Palm Beach Real Estate is Positively Sizzling
New York and the Hamptons had a good year, but real estate is positively sizzling in Palm Beach. Median prices for single-family homes are up 13.4 percent, from $2.975 million to $3.375 million, and condos 23.1 percent, from $540,000 to $665,000, during the second quarters of 2014 and 2015, according to the Evans Report, a market-analysis quarterly. By August of this year, the median number of days a listing spent on the market clocked in at a mere 36, suggesting dwindling inventory and a perfect environment for a burgeoning seller’s market. “There’s strong demand and tight supply,” says Matt Halperin, president of the Realtors® Association of the Palm Beaches. “It’s very hot here.”
The biggest recorded 2015 sale thus far is hedge funder Paul Tudor Jones’s $71.2 million purchase of historic Casa Apava on Billionaire’s Row. But it’s peanuts compared to the coin required for the Ziff family’s recently listed $195 million Gemini compound in neighboring Manalapan. The latter’s 16-acre property boasts a 62,200-square-foot mansion, botanical garden, miniature golf course, pool, pier, dock, 1,200 feet of Atlantic Ocean frontage, and a tunnel that runs under the Intracoastal Waterway. Other big Palm Beach gets: the still-under-construction $84.5 million house at 1071 North Ocean Boulevard, which is being built by Vahan and Danielle Gureghian, and the $67.5 million, 2.3-acre Villa Venezia at 1485 South Ocean Boulevard, previously the home of former Lazard Frères vice chairman Damon Mezzacappa, who died in April. Both properties are listed with Christian Angle of Christian Angle Real Estate.
Notable newcomers include Dr. Mehmet Oz and his wife, Lisa, who paid $18 million for a 13,500-square-foot historic oceanfront estate on North County Road in early October, and pro golfer Dustin Johnson, who got a really big hole in one in September with a $4.95 million steal in Palm Beach Gardens, which includes an 8,200-square-foot home and almost two acres on the Intracoastal, complete with its own private island and dock, rock-fall waterslide, and tiki hut.
A version of this article appeared in the Holiday 2015 issue of New York Cottages & Gardens with the headline: Palm Beach.