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Nearly finished North End spec house lists at $5.5M

Posted On: 09-16-2015

By Darrell Hofheinz Daily News Staff Writer

Developed on speculation to be threshold-ready in December, a four-bedroom house rising at 221 Atlantic Ave. has entered the Palm Beach Board of Realtors Multiple Listing Service with a price tag of $5.5 million.

That works out to about $1,100 per square foot for the 5,000-square-foot, British West Indies-style house. Brokers say that’s a magic number, appealing to a wide range of buyers while offering the developer an appropriate return on investment.

It’s also a price that some locals thought they might never see again during the depths of the Great Recession. No worries about that now, when escalating land prices are likely to boost that number even higher over the next year, barring anything unforeseen.

Seven blocks north of Royal Poinciana Way, the lot measures nearly a quarter-acre. Developer Anderson C. Ohman Jr. bought it for $1.5 million in June 2014 through his firm, Anderson Charles. It was sold by Margo Hostyn and a trust in the name of her husband, Peter, property records show.

Ohman also is an agent at Valore Group Real Estate, where he has the house listed. Designed by architect Pat Segraves, it’s being built by PalmCorp Construction Services with about 4,500 square feet under air conditioning.

Although the drywall is in, a buyer could still specify finishes and customize other details, Ohman said. Among its features are a two-bay garage and an elevator.

“Each of our four bedrooms is ensuite, so each could be used as a master,” said Ohman, who comes from a development family in northeast Ohio but has lived in South Florida for several years.

The designated master bedroom, meanwhile, has two full bathrooms, and the house has another three baths plus a half-bath.

“We always say, ‘You can never have too many bathrooms,’ ” said Ohman, who reports he has been fielding calls about the property since he listed it at the tail end of August.

Ohman said he is finalizing plans to build another Palm Beach spec house. He declined to provide specifics.

 

 

Source: Darrell Hofheinz, September 16, 2015, Palm Beach Daily News

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Zimmerman Douglas Elliman

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