September: Letter from Palm Beach: The Great Race!

The Cregan Team - October 3, 2021
 
 
The Great Race!
Lisa and John Cregan
Time, Tide and Taxes are among the few certainties in life. In Palm Beach you can add one more– the end of condo renovation season.
A remnant of the days when the town assumed everyone headed north for the summer months, Palm Beach condo boards only allow construction from May 1st through October 31st, and Damocles' Sword ain't got nothing on the finality of that end date. As a consequence, come May 1st, the race is on and woe to the condo owner who hasn't lined up his appliance deliveries or has a change-order habit he just can't quit.
There are plenty of single family home renovations going on simultaneously, too. Luckily, house owners don't have to deal with a looming cut-off date, but they do need to compete for the affection of every electrician, plumber and mason in Palm Beach. And as for their GC's? They've got condos to finish! Layer in landscape crews frantic to complete their planting for "the season" and you can imagine what the 8am lineup looks like at the island's bridges.
In short, pretty much everyone is now running flat out, including us. The photos above and below are our from own little South End condo redo.

Just 27 days til our Halloween "hammers down." Please, pray for us 🙏🏻
Market Color: Land, Katie Scarlett!
As the real estate sage, Gerald O'Hara, put it, "land is the only thing that lasts."
And in this market, there is no shortage of buyers who agree with Mr. O'Hara that land is the only thing worth fighting for. As prices for new homes have risen over the last year, developers find themselves caught in an interesting dilemma – they are selling their finished projects at prices well above their fondest dreams when they started them. But, they can't find new buildable lots (see red line in chart above) at anything close to the price per sqft they paid for land just 24 months ago. Faced with the choice of paying up or backing off, developers are paying up.
Not to long ago, buildable lots in the North End were selling for $300-350 per lot sqft. With finished modern homes in the neighborhood now selling for $7-15m, buyers hoping to build their dream home find themselves competing with developers for every unlovely 1950's ranch house that comes along. The result? Sales like our recent one at 248 Via Marila, which went for $510 per sqft, with multiple offers.
*Sold–Our Buyer* 1450 N Lake Way
1450 N Lake Way a late 1930's Treanor and Fatio design set on three-quarters of an acre of lush gardens, pool and fountains. Almost 160' of waterfront, a deep water dock and a short run to the Gulf Stream via the Palm Beach Inlet. It's a sportsman's dream.
Listed at $45m
*Under Contract – 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
*Listing This Week* Sorry You Missed #217? Here Comes 400 S Ocean Blvd #420
400 S Ocean Blvd #420 is literally as close as you can get to an oceanfront unit in The 400 Building, without the expense of one. This south-facing unit is just two in from the ocean on the Peruvian Ave side of the building. A two-story duplex, living and dining rooms with 10' ceilings share the 4th floor with a sleek modern kitchen while the 5th floor consists of two bedrooms including a master with beautiful side views out to the Atlantic and a guest room overlooking the Majorelle blue tiled fountains in the interior courtyard. Fully renovated with brand new hurricane sliders, the owners stayed true to the minimalist vision of architect Edward Durell Stone, right down to preserving the open tread stairs leading to the bedroom level.
One of the truly brilliant aspects of the 400 is that Stone solved for the drawbacks of downsizing to a two-bedroom apartment.The building has 6 guest rooms available to owners at very reasonable prices, as well as a large rooftop dining room with catering kitchen where owners can entertain when they have just too many friends.
Listing at $2.9m
*Sold–Our Listing* 248 Via Marila
Big, Beautiful Property in the North End

248 Via Marila, Palm Beach

$10,900,000

8
Bedrooms
 7
Bathrooms
 4,760
Sq Ft.
A big, beautiful North End property for anyone looking to build new or renovate. Lot is just under 1/2 acre at 20,592 sqft. (125' wide x 165' deep). Via Marila is one of the few north end streets with deeded beach access at one end of the block and Lake Trail access at the other. Main house is 1950 cement block construction with 6 bedrooms, 4.5 baths and 3,700 sqft under air. The Guest house/Garage sits on the Laurian Lane alleyway– it has 2 bedrooms, 2 baths, living room, kitchen, one car garage and 1,050 sqft under air. AC is new as of 2020, cement tile roof is 2014. The house is a rambling, comfortable family home that offers a buyer a variety of options. Live there, lease it, renovate or build new.
Request A Private Showing
*Sold-Our Buyer* 333 Pilgrim Rd West Palm Beach
333 Pilgrim Road in family-friendly SoSo (South of Southern Blvd) in West Palm Beach. Three bedroom main house with two bedroom guest house on a quiet block in the Belair section. Home is a 1926 Mission style design with almost 3,000 sqft under AC. The incredibly alluring tiled veranda off the second floor master says it all.
Listed at $1.2m
Lisa and John Cregan
Senior Global Real Estate Advisors
SL3439962

Sotheby's International Realty
340 Royal Poinciana Way Ste M314 Palm Beach FL 33480
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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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