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New North End spec house goes for $6.1M

Posted On: 06-17-2015

By Darrell Hofheinz Daily News Real Estate Writer

In Palm Beach, newly built houses are as scarce this summer as ski jackets on Worth Avenue.

So was anyone surprised that it took only about three weeks for a contract to be inked on an about-to-be-completed North End house at 256 Palmo Way?

The five-bedroom house was developed on speculation by Llwyd Ecclestone III. His ownership company sold it for a recorded $6.085 million to a limited liability company controlled by Jess and Alice Yawitz of St. Louis, according to the deed recorded June 4.

With nearly 6,200 total square feet, the house entered the market in early February at $6.695 million, a price widely considered to be smack-dab in the island’s sweet spot. It was under contract by Feb. 20, and the sale closed early this month.

The listing broker was Bill Yahn of the Corcoran Group . He said the house was notable for its “authentic West Indies-styled architecture” and high-quality details, including hardwood and stone flooring and marble-appointed bathrooms.

Five-bedroom houses are hard to find, he added, and the oversized lot — measuring a third of an acre — with a service drive also was a plus.

“Frankly, the home could have sold at a significantly higher price had it been traded when finished versus during construction. The buyers got a great property and buy,” Yahn said.

Agent Denise Segraves of Sotheby’s International Realty handled the buyer’s side of the deal but declined comment. Jess Yawitz is chairman and CEO of NISA, a company he co-founded to manage portfolios of large institutional investors, according to the firm’s website. The Yawitzes bought the house using a company named GIY LLC. They couldn’t be reached.

Ecclestone, meanwhile, has a slightly smaller spec house under contract nearby at 255 Kenlyn Road. That one is priced at just under $6.4 million.

 

Source: Darrell Hofheinz, June 17, 2015, Palm Beach Daily News

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