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Like-new home in Palm Beach sells for $4.2 million

Posted On: 09-27-2018

Like-new houses continue to appeal to buyers on Palm Beach’s North End, where a tightened housing inventory is vexing those seeking move-in-ready properties at the lower-middle end of the price scale.

Take the latest real estate deed involving Palm Beach real estate investor and banker Marc A. Stefanski. Last week, he sold a recently rebuilt house at 226 Via Linda for a recorded $4.2 million — $300,000 more than he paid for it in 2016. It had been on the market for about 2½ months when it sold in a deed recorded Sept. 18.

The four-bedroom house was in like-new condition when Stefanski bought it for $3.9 million in June 2016. The house has 3,498 square feet of living space, inside and out, and stands on a quarter-acre midblock lot, several streets south of the Palm Beach Country Club.

Palm Beacher  Pamela P. Garrison bought the property as trustee of an irrevocable trust in the name of her husband, Wayne Garrison. He retired as chairman of J.B. Hunt Transport Services Inc., a trucking firm based in Lowell, Ark. The Garrisons still reside at the custom oceanfront house they completed in 2008 at 212 S. Ocean Blvd., on the corner of Seaspray Avenue, property records show. Pamela Garrison has that house homesteaded in her name, and it is not listed for sale in the Palm Beach Board of Realtors Multiple Listing Service.

The Garrison trust’s mailing address is listed on last week’s deed as a post office box in Big Horn, Wyo.

Agent Nicolette Goldfarb of Illustrated Properties acted the buyers’ behalf in the deal. She said she couldn’t discuss the sale and declined to comment on the Garrisons’ behalf, so no word on how the new owners intend to use the house.

Seller Stefanski was represented by his longtime real estate agent, Kim Raich of Sotheby’s International Realty. She co-listed the property with her daughter, Brooke Raich Brooks, also of Sotheby’s, for just under $4.3 million in late June.

Kim Raich had acted on Stefanski’s behalf when he bought the house from Andrew Thomka-Gazdik, another Sotheby’s agent. Thomka-Gazdik had basically rebuilt — and expanded — the 1953 residence while keeping its footprint intact. Palm Beach architect Rafael Rodriguez designed the project, which gave the exterior of the ranch-style house a new British Colonial-style feel.

The Sotheby’s sales listing described the home’s “pristine white interiors,” 10-foot ceilings and open floor plan “perfect for entertaining.” The amenity list included Sub Zero and Wolf kitchen appliances, marble countertops, custom cabinetry, a smart-technology system and electrically controlled window blinds.

With ties to the Cleveland area, Stefanski is married to Vanessa Rooks Stefanski. He is chairman and CEO of Third Federal Savings, the Cleveland-based bank founded in 1938 by his late parents, Ben and Gerome Stefanski.

As previously detailed in this space, Stefanski, with Raich’s help, has been an active player in the island’s real estate market. In June 2017, he paid $6.5 million off-market for a four-bedroom house near the sea at 1086 N. Ocean Blvd., which is listed as his address on last week’s deed. Raich represented both sides in the sale of that house, with its 7,521 total square feet.

Raich also handled two transactions last year in which Stefanski sold side-by-side vacant lots on Ocean Terrace. The lot at No. 211 brought a recorded $3 million, while 202 Ocean Terrace sold for $3.2 million.

Stefanski had paid about $5.7 million for both properties in a single transaction at the tail end of 2015. A house is nearing completion at No. 201, and the Architectural Commission on Wednesday approved revised plans for a home designed for No. 211. Both are owned by trusts associated with Carl Hj. Asplundh Jr.

 

 

Source: Darrell Hofheinz, September 27, 2018, Palm Beach Daily News

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