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Palm Beach house brings $6.25 million after several price drops

Posted On: 07-12-2017

The summer real estate season continues to run hot on the Palm Beach real estate scene, especially on the North End.

Even as temperatures rise, sellers are connecting with buyers, defying traditional expectations of a warmer-months slowdown on the island.

But whatever the season, the right price still seems to be the key to closing deals, especially for properties that refused to sell during the first few months of the year while the market slogged through the final fits of its post-election funk following President Donald Trump’s inauguration.

Here’s a case in point: A four-bedroom house at 255 Kenlyn Road was completed in 2015 and sold the same year for a recorded $6.18 million. It again changed hands this week, according to a $6.25 million deed recorded by the Palm Beach County Clerk’s office.

That sales figure emerged only after several price reductions. The house was listed in January at about $8.45 million, then saw three incremental price drops, eventually landing at $6.95 million in the Palm Beach Board of Realtors Multiple Listing Service.

Broker Steve Hall of Hall Real Estate was the listing agent, representing seller CMPB 1 LLC. That Delaware limited liability company is managed by Maya Daniela Martines Valdes, who signed the deed for the property on the northeast corner of North Lake Way.

The buyers are Virginia-based banker and real estate developer Hunter E. Craig and his wife, Stuart M. Craig, who were represented in the deal by Corcoran Group agent Suzanne Frisbie. The Craigs own no other Palm Beach County property in their names, courthouse records show.

With 6,115 total square feet, the British Colonial-style house was developed on speculation by E. Llwyd Ecclestone IIIand designed by architect Roger Janssen of Dailey Janssen Architects. It features a spiral staircase, an antique French mantelpiece for the living room’s fireplace, a well-equipped kitchen and a family room that accesses one of two covered poolside patios.

Valdes, the Craigs and the real estate agents could not immediately be reached for comment.





Source: Darrell Hofheinz, July 12, 2017, Palm Beach Daily News

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