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Beyond the Hedges: Real estate agents don’t discount appeal of $2M reductions

Posted On: 04-12-2012

By Darrell Hofheinz 

Updated: 9:20 p.m. Thursday, April 12, 2012

Posted: 6:19 p.m. Thursday, April 12, 2012


How can you tell that spring has arrived in warm-weather Palm Beach? To paraphrase Oscar Hammerstein II, you may not see a crocus or a rosebud, but you will see real estate prices drop, as agents and homeowners pull out the stops to move properties off the market before summer.

Sotheby’s International Realty powerhouse agent Cristina Condon has done just that with her listing of Lowry and Diana Bell’s vintage Mediterranean-style house at 241 Banyan Road. Although it had been marketed for months at $17.9 million, Condon dropped the price recently to $15.9 million.

Still a chunk of change, but here’s what you get: six bedrooms, six bathrooms and two half-baths in a landmarked Estate Section house designed by noted society architect Maurice Fatio and built in 1929 on a lot facing the Lake Worth Lagoon. Over the past 25 years, the Bells have extensively renovated and restored the house, which offers 6,259 square feet of interior space.

Meanwhile, just down the street and facing the ocean, potential buyers are touring another house with a price tag also discounted $2 million. Paula Wittmann of Fite Shavell & Associates recently shaved the listed price from $26 million to $24 million for the seven-bedroom “spec” home built by husband Paul Wittmann of Wittmann Building Corp. at 102 Banyan Road.

The price of that 11,000-square-foot British Colonial-style home still includes the furnishings by interior decorator Jack Fhillips. It’s still the only new home in that price range for sale in Palm Beach.

And just last month, Jim McCann of Corcoran Group dropped the price of a 10-bedroom 1924 home at 1520 S. Ocean Blvd. from $27 million to $25 million — another $2 million off. That’s the Marion Sims Wyeth-designed estate that Catherine and Fred Adler spent years renovating and expanding to its present size — 11,627 square feet of interior and exterior living space on an ocean-to-lake lot of nearly 1½ acres.


Source: Darrell Hofheinz, April 12, 2012, Palm Beach Daily News



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