April: Letter from Palm Beach: Georgia On My Mind

John Cregan - April 30, 2022
Georgia On My Mind
Lisa and John Cregan
Georgia Avenue, that is. A parallel in more than one way to its better–known cousin The Dixie Highway, Georgia runs north-south through West Palm Beach alongside Dixie’s famed parade of antique shops, a not so secret source Palm Beachers have been shopping for decades.
Two short years ago Georgia was just a light industry strip lined with auto body repair, metal refinishers and (we kid you not) the local hangout for the Loyal Order of Moose.
Well, the Covid real estate boom changed all that. Suddenly, Georgia is a buzzing honeypot for home designers and aficionados, a crowd Lisa knows all too well from her years writing on carpets and curtains.
A few prescient pioneers created the beachhead for Georgia's transformation– most notably Kofski's with its eagerly anticipated Saturday morning estate sales ("Be in Line by Nine!"). But also Devonshire, a sprawling source for all manner of garden pots, ornaments, tableware, lanterns and art. Their Instagram account, @devonshireofpalmbeach, is a must-follow. Need a life-sized Birth of Venus? These are your guys.
The new wave crashed ashore with the arrival of the fabulous Casa Gusto, darlings of interior magazine editors everywhere. To cross the threshold of Casa Gusto is to thrill to the frisson of a very individual style that mixes respect for the classics with a healthy dose of quirk. Follow them too @getthegusto
As the housing market turnover accelerated, so did demand for design services and furnishings. Authentic Provence snapped up a huge space on Georgia– featuring French Provincial done their way– followed closely by designers themselves like Meg Braff with a big workshop and showroom and Brittany Bromley (okay, on Dixie, but she's our friend) with her own intimate little shop.
Ancillary services –like lunch!– won't be far behind. Attracted by all the action, a great barbecue spot named Troy's just opened and there’s word a chic restauranteur is snooping for space. But don't worry, we still have the Moose.
Market Color: Condo Conversation
There's a Lovely Equilibrium in the Chart Above.
35 New Listings minus 35 Closed Sales = Zero Change in Inventory. That's about how it feels too. The prices sellers can realize continue to draw inventory off the shelves, but if the units are attractive and priced fairly they sell almost immediately. Note the "Days on Market" chart below, down from 165 days a year ago to 51 days now. And that's for all of Palm Beach. Apartments in the best buildings don't last even that long.
There are some interesting dynamics playing out in the condo market right now. Palm Beach island itself has no land left to accommodate a modern high-rise, so developers are tumbling over one another to fill that gap with projects on the West Palm waterfront. The success of those new towers is in turn encouraging older buildings to upgrade their pools and fitness centers, install hurricane glass and take on concrete restoration– with the accompanying "special assessments."
In short, not all Condos are created equal. Talk to us.
*Pending-Our Buyer* 400 S Ocean Blvd #419
400 S Ocean Blvd #419 One of our favorite buildings. A landmarked Modernist masterpiece by Edward Durell Stone right on the ocean in the heart of downtown Palm Beach. Pet-friendly, guest apartments and a rooftop pool. This unit is a two-story duplex on the 4th and fifth floors. Fully renovated, 2 beds/2 baths with forever views to the southeast.
Asking price $4.2m
*Sold-Our Buyer* 2773 S Ocean Blvd #104
2773 S Ocean Blvd #104, Carlyle House. Not everything in Palm Beach costs a gazillion dollars. Beautiful terrace and sunset views across the IntraCoastal from this nice and neat 2 bedroom/2 bath apartment. Deeded beach access, a short walk to the Palm Beach Par 3 golf course and just down the street from the Four Seasons hotel.
Sold at $645,000
Who Needs a North End Summer Rental? 293 El Pueblo Way
293 El Pueblo Way - Need a Summer/Fall rental while you renovate this year? Wonderful family home on a great North End street available off-season 2022. 6 bedrooms including bunks for the kids and a big open family room/kitchen. Easy access to Beach and Lake Trail or stay home and lounge by the pool. House is available May through mid-December.
Listed for Rent at $28,000 per month
Lisa and John Cregan
Senior Global Real Estate Advisors
SL3439962

Sotheby's International Realty
340 Royal Poinciana Way Ste M314 Palm Beach FL 33480
© 2022 Sotheby’s International Realty. All Rights Reserved. Sotheby’s International Realty® is a registered trademark. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc. This material is based upon information which we consider reliable but because it has been supplied by third parties, we cannot represent that it is accurate or complete and it should not be relied upon as such. All offerings are subject to errors, omissions, changes including price or withdrawal without notice. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Equal Housing Opportunity.

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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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