South Florida Real Estate Showcase Labor Day Issue 2021

SOUTH FLORIDA

L A B O R D AY 2 0 2 1

NEW OCEANFRONT ESTATE IN PALM BEACH PRESENTED BY CHRIS DEITZ WILLIAM RAVEIS REAL ESTATE SEE PAGE 126

TH E P REMIER LUX URY R E A L E S TAT E A ND L I F E S TY L E M A G A Z I N E

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MARKETWATCH

SOUTH FLORIDA IS HOT!

SOUTH FLORIDA SALES BREAK ALL RECORDS DURING THE PANDEMIC, WITH INVENTORIES AT THEIR LOWEST POINT IN YEARS

BY HEATHER SENISON

T

hough

the

two

were

quarantined

away from each other for a year, the relationship between New York and Southern Florida is thriving.

That is … if New Yorkers can get into South Florida.

Due to its laidback lifestyle, especially appealing during a pandemic, combined with famously low taxes, the sunny southern market is now one of the most expensive and competitive in the country.

Since March 2020, buyers have poured billions of dollars into property sales in Palm Beach alone.

Notable buyers on the island include casino mogul Steve Wynn, software billionaire Larry Ellison, designer Tommy Hilfiger and finance titans such as hedge funder David Tepper and investment-services entrepreneur Charles R. Schwab.

755 N. Lake Way, Palm Beach — LIST $9.995M Dana Koch, Corcoran

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“We have always had a strong connection to the Northeast and the NYC, Hamptons, and South Florida triangle, but now buyers are coming from California, Illinois, and Michigan, which has created even more competition,” says Dana Koch, with Corcoran in Palm Beach. “During the pandemic, many buyers discovered what it was like to spend an extended period of time in Palm Beach and fell in love with it,” he explains.

But for agents like Chris Deitz, with William Raveis in Palm Beach, “the pandemic has definitely sped up the process of New Yorkers moving to South Florida but it’s not the driving force,” he says. “Just before COVID hit, buyers were already heading south — mainly hedge funders because 901 N. Ocean Blvd - IN CONTRACT Last Ask $74.800M Chris Deitz, William Raveis Real Estate

of taxes.”

Holly Meyer Lucas, principal and founding agent with the Meyer Lucas Team at Compass, the attraction to South Florida is equally driven by taxes — notably the 2018 reform that limited SALT tax write off, making life more expensive in many parts of the country. “While COVID was the catalyst for a lot of families relocating to our area, the reason most are moving here is actually related to the SALT tax situation,” she says.

“Before, New Yorkers would buy a place in the Hamptons and perhaps a place in South Florida.

Now New Yorkers are buying a place in South Florida and perhaps a place in the Hamptons,” adds agent Gary Pohrer, with Douglas Elliman.

“What’s changed is the ability to work from anywhere, creating a huge tax savings and making the home almost free when you really analyze the numbers.”

Closed sales in the second quarter of 2021 topped $1.5 billion, breaking the record set by the first and making it the hottest quarter in Palm Beach history, according to the latest market report from Corcoran. The median and average sales price for single-family homes rose 18% and 24%, respectively, from last year, driven primarily by 15 deals that exceeded $20 million.

Notably, two sales so far in 2021 surpassed $100 million, including a 30,000-square-foot, nine-bed, 11-bath waterfront mega-mansion for

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MARKETWATCH

$109.6 million in June and a 21,000-square-

In the midst of this frenzy, inventory is decreasing

are seeing a lot of off-market deals happening and

foot home for $122.7 million, the highest price

rapidly, agents warn.

by next year it will be the survival of the fittest.”

has also seen a record of two sales reaching $95

“Inventory is very low. It’s at critical mass. If

Where to look...

million in two months and 22 sales for more than

you’re a broker and you don’t have inventory,

While searching for homes to buy, it helps to keep

$40 million.

chances are you will never get it,” Deitz says. “We

new developments and hidden gems in mind.

ever recorded in the area, in February. This year

Vero Beach is one of Pohrer’s favorite towns in all of Florida. “Due to the difficulty in getting there from an airport, it is less dense,” he explains. Its downtown area offers access to desirable stores, restaurants, hotels, and, importantly for summer, ice cream parlors. “It still has that small town feel and always will. ”The eastern half of West Palm Beach is a great alternative for those who are priced out of Palm Beach proper, Koch notes: “You have proximity to the island and many of the same conveniences.” Plus, some of the best restaurants in the entire area are in West Palm Beach, he says, and it’s home to the Norman Foster-designed Norton Museum along with the Kravis Center of Performing Arts.

In Miami, Coconut Grove is a “true gem,” says 1160 South Ocean Blvd, Manalapan, FL JUST SOLD Holly Meyer Lucas, Compass

agent Chris Dreyfuss with Brown Harris Stevens.

Perks include a sought-after school district and

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MARKETWATCH sailing clubs, plus condo developments like Park Grove and Grove at Grand Bay, and a burgeoning restaurant scene with names like PLANTA Queen and Bellini at Mr. C Miami.

The oft-overlooked Singer Island in Palm Beach County has plenty to offer prospective residents, too, adds Beth Butler, Director of New Development Southeast at Compass. While Jupiter Island has the more well-known name, Singer is coming into its own with luxury new developments, including Amrit Ocean Resort & Residences. “Singer Island is pedestrian friendly, offers scenic waterfront views, and is just a short drive away from the luxurious shops on Palm Beach’s iconic Worth Avenue,” Butler says.

Of course, there’s also Downtown Miami, experts say. New developments like One Thousand Museum

6 Via Los Incas, Palm Beach SOLD $35.430M Gary Pohrer, Douglas Elliman

are shaking up the skyline. Designed by the late renowned Zaha Hadid, it is South Florida’s most prestigious and coveted new residential tower and is redefining high design and luxury in Miami.

Rising 62 stories above downtown, the tower offers its residents a unique design, unprecedented level of service, unrivaled amenities, and breathtaking views of Biscayne Bay and the Atlantic Ocean.

With only four units remaining, it’s one of Miami’s most successful new developments.

So, what can buyers do when the busy season is fast approaching in an already tight market? Meyer Lucas recommends being open to fixer-uppers, which in South Florida are often “completely livable.” Though contractors in the area can have an ominous reputation, a local real estate agent who knows their stuff will be able to connect you with the right pros. “Lean on your representation and I promise you, the carpet in the bedrooms can be replaced right after closing,” she says.

“My advice for buyers is to ensure you have a longer runway time so you can comfortably browse and research properties without the added pressure of a tight timeline,” Butler says. “Due to the lack of inventory, there is not a lot of flexibility in pricing so it is best to come expecting to pay the most your budget can allow.”

One Thousand Museum Residences

by Zaha Hadid Architects in Downtown Miami

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153 Kings Road, Palm Beach Beautiful 5BR/6.3BA Traditional Colonial home located in Palm Beach’s acclaimed Estate Section. Designed by award winning Palm Beach architect, Tom Kirchhoff, this home features exceptional finishes and beautiful flooring throughout. Estate is perfect for entertaining with welcoming foyer, formal dining room, and spacious living room.

Additional highlights include gorgeous library with fireplace, full house generator, and 2-car garage.

Exclusive - $21,900,000 C 561.629.3015 T 561.659.6551 E cjangle@anglerealestate.com

www.AngleRealEstate.com

179 Bradley Place, Palm Beach, Florida 33480 Though information is assumed to be correct, offerings are subject to verification, errors, omissions, prior sale, and withdrawal without notice.

All material herein is intended for informational purposes only and has been compiled from sources deemed reliable. Equal Housing Opportunity.

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S P E C I A L P R O M O T I O N A L F E AT U R E

COVER PROPERTY

NEW OCEANFRONT ESTATE

A

lthough there is a lack of inventory currently in Palm Beach, luckily there are some beautiful new homes still being offered. A brand-new compound is currently being built in the coveted Estate Section of South Ocean Boulevard in Palm Beach. Destined to be a massive home with over 14,000 square feet of living space on a half-acre with views of the Atlantic Ocean and deeded beach rights.

This Palm Beach beauty will give you plenty of room for you and your guests. Featuring 8 bedrooms, 13 bathrooms, a gourmet kitchen, as well as a chef’s kitchen for entertaining. Amenities galore — starting with a private cabana (or guest house), a library room, media room, and heated Gunite pool and spa. The basement includes a wine cellar, game room, an advanced home gym, a theater room – and let’s not forget about the steam room!

The perfect home in the best Palm Beach location. If you are looking for a new construction home that has everything and then some – this is the one!

A QUICK LOOK: Price: $49,500,000 furnished Location: Palm Beach, Florida Address: 1030 South Ocean Boulevard Bedrooms: 8 Bathrooms: 13 Square Feet: 14,000 + Acreage: .58 Acres www.1030southocean.com

EXCLUSIVELY PRESENTED BY: Chris Deitz, Sales Associate William Raveis Real Estate – Palm Beach Office 561.373.4544 | chris.deitz@raveis.com

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H A M P T O N S R E A L E S TAT E S H O W C A S E . C O M

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7 Ocean Lane | Palm Beach, FL Presenting the only new construction oceanfront home available in the new billionaire's block of Palm Beach. With over 100 feet of direct ocean frontage, this 6 bedroom, 10 bath contemporary style home will be the talk of the town with its sleek design and finishes, overhang loggias, and the oceanfront firepit, summer kitchen, and infinity pool. This incredible oceanfront estate is perfectly positioned at the end of the cul-de-sac offering ideal privacy, all within minutes to the finest shopping and restaurants in Palm Beach. Construction starting Fall of 2021. Price available upon request.

1030 S. Ocean Boulevard | Palm Beach, FL Spectacular brand new compound located in the coveted “Estate Section” on South Ocean Boulevard. This 14,000+ SF, 8 bedroom, 13 bath home features a gourmet kitchen, library, media room, wine cellar, pool, and cabana room. Spanning views of the Atlantic Ocean and deeded beach access. Completion Fall 2021. $49,500,000 fully furnished. www.1030southocean.com

Chris Deitz

561-373-4544 CDeitz@Raveis.com

Jonathan Duerr

305-962-1876 JDuerr@Raveis.com

William Raveis South Florida | 125 Worth Avenue, Palm Beach, FL 33480 | 561-655-6570 | Raveis.com

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The Koch Team is to real estate what the Hamptons is to summer... incomparable.

Ranked by sales volume by

Real Trends The Thousand, as published in The Wall Street Journal

2 # 3 # 9 $ 450M+ $ 417M+ #

PA L M B E A C H

FLORIDA

#PALMBEACHPROVENLEADERS

N AT I O N W I D E

SOLD IN 2020

SOLD & PENDING IN 2021

Transform your vacation destination into your own slice of paradise. Owning a home in Palm Beach County has never been more valuable. Contact The Koch Team to navigate the market with the Island’s proven real estate leaders.

Nor th Lake Way Bermuda FEATURED LISTING (above): 4BR | 4.5BA | $9.995M | WEB# 13940

Paulette Koch Broker A ssociate m 561.34 6.8639 | paulet te.koch@corcoran.com #14 Nationwide by Wall Street Journal / RealTrends 2019

Dana Koch Sales A ssociate m 561.379.7718 | dana.koch@corcoran.com # 9 Nationwide by Wall Street Journal / RealTrends 2021 Equal Housing Opportunity. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice.

All dimensions provided are approximate. To obtain exact dimensions, Corcoran advises you to hire a qualified architect or engineer.

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on the ocean LIVE

FROM YOUR LEADING L O C A L C O A S TA L E X P E R T

Almost Complete!

1 SOLD - 1 REMAINS

PURE LIFE ON THE OCEAN 5 BR | 6.4 BA | 10,804 SF | $14.0M | Web# 13450 Oceanfront estate home offering an ultra-luxurious pure life with the utmost privacy. Sophisticated touches include private beach frontage, gracious pool, longevity room with gym, 5 car garage, elevator and a motorized privacy gate. Ideally located between Delray Beach & Boca Raton just 30-minutes from Palm Beach and FLL airports! September 2021 Completion.

5 Sold!

ONLY 1 LEFT PURA VIDA ON THE OCEAN 3 BR | 4.1 BA | 6,934 SF | $7.0M | Web# 13056 Experience the luxury of surf and sand at your doorstep and indulge in four stories of highly curated oceanfront living. This private oceanfront townhome boasts richly-appointed interiors, lush yard, plunge pool, 2 car garage, gated entry, elevator & rooftop entertainment deck. Ideally located between Delray Beach & Boca Raton just 30-minutes from Palm Beach and FLL Airports!

C A L L Y O U R PA L M B E A C H C O U N T Y L U X U RY E X P E RT

JENNIFER KILPATRICK

$100M+

JEN’S SALES IN 2021

+ Team

561.573.2573

jennifer.kilpatrick@corcoran.com Source: The Wall Street Journal, REAL Trends, June 2020 © Copyright 2020 Dow Jones & Company. Real estate agents affiliated with The Corcoran Group are independent contractors and are not employees of The Corcoran Group. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 400 Royal Palm Way, Ste 110, Palm Beach, FL 33480. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof.

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LUXE MIAMI PENTHOUSE LIVING 1425 Brickell Ave, Unit PH1 6 BD 6 BA $17,900,000

2 HB

8,805 SF

If you crave year-round sun and surf, a home designed to entertain and impress, or all the luxury of living in Miami, this is the place for you. This penthouse at the exclusive Four Seasons Residence in Miami boasts unobstructed 180-degree views of blue skies and crystal ocean, each room showcasing stunning visions of the city.

Its luxurious interior is clad in premium finishes and a “Sculptural” Glass Wine Cellar for close to 1,000 bottles.

Enjoy the exclusive amenities of an upscale residence. Relax under luxe cabanas by the heated pools or soak in a hot tub. Mingle with Miami’s most notable leaders in the owner’s lounge. Allow yourself to be swept away by the grandeur of this striking home and the luxury lifestyle of your dreams.

Luciana Barreto, Broker Associate Your Miami Real Estate Guide 305.322.6268 luciana.barreto@compass.com exclusivehomesmiami.com Not intended to solicit currently listed property. Real estate agents affiliated with Compass are independent contractor sales associates and are not employees of Compass. Equal Housing Opportunity. Compass is a licensed real estate broker located at 605 Lincoln Road, 7th Floor, Miami Beach FL 33139. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Compass makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice.

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CONDON YOUR PALM BEACH EXPERTS SINCE 1982

Where Will You Be This Winter...

East Inlet Direct Oceanfront P r i c e U p o n R e q u e s t | EastInletOceanfront.com

KEVIN CONDON Broker Associate kevin.condon@sothebyshomes.com 646.457.8919

CRISTINA CONDON Senior Global Real Estate Advisor cristina.condon@sothebyshomes.com 561.301.2211 | cristinacondon.com

PALM BEACH BROKERAGE | 340 ROYAL POINCIANA WAY, PALM BEACH, FL 33480 | 561.659.3555 | SOTHEBYSREALTY.COM © 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. All offerings are subject to errors, omissions, changes including price or withdrawal without notice.

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PRESENTED BY

Sonja Stevens

Beautifully Renovated Mediterranean Estate

Extensive renovations are now completed at this beautifully appointed Mediterranean Style Mansion. With nearly three-quarters of an acre, the entire main house was gutted to the studs, with new roof, windows, doors, new electric, AC, all new appliances and new full house generator. Brand new construction two-story guest house, with two car garage, gym, and ample staff accommodations. Exquisite finishes and detailed craftsmanship are evident throughout the residence. Private beach access for Clarendon residents. $ 3 5 , 0 0 0 , 0 0 0 | 110clarendon.com

SONJA STEVENS Senior Global Real Estate Advisor 561.573.9198 | sonja.stevens@sothebys.realty sonjastevens.com © 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. All offerings are subject to errors, omissions, changes including price or withdrawal without notice.

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NOTHING COMPARES

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PRESENTED BY

Todd and Frances Peter

Palm Beach Properties

Elegantly Renovated at The Villas $ 7 , 4 9 5 , 0 0 0 | 425worth2a.com

230 El Peublo Way

236 La Puerta Way

$45,000/Mo Annual | $80,000/Mo Seasonal

$40,000/Mo Annual | $75,000/Mo Seasonal

TODD AND FRANCES PETER Senior Global Real Estate Advisor 561.281.0031 | todd.peter@sothebys.realty francesandtodd.com P A L M B E A C H B R O K E R A G E | 3 4 0 R O Y A L P O I N C I A N A W A Y , P A L M B E A C H , F L 3 3 4 8 0 | 5 6 1 . 6 5 9 . 3 5 5 5 | SOTHEBYSREALTY.COM

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SHOPPING

FLORIDA LIVING MUST HAVES FEELING INSPIRED BY FLORIDA LIVING, THESE PRODUCTS MAKE THE DAYS WARMER AND SUNNIER. WE’RE LOOKING FORWARD TO DAYS DOWN SOUTH.

BY KATE C. PATCHETT

CARRY IT ALL Crafted with ocean-bound marine plastic, this spacious tote in deep teal, with subtle pops of neon coral, carries all your essentials from dawn to dusk. Available at Rothy’s. www.rothys.com LUXE INSPO In the Assouline “Palm Beach” Book, social fixture Aerin Lauder takes readers through her favorite restaurants, houses, elite shopping, and more, all the while relating to the histories, faces, and places that have become so identified with Palm Beach. www.toddsnyder.com

SUDS Feel Florida fresh with uplifting grapefruit and orange scent. Naples Soap Company’s gentle olive oil soap cleanses and hydrates the face and body. www.naplessoap.com

CHEERS A traditional symbol of generosity and friendship, this stunning copper drinking vessel looks as good on your bar or on your table, and with a handy hole for a straw it’s perfect to sip and savor cocktails. www.absolutelyxboutique.com

SUNNY SCENTS Homesick’s Miami candle is reminiscent of cold water with lemon sipped on a hot day.

Palm trees bend in the sea breeze. Notes of coconut and lavender paired with patchouli. www.homesick.com

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