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Shopping for a Palm Beach rental? They’re ‘going quickly’

Posted On: 10-28-2016

By Darrell Hofheinz

Daily News Staff Writer

Big-dollar real estate sales in Palm Beach tend to draw the most attention, but each season also sees plenty of contracts inked for leases — and at prices that sometimes engender a little sticker shock among the uninitiated.

This year is no exception, and brokers are again reporting that competition is fierce among those seeking rentals. That’s especially true for better-quality properties leased during the high season — December, January and February.

“I would describe the market as busy. The most interesting properties are going quickly. So if people have not made decisions yet, I would say they should do so sooner rather than later,” says Debra Reece, Palm Beach brokerage manager at Sotheby’s International Realty.

Those who might heed such advice will find 88 single-family properties plus 117 condominiums and cooperative units to choose among, according to a search this week of the Palm Beach Board of Realtors Multiple Listing Service.

The single-family house and townhome category includes a whopper — the six-bedroom beachfront home at 224 S. Ocean Blvd. belonging to investment strategist Kevin M. McGovern and his wife, Lisa. Available for a monthly rent of $120,000 on a minimum three-month lease, it heads the MLS price list.

In second place is the $95,000-per-month seasonal listing for Lisa and Dr. Mehmet Oz’s landmarked 12-bedroom house on the ocean at 473 N. County Road. The latter property was also among last season’s biggest-dollar leased properties, even if it was priced $5,000 less per month.

Agents Paulette Koch and Dana Koch of the Corcoran Group are handling the lease for 224 S. Ocean Blvd. They also re-entered it last week into the MLS for sale at $22.5 million. Built in 1924, the house has been extensively updated.

Paulette Koch says the prices reflect the 8,722-square-foot property’s turn-key condition, generously sized rooms and Midtown address between Seaspray and Seaview avenues. The property has two pools, including the well-appointed beachfront one directly across South Ocean Boulevard.

“The house is in a coveted location,” she says. “There’s just a limited number of properties on that strip. It’s a premium price for a premium property.”

And it might pay to strike fast, if that price seems right: Last year, after all, Team Koch advertised the property at the same amount — and it was leased for the entire season.

Agent Shirley Wyner of the Fite Group, meanwhile, has retained the listing for Dr. Oz’s beachfront manse. Known as Louwana, the house encompasses 12,483 square feet of living space, inside and out.

A couple of other houses, by the way, are priced with seasonal monthly leases of $75,000 or more:

* Agent Suzanne Frisbie of the Corcoran Group has a lakefront six-bedroom house at 326 Via Linda listed for $90,000 per month. Owned by a Tennessee company linked to entrepreneur W. Allan Jones, the house has 7,096 square feet and a deep-water dock. It’s available “for short-term leases only,” according to Frisbie’s listing.

* Agent Kim Raich of Sotheby’s International Realty is marketing a five-bedroom house at 234 El Brillo Way at $75,000 per month. The 8,815-square-foot property with a guesthouse is owned by Thomas B. Anderson and Marc P. Schappell, president and managing partner, respectively, of Washington Fine Properties in Washington, D.C.

For those keeping score, 21 single-family properties are for lease in the MLS priced between $30,000 and $65,000 per month; 51 between $10,000 and $30,000; and about a dozen between $5,800 and $10,000.

Condo listings for rentals are harder to categorize, because of the wide mix of annual, seasonal and monthly rates. But this week’s search showed about 40 units with prices between $5,000 and $10,000, and about 50 more marketed at rates between $1,250 and $5,000.

And those with much deeper pockets can choose among more than 25 condos advertised at between $10,000 and $28,000.

Happy hunting!

 

 

 

Source: Darrell Hofheinz, October 28, 2016, Palm Beach Daily News

 

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