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Midtown house under contract within a month

Posted On: 12-25-2014

By Darrell Hofheinz Daily News Staff Writer

Better not blink, or you might miss out.

That’s the lesson being broadcast by the Palm Beach housing market, where many better-quality properties hardly stay around long enough for their listing agents to skim the swimming pool before the house-hunters descend.

Take the four-bedroom, 4,608-square-foot house at 430 Brazilian Ave. that sold this month for a recorded $5.05 million. Corcoran Group agent Barry J. Ratner listed it Oct. 8 and in less than a month, had it under contract. The sale closed last week.

The seller was a limited liability company named Samisa Palm Beach LLC, which is controlled by a Luxemberg-based company named Samisa S.A.R.L. That entity is managed by Fredrik Alamaa, who has a Jupiter P.O. Box as his mailing address in state business records.

Another limited liability company — this one named after the property’s address — bought the house. Sotheby’s International Realty agent Tina Roberts, who also goes by the name Christine Gibbons, represented the buyer, according to records in the local multiple listing service.

Recorded Dec. 11, the deed lists the buyer’s mailing address as a commercial building in Darien, Conn. But state business records show 430 Brazilian LLC is controlled by National Safe Harbor Exchanges in Chicago and its authorized representative is Hugh E. Pollard.

Pollard specializes in helping real estate investors make use of the instrument known as a 1031 Exchange. It allows the seller of one investment property to defer capital-gains taxes when buying another one. Pollard said he acts as an intermediary in such transactions but would not identify anyone else involved on the buyer’s side of the Brazilian Avenue deal.

In this case, he said, the transaction involved a “reverse exchange,” in which the buyer purchased the house on Brazilian before the investor’s other property was sold.

Gibbons, meanwhile, has handled a number of real estate purchases of late involving rental houses in Palm Beach. She could not be reached, so it was unclear if this deal was related to those.

The Midtown house was built in 2005 in the middle of the lake block on property measuring about one-fifth of an acre. The house has a one-bedroom guest apartment, according to Ratner’s $5.9-million listing. There’s also a loggia by the lap pool.

Ratner, who is also a luxury homebuilder, carried out renovations to the house before he listed it. “We modified the floorplan, opening up the kitchen and family room to be more consistent with today’s lifestyles,” said Ratner, whose company is Ratner Building and Design.

The property last changed hands in July 2012 for a recorded $4.2 million, with Ratner representing the buyer that just sold it. Alamaa co-founded Index International, a Stockholm-based company that manages and develops real estate and equity investments, according to its website. The company lists the Jupiter P.O. box as its North American address.

Ratner’s Corcoran colleagues Paulette Koch and Dana Koch acted for the seller two years ago — Dola Hamilton Stemberg, who was once married to Staples Inc. founder Thomas G. Stemberg.

 

Source: Darrell Hofheinz, December 25, 2014, Palm Beach Daily News

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