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Brand new homes in Palm Beach bring big bucks

Posted On: 09-23-2016

By Darrell Hofheinz

Daily News Real Estate Writer

In addition to the just-closed sale of oceanfront 6 Ocean Lane for $36 million, Palm Beach has seen three other sales of brand-new houses at prices recorded at more than $30 million over the past 10 months:

$43.7 million — 1695 N. Ocean Way

The biggest sale of year so far was recorded in March when a just-completed oceanfront house developed by Palm Beacher Pat Carney and his family on the far North End fetched nearly $44 million. The property was on the market about two months. With 24,000 total square feet of living space and 110 feet of beachfront, the five-bedroom house and a four-bedroom guesthouse were furnished when they sold to a trust in the name of Palm Beach hedge-funder Kenneth G. Tropin.

The Corcoran Group handled both sides, with listing agent Jim McCann acting for Carney opposite agent Suzanne Frisbie. Presiding over more than 2½ acres, including a federally protected beach parcel, the residence is said to be the most expensive spec house ever sold in Palm Beach.

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$32 million — 225 Indian Road

February saw the island’s third-highest price ever paid for a house on the lake or inlet. Developed on speculation by the Frisbie family and still under construction on the inlet, the eight-bedroom house sold for $32 million in an off-market deal handled on both sides by Corcoran Group agent Suzanne Frisbie. A Florida limited liability company managed by attorney Curtis Shenkman bought the house, which has 12,445 square feet of living space, inside and out, and stands on an irregularly shaped lot measuring nearly 1½ acres with 217 feet of water frontage.

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$31.4 million — 390 N. Lake Way

Developed on spec by Pat Carney and sold in December for $31.4 million to Bain Capital financier Paul Edgerley and his wife, Sandra, the five-bedroom lakefront house is the fourth-highest lakefront or inlet property ever sold in Palm Beach. With 12,655 square feet of living space, inside and out, the house occupies a lot of a little less than three-quarters of an acre with 130 feet of lakefront and deep-water dockage. It sold with its furnishings. Corcoran Group agent Jim McCann had the listing, and broker Steve Hall of Hall Real Estate brought the buyer.

 

 

Source: Darrell Hofheinz, September 23, 2016, Palm Beach Daily News

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