February: Letter from Palm Beach: Green Grow the Markets, O!

When its White Up North, We’ve Got Your Greens!

Calling all Hunter-Gatherers! Since we’ve all become such proficient home chefs, we thought it time to call out the terrific GreenMarket held Saturday mornings in West Palm Beach. Go bright and early (masked, of course) for the beautiful produce from stalls like Swank Farms or to tap the inexhaustible knowledge of Jason Field, the Plant Guy. In addition to the agronomically-oriented stalls you’ll find Cuban coffee, insanely fresh fish, a plentitude of pickle purveyors, the “chowdah” guy from Boston and a delightful mix of dogs, kids and music. Along our narrow strip of seaside towns, it’s easy to forget that Florida farmers and ranchers work over 8 million acres of agricultural land in crops, pasture and timber.

We do love our local farmers, painful puns aside (see below).

Market Color: And Then, They Came for the Condos

The voracious demand for Single-Family homes has been the ongoing story this past year. Less talked about has been the stealthy rise in condo sales, especially over the last few months. The chart above shows new contracts for condo sales in Palm Beach. Note the spike in sales since last Fall. As the inventory of houses dried up, buyers turned to larger condos and when those were gone, seemingly anything with a 33480 zip code.

Happily, the condo pool is much deeper than that for single-family homes, especially for buyers who will broaden their search to include the really nice West Palm Beach buildings with beautiful views of Palm Beach island and the ocean beyond. Throw in the new buildings like La Clara and Forte currently under construction in West Palm and there are still plenty of great choices, with more on the way– note the 7.6% jump in new condo listings below.

Our Listing – for Annual or Seasonal Lease

Fresh and New on the Sea Streets

316 Seabreeze Avenue, Palm Beach
$30,000 Per Month for 12 Month Annual Lease

3
Bedrooms

4
Bathrooms

2,470
​​​​​​​Sq ft.

Available June 1st 2021 for annual or seasonal lease. 2019 construction in the heart of the Sea Streets. Beautiful kitchen and baths with every feature you could wish for. Sub Zero fridge, Wolf gas range, Paris Ceramics floors, heated towel bars. Three bedrooms: two large bedrooms with ensuite baths in main house, California king in master and queen bed in guest room. Plus upstairs den area with full-sized sleeper sofa. Sonos speakers throughout, fast WiFi and smart TVs. Guest House/Pool Cabana with its own beautiful new bath and living room can be furnished as bedroom or with L-shaped sofa hiding a pullout queen bed.

Rental Terms:
Annual: $30,000 per Month for 12 month lease
Seasonal: $50,000 per Month for 6 month lease

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Design Your Own in-town Dream

334 Chilean Avenue, Palm Beach

$4,795,000

4001 N Ocean Blvd #106 In the little slice of heaven that is Gulf Stream, a Coastal Contemporary styled gem overlooking the ocean. High-impact, floor-to-celing windows and doors that open on to your own outdoor living room, entertainment area. Just steps to the beach, luxury pool, gym with water views. 3 BR/3.5 Baths, 2 garage spaces, 24 hour concierge/security. Worry free living just 5 minutes to downtown Delray and 30 minutes to Worth Avenue. 3 beds/3.5 baths 2,841 sqft

Just What Palm Beach Needs, More Beauty!

Winter. Chicago. 1984. To give our new baby a break from the cold we trundle her stroller into an Oak Street antique prints shop, right into the warm Roman embrace of Alessandra Branca and her artist mother, Ana Chiara. Many print purchases later, Alessandra agreed to decorate our little Lincoln Park apartment (to the everlasting envy of our friends) right before she skyrocketed to fame as an internationally renowned designer. Now she’s come back to us, opening a showcase for her furnishings, fabrics and wallpapers line, Casa Branca, at 344 Worth Avenue.
Ciao bella!

Meanwhile, generational Palm Beachers Celerie Kemble and her mom, Mimi McMakin, of Kemble Interiors continue their fantastical makeover of the Colony Hotel. Lobby, lounge, dining, the formerly forlorn pool bar– neglected no more. There’s been no shortage of enthusiastic press coverage of the results but if you’ve missed it, or not been by the Colony lately, here’s a look. Wow, right!!?

Market Color: 2020, That Was the Year That Was

It’s no GameStop but the right side of the chart above is a pretty good example of what Wall Street calls a “hockey stick.” 2020 will always be the year everything sold, but looking back at our 2020 newsletters reminds us that while the rising tide may have lifted all boats, not all caught the same swell.

In the beginning, there was Covid. In March we were writing about lockdowns and sellers withdrawing properties from the market. Spring saw the beginning of the “rent for refuge” trend and when rental supply of single-family homes dried up, frustrated renters just bought all the low-priced homes. Simultaneously, the super high-end market was booming while beautiful mid-priced homes languished. That dynamic changed when the housing markets up north caught a bid, unleashing a wave of new ex-pats from the New York, Chicago and Connecticut suburbs.

By Fall, with houses scarce, buyers turned to larger condos, and suddenly three and four-bedroom units along the South End beaches were in high demand. And finally, going into yearend, there was simply interest in all things Palm Beach– houses, condos, townhouses, even buildable land.
Prospective Sellers have taken note and there’s an active whisper market for homes that might be “coming soon.” Make sure we know what you’re looking for? And if you’re a homeowner thinking about selling, let’s talk.

Our Buyer – Under Contract – 425 Worth Ave PH-B

425 Worth Avenue – The Villas- Penthouse B Palm Beach’s closest approximation of a pre-war Fifth Avenue apartment. White glove services and 4,800 square feet of elegance with broad terraces facing south over the intracoastal and north to the Breakers.
4 beds/4 baths 4,800 total sqft

Our Buyer – Under Contract – 152 Chilean Ave

152 Chilean Avenue. A perfectly renovated 1930’s design by Henry Harding, one of Palm Beach’s less well-known, but no less talented early architects. Concrete block construction on a high lot in the ocean block. Move-in ready with beautiful pool and guest house. 3 bed/3 bath 3,620 sqft

Our Buyer – Under Contract – 354 Chilean Ave 5C

Island House 5c
354 Chilean Ave Apt 5c, Palm Beach

Located on the fifth floor, this fantastic 2-bedroom, 2-bath apartment offers 1,290 +/- total square feet, a spacious living and dining area, kitchen, and a balcony with wonderful in-town and sunset views.The Island House has a full time manager, a pool, a guest suite, off street parking, an elevator, and much more. Conveniently located in town and in close proximity to Worth Avenue, the beach, the town docks, restaurants, shopping, and the Lake Trail.

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Our Buyer – Under Contract – 444 Chilean Ave

Chic 2016 – Patrick Segraves, SKA Architect + Planner – jewel that has been maintained in pristine condition and treated to an abundance of top tier designer upgrades in the past 18 months. Simply ‘Best in Class’ beginning with extraordinary 13’ foot ceilings in the family/living rooms on the first floor, then upstairs or elevator to 10’ ceilings in master suite overlooking the serene pool and guest house. Limestone floors greet the homeowner upon entry and continue on stairs with walnut hardwood flooring in the living room, family room, bedrooms and library. Kolbe windows/doors create light-filled rooms throughout that accentuate a vibrant color palette. The second floor has an ensuite guest room separated from the master suite by a paneled library. All baths have large format stone flooring and walls with tasteful choices from paper to hardware to lighting. Relax and entertain in the lushly landscaped tropical pool setting with vertical garden wall and after sunset lighting. Bougainvillea climbs a pergola shading a pleasant seating area and fireplace poolside. A two car garage with ample storage has a private guest suite above.

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