May: Letter from Palm Beach: A Tale of Three Bridges

The Cregan Team - May 31, 2021

Three Bridges, Some Waitin

One of the hurdles to attaining true locals status here is figuring our what the heck Palm Beachers mean by "the middle bridge." So, there are three bridges that connect the island of Palm Beach to the West Palm mainland– the "North Bridge" at Royal Poinciana Way, the "Southern Bridge" at Southern Boulevard, and the "Middle Bridge" between the other two at Royal Palm Way (seen in sequence above). Of course all three have nice formal names that are beloved only of town cartographers. If you want to bewilder a local, try telling them you'll meet them at the Flagler Memorial Bridge (hint: it spills into the old original Main Street).

Residents have a love/hate relationship with the bridges. On the plus side every license plate that crosses to the island is automatically photographed and checked against a police database, one reason our crime rate is ridiculously low. Do not try touring Palm Beach in a stolen car.

The negative? Well despite the fact all three are new-built modern designs (or will be when the Southern bridge reopens this fall) they are still draw-bridges. The downside to the gorgeous yachts we see every day is they occasionally choose to leave town causing a cascade of bridge openings up and down the intracoastal. In its meticulous fashion, the town has specified the time each bridge can go up– on the half-hour for the Middle bridge and quarter-hour for the North and Southern bridges. But despite that predictability we all seem to regularly get stranded behind the dreaded red and white traffic gates. So when a Palm Beacher runs late for your meeting be ready for the island's favorite all-purpose excuse, "Sorry, I caught the bridge."

Market Color: Ok Great, but Where Do I Go?

How about a condo?

As prices have climbed, more and more longtime home-owners have been tempted to become home-sellers, but the quandary lies in deciding where to move to! We've seen an assortment of answers to the question (including backtracking north to the grandchildren) but the easiest solution for many has been to downsize into a condominium. As the Condos-only dashboard above shows that market is tight too, note the 29.5% decline in Active Inventory. But at 153 listings there are still many more condos to choose from than single-family homes.

That 153 number assumes buyers will consider both the South End of Palm Beach and West Palm Beach, greatly increasing their options. The better South End buildings have all done extensive updates of their pools, fitness, etc. And our favorite West Palm waterfront buildings (see sold listings below) will be joined over the next two years by three new luxury highrises– just right for a downsizing Palm Beach homeowner. That supply can't come soon enough. Check out this Absorption Rate chart below: at the current rate of sales it would take just six weeks to sell every property on the market.

3

Bedrooms

4

Bathrooms

3586

Sq ft.

Our Listing. Pure Elegance. In-town living. This 2016 Pat Segraves designed home is the perfect spot for enjoying Palm Beach to the fullest. Walk to Worth, the Four Arts, the beach and Town Docks. The Lake Trail and the new Nievera Williams landscaped park along the intracoastal are literally steps away. Two bedrooms plus study upstairs and a beautiful guest suite above the two-car garage. Elevator, full-house generator and an inviting salt water pool. Move right in. There's nothing missing!

3

Bedrooms

3

Bathrooms

2

Sq ft.

Our Listing **UNDER CONTRACT** A totally charming, move-in ready, 3 bedroom/3 bath house in a quiet section of SoSo. One floor living with all bedrooms on 1st floor. The clincher is a beautifully renovated kitchen family room that takes full advantage of its open floor plan. All 3 bathrooms are en suite, large updated closets and a handy bar for entertaining. Outdoors are two inviting terraces framed in bougainvillea overlooking a bright green lawn. House was throughly updated in 2016. And just one block to the Flagler Drive walkway along the Intracoastal.

3

Bedrooms

3

Bathrooms

2762

Sq. ft

Waterview Towers #503 at 400 N Flagler in West Palm Beach - *SOLD Our Buyer* In a building we love on the West Palm waterfront just off the North bridge. 2 bedrooms/2baths, 2,000 sqft. Pool, tennis court and pickleball.​​​​​​​ 

​​​​​​​Listed at $1.25m

Rapallo South PH-3 at 1801 S Flagler Dr in West Palm Beach -*SOLD Our Buyer*
Another of our favorite spots, on the West Palm waterfront just south of the Middle bridge. High on the 18th floor facing directly onto Everglade Island, downtown Palm Beach and the blue Atlantic beyond. 3 bedrooms/2 baths, 2,200 sqft with terrace. Pool, fitness. Forever views. 

​​​​​​​Listed at $1.495m

334 Chilean Ave, Palm Beach *SOLD Our Listing* Land! The one thing they're not making anymore. A ready-to-build 9,400 sqft lot, steps from Worth Avenue. Two blocks to the ocean, one block to the Lake Trail. 

​​​​​​​Listed at $4.795m

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As a real estate team, Lisa and John Cregan comprise a perfectly complementary set of skills- Lisa’s deep knowledge of architecture and interior design combined with John’s decades of experience in market analysis, finance and negotiation.

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