Prices so far range from about $5 million to $7.5 million.
By Darrell Hofheinz/Daily News Staff Writer Homes for Sale in Palm Beach
235 Eden Road, Palm Beach. To be Listed by Paula Wittmann of Fite Shavell & Associates for $7.495M.
If you want a quick snapshot of how prices for mid-priced houses built on speculation have evolved in Palm Beach over the past couple of years, consider two homes built by Robmar Realty. The company was founded by Palm Beacher Mark Goldman and son Robert Goldman of New York City.
In April 2012, Robmar sold its first luxury spec house, a two-story, 5,876-square-foot home that changed hands for a recorded $3.77 million at 212 Nightingale Trail. It was one of the only homes of its type built during the recession years.
This month, agent Hazel Rubin of Fite Shavell & Associates expects to list Robmar’s latest project, a four-bedroom, 5,302-square-foot spec home nearing completion at 225 West Indies Drive. On a larger lot than the Nightingale Trail house, the price of the one-story, Bermuda-style house built by Wittmann Building Corp. is $6.25 million.
225 West Indies Road, Palm Beach. Listed by Hazel Rubin of Fite Shavell & Associates for $6.25M.
“At the end of the day, you have to look at your costs and what the home is worth,” said Mark Goldman.
Here are some other North End spec houses that will be available this season or shortly after:
* Agent Paula Wittmann of Fite Shavell has set a price of $7.495 million for a Bermuda-style spec house in the final construction stages at 235 Eden Road by Wittmann Building Corp. Scheduled to enter the local multiple listing service by the end of the month, the four-bedroom house has 6,221 square feet, inside and out.
* Agent Judge Moss of Sotheby’s International Realty has listed an in-the-works Malasky Homes project at a pre-construction price of $4.95 million — a four-bedroom, 4,900-square-foot spec house at 264 Country Club Road. The West Indies-style house should be finished sometime this spring, Moss said.
212 Nightingale Trail, Palm Beach. Sold by Hazel Rubin of Fite Shavell & Associates for $3.77M.
* Broker Christian Angle of Christian Angle Real Estate has set a pre-construction price of $5.88 million for a five-bedroom, 4,941-square-foot house underway at 240 Angler Ave. With a completion date set for February, the West Indies-style home is being built by island-based Sicame Homes and developed by its parent company, Sciame Development of New York City.
* The Sciame companies also are hoping to break ground within the next two weeks on a spec house at 225 Plantation Road of similar style and size to the one on Angler Avenue. It should be completed by early next summer, and no price has yet been set, Angle said.
* Corcoran Group real estate agent and developer Richard True has completed a new spec house on the northern tip of the island at 119 E. Inlet Drive, listed for sale at $5.495 million. The British West Indies-style house has four bedrooms and 4,800 total square feet of living space, inside and out. The house marks True’s return to the island’s development scene after taking a hiatus during the recession.
* The Corcoran Group also will be marketing two new spec houses that should be finished this winter — a five-bedroom house with 6,182 total square feet at 256 Palmo Way and a slightly smaller four-bedroom home at 1269 N. Lake Way. Developed by E. Llwyd Ecclestone III, both houses will feature architecture described in town records as “classical tropical.” Prices will be set when the houses are nearer completion, said Bill Yahn of the Corcoran Group.
Palazzo Villas, 215 Brazilian Avenue, Palm Beach. Listed by Chris Deitz of Fite Shavell & Associates for $6.25M-$6.75M.
“Given the low inventory and high demand, we anticipate they will sell when we put them on the market, but we are purposely not marketing them now,” Yahn said, “as we’ve found buyers don’t really appreciate them until they are nearing completion.”
Meanwhile, in Midtown, ground broke last week on a luxury townhouse project named Palazzo Villas at 215 Brazilian Ave., just west of South County Road. The project is a joint partnership that includes Brian J. Mylett’s Capital Development Group International Inc.; Josh McAlees is the builder.
The units, with about 6,100 total square feet each, have been listed for sale by agent Chris Deitz of Fite Shavell — two at $6.25 million and two at $6.75 million. The project could be completed within 14 months, Deitz said.
HIGHER END SPEC HOUSES LAG BEHIND MARKET
Most-expensive new estates won’t be finished until next season, if then.
A number of builders and developers are working on larger Palm Beach houses — developed on speculation — in the upper price ranges. They’ll boast the sort of features upper-end buyers expect, from generously sized rooms and closets the size of bedrooms, to lavish views, fine interior finishes and lavishly appointed outdoor entertaining areas.
But don’t expect to see much except construction work during the coming season.
Boca Raton-based builder Mark Pulte of Mark Timothy Inc. is finishing up a house at 390 N. Lake Way that may be marketed this season as a spec project, said agent Jim McCann of the Corcoran Group. If so, it would be a rare lakefront property in that category.
Cambridge House & Windsor House townhomes, 176 Sunset Road, Palm Beach. Listed by Toni Hollis & Gloria More of Fite Shavell & Associates. Each townhome is priced at $6M.
The two-story, five-bedroom house — with about 13,000 square feet — features architecture in a modified Georgian-style and occupies a lot measuring about two-thirds of an acre with 130 feet of frontage on Lake Worth. A price hasn’t been set for the house, which is on track to be completed early next year and likely would be sold furnished, said McCann. He declined to identify the project’s financial backer, and Pulte couldn’t reached for comment.
In addition, Mark Timothy Inc. is building two other Palm Beach homes said to be spec projects, but neither is ready to be listed for sale. One is a beachfront estate at 6 N. Ocean Lane on the North End. The other is a newer lakefront project on land in the 1300 block of South Ocean Boulevard, formerly part of Dwight and Martha Schar’s historic Casa Apava estate.
Back on the near North End, Angle is marketing spec home under construction by Malasky Homes at 301 Maddock Way near the lakefront. It should be finished by the end of next summer or early next fall, according to builder and developer Donald Malasky. At the corner of North Lake Way, the British Colonial-style house has six bedrooms and 11,464 square feet. It’s in the local multiple listing service with an in-construction price of $12.5 million.
Farther north, a West Indies-style house is under way at 225 Indian Road at the northern tip of the island. The 12,564-square-foot, nine-bedroom house faces 217 feet of inlet frontage, and is being built and developed by the Frisbie family, which last season sold a lakefront spec house on Antiqua Lane in Midtown for nearly $29 million. The Indian Road house should be finished next season, and no price has yet been set, said Corcoran Group agent Suzanne Frisbie, who hasn’t yet listed it for sale.
There also are several major oceanfront spec estates going up on the North End and points south. But by and large, the developers who fund them — whose identities are often cloaked by limited liability companies — have been largely keeping mum about the projects, and none of the properties is listed in MLS. On the beachfront, major spec estates are under way at 101 Indian Road — involving an investment group linked to developer Robert Fessler — as well as next door at 1695 N. Ocean Way, which is owned by a limited liability company named after the property’s address.
And one not-yet-built spec mansion on the South End’s beachfront is no longer in MLS, having been listed last season at $65 million. Sotheby’s International Realty agent Jay Dewing said last week he did not have information about whether the proposed 20,000-square-foot British Colonial-style house at 1900 S. Ocean Blvd. would be relisted. The property is owned by a trust in the name of Keith Frankel.
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