Foreclosures visit Palm Beach, too, but more discreetly

By Christine Davis | October 21, 2009 06:10PM

alternate textThanos Papalexis’ former home at 269 Pendleton Avenue. It was sold at auction in February 2009 for $3.55M.

From the South Florida Web site: The foreclosure wave has broken on every Florida shore, even the pricey ones of Palm Beach.

Foreclosed homes on the affluent island don’t sport giant “For Sale” signs advertising the bargains tucked discreetly behind the estate fences.

It’s been a tough year at the top end of the market, even if foreclosure rates are a fraction of those found at less affluent price ranges, and make a smaller contribution to the state’s unwelcome designation as the fourth worst housing market in the country, according to RealtyTrac.

Through early October, foreclosures have been filed on 13 single-family homes in Palm Beach, according to Christine Franks, Palm Beach real estate broker and owner of Wilshire International Realty, who tracks sales data for clients and to keep on top of the market. Five of them have sold, all of them fetching at least $1 million. It’s not a typical time, she said, with a slow sales season underlying the extraordinary financial distress some Palm Beachers are suffering, however discreetly.