Flagler House, two stately new waterfront towers by Robert A.M. Stern targeting a 2027 completion.
War-gaming what could go wrong, Ross identified three barriers to filling his shiny new offices and condos with the young professionals he foresees migrating here:
a) Schools
b) Medical Care
c) Golf
Not necessarily in that order.
So, in the spirit of architect Daniel Burnham’s edict to “make no little plans,” Ross embarked on a retooling of the entire West Palm societal gestalt. At his urging, Vanderbilt is now engaged with local donors on a prospective business school campus. NYU Langone and Cleveland Clinic are exploring major expansions of their West Palm Beach facilities. And the Gill Hanse-designed West Course has opened at Ross’s 54 hole Apogee Golf Club in Hobe Sound.
Now, with those loose ends tidied, maybe Ross could get to work on the Dolphins’ offensive line?
Vanderbilt Business School Actively Exploring a Campus in West Palm
A Los Angeles CC style barranca at Apogee’s West Course
Cleveland Clinic considering a major expansion in West Palm
West Palm 2024 Sales by Price Range
Market Color: What’s Driving West Palm?
Two things–Affordability and New Construction.
The chart above represents the number of West Palm homes sold this year in various price buckets (condos in blue/houses in aqua). Contrast the skew to the left in the price bars for West Palm Beach homes with the same bars for Palm Beach “on island” homes (below). As you might expect, there are many more low-priced condos and houses available in West Palm and that has been attracting both young families and down-sizing Palm Beachers.
But there’s an interesting nuance to the West Palm stats– note how the blue bars start climbing again for condos in the $3m-$25m buckets. That’s a visualization of the impact new luxury buildings like The Bristol and La Clara have had on the local condo market. If you want a large apartment that offers all the bright and shiny amenities new construction buyers crave– you’re talking West Palm.
There is luxury and then there is unit 2203 at the Bristol. The attention to detail is unmatched- from the interior-designer owner’s custom floor plan to elegant wallcoverings, top quality light fixtures and honed Italian marble floors. Even the closets are leather-lined beauties from Ornare. From your 22fl perch, Palm Beach island lies at your feet, with long views of the rolling Atlantic, the Intracoastal stretching away to the south and Kodachrome-ready sunsets to the west. With 7,100 of indoor and outdoor sqft wrapping around the entire south end of the building, the layout features a primary suite with his/her baths and closets and a sitting room/office. A spectacular fitness center, lap pool, his and hers spas and a concierge are just some of the Bristol’s over-the-top amenities Private elevator foyer 5’x8′ storage locker in the basement Custom Crestron security system, audio and lighting Dining room sheathed in custom velvet fabric and backed in foam to absorb sound Chef’s kitchen with Gaggenau double ovens, gas cooktop, multiple fridge drawers and wine refrigerator. Three AC zones Parking for 3 cars, 2 with valet
An impossible to find waterfront vista- east/southeast facing, with nearly one-half acre of property looking over open water to the estate section. Update the lovely 1950’s era existing one-story house by prominent Modernist architect, Byron Simonson, or live there while making plans to build your dream home. Ideal for boaters looking for quick deep water access, the property is the second from the southern tip of Everglade Island with spectacular long views down the Intracoastal. The current home is in excellent condition with a fully equipped kitchen and 4 bedrooms plus a library with full bath surrounding an interior glassed courtyard. A high-ceilinged living room runs length-wise along the east side of the house, bathed in light, with beautiful views to the water. (video below)
The perfect blend of historical charm and modern comfort, 255 El Pueblo Way is a 1930s masterpiece by renowned architect Belford Shoumate. Celebrated for his first prize win in architecture at the 1939 World’s Fair and pivotal role in shaping modern Palm Beach design, Shoumate’s work epitomizes timeless elegance, visible in this exquisite property’s beamed cathedral ceiling and bright, sunlit rooms. After a recently completed 2 year renovation, the home has all new AC, roof, wiring, impact glass, a cool motorized pergola and a fresh modern kitchen. Town of Palm Beach has approved plans for a garage and walled garden designed by architect Pat Segraves. Nestled on one of Palm Beach’s popular ‘cabana streets’, steps from the ocean, this home embodies the casual luxury of the North End.
Renovated and beautifully furnished ’01’ line unit facing directly east across the yachts of the Palm Beach Town Docks to the rolling Atlantic Ocean. Full lake and ocean views from living room and both bedrooms.
Apartment is in impeccable condition with new in-unit washer/dryer and many new appliances. Plus you get the vaunted ’01’ line kitchen window!
The Trianon just completed a multi-year renewal with new balconies and impact glass throughout. All this just a quick stroll or drive across the Royal Palm Bridge to the Four Arts and Worth Avenue.
Listing for Sale – May 2nd
Ocean views and skyline sunsets from the terraces of one of Palm Beach’s most sought after buildings. This sixth floor NW corner apartment has endless light and long views up and down Worth Avenue, including north side views to the clock tower and ocean. The unit features a very desirable split bedroom layout and large wrap-around terraces on the north and west side of the living room. Winthrop House offers the most enticing pool and gardens of any in-town building. Kitchen and baths are in very good condition, HVAC was installed 2022 and a there’s a brand new water filtration system in kitchen. Plus you get all the features owners love about Winthrop House- gracious common areas, a large fitness center, the famed tunnel to the beach- and of course, that pool!
Ideally positioned, sunny south-facing windows infuse each room with abundant natural light. Broad views from the sweeping terrace draw your gaze east to west, from sunrise over the ocean to sunset over the Intracoastal. 107N features oversized living and bedrooms, with separate wings for both the Master and Guest quarters. This spacious unit also includes a wet bar, powder and laundry rooms. A special feature of 107N is its private spiral staircase that leads directly from the balcony to the pool and beach path, allowing you to seamlessly slip in and out of your sunny oasis. Recently renovated to the highest standard, the storied Sloan’s Curve buildings are the closest to Worth Avenue in all the South End. So you get all the beach, tennis, amenities, and spacious living that attracts buyers to the South End, with a mere ten minute trip to in-town shopping a restaurants.
Opportunity to build new east of Olive Avenue in the heart of El Cid on an 8,700 sqft lot. Listing price is for cleared land with plans for a beautiful 4 bedroom home drawn by Kiko Sanchez of FGS Design. Approved home is 3,642 sqft under AC and 4,000 sqft total. Plans have already been approved by the Historic Preservation Board. They include a gracious master suite with his and her walk-in closets, 3 guest bedrooms with ensuite baths, a long pool with spa and cold plunge and a detached one car garage and summer kitchen. Just bring your contractor.
As charming as Palm Beach gets, everyone is fascinated by the six side-by-side townhomes of Major Alley. #1 is the largest of the homes and the only one with 3 bedrooms and 2 stories. Highlights are the soaring living room, sunlit porches off the primary bedroom and a very private walled courtyard garden with adjacent parking space just steps to Worth Avenue. The landmarked property was recently restored by it’s preservationist minded owners with a brand new kitchen, updated baths and a refreshed decor. Beautifully furnished by a prominent decorator, a year’s lease at #1 is everyone’s Palm Beach fantasy.
The Australian is an in-town, boutique building located on the lake block, close to the Town Docks and Lake Trail, and a short walk to the shops, galleries and restaurants of Worth Avenue. This fresh and white, large penthouse apartment, on the south east side of the building, has been thoroughly renovated with wide plank floors, marble counter tops and top of the line appliances in kitchen and baths. There is an expansive wrap around terrace with sliding doors that provides plenty of natural light. The second bedroom/sitting room/office is open to the living room with built in book cases. The building has recently done a thorough refresh with a new-look lobby, hall carpets and a pool update coming this summer. The apartment is available July 1st 2024 for an unfurnished annual lease.
The perfectly placed pied-a-terre. 401 Peruvian sits at the corner of Cocoanut Row and Peruvian Ave, just steps to Worth Avenue and the Town Docks. A worry-free one bedroom/one bath that has just gotten a cheery refresh by it’s owner, a nationally renowned decorator. Owners are willing to accept a lease as short as 3 months and are flexible on which months are taken. Looking for a fun in-town getaway from Wellington or Hobe Sound? This is your spot!
Rental Terms:
Off-Season: $7,000 Per Month
Winter Season: $10,000 Per Month
A perfect pied-a-terre just across from the Everglades lagoon. Two Bedrooms/Two Baths and as good a ”walk everywhere” location as there is in Palm Beach. Literally on Worth Avenue at the Lake Trail, but also just around the corner from the Town Docks and only a few blocks to the Four Arts. Take a timeout from the horses in Wellington or avoid that after dinner drive back to Hobe Sound. There’s no better spot to get a taste of life in Palm Beach.
High on a Palm Beach hilltop, this comfortable family home is move-in ready or a blank slate for a buyer’s update plans. Elevation is over 20′, making FEMA guidelines a non-problem for any contemplated renovation. This one-story home has 3 bedrooms, each with en-suite bath, and a light and bright living room and loggia that face on to the pool and surrounding terraces. The master suite is especially inviting with an adjacent study and morning room plus a large walk-in closet and bath. The lot is 11,326 sqft perched on high ground at the corner of quiet Jamaica Lane, convenient to the nearby pedestrian Lake Trail and just 7 minutes by car to the shops and restaurants of Royal Poinciana Plaza.
Island House is on everyone’s list of favorite close-to-Worth, walk-everywhere buildings. The owners just completed a down to the studs renovation with a top West Coast architect and this unit is sleekly perfect with thoughtful touches everywhere. Open kitchen with dining island, new baths, new electric, new AC, new floors. All rooms have impact glass and new automated shades. Inviting balcony with 5th floor views of the setting sun and the West Palm skyline. Two features particularly beloved at Island House are the lovely poolside entertaining area covered by a chic awning and the lobby level guest suite available for reservation by Island House owners.
This spacious in-town residence has just undergone an extraordinary two-year renovation. Eleven foot ceilings in the main living spaces capture natural light and highlight the space’s pristine contemporary finishes and just-installed wide plank bleached oak floors. A sculptural modern glass railing on the new stairway adds even more sparkle. That kind of careful consideration was applied to every detail-the new kitchen is equipped with top-of-the-line appliances and the primary bathroom is finished like a high end spa. Nothing was left untouched-new bathrooms, new electrical, new AC, new pool terrace and more. A truly stunning finished product and location, location, location. Just one street south of Dunbar and a very short stroll to churches, Publix supermarket, Royal Poinciana Plaza shops and restaurants, the beach and the Lake Trail.
