Palm Beach Towers Home Hits The Market For $3.95 Million

44 Cocoanut Row, Unit 426B/427B, located in Palm Beach recently hit the market. Supply is dwindling on the tropical island as many North Easterners are relocating to Florida and shifting the demographics of buyers. The extraordinary home is in Palm Beach Towers, a luxury condominium development steps away from the Breakers Golf & Beach Club.

The home has impeccable modern interior design including custom detailing throughout. The master bedroom includes a walk around vanity and floating wall panels. The home also features European oak floors, unique light fixtures and motorized shades on the windows which all have beautiful views from every room. The condo is perfect for entertaining with a large open family dining area and spacious kitchen.

Palm Beach Towers is the perfect location for any golfer or homeowner who wants to be near the beach, glitzy boutiques and restaurants. The building also features a pool, gym, restaurant, putting green, hair salon, tailor shop and access to many bike trails. 44 Cocoanut Row, Unit 426B/427B, is listed for $3.95 million with Simon Isaacs, Founder of Simon Isaacs Real Estate.

Spec Home Developer Todd Michael Glaser Under Contract To Buy Jeffrey Epstein’s Former Palm Beach Mansion

Spec home developer Todd Michael Glaser is under contract to buy Jeffrey Epstein’s former Palm Beach waterfront mansion from his estate with plans to demolish the mansion and replace with a new home. Glaser’s undisclosed sum is rumored to be around $18 million, lower than the original listing in July for $21.995 million. The 6-bedroom waterfront mansion is a famous location for Epstein committing sex-trafficking crimes and luring underage girls. 

The Palm Beach mansion is located at 358 El Brillo Way and the listed exclusively with Kerry Warwick of the Corcoran Group. Glaser plans to knock down the existing home and build a 14,000 sq.ft. Art Moderne mansion. He expects the town of Palm Beach to be happy with his plans to demolish the existing home. 

Douglas Elliman Releases Q3 2020 Florida Regions Market Reports For South Florida

Douglas Elliman has just released their Q3 2020 Market Reports for Florida regions, which were prepared in conjunction with Jonathan Miller of Miller Samuel INC. The reports revealed that sales rose sharply higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID-19 crisis. Palm Beach has been one of the hottest markets in the United States as flight capital continues to pour in from the high-tax states such as New York and Connecticut. All three condo price trend indicators increased year over year for the fifth straight quarter in Palm Beach while single family sales nearly tripled from the year-ago quarter as listing inventory fell sharply. Coral Gables and Miami Beach also surged as sales and prices saw 5 year highs across much of South Florida.

BOCA RATON/HIGHLAND BEACH

Overview:

• In a rebound from the prior quarter, condo and single family sales saw their largest annual rise in seven years

• All single family price trend indicators rose year over year as sales saw its largest jump in nearly nine years

• All luxury condo price trend indicators showed a substantial year over year increase

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 28.6% to $868,000

• Average price per square foot increased by 12.2% to $414

• Number of sales rose 14.3% to 88

• Listing inventory declined by 1.5% to 405 units

Luxury Single Family:

• Median sales price rose 14.3% to $2,550,000

• Average price per square foot increased by 4.5% to $421

• Number of sales rose 25.4% to 89

• Listing inventory declined by 22% to 266 units

MIAMI BEACH/BARRIER ISLANDS

Overview:

• Condo price trend indicators increased as sales and listing inventory edged higher

• Overall single family price trend indicators set new records as sales surged year over year

• Luxury condo price trend indicators jumped year over year, aided by a shift to larger sized sales

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 29.3% to $2,975,000

• Average price per square foot increased by 18.9% to $1,262

• Number of sales remained flat at 77

• Listing inventory declined by 15.1% to 993 units

Luxury Single Family:

• Median sales price rose 13.9% to $14,806,950

• Average price per square foot increased by 12% to $1,787

• Number of sales rose 63.6% to 18

• Listing inventory declined by 27.1% to 102 units

MIAMI COASTAL MAINLAND

Overview:

• Condo price trend indicators and sales moved higher as listing inventory slipped to a three-year low

• Single family price trend indicators set new records as sales rose to their highest level in more than five years

• Luxury condo price trend indicators increased year over year as listing inventory declined annually for the second time in three quarters 

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 9.9% to $852,500

• Average price per square foot increased by 6.9% to $508

• Number of sales rose 1% to 200

• Listing inventory declined by 15.1% to 2,398 units

Luxury Single Family:

• Median sales price rose 31.1% to $1,940,000

• Average price per square foot increased by 29.3% to $600

• Number of sales rose 9.5% to 230

• Listing inventory declined by 32.1% to 694 units

CORAL GABLES

Overview:

• Single family sales surged and listing inventory fell from the prior year quarter as the lockdown ended

• Condo listing inventory declined annually for the fifth consecutive quarter

• Luxury single family listing inventory declined sharply year over year for five straight quarters

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price fell 41.4% to $962,500

• Average price per square foot decreased by 28.7% to $407

• Number of sales slipped 11.1% to 8

• Listing inventory inclined by 125% to 72 units

Luxury Single Family:

• Median sales price rose 26.9% to $4,500,000

• Average price per square foot decreased by 6.4% to $989

• Number of sales rose 53.3% to 23

• Listing inventory declined by 21.1% to 101

DELRAY BEACH

Overview:

•  Single family sales increased at their highest year over year rate in five years

• Condo sales reached their highest third-quarter total in twenty-two years of tracking

• Both single family and condo luxury listing inventory fell sharply from the prior year total

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 41.1% to $604,500

• Average price per square foot increased by 21.4% to $409

• Number of sales rose 14.3% to 72

• Listing inventory declined by 25.2% to 169 units

Luxury Single Family:

• Median sales price rose 40.8% to $2,500,000

• Average price per square foot increased by 5.7% to $515

• Number of sales rose 22.9% to 43

• Listing inventory declined by 45.6% to 99 units

FORT LAUDERDALE

Overview:

•  All condo price trend indicators rose year over year as the number of sales jumped 

• Single family sales surged, and listing inventory fell sharply from the prior-year quarter

• Single family median sales price increased annually for the eighth consecutive quarter

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 0.9% to $1,155,000

• Average price per square foot increased by 1.4% to $509

• Number of sales rose 7.8% to 55

• Listing inventory declined by 0.5% to 379 units

Luxury Single Family:

• Median sales price rose 7.7% to $2,275,000

• Average price per square foot remained flat at $580

• Number of sales rose 17.6% to 60

• Listing inventory declined by 21.5% to 256 units

JUPITER/PALM BEACH GARDENS

Jupiter Overview:

•  Single family sales jumped year over year as listing inventory dropped sharply

• The most third-quarter condo sales in fifteen years

Palm Beach Gardens Overview:

• The most third quarter single family sales in fifteen years

• Condo listing inventory declined annually for the sixth straight quarter

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price fell 7.1% to $657,500

• Average price per square foot decreased by 16.4% to $320

• Number of sales rose 27.3% to 28

• Listing inventory inclined by 26.3% to 72 units

Luxury Single Family:

• Median sales price rose 121% to $3,550,000

• Average price per square foot increased by 37% to $678

• Number of sales rose 14.7% to 39

• Listing inventory declined by 38.7% to 76 units

PALM BEACH

Overview:

• All three condo price trend indicators increased year over year for the fifth straight quarter

• Single family sales nearly tripled from the year-ago quarter as listing inventory fell sharply

• Luxury listing inventory fell significantly year over year for the third consecutive quarter 

Key Trend Metrics (Year to Year)

Luxury Condo + Single Family:

• Median sales price declined 39.3% to $10,000,000

• Average price per square foot increased by 20% to $1,906

• Number of sales rose 87.5% to 15

• Listing inventory declined by 65.3% to 26 units

WELLINGTON

Overview:

• Condo sales surged annually at their highest rate in eleven years as listing inventory edged higher for the second straight quarter

• Single family median sales price rose annually for the twelfth straight quarter as listing inventory dropped sharply

• Luxury condo median sales price more than doubled year over year as listing inventory saw a significant annual decline  

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 102.4% to $840,000

• Average price per square foot increased by 61.1% to $427

• Number of sales rose 28.6% to 9

• Listing inventory declined by 42.1% to 22 units

Luxury Single Family:

• Median sales price rose 28.1% to $1.825,000

• Average price per square foot increased by 13.1% to $553

• Number of sales rose 20.7% to 35

• Listing inventory declined by 9.3% to 194 units

WEST PALM BEACH

Overview:

• Condo median sales price has risen each quarter on a year over year for more than nine years

• Single family listing inventory has fallen at a rising year over year rate for five consecutive quarters

• Luxury condo listing inventory has posted large annual gains for three of the past four quarters

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price declined 49.1% to $407,500

• Average price per square foot decreased by 62% to $452

• Number of sales rose 7.5% to 72

• Listing inventory inclined by 85.5% to 308 units

Luxury Single Family:

• Median sales price rose 48.7% to $1,297,250

• Average price per square foot increased by 32.1% to $412

• Number of sales rose 28% to 64

• Listing inventory declined by 14.3% to 132 units

Rockstar Energy Drink Founder Flips North Palm Beach Estate For $48 Million

Russel Weiner, the billionaire founder of Rockstar Energy Drink, has flipped his North Palm Beach Estate for $48 Million, $15 Million more than he had purchased the estate for just weeks ago. Elin Nordegren, ex-wife of Tiger Woods, sold Weiner the estate for $33 Million in September. The estate consists of two homes on 3.3 acres of land just south of the Seminole Golf Club.

12520 Seminole Beach Road is the main home on the estate. This home is a 26,000 sq.ft. oceanfront mansion with 11 bedrooms, 15 bathrooms and 3 half-bathrooms with beautiful views facing 200 feet of shoreline. The mansion also includes a wine cellar, home theatre, gym, roof deck, pool, putting green, basketball court and guest house. Weiner sold this oceanfront property for $41.8 million to Tranquil Sunrise LLC. The other property on the estate, 12395 Banyan Road, is 10,219 sq.ft. and directly across the street. Weiner sold this home for $4.25 million to Calm Sunset LLC. The sale of both houses made Weiner a 45% profit in only 5 weeks.

Avison Young’s Florida Capital Markets Group Oversees Sale Of Concept II Towers In Lake Worth

Avison Young’s Florida Capital Markets Group has overseen the sale of Concept II Towers in Lake Worth for $10.9 million to local real estate investor Allen Chelminsky. The 6.6-acre complex, located at 2290-2328 10th Ave., features a pair of office towers which were developed in 1985. The recently renovated complex offers a total of 96,674 square feet of office space overlooking Lake Worth. The seller, KAS Lakeworth, was represented Avison Young’s Florida Capital Markets Group lex by David Duckworth, John K. Crotty, Michael T. Fay, Brian C. de la Fé, Emily Brais and Berkley Bloodworth. KAS Lakeworth acquired the property for $7.4 million in 2015.

“The buyer for Concept II Towers secured an outstanding value-add office asset which consistently performed well during the pandemic and increased occupancy to 82.5%,” said Duckworth. “Situated in an ideal central Palm Beach County location with Lake Worth in the midst of revitalization, the property boasts strong in-place cash flows with a synergistic mix of quality medical and professional tenants, and there is and tremendous upside potential through lease-up.” 

“The Concept II Towers sale is a sign of growing investor confidence in the commercial real estate market,” said Crotty. “Many investors are looking to get back to the business of buying assets that fit their overall strategy. The office market remains incredibly resilient, and collection rates are tracking similarly to pre-pandemic levels.” 

Miami, Palm Beach County and Fort Lauderdale recover about 28,000 jobs since the start of the COVID-19 pandemic

Almost 28,000 jobs have been recovered since the beginning of the COVID-19 pandemic in Miami, Palm Beach County and Fort Lauderdale.  Majority of these jobs fall into the government, hospitality and retail sectors.  The Bureau of Labor Statistics released data showing the Miami market has gained  over 16,000 jobs in August, Palm Beach has gained about 7,000 and Fort Lauderdale has gained over 5,000.  The largest growth in the job market over the last few months is coming from the government sector.  The majority of these jobs are temporary positions tied to the 2020 Census, but has helped the unemployment rate fall to single digits for the first time since COVID-19 hit.  

Hospitality and retail are industries that have suffered considerably from the COVID-19 pandemic across the Country.  Miami has lost about 70,000 jobs in hospitality and about 22,000 jobs in retail since March and April.  As stores and restaurants continue to open up operating at limited capacity, both industries combined have recovered an average of 55% of the jobs lost.  This has significantly boosted Miami’s total COVID-19 job recovery rate to about 45%. 

Palm Beach County’s hospitality and retail industries are slowly making a comeback but not at the same rapid pace as Miami.   At the beginning of the pandemic hospitality in Palm Beach County lost about 48,000 jobs and retail lost almost 10,000.  Since April, hospitality has recovered about 30% of jobs lost and retail has recovered about 45%.  Palm Beach County has regained about 35% of the 100,000 total jobs lost from the pandemic. 

Fort Lauderdale’s hospitality industry lost over 3,000 jobs and retail lost about 14,000 since March and April.  Hospitality has recovered about 44% of the jobs lost and retail has recovered about 60%.  Fort Lauderdale has a total recovery rate of about 36% of the 130,000 jobs lost from the pandemic.  Overall even though job loss from COVID-19 remains down, it is hopeful to see industries slowly coming back as customers begin to leave their houses and support local communities.   

Gatsby Enterprises Acquires DiVosta Towers Office Complex In Palm Beach Gardens For $80 Million

A joint venture led by the New York-based real estate investment firm Gatsby Enterprises has acquired the DiVosta Towers office complex in Palm Beach Gardens for $80 million. Gatsby Enterprises is led by Nadar Shalom and the complex was acquired in partnership with Master Mind LLC, led by Babak Ebrahimzadeh. DiVosta Towers was reportedly 70% leased at the time of sale with tenants including JP Morgan and the law lawfirm Comiter, Singer, Baseman & Braun LLP. The seller was represented by Tony Hollis of Hollis Realty Group. Jon Blunk of Tower Commercial Real Estate will oversee leasing of DiVosta Towers.

DiVosta Towers was the first new office complex to be delivered in Palm Beach in over a decade. Located at 3825-3835 PGA Boulevard., the project was developed by Otto DiVosta and was completed in 2019. The 6.6-acre complex features two 11-story towers topped with iconic white steel pyramid statue structures overlooking The Gardens Mall. DiVosta Towers offers 220,000 square feet of luxury Class A office space and 889 covered parking spaces with a full-time concierge, secure elevator access, 10’ ceilings, floor-to-ceiling impact glass windows, a ground-floor patio with public art and car charging stations. The South Tower features suites ranging from 2,500 - 10,000 square feet while the North Tower offers 10,000 square foot floor-plates for custom tenant build-outs.

Otto DiVosta was the founder of DiVosta Building Corp., which sold in 1998 to Pulte Homes for $155 million. DiVosta acquired the site in 2015 for $8.5 million. Gatsby Enterprises entered the South Florida market in 2019 when they acquired 800 Brickell for $125 million and is currently redeveloping the tower into a modern office building.

The Corcoran Group To Take Over Sales Of DDG Development's 3550 South Ocean's Remaining Inventory

The Corcoran Group has been appointed to take over sales of the remaining inventory at 3550 South Ocean, a luxury condo project being developed by DDG, led by Joe McMillan. Sales will be led by Kerry Warwick who had previously oversaw pre-construction sales of the project with Douglas Elliman. The development is located at 3550 South Ocean Boulevard and was completed in 2019. 3550 South Ocean is just over 30% sold and there are currently 20 units remaining on the market priced from $1.8 million. Pricing initially started at $2.3 million when the project launched in 2016. Sales were previously overseen by Douglas Elliman Development Marketing.

3550 South Ocean features 30 units rising 7-stories, designed by the Palm Beach-based GarciaStromberg | GS4studios, Kobi Karp, and interiors by the NYC-based Champalimaud. Residences at 3550 South Ocean come in 2 and 3 bedroom layouts, range in size from 2,700 SF to 3,000 SF. There are three penthouse units available with private rooftop terraces.

Units will feature private elevator access with private entry foyers, views of the Atlantic Ocean and Intracoastal Waterway, floor-to-ceiling glass, expansive chef's kitchens, and will be delivered move-in ready. A collection of five penthouses will also feature rooftop terraces. Amenities include private beach access, a beachfront salt water swimming pool and sun terrace, a fitness studio with east facing natural light, on-site surf board and stand-up paddleboard storage, private gated access and private parking.

Bar Invest Group Acquires Visions at Willow Pond Multifamily Community In West Palm Beach For $56.23 Million

The Miami-based private equity group Bar Invest Group, led by Jacques and Herve Barbera, have acquired the Visions at Willow Pond apartment community in West Palm Beach for $56.23 million. Visions at Willow Pond, which is located at 4860 Sandstone Lane, was built in 1987 and was fully renovated in 2013. The 300 unit community spans 14.3 acres and 347,790 square feet of total development, breaking down the acquisition cost to roughly $187,433 per unit. The acquisition was financed with a $36 million loan provided by BankUnited NA.

Visions at Willow Pond features a fitness center, tenant lounge, tennis courts and a community swimming pool. The property was reportedly 95% occupied at the time of acquisition and traded at a 4.8% cap rate. The seller was the New York City-based Axonic Capital who was represented by Tal Frydman, Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of ARA Newmark.

Over the past year Bar Invest Group has become a major player in the South Florida multifamily sector having also acquired the 405 unit Sunny Lake apartment community in Fort Lauderdale. Since the formation of Bar Invest Group USA in 2001, the firm has partnered with Constructa Group for the development and delivery of Mary Brickell Village in addition to having developed or acquired over 1,500 apartments homes and 600,000 square feet of retail with a total investment in excess of $400 million.

Check Out This Solar Powered Estate Asking A Record $17.75 Million In West Palm Beach

Developer Steve Bendat of Aquantis Group Development broke the record of the highest price single family home sale in West Palm Beach last year when he sold 2914 Washington Road; now ,Bendat is looking to break that record again with the launch of his newest project, 6717 S Flagler. The lavish waterfront compound is asking $17,750,000 and is one of the most unique properties ever built in Palm Beach County. The compound estate has the ability to run completely on solar power energy with electrical service tied to a solar panels that are capable of net zero metering.

6717 S Flagler was designed by developer Steve Bendat and architect David Lawrence. The estate compound maximizes the tropical nature of South Florida, overlooking the spectacular Intracoastal with views of the ocean. The 15,000 square foot three-story compound is an architectural masterpiece complete with an interior “floating” glass staircase, an outdoor stainless-steel circular staircase, an all-glass indoor elevator with back-lit onyx surround, a commercial exterior elevator, six bedrooms, nine bathrooms, and two powder rooms. 

6717 S Flagler is full of lavish features offering a theater room, a dedicated gym, a VIP guest suite, a private guest house, a home office, and a four-car air-conditioned garage. The home also features wine room, glass wine cellar with 1000 bottles capacity, dining room, battler’s pantry, kitchen, breakfast nook, family room with fireplace, laundry room, media room with bar and full bath, AV room, mudroom and pool bath, two large outdoor loggias one with fireplace, a rooftop deck and multiple summer kitchens. Outside 6717 S Flagler also features fully planned landscaping. From rooftop synthetic grass to the lush living walls, from the west side of the house to the east side, there is either greenery or water surrounding you.

6717 S Flagler is built to withstand the regions most intense hurricanes, built with extra-large footers, reinforced steel, poured concrete floors, and concrete-filled block, the home is virtually indestructible and soundproof.  The home is also pre-wired with fiber optic cable capable of transmitting 8K video to every room and patio. There’s also a whole house 70Kw generator at the ready in case of emergency.  All recessed lighting is the highest end Tech Lighting Element fixtures.  

The home also features has a commercial-ready Savant control system that can manage lighting, temperature, security, home theater, fireplaces, cameras, locks, advanced security system and more.  Lighting is controlled by a Lutron Homeworks system coupled with programmable metal Palladiom keypad switches. Each room has wired Lutron Sivoia QS shades that provide translucency and privacy.

6717 S Flagler Drive, West Palm Beach is currently listed for $17,750,000 with Burt Minkoff of Douglas Elliman .