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North End house built in 2004 brings $5.3 million

Posted On: 03-25-2016

By Darrell Hofheinz

Daily News Staff Writer

Over the past few years, prices for better-quality homes on the North End have stair-stepped upward, particularly for houses that don’t need extensive overhauls — or a complete replacement.

So it was no surprise, really, when a four-bedroom house built in 2004 at 341 Garden Road sold this month for a recorded $5.31 million, having been listed in September at just under $6 million. Both figures were squarely within the North End’s “sweet spot” range for non-waterfront properties. Real estate observers say that many buyers these days offer little resistance to that price spread — above $5 million but under $6.5 million — if the house is in good shape.

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That was the case here, thanks to the home’s relatively youthful age and “newly refreshed” condition, according to the property description prepared by agent Jim McCann of the Corcoran Group.

With about 6,000 square feet of living space, inside and out, the traditional-style house was sold by its original owner, businessman David Lomnitz, who owned it through a trust in his name. Paul W. Mourning was listed as trustee on the deed for the sale that closed March 14.

Real estate agent Gary Pohrer of K2 Realty handled the buyer’s side. He and McCann declined to discuss specifics of the transaction.

The buyer was a Florida limited liability company named 341 Garden Road Opco LLC, which is linked in state business records to venture capitalist Gregory Borchardt. Managing principal of Caerus Ventures of West Palm Beach and New York City, he has resided on North Lake Way, courthouse records show.

Borchardt also has family ties to Palm Beach. Last summer, he was among the sellers of a house at 258 Wells Road. It had been bought in 2005 by his late father, Robert L. Borchardt, who lived there with his wife, Trudi Borchardt. That house sold to Daniela and Michael Levinson in July for $5.65 million in a deal brokered by Lawrence A. Moens of Lawrence A. Moens Associates.

The house that just sold on Garden Road is on a prime North End street, thanks in part to its comparatively large lots. The lot at No. 341, for instance, has 100 feet of street frontage and measures a third of an acre. A quarter-mile north of the Palm Beach Country Club, Garden Road has another advantage: a service lane that provides access to the street’s garages.

Lomnitz had paid $4.7 million for the house in January 2005. The house was designed by architect Harold Smith of Smith and Moore Architects for developer Peter Burt and builder Brett Elhilow. McCann’s listing described the home’s “family-style eat-in kitchen” and an expansive loggia overlooking a “grand pool” with a summer kitchen.

The seller founded Iceland Spring, a West Palm Beach bottled-water company. About a year ago, property records show, Lomnitz paid a recorded $1.15 million for a home in St. Andrews Country Club, the golf-course community west of Boca Raton.

Although linked to Gregory Borchardt, the limited liability company that bought the house is managed by a firm named National Safe Harbor Exchange, which specializes in property transfers using a tax-deferral instrument known as the 1031 Exchange.



Source: Darrell Hofheinz, March 24, 2016, Palm Beach Daily News

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