324 Cherry Lane
Philanthropist Henry Kravis has purchased a lot at 324 Cherry Lane in Palm Beach for $9.2 million, according to the Palm Beach Daily News. Kravis bought the nearly 30,000-square-foot lot, which is south of his property on North Lake Way, through a limited liability company. “It’s a gorgeous piece, about 30,000 square feet and very high — that’s what the attraction is,” said Corcoran’s Paulette Koch, who handled both sides of the deal with her son, Dana Koch. [more]
Singer Jimmy Buffett and his wife Jane have purchased a home in Palm Beach for $4.95 million. The property, which is located at 309 Garden Road, has three bedrooms and three bathrooms. Corcoran broker Jim McCann was the listing broker on the home, which had an asking price of $5.2 million. The seller was Caye Hoffmaster. The Buffetts, who sold their home in Palm Beach last year for $18.5 million, were represented by Denise Hanley of Denise A. Hanley. [Palm Beach Daily News]
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Realogy’s net revenue for the third quarter was $1.2 billion, an increase of 10 percent from third quarter of 2010, the company announced today, largely due to an increase in transaction volume at the company’s franchises, which include the Corcoran Group, Citi Habitats, Coldwell Banker and Sotheby’s International Realty.
“Despite difficult macro-economic issues, our third quarter produced 10 percent revenue growth before restructuring and other items,” said Richard Smith, Realogy’s president and CEO. “Given the macroeconomic headwinds facing the housing market, our operating performance has shown resilience. We believe we are substantially advantaged with our leaner, highly variable cost model, a capital structure that includes $2.1 billion of convertible debt and the continued support of our largest investors.”
– Katherine Clarke [more]
South Florida hasn’t seen a residential real estate market like this, especially on the high end, since 2005 and 2006, according to Corcoran CEO and President Pam Liebman. “On an overall basis, South Florida is starting to really recover,” she said in the video above. “On a sales volume basis, sales are up about 12 percent this year, and we’ve seen a lot of very good movement in the high end.” Liebman estimated that there were likely more sales over $10 million in South Florida this year than in any time in recent years. “The volume of sales is up,” she said. “But prices are still flat.”
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While condominium sales in Palm Beach have begun to see more activity, the area south of Sloan’s Curve is still saddled with a huge number of outdated units requiring renovation. “[Buyers] all want an ocean view,” said Don Gorbach, a senior agent at Corcoran. “They all want to be in the best building. They all want to be in a unit that’s been updated. And it’s very hard to give them all three.” The majority of buildings in the area are more than 30 years old, if not 40, and no other area of Palm Beach’s housing market saw a greater impact from the downturn. [Palm Beach Post]
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A penthouse at the One Thousand Ocean condominium project in Boca Raton has been sold for $10.4 million, the biggest sale for a new-construction oceanfront condo in Palm Beach County this year. The 6,900-square-foot unit has nearly 4,000 feet of terraces. Corcoran’s Senada Adzem represented the buyer, working with Maria Scarola of LXR Realty, representative of the developer. “We’re very pleased that the penthouse has already sold, seeing as the four penthouses were released just a few months ago,” said Jamie Telchin, president of development for LXR, the property’s developer. He said the project had seen $180 million in closings since the building’s completion in February 2010. — Alexander Britell [more]
The recent sale of 1880 South Ocean Boulevard for $5.1 million is the latest in a string of high-profile sales in Manalapan, the tony enclave south of Palm Beach that is packing quite a real estate punch for a town of less than 500 people. The Corcoran Group’s Randy Ely and Nicholas Malinosky, handled the deal, which followed the sale of Don King’s former mansion nearby for $15.9 million earlier this month. At the beginning of June, Manalapan’s Chateau Mer au Lac sold for $7.15 million. “The market [in Manalapan] has basically been on fire,” Malinosky said. “It’s been unbelievable what’s happened there.”
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A penthouse at the One Thousand Ocean condominium in Boca Raton has been sold for $10.4 million, the Corcoran Group announced. The all-cash transaction works out to an average of $1,500 per square foot. Corcoran’s Senda Adzem represented the buyers in the deal, which marked the first penthouse sold at the project since sales launched in 2006. “Boca Raton offers an unparalleled exclusivity and lifestyle that is synonymous with Palm Beach County,” Adzem said. “Although Boca’s desirable oceanfront largely retained its value during the recession, the sale of the Ocean Penthouse represents a great boost for the luxury market segment.” TRD [more]
Casa Sin Nombre, the famed Palm Beach estate that Metromedia founder John Kluge willed to Columbia University upon his death last year, has hit the market for $59 million, according to the Wall Street Journal. Kluge, a Columbia alum and once the Forbes-ranked wealthiest individual in the world, acquired the four-acre, oceanfront compound over the course of three decades, ultimately compiling five lots with upwards of 21,000 square feet of living space, including a 12,000-square-foot main garden house, a 6,000-square-foot oceanfront home designed by architect Addison Mizner, and three other staff and guest homes. [more]
A home designed by noted Palm Beach architect John Volk has been sold for $10.35 million, according to Palm Beach court records. The Jupiter Island home, which is located at 293 South Beach Road, had been listed for $10.5 million by the Corcoran Group’s Rosalind Clarke. Broker Lawrence Moens represented the buyers, who acquired the property through a trust. [Palm Beach Daily News]
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