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Palm Beach homes: Midtown townhouses hold value, as latest $5.35M sale shows

Posted On: 02-08-2019

Another residence in Midtown Palm Beach has changed hands at a price that shows the enduring value of Mediterranean-style luxury townhouses built there more than 15 years ago.

The townhouse at 444 Brazilian Ave. sold last week for a recorded $5.35 million.

Owner Joanne Braatz Breyer sold it, acting as trustee of a revocable trust in her name, according to the deed recorded Jan. 29. She had owned the lake-block property since 2011, when she and her husband Henry W. Breyer III bought it for $3.8 million, property records show. Henry Breyer is the grandson of the founder of the Breyer Ice Cream Co.

On the buyer’s side of last week’s deal was a trust named after the property’s address. Palm Beach real estate attorney Guy Rabideau served as trustee.

Part of a duplex, the three-bedroom townhouse has about 5,255 square feet of living space, inside and out, including the two-car garage. The foyer opens to the living room with a fireplace, and there’s a second fireplace in the library upstairs. The downstairs layout was designed for outdoor entertaining, thanks to the patio and covered loggia. Doors access the lap pool from the family room and kitchen area, while a covered walkway leads to the guest suite.

Agents Todd Peter and Liz Schuler of Sotheby’s International Realty had the property priced at $5.9 million when it sold. The price had dropped from $6.9 million when it was first listed in the summer of 2017.

Agent Alison Newton of Douglas Elliman Real Estate brought the buyer.

RELATED: Midtown townhouse sells for $7.23 million, sets Palm Beach record

The record for the biggest-dollar sale of a Palm Beach townhouse was set last year in the same block of Brazilian Avenue. In that private sale, a five-bedroom, Mediterranean-style townhouse at 403 Brazilian Ave. sold privately for a recorded $7.23 million — about $2.68 million more than the seller had paid for it five years prior.

The past two years have seen other notable townhouse sales on the same street, property records show. A townhouse at 230 Brazilian Avenue changed hands in April 2017 at a recorded price of $6.85 million. Agent Betsey Hall of Hall Real Estate handled both sides of that April 2017 sale, which involved a 5,661-square-foot townhouse built in 1998.

And a year later, a 6,100-square-foot townhouse at 330 Brazilian Ave. sold for a recorded $6.1 million in a sale handled by broker Bob Jackson and agent Lisa Michelle Underwood of Bob Jackson Inc. It was built in 2001.

 

 

Source: Darrell Hofheinz, February 8, 2019, Palm Beach Daily News

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Zimmerman Douglas Elliman

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