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Lakefront spec home at 11 Via Vizcaya fetches nearly $10M

Posted On: 03-30-2011

By Darrell Hofheinz

Posted: 7:03 p.m. Wednesday, March 30, 2011

 

A never-lived-in lakefront spec home at 11 Via Vizcaya on the market since late 2009 has sold for a recorded price of $9.96 million, according to a warranty deed filed with the Palm Beach County Clerk’s Office.

But the actual amount that changed hands was higher, because the buyer, a trust, paid some of the fees associated with the transaction, said builder Donald Malaksy of Malasky Homes Inc., the West Palm Beach company that developed the 9,435-square-foot house.

“The buyer got an extremely good value,” said Malasky, who didn’t disclose the amount paid above the price recorded with the deed. “We could not buy the land today and build the same home on it for that price.”

The house had last been listed at $11.95 million by agent Jim McCann of The Corcoran Group in Palm Beach. Originally developed to sell for about $14 million, the house was priced at $13.5 million when it was completed, Malasky said. But the asking price was subsequently reduced to reflect the slowdown in the housing market, he added.

Facing the Intracoastal Waterway, the British West Indies-style house stands about a block west of the point where South County Road begins to curve to the east to intersect South Ocean Boulevard.

Cristina Condon of Sotheby’s International Realty represented the buyer but said confidentiality agreements prohibited her from providing any details about the buyer or the transaction. Malasky also would not provide specific information about the buyer who purchased the house through the trust.

Stephen P. Magowan was listed on the March 23 deed as co-trustee of The P.C. Grace FL Revocable Trust, the buyer of the property. Malasky Homes sold the house through a limited liability company named 11 Via Vizcaya LLC.

Condon said the sale provides further proof that the Palm Beach housing market is improving.

“The market has turned,” Condon said. “I think that the market is 100 percent better than it was a year ago.”

The five-bedroom, six-bathroom house stands on a property — measuring nearly a half-acre with 119 feet of waterway frontage — billed as offering “the widest views in all of Palm Beach,” according to McCann’s listing.

Malasky, whose company bought the parcel and an existing house on it for $3.6 million in February 2004, said the two-story house was “the best buy on the Intracoastal. It has a spectacular view. It overlooks a mile of Intracoastal between Palm Beach and West Palm Beach. To the north, the vista is of West Palm Beach and Everglades Island.”

The home’s features include temperature-controlled wine storage with a humidor, a lighting-control system, a summer kitchen facing the lake, a backup generator and a guest apartment over the garage. The dock can accommodate a yacht up to 50 feet in length.

Architect Roger Janssen of Daily Janssen Architects in West Palm Beach designed the house, and its interiors were developed and finished by Jack Fhillips of Jack Fhillips Design in Palm Beach.

Malasky has developed a number of high-end, finely detailed spec homes — built without a specific buyer — in Palm Beach over the past 20 years. He said the Via Vizcaya sale marks the first time in many years that his company hasn’t had a property on the market in Palm Beach — a reflection of the past two years’ sluggish market for new luxury homes on the island. He said his firm was building one custom home for a client on property north of Palm Beach.

Over the past several years, Malasky’s company developed three houses on Via Vizcaya. Malasky lives in one, and the other sold in 2007.

“Via Vizcaya is probably one of the best locations in Palm Beach,” Malasky added. “It’s one of the few streets in the Estate Section that’s a cul-de-sac, so you don’t have to turn around in someone’s driveway.”

Malasky said he would like to develop a new spec project in Palm Beach but is waiting for the housing market to fully rebound to ensure that the final sales price would cover the cost of the land and any house built on it. But he acknowledged that it will be at least two years before his company, which also remodels houses, will have something ready to attract a buyer.

“If I started today and everything went smoothly, it would take 24 to 30 months from land acquisition to completion,” Malasky said.

Source: Darrell Hofheinz, March 30, 2011, Palm Beach Daily News

http://www.palmbeachdailynews.com/news/lakefront-spec-home-at-11-via-vizcaya-fetches-1362089.html

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