The Real Deal Miami

Palm Beach could see more high-priced home sales

By Jovana Rizzo | July 31, 2008 04:35PM

 
Palm Beach has seen record-breaking home sales lately, with multi-million dollar mansions flying off the market.

In June, Donald Trump’s oceanfront estate at 515 North County Road in Palm Beach sold for $95 million to Russian fertilizer billionaire Dmitry Rybolovlev, setting a local record.

And film producer Sidney Kimmel’s mansion at 1236 South Ocean Boulevard sold in April for its asking price of $81.5 million, after spending just 24 days on the market.

“In Palm Beach, these kinds of estates come up so infrequently and that’s why they can command these prices,” said Dana Koch, a broker associate at Corcoran.

Koch said about 20 buyers vied for the Kimmel property, and it sold with backup offers.

So what’s next for the Palm Beach market?

The most expensive Palm Beach home now on the market is 780 South Ocean Boulevard’s price tag of $72.5 million.

The home, built in 1929, sits across from the ocean and occupies 30,547 square feet with nine bedrooms, 14 bathrooms and a beach cabana. It was designed by Addison Meisner and has been on the market for one month.

The mansion market is healthy enough for two spec homes to be built by developer Dan Swanson, which now list for the city’s second- and third-highest prices. A 24,762-square-foot home, listed at $49 million, will sit across from the Kimmel property at 1220 South Ocean Boulevard. The second home, at 101 El Bravo Way, is 21,263 square feet and listed at $42 million.

While there aren’t any homes on the market right now that could break Trump’s $95 million record sale, several multi-million dollar mansions are available in Palm Beach. 

Most of the high-end properties are listed in the $10 million to $19 million range; the National Association of Realtors multiple listing service showed 37 homes in that category. In addition to Dan Swanson’s spec homes and 780 South Ocean Boulevard, nine other homes were listed between $20 and $35 million.

Candace Friis, another associate broker at Corcoran, also has some pricey homes for sale, including two oceanfront homes at Delray Beach designed by luxury developer Mark Timothy. The 12,500-square-foot home is listed at $16.95 million and the 15,000-square-foot home is going for $24.9 million.

“[Mark Timothy] is very particular about property, and he’s hot on Delray Beach,” Friis said. “He chooses the best and builds the best.”

Friis said a Mark Timothy-designed home at 1103 South Ocean Boulevard recently sold for $19 million to a German investor. The 14,409-square-foot property spent just under two months on the market.

“If the economy has little effect on your life, you know what you want and you’re ready to have it,” Friis said. “When you have earned your way in life, you have more money than time.”

Top 5 most expensive Palm Beach homes on the market are:

1. 780 South Ocean Boulevard: 30,547 square feet, $72.5 million

2. 1220 South Ocean Boulvevard: 24,762 square feet, $49 million

3. 101 El Bravo Way: 21,263 square feet, $42 million

4. 801 South County Road, a 1929 Maurice Fatio-designed oceanfront home: 12,304 square feet, $35 million

5. Louwana at 473 North County Road, a 1919 Addison Mizner designed North End oceanfront home: 13,539 square feet, $30 million