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Trio of Manalapan sales hits nearly $31M

Posted On: 05-02-2014

By Darrell Hofheinz Daily News Staff Writer

Team Elkins at Fite Shavell & Associates has notched two more bigger-dollar sales – totaling about $19.1 million — in Manalapan, where mother-and-son agents Jack Elkins and Bunny Hiatt have a long history of sales. The pair of deals follows another sale involving the agents, recorded on April 1 at nearly $12 million.

“Manalapan is on fire,” said Elkins. “Everything is selling all of a sudden.”

In the larger of the two most recent sales, Massachusetts-based Ceilo Madera Land Trust parted with a vacant ocean-to-lake lot at 1020 S. Ocean Blvd. in Manalapan for a recorded $11.17 million. Broker Christian J. Angle of Christian Angle Real Estate acted on behalf of the buyer, a Delaware limited liability company named 1020 South Ocean Blvd. LLC. That entity has a mailing address in care of a Boca Raton attorney’s office, according to the deed recorded April 18. Angle is keeping mum on the deal.

Elkins and Hiatt had listed the 2.36-acre property for sale two years ago, first at nearly $16 million and most recently at $13.5 million.

Administered by trustee Gary C. Crossen, the trust had bought the land in 2007 for $10.48 million, property records show. Elkins and Hiatt, who were then with the Corcoran Group, acted for the trust in that deal opposite listing agent Heidi Wicky of Linda A. Gary Real Estate, MLS records show.

Elkins said his clients, whom he did not identify, demolished a 1969 house on the property and drew up plans for a never-built 20,000-square-foot home. The plans are still available but Elkins wouldn’t speculate about whether that house will be built by the new owner.

With 207 feet of waterfront on the east and west, the property lies one lot north of Eastover, the historic Harold S. Vanderbilt mansion. Once part of the Vanderbilt estate, the lot shares the famous seawall the millionaire built in the 1920s.

A little less than a mile to the south, Ronald and Bernice Berman last week sold the custom home they completed in 2004 at 1555 S. Ocean Blvd. A trust named after the property’s address paid $7.914 million, and Team Elkins handled both sides of the deal. It was recorded on April 23.

Unlike many Manalapan homes where the bulk of the property lies either east or west of the coastal highway, the 1.3-acre parcel more evenly straddles the road, thanks to its position on a curve. It has about 157 feet of water frontage on both sides.

The Bermans paid $1.6 million for the property in 2002 and built their two-story, Mediterranean-style house with nearly 11,800 total square feet and five bedrooms.

As previously detailed here, Team Elkins represented South Ocean Living LLC, a Miami-based limited liability company that paid $11.84 million for 1920 S. Ocean Blvd. in a transaction recorded April 1. Broker Linda Gary of Linda A. Gary Real Estate had listed the house for sellers Dennis and Shelia Hammond.


Source: Darrell Hofheinz, May 2, 2014, Palm Beach Daily News

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