Distinctive Palm Beach Properties
 
 
Zimmermans
 
 

El Bravo Way property sells for $9M

Posted On: 03-03-2013

By Darrell Hofheinz

Daily News Real Estate Writer

Thanks to a sale recorded at $9.04 million this week, a new custom home is being planned to replace a lakefront house owned for nearly 40 years by two generations of the same family in Palm Beach's Estate Section.

Palm Beach homeowners Gary L. and Terri L. Schottenstein bought the 1.1-acre property at 270 El Bravo Way, according to the deed recorded Thursday by the Palm Beach County Clerk’s office.

Selling the 1952 house was Stephen B. Fiverson, who was acting as trustee of a family trust. He also acted individually in the sale, “joined” on the deed by his wife, Marjorie Gerschwind Fiverson.

Stephen B. Fiverson’s late wife, Nancy Havenick Fiverson, had inherited the house following the 2007 death of her mother, Tillie Havenick. Nancy Fiverson’s late father, Arnold Havenick, and her mother had bought the red-brick house in 1974. The family trust that partially owned the property was in the name of Nancy Fiverson, who died in 2009. Tillie Havenick had inherited the residence following her husband’s death in 2002.

On a lot that backs up to Island Road, the wedge-shaped house — designed by noted architect Henry Harding – captures pastoral views, thanks to its 140 feet of frontage facing the Lake Worth Lagoon and Tarpon Island. The main house has five bedrooms, plus a separate one-bedroom pool house. In all, the two buildings have 8,386 square feet of living space, inside and out.

 ‘A land sale’

Listing agents Paulette Koch and Dana Koch of the Corcoran Group had last offered the property at just under $11 million – down from the original $14.9 million price they set when they acquired the listing in March 2011. The mother-and-son duo had marketed the site as ripe for redevelopment.

“It was a land sale,” said Paulette Koch, acknowledging that the house would need a major overhaul to bring it up to today’s living standards.

“At the end of the day, the value was in the land. It was more prudent to redevelop the land rather than restore the house,” she said. “The setting is magnificent. The street is bar-none, and I know the new owners will enjoy it.”

Agent Chris Deitz of Fite Shavell & Associates represented the Schottensteins and, like Paulette Koch, declined to discuss those involved or specific details of the sale.

Dietz described the double lot – the largest on the street — as “one of those rare properties. I don’t know if you’re ever going to find another like it in the Estate Section.”

A home to be proud of

Gary Schottenstein said he and his wife are excited about building their new house, the details of which are still being worked out.

“It’s a pleasure and a privilege to be able to build a home on the lake in Palm Beach,” Schottenstein said. “It will be a home that I believe Palm Beach will be proud of.”

Schottenstein heads Gary L. Schottenstein Real Estate Group, a Columbus, Ohio-based company that develops, markets and manages projects including single-family homes, multi-family dwellings, and commercial, retail and office space.

The Schottensteins, who also have a home in Columbus, are deciding what they will do with the Palm Beach townhouse they own at 164 Sunset Ave., Gary Schottenstein said. They bought it new in 2004, property records show.

Stephen Fiverson, who could not be reached for comment, retired in 2001 as CEO of Colt Corp., a corporate entity based in Kearny, N.J., with subsidiary companies in packaging, storage, equipment leasing and distribution, according to Internet sources.

Fiverson’s father-in-law had served as president of a related family company, Colt International, according to public records. The Havenicks and the Fiversons also were longtime members of the Palm Beach Country Club.

Deitz said the El Bravo Way sale is part of a renewed trend toward new home construction in Palm Beach, after several years of recession-influenced inactivity.

“I think people are building again, and I think a lot of buyers are looking for lakefront property. There’s a lot of interest,” Deitz said. “Most of the ‘A’ properties are gobbled up quickly. It’s a perfect time to sell. The (price) gap between the buyer and the seller is narrowing.”

Desirable street

With its historic architecture and convenient Midtown access via South County Road, El Bravo Way is considered to be among the Estate Section’s most desirable streets.

In December, Alan and Harriet Miller sold their custom-built six-bedroom house at 261 El Bravo Way – immediately east of the one that sold this week — for a recorded $14 million to Dale J. and Marzia A. Precoda. Broker Christian Angle of Christian Angle Real Estate acted on behalf of the Millers, with agent Rosalind Clarke of the Corcoran Group on the buyers’ side of the deal.

A number of other properties have changed hands on the street and the immediate neighborhood within the past two years, selling mostly at prices between $5 million and $10 million.

 

Source: Darrell Hofheinz, March 3, 2013, Palm Beach Daily News

http://www.palmbeachdailynews.com/news/news/national/el-bravo-way-property-sells-for-9m/nWfMq/

News Categories

Zimmerman Douglas Elliman

340 Royal Poinciana Way, Suite 318
Palm Beach, FL 33480

Jacqueline A. Zimmerman (561) 906-7153 Direct jz@PalmBeachProperty.com

Adam M. Zimmerman (561) 906-7152 Direct az@PalmBeachProperty.com

(561) 655-8600 Main Office

iPhone App
 
www.DistinctivePalmBeachProperties.com

The Definitive Source for Palm Beach Real Estate

Jacqueline A. Zimmerman(561) 906-7153pAdam M. Zimmerman(561) 906-7152pMain Office(561) 655-8600
Douglas Elliman, Licensed Real Estate Broker | 340 Royal Poinciana Way, Suite 318, Palm Beach, FL 33480


house

Equal Housing Opportunity

Privacy Policy | Terms & Conditions

Copyright © 2010. All Rights Reserved

No warranty or representation, express or implied is made as to the accuracy of the information contained herin, and same is submitted subject errors, omission, change of price rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals.