July/August: Letter from Palm Beach: Game On!

John Cregan - September 1, 2022
Game On!
Lisa and John Cregan
#1 Ranked Team at Sotheby's Palm Beach
For home buyers, the last few years have meant coping with an abundance of scarcity. Lumber shortages, appliances backlogs. We can deal. But no golf tee times? Now that's a problem.
Well, as Professor Keynes could have predicted, demand for golf has created supply. Currently on the drawing boards for Palm Beach and vicinity are at least 144 new holes of golf- that's eight new 18's!
First up is the reopening of West Palm Beach's municipal course (above), rethought by golf restoration god, Gil Hanse, fresh off his brilliant work at Oakmont and Yale.
And in Hobe Sound, lay-of-the-land purists Coore and Crenshaw have designed a second gorgeous course opening this Fall for the milk bottle logo'd crowd at McArthur.
Meanwhile Michael Jordan is tacking on a second 18 to his Grove 23 golf playground.
Then it's a May-December marriage at Panther National in Palm Beach Gardens where the GOAT Jack Nicklaus has been paired to design the residential community's course alongside rising PGA star, Justin Thomas.
If you know the work of the ultra high-end Discovery Land Company, you can just imagine what they're planning for their Atlantic Fields project on the Bridge Road route into Hobe Sound and Jupiter Island. Polo barns, a championship caliber Tom Fazio course and 300 homes surrounded by conservation land. It will be luxe.
The final three courses come courtesy of Steve Ross and the Related Companies. Ross recognized the golf bottleneck as an obstacle to his new office and apartment projects in downtown West Palm. Where were all his young professional customers going to play golf!? Partnered with Michael Pascucci, the mastermind behind the Sebonack Club in Southampton, the pair will build 54 holes on a 1,200 acre site two miles west of I-95 in Hobe Sound (below). Christened "Three Lakes," the membership-only facility will be just golf, with two clubhouses, extensive practice and short game facilities and a few overnight cottages available to members.
To skeptics who wonder who'd drive 45 minutes from Palm Beach to Hobe Sound just to play golf, we'd answer simply:
Chicago to Shoreacres - 1 hour
Manhattan to Piping Rock - 1 hour
San Francisco to Pebble Beach - 1 1/2 hours
Market Color: Supply and Demand
We believe we'll be restocking the shelves this Fall.
July and August very much represented a return to normal, with buyers heading to cooler parts for the summer months and sellers holding off listing their homes until everyone gets back to town. As the side-by-side charts above show, there were many fewer summer sales this July than last (left hand chart) and that has already resulted in an uptick in available supply (right hand chart). Although 8 months worth of typical inventory is still low by historical standards, the line is trending upward and we believe current prices will encourage more sellers to bring their properties to market. The condo market, for one, is already responding- check out the new listings box below. As for the buyers? They're out there. They just want more choices.
*Our Listing* the El Cid Waterfront and Exquisite 2020 Construction
2305 S Flagler Drive

2305 S Flagler Drive, West Palm Beach

$24,900,000

4
Bedrooms
 6
Bathrooms
 5,423
Sq Ft.
Heaven on the El Cid waterfront. Impeccable 2020 new construction with exquisite attention to detail, every modern luxury and unimpeded water views from 1st and 2nd floors. On an almost 19,000 foot corner lot-beautifully landscaped by Nievera Williams-the house is an elegant contemporary take on classic Palm Beach architecture with iron-look windows, handmade Mexican roof tiles and waxed plaster walls. Downstairs master bedroom with water views, generous closets and bath. Two upstairs bedrooms and baths with an inviting shared terrace can be reached by stair or elevator. In the front yard, a 52' two lane lap pool sits off the electric screened terrace. To the rear is a guest house/gym/office with full bath. And the 3 bay garage fitted with 2 lifts can accommodate up to 5 cars. All that and a shared neighborhood day-dock between Valencia and Sunset.
Virtual Tour via Matterport available upon request
Request A Private Showing
*Our Listing* Steps to the Ocean from this Carefree 4 Bedroom Townhouse
160 Sunset Avenue

160 Sunset Avenue 160, Palm Beach

$13,250,000

4
Bedrooms
 6
Bathrooms
 4,530
Sq Ft.
This elegant 5,000 sqft townhouse lives like a spacious seaside villa- one that's literally steps to the beach! Built in 2004 and fastidiously maintained by the original owner, it's perfect for a buyer who does not want the upkeep headaches of an older house or large yard. The ocean block of Sunset is a dead end street that terminates at the beach gate. An ideal location-quiet and private- but still walkable to the Breakers and Royal Poinciana Plaza and all their adjacent shops and restaurants. With over 4,500 sqft of living area, an elevator, 4 bedrooms, multiple office spaces and a two car garage there's plenty of room for family and guests. Given its modern kitchen and baths, outdoor gas grill and beautiful private pool, it's completely ready for move-in for the 2022-23 season. 12' ceilings on the 1st floor, 10'+ in the Master bedroom. The house has great entertaining spaces, including a large covered terrace overlooking the pool. Kitchen has a two-sided Subzero fridge, with four freezer drawers, Wolf gas range, 2 Miele dishwashers, built-in microwave and air fryer. Air conditioned two car garage as well.
Request A Private Showing
*Our Listing* 1 Bedroom Annual Rental Island House - In-Town Pied a Terre
354 Chilean Avenue 5B

354 Chilean Avenue 5B, Palm Beach

$8,500 Per Month

1
Bedrooms
 1
Bathrooms
 782
Sq Ft.
A wonderful opportunity for a carefree Palm Beach pied-a-terre. Bright south-facing one- bedroom unit with a terrace, updated kitchen and baths and new carpeting. Island House is one of the best located buildings in town. Only two streets from Worth Avenue, three streets from the Four Arts and a short stroll to the public beach and town docks. 24 hour doorman and a beautiful pool and outdoor entertaining area.

Rental Terms:
Annual: $9,000 Per Month
Request A Private Showing
Flexible Summer/Fall Rental Available North End Home at 293 El Pueblo Way
293 El Pueblo Way

293 El Pueblo Way, Palm Beach

$2o,000 Per Month

6
Bedrooms
 5
Bathrooms
 3,366
Sq Ft.
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.

Rental Terms:
Annual: $25,000 Per Month
Request A Private Showing
*Pending - Our Buyer* 2418 South Olive in West Palm Beach
2418 South Olive Ave Located in the historic El Cid neighborhood of West Palm Beach, this 5,996 SF 6-bedroom, 5.5-bathroom Mediterranean-style home is a classic silhouette with a modern feel. With updated appliances, a 2-car detached garage, heated pool, hot tub, lanai, and outdoor fireplace, this house is an all-in-one paradise.
Listed at $6.995m
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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Game On!
Lisa and John Cregan
#1 Ranked Team at Sotheby's Palm Beach
For home buyers, the last few years have meant coping with an abundance of scarcity. Lumber shortages, appliances backlogs. We can deal. But no golf tee times? Now that's a problem.
Well, as Professor Keynes could have predicted, demand for golf has created supply. Currently on the drawing boards for Palm Beach and vicinity are at least 144 new holes of golf- that's eight new 18's!
First up is the reopening of West Palm Beach's municipal course (above), rethought by golf restoration god, Gil Hanse, fresh off his brilliant work at Oakmont and Yale.
And in Hobe Sound, lay-of-the-land purists Coore and Crenshaw have designed a second gorgeous course opening this Fall for the milk bottle logo'd crowd at McArthur.
Meanwhile Michael Jordan is tacking on a second 18 to his Grove 23 golf playground.
Then it's a May-December marriage at Panther National in Palm Beach Gardens where the GOAT Jack Nicklaus has been paired to design the residential community's course alongside rising PGA star, Justin Thomas.
If you know the work of the ultra high-end Discovery Land Company, you can just imagine what they're planning for their Atlantic Fields project on the Bridge Road route into Hobe Sound and Jupiter Island. Polo barns, a championship caliber Tom Fazio course and 300 homes surrounded by conservation land. It will be luxe.
The final three courses come courtesy of Steve Ross and the Related Companies. Ross recognized the golf bottleneck as an obstacle to his new office and apartment projects in downtown West Palm. Where were all his young professional customers going to play golf!? Partnered with Michael Pascucci, the mastermind behind the Sebonack Club in Southampton, the pair will build 54 holes on a 1,200 acre site two miles west of I-95 in Hobe Sound (below). Christened "Three Lakes," the membership-only facility will be just golf, with two clubhouses, extensive practice and short game facilities and a few overnight cottages available to members.
To skeptics who wonder who'd drive 45 minutes from Palm Beach to Hobe Sound just to play golf, we'd answer simply:
Chicago to Shoreacres - 1 hour
Manhattan to Piping Rock - 1 hour
San Francisco to Pebble Beach - 1 1/2 hours
Market Color: Supply and Demand
We believe we'll be restocking the shelves this Fall.
July and August very much represented a return to normal, with buyers heading to cooler parts for the summer months and sellers holding off listing their homes until everyone gets back to town. As the side-by-side charts above show, there were many fewer summer sales this July than last (left hand chart) and that has already resulted in an uptick in available supply (right hand chart). Although 8 months worth of typical inventory is still low by historical standards, the line is trending upward and we believe current prices will encourage more sellers to bring their properties to market. The condo market, for one, is already responding- check out the new listings box below. As for the buyers? They're out there. They just want more choices.
*Our Listing* the El Cid Waterfront and Exquisite 2020 Construction
2305 S Flagler Drive

2305 S Flagler Drive, West Palm Beach

$24,900,000

4
Bedrooms
 6
Bathrooms
 5,423
Sq Ft.
Heaven on the El Cid waterfront. Impeccable 2020 new construction with exquisite attention to detail, every modern luxury and unimpeded water views from 1st and 2nd floors. On an almost 19,000 foot corner lot-beautifully landscaped by Nievera Williams-the house is an elegant contemporary take on classic Palm Beach architecture with iron-look windows, handmade Mexican roof tiles and waxed plaster walls. Downstairs master bedroom with water views, generous closets and bath. Two upstairs bedrooms and baths with an inviting shared terrace can be reached by stair or elevator. In the front yard, a 52' two lane lap pool sits off the electric screened terrace. To the rear is a guest house/gym/office with full bath. And the 3 bay garage fitted with 2 lifts can accommodate up to 5 cars. All that and a shared neighborhood day-dock between Valencia and Sunset.
Virtual Tour via Matterport available upon request
Request A Private Showing
*Our Listing* Steps to the Ocean from this Carefree 4 Bedroom Townhouse
160 Sunset Avenue

160 Sunset Avenue 160, Palm Beach

$13,250,000

4
Bedrooms
 6
Bathrooms
 4,530
Sq Ft.
This elegant 5,000 sqft townhouse lives like a spacious seaside villa- one that's literally steps to the beach! Built in 2004 and fastidiously maintained by the original owner, it's perfect for a buyer who does not want the upkeep headaches of an older house or large yard. The ocean block of Sunset is a dead end street that terminates at the beach gate. An ideal location-quiet and private- but still walkable to the Breakers and Royal Poinciana Plaza and all their adjacent shops and restaurants. With over 4,500 sqft of living area, an elevator, 4 bedrooms, multiple office spaces and a two car garage there's plenty of room for family and guests. Given its modern kitchen and baths, outdoor gas grill and beautiful private pool, it's completely ready for move-in for the 2022-23 season. 12' ceilings on the 1st floor, 10'+ in the Master bedroom. The house has great entertaining spaces, including a large covered terrace overlooking the pool. Kitchen has a two-sided Subzero fridge, with four freezer drawers, Wolf gas range, 2 Miele dishwashers, built-in microwave and air fryer. Air conditioned two car garage as well.
Request A Private Showing
*Our Listing* 1 Bedroom Annual Rental Island House - In-Town Pied a Terre
354 Chilean Avenue 5B

354 Chilean Avenue 5B, Palm Beach

$8,500 Per Month

1
Bedrooms
 1
Bathrooms
 782
Sq Ft.
A wonderful opportunity for a carefree Palm Beach pied-a-terre. Bright south-facing one- bedroom unit with a terrace, updated kitchen and baths and new carpeting. Island House is one of the best located buildings in town. Only two streets from Worth Avenue, three streets from the Four Arts and a short stroll to the public beach and town docks. 24 hour doorman and a beautiful pool and outdoor entertaining area.

Rental Terms:
Annual: $9,000 Per Month
Request A Private Showing
Flexible Summer/Fall Rental Available North End Home at 293 El Pueblo Way
293 El Pueblo Way

293 El Pueblo Way, Palm Beach

$2o,000 Per Month

6
Bedrooms
 5
Bathrooms
 3,366
Sq Ft.
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.

Rental Terms:
Annual: $25,000 Per Month
Request A Private Showing
*Pending - Our Buyer* 2418 South Olive in West Palm Beach
2418 South Olive Ave Located in the historic El Cid neighborhood of West Palm Beach, this 5,996 SF 6-bedroom, 5.5-bathroom Mediterranean-style home is a classic silhouette with a modern feel. With updated appliances, a 2-car detached garage, heated pool, hot tub, lanai, and outdoor fireplace, this house is an all-in-one paradise.
Listed at $6.995m
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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