October: Letter from Palm Beach: Floating Your Boat

John Cregan - November 7, 2021
Floating Your Boat
Lisa and John Cregan
A rising tide lifts all boats, and now in Palm Beach, it lifts all docks as well.
At 6:45 am last Monday, the 200' Lady Kathryn V, queen of the Palm Beach fleet, floated into a rejuvenated town marina. Completed on time and on-budget, Palm Beach has just finished up a 17 month, $38m refit of what locals call simply, "the town docks," There are 84 new slips accommodating yachts from 60' to 294' (it's a cool $456,000 annual lease for the big one) with upgraded power services, crew showers, an elegant new dockmaster tower and most importantly– the latest in floating concrete docks that rise and fall with the tide. No longer will aspiring Thurston Howells have to climb those annoyingly steep stairs when king tides lift their promenade decks an extra story or two in the air. Match that Monaco!
While all eyes have been on the new high-tech slips and an exquisite re-landscaping of the lakefront that was funded by local donors, there's another nicety in the mix. At the far north end of the marina the town added a 4th pier, the Royal Palm Dock. Current plans are to leave the new dock free for smaller boats and day-trippers. Want to cruise down from Hobe Sound for some lunch and shopping? Call ahead to the marina and if there's space to tie up it's yours, on the house! Lunch at Bilboquet, though? That's on you.
Market Color: Restocking the Shelves
Demand Creates Its Own Supply
Keynesians rejoice! The grand old man of Economics would be pleased to see the upturn in October new listings evidenced in the chart above. Paltry inventory and high prices in the Palm Beach market seem to finally be drawing some sellers off the sidelines with 46 new house and condo listings added last month. It's worth noting though, that accompanying the rise in New Listings is a rise in "Days on Market" and a decline in "% of List Price Received" (below). In many cases the homes that are entering the multiple listing service have what one might call "aspirational" asking prices.
Some have other obstacles to a speedy sale– like a tenant in residence or, in the latest trend– an attempt for a quick flip justified by approved renovation plans. What looks like a renovated home in Zillow is often one that's been demo'd down to the studs with a completion timeline still a year or two out.
We continue to advise clients that nice homes with reasonable asking prices will often trade pre-listing and off-market. Be sure we know what you're looking for!
*Our Co-Listing with Christine Franks* Winthrop House on the Ocean at 100 Worth Ave #404
Winthrop House on World Famous Worth Ave

100 Worth Avenue 404, Palm Beach

$3,900,000

2
Bedrooms
 2
Bathrooms
 1,648
Sq Ft.
Classic contemporary interior, highest quality appointments throughout this recently renovated apartment. Balmy breezes and Ocean views to enjoy from the balcony enhance the living space day and evening.. Washer and dryer in the apartment. Garage parking, 24 hour doorperson, small pet with Board approval, tunnel to the beach.
Request A Private Showing
*Our Co-Listing with Christine Franks* Winthrop House – On the Ocean at Worth Ave #419
Prestigious Winthrop House

100 Worth Avenue 419, Palm Beach

$2,800,000

2
Bedrooms
 2
Bathrooms
 1,610
Sq Ft.
A southern exposure from all rooms, ocean views and balmy breezes from the balcony enhance the lifestyle of this two bedroom, two bathroom apartment which could easily accommodate a private third sleeping area, Modern, neutral decor with european-stlye recently redone bathrooms. Marble floors, wall to wall carpeting in bedrooms, washer and dryer in apartment and windows in all rooms add brightness to the apartment all day. Two garage parking spaces #174 & #175.
Request A Private Showing
*A Rarity* Penthouse A - 400 S Ocean Blvd 1,200 Feet of Terraces with 270 Degree Views
Magnificent Corner Penthouse

400 S Ocean Boulevard PH-A, Palm Beach

$6,500,000

2
Bedrooms
 2
Bathrooms
 1,940
Sq Ft.
Magnificent Corner Penthouse with expansive wide wrap around terraces providing ample outdoor living space and breathtaking ocean and city skyline views. Floor to ceiling sliders allow access to the terraces on both sides from the living room/dining room, and also from both bedrooms. The elegant floor plan features an imposing formal entrance gallery, a grand 38 foot living room/dining room, two spacious bedrooms and two baths. Volume rooms with 10 foot ceilings throughout. The 400 Building designed by renowned architect Edward Durell Stone features a magnificent atrium water garden. The penthouse level pool with sundeck, function room and exercise room all with stunning ocean views. The building offers 6 guest bedrooms for residents and their guests. Across the street from Mid-Town Beach, and a block from Worth Avenue. A pet friendly building.
Request A Private Showing
*Sold– Our Listing* 400 S Ocean Blvd #217
Elegance on the Ocean

400 S. Ocean Blvd 217, Palm Beach

$3,975,000

2
Bedrooms
 3
Bathrooms
 1,617
Sq Ft.
Direct ocean views, a pristine renovation and a Modernist masterpiece of an in-town building. In 2019, a London-based interior designer rethought every square inch of this duplex apartment. High end finishes and luxury fixtures abound. Hardwood floors, a gorgeous kitchen with Portuguese tiled backsplashes and premium appliances, pristine new bathrooms, 10' high living room ceilings, full impact glass, large new closets in the master bedroom, storage under the rebuilt internal stairs and built-ins everywhere. 2 bedrooms, 2 baths and a beautiful powder room, full size washer/dryer and the building has 5 inexpensive guest suites for your overflow visitors. 2019 Renovation included all new wiring, plumbing, AC and flooring. Kitchen appliances are Wolf, Bosch and SubZero and unit has a full home dehumidifier system. The 400 Building also has a rooftop social room with full catering kitchen along with outdoor gas grills available for owners use.
Request A Private Showing
*Leased- Our Listing* 1025 N Lake Way
1025 N Lake Way

1025 N Lake Way, Palm Beach

$65,000 Per Month

3
Bedrooms
 5
Bathrooms
 2,888
Sq Ft.
**LEASED** (December thru April) Recently refreshed and refurnished by new owners- but with a twist - now decorated around an astonishing collection of bright and beautiful modern art that really enlivens the house. House is in exquisite condition. Top floor is all master suite, with his and hers baths, large walk in closets and a Juliet Balcony overlooking the pool and garden. Downstairs is an elegant living room , formal dining, a tv/library room and a sunroom facing on to the pool and gardens. Deeded neighborhood beach access. All new kitchenware, linens and furniture. Absolutely gorgeous pool, terrace and Banyan tree.

Rental Terms:
Seasonal: $65,000 Per Month
Request A Private Showing
*Sold–Our Buyer* 124 Australian Avenue
124 Australian Ave - Just one house from the ocean, this Monterey-style, white-painted brick house was designed in 1939 by Treanor and Fatio. Built before air conditioning, every room has large windows on two sides to allow for cross breezes and the resultant light is amazing. 3 bedrooms/3.5 baths plus a guest suite above the one-car garage.
In town, walkable to everything Palm Beach has to offer.
Listed at $6.25m
Essay Question: What Did You Do Last Summer? (answer below)
Lisa and John Cregan
Senior Global Real Estate Advisors
SL3439962

Sotheby's International Realty
340 Royal Poinciana Way Ste M314 Palm Beach FL 33480
© 2021 Sotheby’s International Realty. All Rights Reserved. The Sotheby’s International Realty trademark is licensed and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc. The Sotheby’s International Realty network fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. 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.

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

Powered by ActivePipe

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.

Contact Us