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May-June: Letter from Palm Beach: Mad Dogs and Realtors

Mad Dogs and
Realtors
Lisa and John Cregan
#1 Ranked Team
at Sotheby’s Palm Beach

If the Sea Turtles Are Laying and Palm Beach Grill Has Seats at the Bar, It Must Be Summer.
We’re always asked how we can stand living in Palm Beach year round. Well, as noted above, we’d ask the same of friends living in Houston or Washington or St Louis, even Denver!
People forget Palm Beach is really just a three block wide barrier island like Stone Harbor or Westhampton. You’re never far from an ocean breeze and our thundershowers are as rigidly scheduled as a retiree’s cocktail hour– every day at 5 o’clock. Rinse and repeat.
Palm Beach summers today aren’t quite like the days when the town would put hoods over the traffic lights until October, but things are soothingly quieter. Although our favorite restaurant, Oceano Kitchen, is doing a summer makeover, we can walk right in and sit down at the red-hot, Greek Isles-inspired Blue Door. On Worth Avenue it’s take-your-pick parking once you get past the big Brunello Cucinelli expansion and the second and third floor space that Jane Holzer (yes, Warhol’s Baby Jane) is adding on top of Bilboquet. And get this, the stores actually have sales!
The tennis courts are empty (we recommend early morning), the golf greens wide open (though punched and sanded) and traffic is impeded only by the cranes pulling utility poles per the town’s ongoing “undergrounding” project. And ironically, our best blooms are when everyone’s gone. The bougainvillea is luxuriant, the Royal Poinciana trees ablaze. It’s beautiful.

Market Color: Lies, Damned Lies & Statistics

No, the Median Sales Price of Palm Beach Homes is not $36.9 million (above!)
But it’s amazing how a couple of sales over $100m in a slow market can skew an average (see chart below). Market activity has been quieter these last couple of months– with the notable exception of the stratosphere.
The recent sales of Tarpon Island at $152m, 455 N County at $148m and 130 Banyan at $66m prove a point we’ve made before. If you live in a high tax state, simply establishing Florida residency can pay for your house. The higher your income, the truer that is. So the one group who have no hesitancy buying right now are the billionaires. Elections, stock markets, interest rates give them no pause. It’s a simple financial decision. Plus all their pals are here.
But the rest of the market– the in-town cottages, the North End beach houses, the waterfront condos– has seen a nice build-up in inventory. There are more attractive homes available right now than at any time since before Covid. Sellers are reasonable, prices have come off the boil and there’s time to redecorate pre-season. It’s a great time to look.

Palm Beach May Home Sales by Price Range

Our Current Listings

*Our Newest 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 Newest 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

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

*New 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

*New 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 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

$10,950,000

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

*Our Listing* At Sloan’s Curve
Beach, Tennis and Ocean-to-Lake Views
Ten Minutes to Worth Avenue

2000 S Ocean Boulevard, 107N

2000 S Ocean Boulevard 107N, Palm Beach

$3,575,000

2
Bedrooms
 3
Bathrooms
 2,950
Sq Ft.
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.
Request A Private Showing

*Our Listing* Land and Approved Plans
In Historic El Cid

234 Sunset Road

234 Sunset Road , West Palm Beach

$3,675,000


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 Rentals

*For Lease* Unfurnished Annual Lease
Sunlit Unit in Quiet Boutique Building
in Town

429 Australian Avenue, 9

429 Australian Avenue 9, Palm Beach

$22,500 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.
Rental Terms:
Annual: $22,500 Per Month
Request A Private Showing

*For Lease* 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

*For Lease* At the Top of Worth Avenue
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

Our Recent Activity

*Pending- Courtney’s Buyer* Charm on a Hilltop
West Palm Beach – Flamingo Park

606 Kanuga Drive
$1,499,00 last asking
3 beds/2 baths/1,570 sqft
Located in the heart of vibrant Flamingo Park, this 1929 Mediterranean home has been thoughtfully renovated to retain its historical features with upgrades to satisfy modern living. All new impact doors and windows, new roof with hurricane strapping, new electrical meter and panel bring the home up to today’s standards. Z Line appliances, custom cabinetry, EMTEK hardware, Trex decking, outdoor shower, artificial turf in backyard, large pool, and a covered porch add to the beauty. Walkable to everything Flamingo Park and Downtown have to offer….HIVE, Grato, Table 26, Howard Park, and Civil Society Brewery, Grandview Market, and CityPlace. Convenient to PBI and Palm Beach.

*Leased – 6 Month Seasonal* Major Alley #1
A Palm Beacher’s Palm Beach, Walk Everywhere!
in Town

417 Peruvian Avenue, 1

417 Peruvian Avenue 1, Palm Beach

$48,000 Per Month

3
Bedrooms
 3
Bathrooms
 1,942
Sq Ft.
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.

Rental Terms:
Annual: $37,000 Per Month

Request A Private Showing

*Sold* In the Best Line at The Trianon
West Palm Beach Waterfront

1200 S Flagler Drive, 1701

1200 S Flagler Drive, West Palm Beach

$1,595,000

2
Bedrooms
 2
Bathrooms
 1,247
Sq Ft.
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.

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

Lisa and John Cregan
Senior Global Real Estate Advisors

Sotheby’s International Realty
340 Royal Poinciana Way Ste M314 Palm Beach FL 33480

 


© 2024 Sotheby’s International Realty. All Rights Reserved. Sotheby’s International Realty® is a registered trademark and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc. This material is based upon information which we consider reliable but because it has been supplied by third parties, we cannot represent that it is accurate or complete and it should not be relied upon as such. All offerings are subject to errors, omissions, changes including price or withdrawal without notice. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Equal Housing Opportunity.
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