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Malasky sells second ‘spec’ home this season

Posted On: 03-28-2014

By Darrell Hofheinz Daily News Staff Writer

Longtime luxury home developer Malasky Homes this month sold the last of the two British Colonial-style “spec” houses the company had available this season on the North End.

A revocable trust in the name of Carl Hj. Asplundh Jr. paid $4 million for the four-bedroom house at 226 Jamaica Lane, according to the deed recorded March 11. Asplundh and Rowland M. Smith III served as co-trustees of the trust, which has a mailing address in Huntingdon Valley, Pa.

Asplundh’s father co-founded Asplundh Tree Expert Co., and members of the Philadelphia-based family own several properties in Palm Beach, property records show. In 2000, Asplundh Jr. sold a house at 1100 N. Lake Way.

With 4,916 square feet of living space, inside and out, the Jamaica Lane house was developed without a specific buyer in mind and paid for by Malasky Homes, a West Palm Beach company run by founder Don Malasky and his two sons, Bruce and Stephen.

Agent Mary Boykin of Sotheby’s International Realty had listed the house for sale in April at $4.25 million — and later raised the price by $145,000 as it neared completion. Boykin’s Sotheby’s colleague Kim Raich acted for the buyer.

The closing followed the sale, recorded in December, of a larger house that the Malaskys had developed and built slightly north at 226 Kenlyn Road. Shadowcorp Holdings Inc. — an entity controlled by John W. Grand — paid a recorded $4.13 million for that four-bedroom house, which measures about 5,400 square feet.

The house sold before it was finished – and before it ever entered the multiple listing service. Broker Christian J. Angle of Christian Angle Real Estate handled both sides of the deal. Like its sibling on Jamaica Lane, the Kenlyn Road residence was designed in the British Colonial style.

Prior to completing that property, Malasky Homes had not built a new spec home on the island since 2009. Thanks to the economic slowdown, it took the company two years to sell that one, a British Colonial at 11 Via Vizcaya, which sold for a recorded $9.96 million in March 2011 to the P.C. Grace FL Revocable Trust. Agent Jim McCann of the Corcoran Group represented Malasky Homes in that deal, with Cristina Condon of Sotheby’s acting for the buyer.

The recent activity on the spec market shows that Palm Beach is steadily pulling out of the doldrums, Don Malasky said this week.

“I think the market is stabilizing and moving up slowly,” he said. “It’s not a ‘wow’ thing like we had before the bubble burst. But it’s better. People are able to sell the houses they’re in and get the money to buy new houses.

”Meanwhile, his company has broken ground on two new spec houses, both British Colonials that are expected to be finished in 2015. One is a six-bedroom house with more than 11,460 total square feet at 301 Maddock Way, listed at $11.95 million by Angle.

Agent Judge Moss of Sotheby’s is handling the other house, at 264 Country Club Lane, which will be similar in size to the one that sold on Jamaica Lane. When it enters the local multiple listing service, the new four-bedroom home will be priced at $4.395 million, Moss said.

And in the planning stages is yet another spec house that could break ground in 90 to 120 days at 310 Australian Ave., this one in the Spanish Mediterranean style, Don Malasky said.

Meanwhile, the company is scouting land for one more house, he added, knowing that the cost of the dirt is the starting point for figuring the financials on any new speculative venture.

“We’re back. But in any market, you have to be prudent and know what you’re doing,” he said. “It takes a lot of equity and expertise.”


Source: Darrell Hofheinz, March 28, 2014, Palm Beach Daily News

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