May/June: Letter from Palm Beach: Will Rogers Befuddled

John Cregan - July 2, 2022
Will Rogers
Befuddled
Lisa and John Cregan
"Buy land," said Will, "They ain't making any more of the stuff."
But Will couldn't have predicted the ingenuity of the Tarpon Cove project. Last century dredging had left behind a series of muck-filled holes at the bottom of the Intracoastal along the West Palm waterfront. The lifeless underwater pits had confounded city planners for years, until...someone had a bright idea. Channel deepening work at the Rybovich boat yard and Palm Beach Inlet was going to generate acres of clean sandy fill. How about we barge it south and pour the stuff into those holes off of West Palm Beach?
The Army Corps of Engineers and Florida EPA were all in. Today a chain of 5 new sandy islands dot the Intracoastal Waterway just off West Palm's historic El Cid neighborhood. As a final step, the aspiring atolls will be planted with red mangrove and sea grass with the enthusiastic aid of the Palm Beach Day Academy, whose kids have embraced the islands as a hands-on science opportunity in their own backyard.
When completed, the islands will provide much needed habitat for oysters, game fish and all manner of shorebirds – a couple of whom couldn't be bothered waiting for the finished product. This past winter a pair of American Oystercatchers (below left) got in the family way and decided the new Tarpon Cove islands were the perfect place to raise their chicks– ready or not!
Example of a Completed Island - The South Cove Regeneration Project
Market Color: Summer Samba
As the financial markets danced a stuttering step, step, slide, the Palm Beach property market reverted to its more typical summer rhythm after two years of Covid-busy Junes.
If we had to choose one word to describe the current environment, it would be "quieter." Not actually quiet, mind you, but decidedly less frenetic. As seen in the above chart, New Pending Sales are at their lowest point in the last 12 months. Low inventory is partly to blame, but Days on Market for the homes that are listed has been climbing too (below). Having said that, attractive new listings will still sell quickly and we continue to see more buyers than sellers. We've also been busy with a very active rental market, usually clients who want to get to know Palm Beach better before they buy.
As to the stock market impact, Bloomberg notes that after its first half 2022 slide, the S&P 500 is now simply back where it was in March of last year. As we seem to recall, March 2021 was not too bad a real estate market. Maybe our current pause reflects nothing more than a return to the normal cadence of winter visitors and summer vacations.
*Our New Listing* the El Cid Waterfront and Exquisite 2020 Construction
2305 S Flagler Drive

2305 S Flagler Drive, West Palm Beach

$26,900,000

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 available via Matterport - Click through to listing and see 2nd photo.
Request A Private Showing
*Coming Soon - Our Listing*160 Sunset A Big Beautiful Townhouse Just Steps From the Beach
160 Sunset Avenue 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.
4 bedrooms/5.5 baths Listed at $14.25m
*For Rent: 1 Bedroom Pied a Terre* Island House-Steps to Worth Ave
354 Chilean Avenue 5B 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.
(terrace view pictured here)
Listed at $9,000 per month for an annual unfurnished lease
Flexible Summer/Fall Rental Available North End Home at 293 El Pueblo Way
293 El Pueblo Way

293 El Pueblo Way, Palm Beach

$25,000 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
Oh, and this happened...
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.

This email was sent to lisa.cregan@sothebys.realty.
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Will Rogers
Befuddled
Lisa and John Cregan
"Buy land," said Will, "They ain't making any more of the stuff."
But Will couldn't have predicted the ingenuity of the Tarpon Cove project. Last century dredging had left behind a series of muck-filled holes at the bottom of the Intracoastal along the West Palm waterfront. The lifeless underwater pits had confounded city planners for years, until...someone had a bright idea. Channel deepening work at the Rybovich boat yard and Palm Beach Inlet was going to generate acres of clean sandy fill. How about we barge it south and pour the stuff into those holes off of West Palm Beach?
The Army Corps of Engineers and Florida EPA were all in. Today a chain of 5 new sandy islands dot the Intracoastal Waterway just off West Palm's historic El Cid neighborhood. As a final step, the aspiring atolls will be planted with red mangrove and sea grass with the enthusiastic aid of the Palm Beach Day Academy, whose kids have embraced the islands as a hands-on science opportunity in their own backyard.
When completed, the islands will provide much needed habitat for oysters, game fish and all manner of shorebirds – a couple of whom couldn't be bothered waiting for the finished product. This past winter a pair of American Oystercatchers (below left) got in the family way and decided the new Tarpon Cove islands were the perfect place to raise their chicks– ready or not!
Example of a Completed Island - The South Cove Regeneration Project
Market Color: Summer Samba
As the financial markets danced a stuttering step, step, slide, the Palm Beach property market reverted to its more typical summer rhythm after two years of Covid-busy Junes.
If we had to choose one word to describe the current environment, it would be "quieter." Not actually quiet, mind you, but decidedly less frenetic. As seen in the above chart, New Pending Sales are at their lowest point in the last 12 months. Low inventory is partly to blame, but Days on Market for the homes that are listed has been climbing too (below). Having said that, attractive new listings will still sell quickly and we continue to see more buyers than sellers. We've also been busy with a very active rental market, usually clients who want to get to know Palm Beach better before they buy.
As to the stock market impact, Bloomberg notes that after its first half 2022 slide, the S&P 500 is now simply back where it was in March of last year. As we seem to recall, March 2021 was not too bad a real estate market. Maybe our current pause reflects nothing more than a return to the normal cadence of winter visitors and summer vacations.
*Our New Listing* the El Cid Waterfront and Exquisite 2020 Construction
2305 S Flagler Drive

2305 S Flagler Drive, West Palm Beach

$26,900,000

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 available via Matterport - Click through to listing and see 2nd photo.
Request A Private Showing
*Coming Soon - Our Listing*160 Sunset A Big Beautiful Townhouse Just Steps From the Beach
160 Sunset Avenue 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.
4 bedrooms/5.5 baths Listed at $14.25m
*For Rent: 1 Bedroom Pied a Terre* Island House-Steps to Worth Ave
354 Chilean Avenue 5B 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.
(terrace view pictured here)
Listed at $9,000 per month for an annual unfurnished lease
Flexible Summer/Fall Rental Available North End Home at 293 El Pueblo Way
293 El Pueblo Way

293 El Pueblo Way, Palm Beach

$25,000 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
Oh, and this happened...
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.

This email was sent to lisa.cregan@sothebys.realty.
Don't want to receive content from Sotheby's International Realty Affiliates LLC anymore?

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ActivePipe Message ID: 1151588

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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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