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One of America’s Most Expensive Listings Hits the Florida Luxury Real Estate Market at $159 Million

One of America’s Most Expensive Listings Hits the Florida Luxury Real Estate Market at $159 Million

November 27, 2015

According to a Wall Street Journal posting on November 11, 2015, Le Palais Royal located in Hillsboro Beach, Florida is returning to the luxury real estate market with a price tag of $159M making it one of the most expensive MLS listed properties in America.

Modeled after the Palace of Versailles in France, Le Palais Royal was initially listed for $139M in September 2014 and was removed from the MLS system a year later according to listing agent Mayi de la Vega of One Sotheby’s International Realty. The newly listed property will now offer more land, two guest houses and a subterranean entertainment complex for an additional $20M above the initial asking price.

According to Joseph Leone, the project manager who has overseen the construction, the owner decided to take the house off the market until it was closer to completion. He has also included an adjacent 1.5 acre lot in order to provide more land and entertaining spaces. The waterfront estate now offers approximately 4.5 acres between the Atlantic Ocean and the Intracoastal Waterway.

The palatial estate boasts 60,500 square feet and will feature 11 bedrooms including a master suite with a heated plunge pool on the balcony, an 18-seat IMAX home theater, a 30-car subterranean garage, a 3,000 bottle wine cellar and a 1,300-gallon built-in aquarium. The residence boasts over $3 million worth of gold leaf, a $2 million marble staircase, and six waterfalls. Exterior features include a 4,500 square foot infinity pool with swim-up bar and water slide, a glass-bottomed hot tub suspended above the pool, a putting green, an outdoor kitchen with a pizza oven and two boat docks on the Intracoastal. Read More

If you would like more information about this opulent waterfront estate or any other luxury real estate opportunites, please contact Randy Ely and Nicholas Malinosky.

Just Listed for Sale in East Delray Beach New Construction Intracoastal Estate with Dock

Just Listed for Sale in East Delray Beach New Construction Intracoastal Estate with Dock

November 21, 2015

A new direct Intracoastal listing just hit the South Florida luxury real estate market. The newly constructed beach area estate located at 1002 Seasage Drive, Delray Beach, Florida was listed in the Multiple Listing Service on November 19, 2015 for $6.975M. The brand new two story residence is also featured on Corcoran.com, Zillow, Trulia and Realtor.com.

Built by Seaside Builders, this newly constructed direct Intracoastal estate is located in the Seagate Estate Section of East Delray Beach in a no-wake zone. The beach area estate is minutes from the Atlantic Ocean and Atlantic Avenue. The property features incredible direct Intracoastal views throughout; expansive and open living and dining room which opens to the outdoor loggia overlooking the pool and water; large gourmet kitchen, butler’s pantry and family room which open to the spacious loggia; first floor club room with oversized windows for optimal water views; and first floor guest suite. The second floor features a spacious master suite with sitting room overlooking the water with balcony, his and her closets, and beautiful master bath; two additional guest suites with en suite bathrooms and separate balconies; and a loft. Enjoy the pool and spa complete with outdoor terrace, covered loggias and concrete dock for the boating enthusiast. Other amenities include elevator, spectacular millwork and custom finishes throughout, gorgeous gas fireplace, four car garage, and fantastic large lot. Extremely rare opportunity in East Delray Beach in a no wake zone with unobstructed direct Intracoastal views.

This amazing waterfront estate is exclusively listed by Randy Ely and Nick Malinosky of the Douglas Elliman Real Estate. Property Details

REAL Trends/Wall Street Journal, The Thousand recently ranked Randy and Nick as #1 in Florida and #9 in the nation for Top Team Average Sales Price of $8.17M. Their current luxury listing inventory includes not only 1002 Seasage Drive, but also a beach area estate in Gulf Stream (330 Banyan Rd), one in Highland Beach (4325 Tranquility Dr) and another in Delray Beach (1202 Vista del Mar Dr N). Randy and Nick closed 916 Bermuda Gardens Rd on September 4, 2015.

If you would like to discuss the current the Luxury Real Estate Market, please contact Randy Ely and Nicholas Malinosky, the #1 Luxury Team in the Beach Area.

The Corcoran Report Third Quarter 2015 Palm Beach County

The Corcoran Report Third Quarter 2015 Palm Beach County

November 20, 2015

The Douglas Elliman Real Estate just released their Third Quarter 2015 report for Palm Beach County and here is the summary: Sales Were Strong!

Median price climbed 11% and average price and average price per square foot each rose 5%. Other good news was reflected by the decline of the average days on market which was down 14% to 73 days. The strength of the market was seen across the board including single-family homes, condos/co-ops, and townhomes/villas.

The Corcoran Report gives a location overview of each city and/or town. Read More

If you would like to discuss the current the Luxury Real Estate Market, please contact Randy Ely and Nicholas Malinosky, the #1 Luxury Team in the Beach Area.

Palm Beach’s Highest Taxed Estates

Palm Beach’s Highest Taxed Estates

November 11, 2015

The Palm Beach Daily News The Shiny Sheet posted a list of Palm Beach’s highest taxed estates. The list which contains 58 properties was compiled by the Palm Beach Daily News based on information from the Palm Beach County Tax Collector and Property Appraiser’s websites and other sources.

The list is arranged in descending order and includes notations about multiple properties, homestead and/or historic exemptions, ownership name, and if the owner has petitioned the local state-authorized Value Adjustment Board for a review of the assigned value. All of the properties are located in the town of Palm Beach.

The highest taxed property is comprised of five parcels on Blossom Way with a total tax of $2.23M. There are six total properties with a tax bill of over $1M with the remaining 52 properties ranging from $978,640 to $408,663. Read More

For more information about the South Florida Luxury Real Estate Market, please contact Randy Ely and Nicholas Malinosky, the #1 Luxury Team in the Beach Area.

Manalapan Tops Palm Beach for 2015 Third Quarter Average Sales Price

Manalapan Tops Palm Beach for 2015 Third Quarter Average Sales Price

November 6, 2015

According to a posting on The Real Deal South Florida Real Estate News, Manalapan had an average sales price of $9,918,500 during the 2015 third quarter coming in higher than Palm Beach’s average of $5,562,815. Amazingly, Manalapan’s sales were comprised of just 8 transactions compared to 27 for Palm Beach. The $33M sale of 860 S Ocean Blvd in Manalapan helped boost the average sales price. Palm Beach typically has a higher price point and sales average than the neighboring coastal communities.

Manalapan has been noticed by purchasers who are seeking a quieter location. It is a private town of only 429 residents and provides a solitude that is not always available in Palm Beach. Lois Pope, widow of National Enquirer founder Generoso Pope, motivational speaker Tony Robbins and musician Billy Joel all have homes in Manalapan.

Manalapan also offers large ocean-to-Intracoastal parcels which are not readily available in Palm Beach. Residents can enjoy direct oceanfront views as well as dockage on the Intracoastal. With a close proximity to the Boynton Beach inlet, boaters can access the ocean in minutes.

Supply and demand are playing a role in the Manalapan luxury real estate market. There are currently 20 properties for sale in the town and seven of them are listed for more than $5M. Almost all are more than 6,500 square feet and some are up to 10,000 square feet.

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Randy Ely and Nicholas Malinosky sold the ocean-to-Intracoastal estate located at 860 South Ocean Boulevard in Manalapan in September 2015. The gated compound was listed for $16.495M. Please contact Randy and Nick if you are interested in selling or buying in the beach area.

For more information about the South Florida Luxury Real Estate Market, please contact Randy Ely and Nicholas Malinosky, the #1 Luxury Team in the Beach Area.

Just Listed Direct Oceanfront Estate in Gulf Stream, Florida

Just Listed Direct Oceanfront Estate in Gulf Stream, Florida

November 3, 2015

A direct oceanfront listing just hit the South Florida luxury real estate market. The oceanfront estate located at 1255 North Ocean Boulevard in Gulf Stream, Florida was listed in the Multiple Listing Service on November 3, 2015 for $17.995M. The oceanfront residence is also featured on Corcoran.com, Zillow, Trulia and Realtor.com.

This Oceanfront Estate is situated on South Florida’s pristine shoreline in the exclusive Town of Gulf Stream. Ideally located one mile from Delray Beach’s famed Atlantic Avenue, the gated Bermuda style residence is nestled off A1A with easy access to Gulf Stream School and a scenic drive to Palm Beach and Boca Raton for fine dining and shopping.

Newly completed in 2012, this residence was created to showcase the spectacular ocean vistas while offering an inviting elegance. Located on over an acre, the compound is accessed through a gated entry and private drive through a pergola that leads to the palm-lined motor court and courtyard. The two story entrance hall unveils the impressive staircase, coffered ceilings, and oak floors leading to the stunning ocean views. First floor interior features include formal living room with gas fireplace, formal dining room and connecting butler’s pantry, family room with media center, numerous French doors leading to the oceanside verandah, and two guest bedrooms with en suite baths. The gourmet kitchen with custom cabinetry, marble counters and walnut-topped island, is complete with state-of-the-art appliances including Wolf 48-inch dual-fuel range, triple ovens and microwave; two Miele dishwashers; and Sub-Zero refrigerator/freezer and wine cooler.

The second floor can be accessed via stairway or elevator and features two additional guest rooms with en suite baths, oceanfront balcony, and den. The luxurious and spacious master suite has a double door entry and is further enhanced by a private foyer, cathedral ceiling, morning bar, library, oceanfront balcony, double wardrobe room, and marble master bath overlooking the ocean.

The lower level houses the air conditioned six-bay finished garage, 1,500 bottle custom wine cellar, storage space, a powder room and a lounge area perfect for a private retreat. With abundant green spaces and manicured lawns, the grounds are perfectly landscaped and offer a serene setting to enjoy this impressive estate. The oceanside resort-style pool is complete with a waterfall spa, LED night lighting, terrace and cabana bath. Seaside entertaining options are limitless thanks to the outdoor living room and dining area complete with wood-burning fireplace and cooking area with gas grill hook-up. The guest cottage is expertly placed on the grounds for privacy and convenience and includes a wet bar and full bath. Additional amenities include three-stop elevator, full house generator, Mellon security system, two laundry rooms, Smart-House systems and outstanding craftsmanship.

This Gulf Stream oceanfront masterpiece offers the very best in luxury living. Seaside elegance matched with top-of-the-line finishes and amenities create the perfect paradise to call home.

This amazing oceanfront estate is exclusively listed by Randy Ely and Nick Malinosky of the Douglas Elliman Real Estate. REAL Trends/Wall Street Journal, The Thousand recently ranked Randy and Nick as #1 in Florida and #9 in the nation for Top Team Average Sales Price of $8.17M. Their current luxury listing inventory includes not only 1255 North Ocean Boulevard, but also a direct ocean estate in Delray Beach (1171 S Ocean Blvd) and another in Ocean Ridge (6125 N Ocean Blvd). Randy and Nick closed 860 S Ocean Blvd, Manalapan on September 4, 2015.

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List of 400 Wealthiest Americans Includes 35 Floridians

List of 400 Wealthiest Americans Includes 35 Floridians

October 29, 2015

Forbes magazine’s new annual list of 400 wealthiest Americans includes 35 Floridians with 27 of them residing in Palm Beach, Broward and Miami-Dade counties.

Palm Beach County is home to 17 of the wealthiest Floridians who reside in such cities as Boca Raton, Delray Beach, Manalapan, North Palm Beach and the town of Palm Beach. Miami-Dade County is home to five of the wealthiest Floridians, Broward County is home to two, and one resides in Monroe County.

The town of Palm Beach is home to 10 of the 35 wealthiest Floridians. The Sunshine State’s wealthiest residents also reside in Naples (3), Tampa (2), Bonita Springs (1) and Hobe Sound (1).

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For more information about the South Florida Luxury Real Estate Market, please contact Randy Ely and Nicholas Malinosky, the #1 Luxury Team in the Beach Area.

South Florida Real Estate Market Led the Nation in Cash Sales

South Florida Real Estate Market Led the Nation in Cash Sales

October 28, 2015

Real estate cash sales in July may have been down nationwide, but South Florida cities did not notice the drop.

Of America’s 100 biggest metro areas, Florida is home to all five markets with the greatest percentage of July cash sales:
West Palm Beach – Boca RatonDelray Beach area at 53.2%
Miami-Miami Beach-Kendall at 52.5%
North Port-Sarasota-Bradenton at 50.1%
Fort Lauderdale-Pompano Beach-Deerfield Beach at 48.4%
Cape Coral-Fort Myers at 47.9%.

According to an email link generated by FloridaRealtors.org, cash sales made up 30.8% of all home sales nationwide in July, down from 34.2% the same month a year ago. This is the 31st year-over-year monthly drop in a row.

REO properties accounted for 56% of all cash home purchases. Resales and short sales made up about 30.2% and 28%. All-cash sales of new homes made up 15.6% of the total sales volume.

For more information about the South Florida Luxury Real Estate Market, please contact Randy Ely and Nicholas Malinosky, the #1 Luxury Team in the Beach Area.

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Highland Beach Direct Ocean Real Estate Market Update; What’s For Sale?

Highland Beach Direct Ocean Real Estate Market Update: What’s For Sale?

October 26, 2015

There are currently nine single-family direct oceanfront homes for sale in Highland Beach, Palm Beach County, Florida according to Beaches Multiple Listing Service (MLS). All of the luxury oceanfront listings are located on the east side of A1A. Six of the homes are not governed by a Homeowner’s Association (HOA) and three have mandatory HOA fees.

2455 South Ocean Boulevard is located in the Estate Section of Byrd Beach and offers 151 feet of direct ocean frontage with 542 feet of depth. This brand new estate built by Mark Timothy, Inc. has 8 bedrooms, 10.3 baths, 17,502 square feet under air and 23,625 total square feet. Designed by Madey Architects New York and professionally decorated by Mark Michaels Interiors, features include three total stories, a two-story foyer and living room, formal dining room, gourmet kitchen with butler’s pantry and wine room, billiard room, master suite, stone fireplace, library, gym and home theater. The gated compound is professionally landscaped and includes pool with spa and cabana, outdoor loggias and patios, decorative driveway and motor court. Additional features include elevator, whole-house generator, impact windows and doors, Smart house electronics, six car garage plus covered parking and caretaker’s cottage. The oceanfront estate is offered furnished and is currently listed for $31.9M.

3901 South Ocean Boulevard offers 100 feet of direct ocean frontage and 100 feet of frontage on the Intracoastal Waterway (parcel across street included). Built in 2010, the residence has 8 bedrooms, 11.6 baths, 15,141 square feet under air and 19,416 total square feet with a guest house that was built in 2008. Features include two stories, marble and hardwood floors, fireplaces, open living areas, gourmet kitchen and family room, office, master suite, home theater, gym, elevator, multiple balconies, 9 garage spaces, and a roof-top deck with loggia with summer kitchen and spa. Located on 2.4 acres, the grounds include lush tropical landscape, pool and patio, and a private wooded mangrove preserve and dock on the west side of A1A. The oceanfront estate is currently listed for $19.5M.

2435 South Ocean Boulevard is located in the Estate Section of Byrd Beach and offers 125 feet of direct ocean frontage with 537 feet of depth. Built in 1994, the residence has 7 bedrooms, 11.2 baths, 12,874 square feet under air and 19,806 total square feet. Features include two stories, grand foyer gallery, formal living and dining rooms, gourmet kitchen, family room, full entertainment bar and casual media den, master suite, billiard room and bar, office, full gym, sauna, batting cage, bonus room, mechanical room and generator, separate guest house, and 8 car garage. The gated grounds are complete with manicured lawns, courtyards, koi ponds, pool with spa, open terraces and decorative driveway with motor court. The oceanfront estate is currently listed for $15M.

9 Ocean Place is located in the gated Highland Beach oceanfront community of Ocean Place Estates and offers 64 feet of direct ocean frontage. Built in 2001, the residence has 5 bedrooms, 8.1 baths, 8,249 square feet under air and 13,291 total square feet. Features include four stories, marble and hardwood floors, gourmet kitchen, library, master suite, home theater, game room with full bar, and 6 car garage. The manicured yard is complete with a private pool and stairway to the beach. Ocean Place Estates has a mandatory HOA which is currently $1,916.67 per month (as per MLS). The oceanfront estate is currently listed for $9.5M.

11 Ocean Place is located in the gated Highland Beach oceanfront community of Ocean Place Estates and offers 100 feet of direct ocean frontage. Built in 1993 and renovated/remodeled in 2014, the residence has 5 bedrooms, 6.1 baths, 8,364 square feet under air and 10,391 total square feet. Features include three stories, marble and hardwood floors, grand foyer with split stairway, volume ceilings, den with full wet bar, eat-in kitchen, family room, master bedroom, elevator, fireplace, decorative driveway, 3 car garage and several balconies. The gated yard features a private pool with open terrace and stairway to the beach. Ocean Place Estates has a mandatory HOA which is currently $2,589 per month (as per MLS). The oceanfront estate is currently listed for $8.999M.

2475 South Ocean Boulevard is located in the Estate Section of Byrd Beach and offers 100 feet of direct ocean frontage with 413 feet of depth. Built in 1957, the one story residence has 5 bedrooms, 5.1 baths, 3,076 square feet under air and 4,206 total square feet. This property is being sold for land value/As Is. Existing home with newer roof, pool and cabana can be renovated or torn down. The oceanfront estate is currently listed for $8.95M.

4111 South Ocean Boulevard offers 100 feet of direct ocean frontage. Built in 1992, the residence has 5 bedrooms, 5.1 baths, 5,457 square feet under air and 7,137 total square feet. Features include two stories, marble floors, volume ceiling, formal living room with stone fireplace, gourmet kitchen with Miele appliances, family room, master suite with private loggia, den with full bar and fireplace, and en suite guest rooms. Other features include pool with spa and open patio, new impact doors and windows, full circular drive and 4 car garage. The oceanfront estate is currently listed for $8.9M.

7 Ocean Place is located in the gated Highland Beach oceanfront community of Ocean Place Estates and offers 75 feet of direct ocean frontage with 178 feet of depth. Built in 1995 and completely remodeled/decorated by Marc Michaels Interiors, the residence has 4 bedrooms, 5.2 baths, 6,264 square feet under air and 8,939 total square feet. Features include four stories, marble floors, volume ceilings, spiral staircases, contemporary kitchen open to family room, library, master suite, theater, elevator, fireplace, decorative driveway, 3 car garage and several balconies. The yard features a private pool with spa, decorative terrace and covered outdoor living room. Ocean Place Estates has a mandatory HOA which is currently $2,500 per month (as per MLS). The oceanfront estate is currently listed for $6.995M.

4005 South Ocean Boulevard offers 100 feet of direct ocean frontage with 250 feet of depth. Built in 1966, the original ranch-style residence has 5 bedrooms, 3 baths, 3,032 square feet under air and 3,584 total square feet. Features include split-level entry, tile floors, updated kitchen, circular drive, 2 car garage and back yard. The oceanfront estate is currently listed for $4,999,999.

There are currently three single-family direct oceanfront homes that are under contract according to Beaches Multiple Listing Service (MLS).

3621 South Ocean Boulevard is currently listed as ‘œBackup’ in MLS and is listed for $11.5M

4011 South Ocean Boulevard is currently listed as ‘œContingent’ in MLS and is listed for $9.995M (furnished).

3567 South Ocean Boulevard is currently listed as ‘œPending’ in MLS and is listed for $5.395M (furnished).

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If you are interested in these Highland Beach direct oceanfront homes or any other luxury beach area real estate opportunities in South Florida, please contact Randy Ely and Nick Malinosky; The #1 Luxury Team in the Beach Area.

Palm Beach Real Estate Market Talking Points

Palm Beach Real Estate Market Talking Points

October 23, 2015

The Palm Beach Daily News provided a few talking points regarding the Palm Beach real estate market in its October 18, 2015 edition of The Shiny Sheet.

Palm Beach’s real estate issues parallel not only the Hamptons and other parts of New York, but also Telluride, CO; Jackson Hole, WY; Greenwich, CT; and Beverly Hills, CA. These markets rely on the same customer base, lately led by hedge funders and billionaire financiers. While luxury housing markets across the country are experiencing rising prices and limited inventory, Palm Beach has the advantage of Florida’s favorable tax picture and homestead laws that can help to keep property taxes manageable for those who establish primary residency. Tax incentives are attracting more buyers who see Palm Beach as a primary tax shelter instead of just a warm-weather retreat.

Palm Beach Brokers and agents know that limited inventory is not a challenge when everything is said to be for sale, depending on the right offer. Off-market deals are not uncommon to Palm Beach where luxury real estate agents know how to get the job done.

There are currently 17 MLS-listed properties in Palm Beach priced at $24 million or more. That number is up from only 9 listings two years ago at this time. The current highest priced listing is an $84.5 million dollar new construction mansion at 1071 North County Road.

The rising price of buildable lots/tear downs is hitting developers’ profit margin. It is currently impossible to buy an outdated North End house in Palm Beach on a buildable lot for less than $2 million.

New development in Palm Beach is not only providing a psychological boost to buyers and sellers alike, it is also replacing the aging housing stock with brand new state-of-the-art homes. Higher elevations and strict building codes also result in a more hurricane-resistant home.

Palm Beach is not immune to global headaches. Wall Street, Mideast worries, and troubled economies across the world can have an impact. Although Palm Beach’s real estate market is tied to the world economy, one longtime local real estate broker thinks Palm Beach is getting closer to a healthier, more reasonable market for both buyers and sellers.

If you are interested in the Palm Beach luxury real estate market, please contact Randy Ely and Nicholas Malinosky; the #1 Luxury Team in the Beach Area.
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