Palm Beach Real Estate News & Events

Entity linked to Tisch family of Loews Corp. buys ‘the most important penthouse in Palm Beach.’

By Darrell Hofheinz/Daily News Real Estate Writer

Financier Lee Munder and his jewelry-designer wife, Laura, have sold their lakefront penthouse in Il Lugano privately for a recorded $17.45 million, setting a sales record for a Palm Beach condominium, according to property records.

The four-bedroom apartment — No. 6A at 300 Seminole Ave. — set the same record five years ago when the Munders bought it for about $12 million.

The buyer this time is a Delaware limited liability company with a New York City address identical to Tisch Family Management Group and a division of Loews Corp., the Tisch family’s financial holdings company, according to the deed recorded Wednesday by the Palm Beach County Clerk’s Office. The buyer is identified as Keegan and Kiel Partners LLC with an address listed in care of TFMG Associates.

2631 S. Flagler Drive, West Pam Beach. Listed & Sold by Steve Simpson of Fite Shavell & Associates.

The Munders extensively renovated the condominium, which occupies the top floor of the west building in the two-building development. With 5,870 square feet of living space, inside and out, the apartment offers wide views from its west, south and north windows as well as its five terraces.

The Munders have moved across the bridge, having paid $3.52 million in January for an Art Deco-style house built in 1937 at 2631 S. Flagler Drive, property records show. Agent Stephen R. Simpson of Fite Shavell & Associates handled that deal but said he was not involved in the Il Lugano sale.

The apartment was not listed for sale in the multiple listing services that serve the island.

Steve Simpson of Fite Shavell & Associates

The Munders bought the Il Lugano residence — one of 14 units in the development — in May 2008 from Miami Dolphins majority owner and real estate developer Stephen Ross. In that deal, agent Susan Polan of Illustrated Properties acted for the seller, with Corcoran Group agent Ryan Munder representing his father and stepmother, according to MLS records.

Ryan Munder last week declined to say whether he was involved in this month’s sale and would not comment further. Corcoran agent Jim McCann confirmed that he was involved in the sale but would say nothing more.

On Thursday, Polan called the apartment “the most important penthouse in Palm Beach. The price (it just fetched) does not surprise me at all. The views are spectacular. You can even see the ocean. It just speaks to the wonder of Palm Beach.”

Il Lugano, formerly a 66-unit rental complex named the Dorset House, was redeveloped in 2000 by Richard Schlesinger and his son, Adam.

The penthouse that just sold has its own pool cabana, three garage parking spaces and access to the building’s wine-storage area and dock, according to Polan, who declined to speculate as to the identity of anyone associated with the buyer.

But Loews Corp. principal Jonathan M. Tisch — one of three Tisch family members who serve as company president — has strong family ties to Palm Beach. He is married to the former Lizzie Stern Rudnick, the daughter and stepdaughter, respectively, of longtime residents Nancy Lane and Jeffrey Lane. Known for his philanthropy, Tisch also serves as chairman of the Loews Hotel subsidiary and is a co-owner of the New York Giants football team.

The Il Lugano apartment had a “total market value” of about $7 million in the 2012 tax rolls – ranking it as the town’s highest-valued condominium, a distinction it has held for several years at least, according to the Palm Beach County Property Appraiser’s office.

Lee Munder founded Lee Munder Capital Group, a Boston-based investment advisory firm. His wife owns Laura Munder Fine Jewelry, which sells her designs through Neiman Marcus and at company boutiques on Worth Avenue and in Nantucket, Mass.

A few months after buying the apartment, Lee and Laura Munder sold their renovated 16,000-square-foot oceanfront house at 1029 N. Ocean Blvd. Property records don’t list the full amount that changed hands, but at the time it was reported to be in the $30 million range. The couple had owned the house since 1995.

The Munders also own historic Thistlewood, an estate of nearly 13 acres of land outside Lenox, Mass., which they bought for $2.3 million in 2003, records show. They renovated the property, which has been on the market for about two years and is listed at $6.9 million through Stone House Properties of West Stockbridge, Mass., a company representative confirmed.

In March, the Munders sold a condominium on Wooster Street in New York City for $6.33 million and bought another one on Crosby Street for $6 million, property records show.

The couple also owns property in the Hamptons.

Lee and Laura Munder and Jonathan Tisch did not return phone messages last week.

View entire article on the Palm Beach Daily News website

By Heather Purucker Bretzlaff for Florida Weekly

The Northeast and South Florida could practically be called neighbors. As far apart as they are in miles, they are very close in the connection that keeps our real estate market healthy. Not only do I have several clients from the Northeast, but my sister Sharla lives in Upper Montclair, N.J. I have had several clients come to Florida from the surrounding Montclair area, but I have yet to sell to a client from Montclair itself.

A few days ago, I was talking to Sharla and she was telling me the story of how she just purchased a new home. They began looking for a home a few years ago, but with the market in a recession, they decided to stay in their current home.

Sharla and her husband didn’t feel they could get enough equity out of their home to move up to the home they were interested in. She told her real estate agent, Pam, that they were most likely going to stay where they were, but her realtor kept emailing her available homes that met their criteria.

Heather Purucker Bretzlaff of Fite Shavell & Associates

A year or so passed and then, in March, Sharla ran into Pam at the grocery store. Sharla reiterated that they were going to stay put in their current home, but that she appreciated the updated emails, like most potential buyers do. Pam was very polite, but ignored Sharla’s request and still forwarded homes that would come on the market. Pam also informed Sharla that thet market had taken a quick turn and it wasw a perfect time to sell her home.

Three weeks ago, without any intention t of received ee moving, Sharla another email from Pam. The house looked like exactly what she and her family had in mc mind for their next move and Sharla called Pam. It was a Friday and they went to view the home on Saturday.

When they arrived at the home, the listing agent informed Pam that they were supposed to have an offer coming in that afternoon. Feeling a little pressure, but knowing the location and size of home were perfect for their family, Sharla and her husband Bob made an offer. But by the time 5 p.m. on Saturday came, there were two other offers. The homeowner said they were going to take the weekend and think about which offer to accept.

Not knowing where they stood with their offer at the time, Sharla hand wrote a letter to the owner telling them their family background, their plans for the home and their desire to keep the positive attributes of the home just as they were. Much to her surprise, the owners accepted her offer. It was not the highest offer, but was very close and was the most sincere.

Now the rush was on to get her own home listed in time to sell before the end of August when the new home would be ready. Within a week, she listed her own home with Pam and Pam advertised the home in the local newspaper and via email that there would be an open house over the next weekend.

The open house was beyond a success. There were 120 people who came to view the home — the most Pam had ever seen at an open house in her more than 30 years in the real estate business. By the end of the day, Sharla, too, had multiple offers!

This is a true success story and also an indication to our Northeastern friends that their real estate market has turned as well. Good news for the Palm Beaches because all the buyers that were waiting for their home to sell up North, now actually have a great opportunity.

The connection doesn’t stop here, however. A week after Sharla’s home went under contract she met the buyer of her home. The buyer wanted to show the home to her designer. Sharla and the new buyer got to talking. Oddly enough, the buyer‘s main residence will be in New Jersey but they are also looking for a second home in Jupiter or Palm Beach Gardens. They have contacted me to search for a home for them in the area and I am looking forward to them not only being Sharla’s neighbor, but my neighbor as well!

— Heather Purucker Bretzlaff is a broker and Realtor Associate at Fite Shavell & Associates. She can be reached at 722- 6136, or at hbretzlaff@fiteshavell.com.

View entire article on the Florida Weekly website

SPECIAL TO FLORIDA WEEKLY

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View entire article on the Florida Weekly website

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View entire Palm Beach Best of 2013 on the Florida Weekly website

By Darrell Hofheinz/Daily News Real Estate Writer

200 Bradley Place #103, Palm Beach. Listed by Connie Stein & Sandy Hutzler of Fite Shavell & Associates.

It was a case of being in exactly the right place at exactly the right time for Mai V. Harrison and her real estate agent, Betsey Hall of Hall Real Estate.

Harrison recently was apartment hunting, having sold her lakefront house at 760 S. County Road in December. That $8.5 million deal saw Hall opposite broker Lawrence A. Moens representing the buyer, a limited liability company. Harrison had shared the Estate Section house with her late husband, Ridgely Harrison, who had owned and was CEO of Minwax.

Although the buyer allowed Harrison to remain in the house for a period, Harrison was earnestly house-hunting but without any luck. And that brought her to L’Ermitage at 200 Bradley Place, a prime lakefront building just north of the Palm Beach Biltmore. There are about 25 condominiums in the entire building, and they rarely enter the market. So Harrison had little hope of snagging an apartment there after the one she and Hall toured turned out to be too small.

Connie Stein of Fite Shavell & Associates

Then fate showed up, in the form of Fite Shavell & Associates agent Connie Stein, who encountered them in the hallway. It turned out Stein and partner Sandy Hutzler had just acquired a listing for No. 103, an apartment on the first floor — and by “just,” Stein meant within the past two hours. It wasn’t even formally listed yet.

Stein escorted Hall and Harrison into the apartment of Oscar and Betty Davis of New York City. Tastefully decorated, the unit immediately captivated Harrison, who said she’d take it and its cabana. Harrison bought the properties through a trust for a recorded $4.5 million. The sale was recorded May 2 for the apartment, which has a total of 3,152 square feet.

Sandy Hutzler of Fite Shavell & Associates

“I think it sold so quickly because it ‘showed’ so beautifully,” says Stein, explaining that she had acted on behalf of the Davises when they bought the unit in 2010 when it was listed with Linda A. Gary Real Estate. The Davises paid $4 million for it, property records show.

A noted car collector, Oscar Davis is the controlling shareholder of Elizabeth, N.J.-based Hayward Industries, which bills itself as the world’s largest manufacturer of residential swimming-pool equipment.

Harrison says she will miss her “divine” single-family house but is looking forward to being in her new home.

“I looked and looked and looked and was lucky to have found this apartment,” says Harrison. “It’s like my house, with all the windows facing the water. So I had to snap it up. And the building is wonderful.”

View entire article on the Palm Beach Daily News website

By Heather Purucker Bretzlaff for Florida Weekly

A beautiful day with blue skies is perfect to show property in Florida. After all, this is why most buyers come to Florida in the first place. There is nothing like walking into a home with a potential buyer and the sun is shining through the windows, the landscape looks lush and colorful and the home is light and bright. It always makes an amazing first impression.

On the flip side, it can be a realtor’s nightmare to show property in the pouring rain. You are in and out of the car, trying to stay dry, walking through a home after walking through puddles and dirt. Beyond this, the homes are generally darker and less appealing. This, however, is all perception. The reality most of the time is actually much different. Showing property in the rain can turn into several positive outcomes. First, if a client is serious about purchasing a home, they will take the time to look regardless of the weather. If they like any of the homes they see, then you know they are even closer to making a decision. Should they choose to go back a second time, they will more than likely fall in love with the home if it is a bright sunny day after seeing the home in the rainy, dreary weather.

Just this week I had clients I showed property to for three days. Two of the three days were torrential downpours, but that did not stop them from looking. We had a full schedule both days and looked at approximately 15 homes. This is a lot of homes to look at in the rainy unpredictable weather, but for three of the 15 homes they wanted to schedule a second showing.

Heather Purucker Bretzlaff of Fite Shavell & Associates

I scheduled the second showings for the following day and we went back to the three homes on their list. The first home was on the water with an eastern exposure in the rear and large picture windows in the main living area directly overlooking the water. As we walked in they couldn’t believe the difference in the home that day. It was 9:30 and the water was glistening from the sun shining down. The light coming into the home was perfect. Not overwhelming through the large windows, but at a perfect angle streaming through the home. Their eyes lit up when they toured the home. As we left, they mentioned this was actually their third choice the first time we looked. Now they had moved it to the top position. They realized how much time they spend in the morning outdoors reading the newspaper and drinking their morning coffee. They have always loved to wake up to the morning sun. This never came up during the first showing because they were more focused on space and design.

The second home we went back to was also on the water and they liked it the most during the rainy day showings. It was a larger, newer home that was Mediterranean in style and lended itself to a darker décor. This day it was still somewhat dark inside and although they loved the floorplan they felt that the design was just too much to change. It was a southern exposure, which meant sun on the pool and rear yard all day but the inside was still too dark. The windows were stained with a dark stain and the marbles/tiles used throughout the home were also a darker tone than the last house. They decided to rule it out based on the changes they would have to make, even though it was beautiful in its authenticity.

Last we arrived at a home which was not on the water but overlooked a double fairway of a golf course with very expansive lake and golf views. Again, the weather made a big difference. On the rainy day, the view from the home was calming and serene. During the second showing, there were several golfers passing by in the distance. This didn’t bother them so much, but they did like a lot of privacy and felt like this would somewhat take away from that privacy. They loved the home though. The floorplan and size of the home felt just right for what they needed, and the outdoor area had a very large covered lanai with phantom screens and a beautiful fireplace. They could envision themselves here day and night reading, enjoying time with one another and entertaining others. There was just one glitch — the home had a western exposure, which would create more sunlight in the afternoon and lots of shade in the morning.

What they realized after viewing the three homes again was that they needed to make their decision based on their lifestyle and how they envisioned themselves living no matter what the weather was like. In the end they chose the waterfront property with the eastern exposure because they wanted a light, bright airy feel to the home no matter what the weather may be on any particular day. They also loved the sunlight coming onto the porch and into the home first thing in the morning.

They still felt each property showed much better in the sun then the rain from an overall perspective, but the experience with different weather patterns helped them to narrow their decision to purchase.

— Heather Purucker Bretzlaff is a broker and Realtor Associate at Fite Shavell & Associates. She can be reached at 722- 6136, or at hbretzlaff@fiteshavell.com.

View entire article on Florida Weekly website

By Darrell Hofheinz/Daily News Real Estate Writer

So what lessons can home buyers and sellers draw from the busy season that has just ended? Here are a few takeaways, based on conversations with island brokers and agents.

Trust the axiom of “last in, first out.” Across the country, higher-end real estate markets — including Palm Beach’s — were the last to feel the effects of recession and the first to recover. Although experts generally agree that the U.S. housing market peaked in 2006, the effects of the country’s housing bubble weren’t noticeable in Palm Beach until the first quarter of 2009, when just six houses changed hands. And by the middle of 2011, analysts generally agree, property prices bottomed on the island and have steadily risen since.

Never underestimate the power of pent-up buyer demand to jump-start a housing market. Would-be buyers not only held off on purchases during the recession but also were stymied, more recently, by uncertainty over the outcome of November’s presidential elections. Once Election Day passed, many buyers who had been waiting on the sidelines were ready to commit.

Among those were residents of high-tax states such as California, New York and Massachusetts who benefited from establishing residency in tax-friendly Florida. Citing the island’s tax advantages, a March report in Barron’s Penta magazine named Palm Beach the second-best spot in the country to buy a second home, just behind Jackson Hole, Wyo. Palm Beach, said the article, “is slowly becoming America’s stylish tax haven for the very rich.”

Tax incentives can motivate some homeowners to sell, but not all. A jump in December closings likely reflected the eagerness of some Palm Beachers to sell by start of the 2013 tax year. They were motivated by fears of skyrocketing federal estate taxes — as yet unrealized — and by the hike in this year’s capital-gains tax, which has risen to nearly 25 percent for some taxpayers.

But others, secure in their financial positions and buoyed by the recent gains of a bullish stock market, have felt little pressure to sell their homes. Instead, they are comfortable to remain in place, waiting for prices to rise further before they sell. And that means better-quality properties have become rare indeed.

Those who hesitate often miss out. Better-quality houses and condos — on the water, say, or recently renovated — have been selling quickly, often within weeks and sometimes days of entering the market. A key reason is that the price gap between buyers and sellers has narrowed, thanks largely to increased sales that have given agents more data to price them in line with market realities. Multiple bids on better properties were common this season, while some homes that had been on the market for more than three years finally made their exit.

Newer houses remain rare. The recession effectively stopped the development of new homes for sale, and that has left a gaping hole in the market. As a result, many buyers, especially on the North End, are only now making plans to replace outdated houses with new custom homes. The rub? Some seem in no real rush to rebuild, especially younger families who are flocking to the area and often choosing to renovate rather than replace.

In any case, it will likely be several years before such buyers are ready to sell their new or updated homes. Many developers, meanwhile, are still regrouping. Is it any wonder one real estate agent this season trumpeted a North End house built in 2004 as “newer construction?”

Private deals can deliver big results. A homeowner who hasn’t entered the market can still be enticed by the right offer. None of the properties in Moens’ Blossom Way deal, for instance, were listed in the Palm Beach Board of Realtors Multiple Listing Service when they sold. Likewise, another off-the-market sale this season came close to setting a Palm Beach condo record, when agent Susan Polan of Illustrated Properties closed a $9.5 million sale of Unit E 3B in the oceanfront Leverett House at 100 Sunset Ave.

The condo market is still finding its feet. Records in the Palm Beach Board of Realtors Multiple Listing Service show that in Midtown, selling prices have been on the rise. But units in densely packed Condominium Row south of Sloan’s Curve continue to play catch-up in terms of numbers sold and the amount of cash changing hands.

Palm Beach rentals are hot — and so are the prices they fetch. Brokers are reporting that the market for rentals is the liveliest in several years, with agents recommending that potential renters book early for next season. Likewise, owners of houses and condos who aren’t using their Palm Beach homes as much — but aren’t yet ready to sell — are finding that leasing out their properties makes financial sense, even if they’ve never considered it before.

And here’s the final takeaway, looking ahead to the fall: Real estate agents have long known that seasonal tenants who find Palm Beach to their liking often become homebuyers during the next season.

Interactive Map of Palm Beach Home Sales

View entire article on the Palm Beach Daily News website

By Darrell Hofheinz/Daily News Real Estate Writer

Although Palm Beach real estate sales slowed to a trickle during the first years of the recession that began in late 2008, take note: The floodgates appear to have opened, judging by the number of contracts inked this season for single-family homes.

To be sure, most of the houses, vacant lots and condominiums sold at prices nowhere near the island’s historic highs of 2008. But the sheer number of transactions — and especially the return of more high-dollar sales, including a record-setting four-property deal in December that hit the stratosphere at nearly $130 million — have many local real estate professionals heaving sighs of relief, a contrast to last season.

“Last year, we were looking at much of the lower-priced things selling. This year, it has been much more across the board,” says Ava Van de Water, president of the Palm Beach Board of Realtors and head of Brown Harris Stevens’ island offices. “We’ve been writing contracts like crazy. It’s been a very strong season.”

102 Banyan Road, Palm Beach. Listed and Sold in March, 2013 by Paula Wittmann of FIte Shavell & Associates for $20.23 million.

The numbers in the mid- and upper-price brackets, however, are particularly telling. In 2011-12, for instance, just 10 transactions closed at $6 million or more between the start of September and May Day; that number jumped to 34 in 2012-13, according to the prices recorded with the deeds by the Palm Beach County Clerk’s office, the source of all the figures presented here.

Of the 2011-12 season’s sales, the two largest recorded at $13.5 million and $15.75 million. This season, 10 sales topped $13.5 million during the same period.

They included that multi-property stunner totaling nearly $130 million at the tail end of last year, when broker Lawrence Moens of Lawrence A. Moens Associates orchestrated the off-the-market sales of three side-by-side oceanfront properties and an adjacent house on the South End at Nos. 20, 30, 40 and 50 Blossom Way. The entities that bought the properties are all linked to Chicago hedge-fund manager Kenneth Griffin of Citadel Investments Group.

Two other 2012-13 deals hovered at just above $20 million, while four were recorded at between $14 million and $17.5 million.

View entire article on the Palm Beach Daily News website

December was a particularly heady month for Palm Beach sales.

By Darrell Hofheinz/Daily News Real Estate Writer

A trust paid $20.23 million for this never-lived-in oceanfront house completed in 2010 at 102 Banyan Road in Palm Beach, according to the deed recorded in March. The Oceanfront Estate was Listed and Sold by Paula Wittmann of Fite Shavell & Associates.

Seven single-family home deals fetched $14 million or more this season, as recorded by the Palm Beach County Clerk’s office.

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$129.6 million — 20, 30, 40, 50 Blossom Way

In December, two limited liability companies linked to Kenneth Griffin bought four adjacent South End properties on Blossom Way. Black Calabash Family Holdings LLC bought 20 Blossom Way for $14.3 million and No. 30 for $35.7 million from two entities associated with Mary P. Bolton. Meanwhile, PBH LLC bought 40 Blossom Way for $41.65 million from a trust and acquired No. 50 $37.95 million from Walter and Mary Anne McPhail. Moens orchestrated all of the private sales, for which all the deeds were dated or recorded on Dec. 27 or Dec. 28 — setting a Palm Beach County residential record for a simultaneous purchase of multiple adjacent properties by a single buyer.

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$21.12 million — 324 Plantation Road

In October, the private sale of 324 Plantation Road, the home of golfer Raymond Floyd marked the most expensive lakefront sale on the North End in nearly seven years. Broker Lawrence A. Moens of Lawrence A. Moens Associates acted for the trusts that sold the house, and broker Christian Angle of Christian Angle Real Estate represented the buyer, a trust affiliated with Michelle and Joseph M. Jacobs. The deal included a separate single-family guesthouse at 304 Plantation Road.

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Paula Wittmann of Fite Shavell & Associates

$20.23 million — 102 Banyan Road

In March, the Banyan Road Trust bought a never-before-lived-in house at 102 Banyan Road from investor Peter J. Callahan, who had developed it on “spec” with Wittmann Building Corp. Agent Paula Wittmann of Fite Shavell & Associates handled both sides of the sale.

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$18 million — 1520 S. Ocean Blvd.

In December, Fred and Catherine Adler sold their historic ocean-to-lake estate at 1520 S. Ocean Blvd. to a Delaware-based limited liability company named Il Sogno PB LLC. Agent Jim McCann of the Corcoran Group, who had recently taken the property off the market, handled both sides of the deal.

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 $17.5 million — 757 Island Drive

In April, three entities controlled by Fred Latsko sold 757 Island Drive to a trust linked to Thomas A. and Eugenia “Jeannie” Tisbo. Linda A. Gary Real Estate handled both sides of the deal, with Linda Gary acting for the seller and agent Susan Furman on the buyers’ side.

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$15 million — 260 Via Bellaria

In April, a limited liability company associated with Linda and Steve Horn sold lankmarked 260 Via Bellaria to Martin T. and Toni Sosnoff in a private deal handled without real estate agents.

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$14 million — 261 El Bravo Way

In December, Alan H. and Harriet L. Miller, represented by Angle, sold their custom home at 261 El Bravo Way for $14 million to Dale J. and Marzia A. Precoda, represented by agent Rosalind Clarke of the Corcoran Group.

View entire article on the Palm Beach Daily News website