Market Construction Finishing Phone Numbers Palm Beach Gardens
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A blistering 2021 housing market rocketed median prices of single-family homes in Palm Beach County to nearly half-a-million dollars — and the average price to near seven figures — amid bidding wars that rivaled the heady boomtime days of the early 2000s.
The 22% bump in median price to $475,000 last year over 2020 was revealed in an annual report released recently by the Broward, Palm Beaches and St. Lucie Realtors group.
It was no surprise to agents navigating the market fracas. Here we've collected some of the Palm Beach Post's best stories on the hot real estate market in Palm Beach County.
How 1909 won high-stakes bid for 314 Clematis space downtown
In the world of downtown development, money and network connections generally win out.
But in the bidding process for a vacant building in West Palm Beach, a group vowing to locate a small business incubator won the right to buy 314 Clematis, capping a high-stakes battle that had drawn broad interest in what remains a feverish real estate market.
How did a group called, simply, 1909 pull it off? "Small business owners are the life-blood of our city," said one city commissioner who voted for 1909's bid.
SUBSCRIBERS ONLY:'I'm shocked, but so happy': How a small business incubator group won right to buy coveted Clematis building
Palm Beach County homes sales reach median price of nearly $500K during red-hot 2021
Boca Raton research park linked to FAU gets new owner
It's not just homes and office buildings that are getting investors to dig into their pockets in this sizzling real estate. The companies at the Research Park at Florida Atlantic University now have a new landlord.
PEBB Enterprises and joint venture partner Banyan Development, both of Boca Raton, recently paid $37.5 million to an international sovereign wealth fund, Boca R&D Finance, for a long-term ground leasehold interest that includes the purchase of seven multi-tenant buildings at the research park. The buildings, totaling 308,305 square feet, are 65 percent occupied.
Read the whole story:Research Park at FAU has a new landlord after $37.5 million purchase
Iconic hotel in this city may — finally — get renovation OK
The long wait to reopen the historic Gulfstream hotel in Lake Worth Beach, shuttered since 2005, may finally be nearing the finish line.
Work is likely to begin this year on a renovation and construction project – including the restoration of the original hotel building and a new 165,000 square-foot addition housing hotel rooms and luxury rentals.
The city's Historic Resources Preservation Board and now moves on to the city commission for two readings.
SUBSCRIBERS ONLY:After 17 years, makeover of historic Gulfstream Hotel in Lake Worth Beach likely to start this year
Pining for the outdoors this summer? New retailer ready to outfit you
National chain REI has opened its second Palm Beach County store, this one in Palm Beach Gardens.
REI, based near Seattle, is known for its upscale, all-inclusive approach to engaging nature. The Palm Beach Gardens store, like its companion in Boca Raton, is geared to South Florida-style recreation, particularly paddling and cycling.
This summer, you don't need to go out West for an outdoors experience.
Read more:REI opens second Palm Beach County store, this one in Palm Beach Gardens
Fashion designer Maier sells for $73M redone house once owned by Ivana Trump in Palm Beach
Fashion designer Tomas Maier has sold, for a recorded $72.85 million, the landmarked oceanfront house at 102 Jungle Road he bought in 2014 from Ivana Trump, ex-wife of former President Donald Trump, in Palm Beach.
Maier sold the six-bedroom house — which he and his husband and business partner, Andrew Preston, extensively renovated and restored — to a Delaware limited liability company named Baloobeach LLC.
For subscribers:Fashion designer Maier sells for $73M redone house once owned by Ivana Trump
Could any longtime Palm Beach property owners have forseen these prices?
There's been a lot of talk in the Palm Beach real estate community of late about the remarkable short-term returns that some sellers have achieved on properties they have owned for 18 months or fewer.
With the rapid price escalation of properties – no one seems to be using the term "inflation" these days to describe it – many buyers who bought properties in late 2020 or last year have recently sold them for far more than they paid. It hasn't been unusual to see returns of 30 percent and sometimes far more.
Remarkable short-term returns:Could any longtime Palm Beach property owners have foreseen these prices?
Former Neiman Marcus building sells for $78M in Palm Beach, deed shows
The former Neiman Marcus building at 151 Worth Ave. in Palm Beach has sold for a recorded $78 million.
The buyer was 151 Worth LLC, a Delaware-registered limited liability company with a mailing address at a post office box in Palm Beach, the deed recorded recently shows. A vacant lot behind the building changed hands as part of the sale.
The three-story building with an underground parking garage has 48,578 square feet of space. It occupies a lot of about an acre in the ocean block of the Avenue.
For subscribers:Former Neiman Marcus building sells for $78 million in Palm Beach, deed shows
Five things to know about The Chesterfield, the historic Palm Beach hotel just sold for $42 million
The Chesterfield, one of Palm Beach's historic boutique hotels, recently sold for $42 million to Reuben Brothers, a British private-equity and real estate firm run by billionaire brothers David and Simon Reuben.
With 42 rooms and 11 suites, the hotel has been operating as usual since the sale was recorded at the tail end of April.
Here are five things to know about the hotel at 363 Cocoanut Row, which was designated a landmark by the town in 1991 and is listed in the National Register of Historic Places.
Five things to know:The Chesterfield, the historic Palm Beach boutique hotel
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Source: https://www.palmbeachpost.com/story/business/2022/06/02/hot-real-estate-housing-market-home-prices-palm-beach-county/9852547002/
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