June: Letter from Palm Beach: It's the Time of the Season

The Cregan Team - June 30, 2021

It’s the Time of the Season When Things Are Supposed to Get Quiet.

June is the month when the Spanish Bayonet blooms and there's no one here to see it (above). When residents load their precious metal onto car carriers pointed north, and school families scoot across the Gulfstream to the Bahamas and real estate agents get to play golf. But here it is, nearly 4th of July, and there’s still a dinner crowd on the porch at Trevini’s!

Interesting new listings keep turning up too, none more tippy-top sublime than Tarpon Island. It’s a singular property– one house by a significant 1930’s architect (Howard Major) on 2.5 acres in the middle of the Intracoastal. It’s been purchased by a very good local developer who’s going to add to it, update it and reoffer it at a cool $200m. Do let us know if you’re interested!

Personally, we're spending the summer in a two-bedroom walkup across from the Publix while contractors tear apart our place in the South End. Yes, it’s renovation season.

Palm Beach condo boards mandate construction work may only be done May thru October and that means a mad crush for dumpsters, architects, craftsmen and impact glass. With the volume of turnover we've seen this year, the activity is just that much more intense. Add in single-family home owners staying to hustle their projects along for next season, aspiring buyers here to catch the latest listing and by summer standards, we've got a crowd!

Market Color: Limbo Lower Now

Yes, Visible Inventory is Thin but

As the black diamond ski slope above shows, there's been a pretty dramatic reduction in available listings this past year and the sales aren't slowing. Any property that's well located and fairly priced will sell quickly, and that's part of the visible inventory conundrum. In this fast-paced market, many homes don't ever make it to the listing service.

If you're depending on Zillow or Redfin for your new listing alerts, it may look like nothing new is coming to market. But that's partly because the sales are happening pre-listing, while the agents are still taking photos, doing floorplans, etc. Agents talk, word gets out and many properties don't cross the MLS finish line. Or even more frustratingly, they list with a contract already "pending." If you're a buyer, be sure to let us know what you're looking for. It's not a wait and see market.

Supply is on the way though. There's another luxury tower on the drawing boards for West Palm giving Palm Beach home sellers another attractive downsizing option in the fast-changing Norton Museum neighborhood. Stay tuned, more on that next month.

On a Personal Note - Grazie

We cannot offer enough thanks to all the supportive clients and friends who have been the key to our growing business. The recently published "America's Best" list ranked Lisa among the top agents in Florida for 2020. And for the 1st half of 2021 the Cregan Team stands in the top 1% of all Sotheby's agents nationwide.

An Apartment We Love in a Building We Love- The Villas 2A

Who cares about the scarcity of single-family-homes when you can have this beautiful 4 bedroom apartment in The Villas? 425 Worth Ave 2-A

On a quiet block at the top of Worth Avenue overlooking the Everglades lagoon, this stunningly renovated, 3,232 sqft corner unit has 3 bedrooms, a 4th staff or children's bedroom, and 5 full baths. Beautiful millwork throughout, spacious living and dining areas and an eat-in kitchen with top-of-the-line appliances. There's a beautiful bar, a pecky cypress paneled tv area and a master bedroom with water views, his/her baths and tons of closet space. Hurricane impact doors and windows, 24 hour doorman building and full time manager, all close to restaurants, shopping, and the town docks. asking $7.495m

*Under Contract- Our Listing* - 444 Chilean

In Town Elegance
​​​​​​​
444 Chilean Ave, Palm Beach

$8,750,000​​​​​​​

3
Bedrooms

4
​​​​​​​Bathrooms

3,586
Sq ft.

***Under Contract*** 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!

*Sold - Our Buyer* - 255 El Pueblo Way

255 El Pueblo Way What's not to love? A family home on one of the best streets in the north end. Just one block wide- with deeded access to the Atlantic Ocean at one end and the Lake Trail at the other. 4 bedrooms/4 baths on a nearly 13,000 sqft lot. This neighborhood is all about kicking off your shoes and heading to the beach. Listed at $7.495m

Work With Us

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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