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July-August: Letter from Palm Beach: Beside the Golden Door

 

Beside the Golden Door
Lisa and John Cregan
#1 Ranked Team
at Sotheby’s Palm Beach

AI generated

“Give me your retired, your bored, your slush-puddled masses yearning to live (tax) free.”
If those words aren’t engraved on Florida’s escutcheon, they ought to be. The most recent data on inter-state migration from the folks at MarketWatch shows something we witness every time we open the door to a listing– Florida’s remarkable growth comes at the expense of a select group of competing states, but it may be a more diverse list than most Palm Beachers realize.
As evidenced in the charts below, New York, Illinois and Massachusetts, all cold weather/high tax states are steadily losing population, just as popularly assumed. But topping the US net migration loss list is the golden state of California – so apparently good weather alone can’t stem the tide.
Not only did Florida gain 400,000 net new residents, it outcompeted where it matters most– in net new wealth. According to the IRS, the gross income of Florida’s residents rose $39 billion in 2022, and none of it subject to state tax. Those tax savings have fed directly into the success of ultra-luxury local condo projects like Forté and South Flagler House, the Norton Museum’s burgeoning collection and all those packed tables at Bilboquet.
Even more surprising, although Texas is ranked just behind Florida on the inward migration list, we’re seeing a steady stream of Lone Star state buyers on our thresholds. In just this past month, we’ve had lookers from Houston, Dallas and San Antonio. No snow, no state taxes– but maybe a little ennui? Drawn to Palm Beach by the sheer buzz of living here? We get that.

Palm Beach Active Listings – Houses, Condos, Land

Market Color: Summer Slumbers ?

By Tradition, Palm Beach Listings Dwindle in the Summer Months. Agents like to hold new offerings off the market awaiting the arrival of seasonal visitors (and maybe hoping to sneak in a vacation themselves) and 2024 listings reflected that predicable circadian rhythm (see above).
We find though that there is more and more buyer activity come August. We think it’s a combination of the greater number of year round families whose kids have to be back for school and the fact that buyers of even the most move-in-ready properties want time to make a purchase their own prior to the season. We’ve had a steady stream of recent showings at our listings, with 123 Australian actually going to contract mid-July.
We also want to note on the heels of our previous newsletter, that single-family Palm Beach homes dropped back to a less mind-bending median price (below) after the data shock caused by last Spring’s spate of $100m+ home sales.

Our Current Listings

*Our Newest Listing – Already Pending!*
Move in Ready (Literally)
Offered Spectacularly Furnished
In SoSo – West Palm Beach

333 Pilgrim Road

333 Pilgrim Road, West Palm Beach

$2,900,000

5
Bedrooms
 4
Bathrooms
 3,883
Sq Ft.
Renovated by one of America’s most acclaimed tastemakers, this beautiful 1926 SoSo home is being offered furnished. Full impact glass, updated AC and electric and a very well-equipped kitchen. The main house has three bedrooms and one large bath on the 2nd floor with both tub and shower (there is also a 2nd full bath on the 1st floor). And an airy Spanish-tiled 2nd floor veranda wraps around the back of the home, just perfect for entertaining. Across the back yard is an incredible guest house with two guest suites (one upstairs, one down) both with living room/kitchens and full baths.
Request A Private Showing

*Our Listing* A Family Home in the Sky
22nd floor of The Bristol with Forever Views
Five bedrooms, Five baths, plus Office

1100 S Flagler Drive, 2203

1100 S Flagler Drive 2203, West Palm Beach

$24,950,000

5
Bedrooms
 6
Bathrooms
 7,166
Sq Ft.
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
Request A Private Showing

*Our Listing* Dock, Beach & Perfect
A Beloved Art Moderne Landmark on the Water
North End “Cabana Street”

1221 N Lake Way

1221 N Lake Way, Palm Beach

$24,950,000

6
Bedrooms
 7
Bathrooms
 6,040
Sq Ft.
A beautifully renovated, masterful landmark of Modernist architecture, the Boat House combines the very best elements of life in Palm Beach – the perfect spot on the lakefront with dock and boat-lift, deeded ocean access at the Mockingbird neighborhood beach cabana, and an incredibly elegant, exquisitely renovated, move-in ready home. This nautically themed Art Moderne home faces prow-forward toward dramatic sunsets, its rooftop deck overlooking the pool, dock and sparkling Intracoastal. Sea-going touches include seamed hardwood floors, porthole windows and white-piped terrace railings. The house received a full renovation a few years ago and the current owners then made meaningful improvements of their own. Those improvements include all new AC units including one for the garage, a high-end water filtration system, an oversized wine and beverage fridge, a smart home tech center and electric awning for the dining terrace. And to top it all off- an outdoor infrared sauna! Mockingbird is one of the very few Palm Beach streets with both a private neighborhood beach cabanas and direct lake trail access.
Request A Private Showing

*Our Listing- New Price* Land & Approved Plans
In Historic El Cid

234 Sunset Road

234 Sunset Road , West Palm Beach

$3,495,000


Bedrooms

Bathrooms

Sq Ft.
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.
Request A Private Showing

*Our Listing* Top of Worth Avenue
Perfectly Placed Pied a Terre at the Town Docks
In-Town

455 Worth Avenue, 302/303

455 Worth Avenue 302/303, Palm Beach

$2,600,000

2
Bedrooms
 2
Bathrooms
 1,200
Sq Ft.
An unrivaled location and a beautiful view to the Everglades Island lagoon. The unit consists of two apartments skillfully combined by renowned architects Fairfax & Sammons. This sunny east and south facing unit is perfectly placed for dropping by Worth Avenue restaurants and shops or strolling the beautiful park at the adjacent Town Docks. 3D Matterport tour available.
Request A Private Showing

Our Rentals

*Our New Listing* Unfurnished Annual Lease
Perfectly Kept 3 Bedroom Cottage
Near North End

202 Sanford Avenue

202 Sanford Avenue, Palm Beach

$28,000 Per Month

3
Bedrooms
 4
Bathrooms
 2,211
Sq Ft.
Neat as a pin, this house is always maintained in excellent condition by its perfectionist owners. Completely renovated with beautiful kitchen and baths. It’s a no-brainer rental for a buyer looking to get to know Palm Beach or anyone local who is doing renovation or construction on their home. Close to the beach at Wells Road and the shops and restaurants at Royal Poinciana Plaza. Lake Trail entrance nearby. Sanford is one of Palm Beach’s favorite neighborhood streets- just one pretty home after another.

Rental Terms:
Annual: $28,000 Per Month

Request A Private Showing

*For Lease – New Price!* Unfurnished Annual Lease
Sunlit Unit in Quiet Boutique Building
in Town

429 Australian Avenue, 9

429 Australian Avenue 9, Palm Beach

$19,500 Per Month

2
Bedrooms
 2
Bathrooms
 1,686
Sq Ft.
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 June 15th 2024 for an unfurnished annual lease.

Rental Terms:
Annual: $19,500 Per Month

Request A Private Showing

Our Recent Results

*SOLD – Our Listing* Fully Renovated
Classic Mediterranean with Guest House
In Town – 3rd From the Beach

123 Australian Avenue

123 Australian Avenue, Palm Beach

$10,500,000 (last asking price)

4
Bedrooms
 5
Bathrooms
 3,794
Sq Ft.
High elevation and 2nd floor ocean views make this freshly renovated, Mediterranean-style home very special. There are three generous bedrooms in the main house, including one with broad views east to the water. All three feature new en-suite baths. The primary suite has been brilliantly rethought with a large, updated private bath and extensive closet space. This non-landmarked house is the perfect blend of 1920’s Palm Beach Spanish architecture with modern convenience and sensibilities. Pool-side, a charming guest house includes a fresh and modern downstairs entertaining area along with a light and bright guest suite above. New roof, new AC, new hurricane screens and an up-to-date kitchen make this the perfect spot for a buyer who’s looking to be move-in ready for next season. The ocean block of Australian Avenue is the ideal in-town neighborhood – just steps from the beach and Worth Avenue shops and restaurants.
Request A Private Showing

*LEASED – Our Listing* In the Casual North End
Enticingly Light and Bright Home
One-Half Block to the Beach

255 El Pueblo Way

255 El Pueblo Way, Palm Beach

$50,000 (per month annual lease)

4
Bedrooms
 4
Bathrooms
 3,723
Sq Ft.
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.
Request A Private Showing

*LEASED – Our Listing* Prime Location
Pied-a-Terre for Short-Term & In-Season
in Town

401 Peruvian Avenue, 3010

401 Peruvian Avenue 3010, Palm Beach

$10,000 Per Month

1
Bedrooms
 1
Bathrooms
 800
Sq Ft.
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

Request A Private Showing

*LEASED – Our Listing* At the Top of Worth Ave
Two-bedrooms available in Season
in Town

455 Worth Avenue, 201

455 Worth Avenue 201, Palm Beach

$12,500 Per Month

2
Bedrooms
 2
Bathrooms
 900
Sq Ft.
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.

Rental Terms:
Annual: $12,500 Per Month

Request A Private Showing

🤫…Off Market: We always have “quiet offerings” from homeowners not ready to list their properties.
Be sure we know what you’re looking for!

 

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