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Palm Beach homes: Summer real estate action has been sizzling

Posted On: 06-20-2019

Island real estate: May and June have seen sizable sales, with big-dollar properties landing under contract.

So far, so good.

Early in May, several agents and brokers told the Daily News — with an all-but-audible sigh of relief — that they expected a busy couple of months ahead on the island’s real estate scene. That optimism represented a sea change from the previous nine months, when single-family sales on the island, especially in the upper price ranges, were about as scarce as snowplows on the beach.

And their predictions last month are proving right on the money — and some sizable money, at that.

Since May 1, five sales on the island have closed at prices recorded at more than $9.9 million by the Palm Beach County Clerk’s office.

And consider: A search of the Palm Beach Board of Realtors Multiple Listing Service this week showed seven properties priced at $9.9 million or more are under contract. The highest-priced is a $59.9 million listing for a never-lived-in mansion on the ocean at 1071 N. Ocean Blvd.

And that MLS list doesn’t include the Billionaires Row estate of the late Terry Allen Kramer. It’s not listed in MLS but has been advertised for months on Douglas Elliman Real Estate’s website at $135 million. As previously reported here, the Kramer estate at 1295 S. Ocean Blvd is said to be under contract by sources in the know. Elliman also holds the listing for the house at 1071 N. Ocean Blvd.

Nor does the MLS list include any totally-under-the-radar deals — and such off-market transactions aren’t unusual in Palm Beach. Just last week, for instance, a house at 320 Barton Ave. changed hands, out of the blue, for $15.3 million. That Midtown deal saw Christian Angle Real Estate on the seller’s side and Brown Harris Stevens on the buyer’s end.

By way of comparison, a year ago there were eight Palm Beach sales recorded at the courthouse at $9.9 million or more in May and June. But those transactions — recorded at prices between $10.4 million and $41.3 million — seemed merely a warmer-weather extension of the go-go sales season that characterized the first six months of 2018. That brisk action continued well into the summer before the sales ground to a halt in early fall amid Wall Street jitters, unease over the mid-term Congressional elections and the Trump administration’s burgeoning trade war with China.

And that means the summer deals already closed or in the works, by contrast, are being welcomed by real estate players with the excitement of a toddler viewing the waves off Midtown Beach for the first time.



Source: Darrell Hofheinz, June 20, 2019, Palm Beach Daily News

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