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A sizzling housing market in 2021 sent median single-family home prices in Palm Beach County to nearly half a million dollars — and the median price to nearly seven figures — amid bidding wars that rivaled the heady boom days of the early 2000s.
The 22% increase in average price over the past year to $475,000 over 2020 was revealed in a recently released annual report from brokerage group Broward, Palm Beaches and St. Lucie.
It came as no surprise to agents navigating the market hype. Here we’ve collected some of the Palm Beach Post’s best stories about the hot real estate market in Palm Beach County.
How, in 1909, it won a high-profile tender for 314 clematis areas in the city center
In the world of downtown development, money and network connections usually win.
But in the bidding process for a vacant building in West Palm Beach, a group promising to build a small business incubator won the right to buy 314 Clematis, capping a high-stakes battle that has attracted widespread interest in a still before feverish real estate market had awakened .
How did a group calling themselves simply 1909 do it? “Small business owners are the lifeblood of our city,” said a city commissioner who voted in favor of the 1909 bid.
FOR SUBSCRIBERS ONLY:‘I’m shocked but so happy’: How a group of small incubators won the right to purchase the coveted Clematis building
Home sales in Palm Beach County are averaging nearly $500,000 in the red hot year of 2021
The Boca Raton research park, which is affiliated with FAU, gets a new owner
It’s not just homes and office buildings that are compelling investors to grab these sizzling properties. The businesses at Florida Atlantic University’s research park now have a new landlord.
PEBB Enterprises and joint venture partner Banyan Development, both of Boca Raton, recently paid $37.5 million to an international sovereign wealth fund, Boca R&D Finance, for a long-term leasehold interest that will include the purchase of seven multi-tenant buildings in the Research area includes park. The buildings, totaling 308,305 square feet, are 65 percent occupied.
Read the full story:The FAU research park has a new landlord after a purchase of 37.5 million dollars
The legendary hotel in this city could – finally – be renovated
The long wait for the reopening of Lake Worth Beach’s historic Gulfstream Hotel, which has been closed since 2005, may finally be near the finish line.
Work on a renovation and construction project is expected to begin later this year — including restoration of the original hotel building and a new 165,000-square-foot annex that will house hotel rooms and luxury accommodations.
The city’s Historic Resources Preservation Board and now proceeds to the city commission for two readings.
FOR SUBSCRIBERS ONLY:After 17 years, the renovation of the historic Gulfstream Hotel in Lake Worth Beach is expected to begin this year
Longing for nature this summer? New retailer ready to outfit you
National chain REI has opened its second store in Palm Beach County, this one in Palm Beach Gardens.
Based near Seattle, REI is known for its upscale, all-encompassing approach to embracing nature. The Palm Beach Gardens store, like its Boca Raton counterpart, caters to South Florida-style recreation, specifically paddling and biking.
This summer you don’t need to head west for an outdoor experience.
Continue reading:REI opens a second store in Palm Beach County, this one in Palm Beach Gardens
Fashion designer Maier is selling a renovated home that once belonged to Ivana Trump in Palm Beach for $73 million
Fashion designer Tomas Maier has sold the landmark oceanfront home at 102 Jungle Road that he bought in 2014 from Ivana Trump, ex-wife of former President Donald Trump, in Palm Beach for $72.85 million.
Maier sold the six-bedroom home, which he and his husband and business partner Andrew Preston had extensively renovated and restored, to a Delaware-based limited company called Baloobeach LLC.
For subscribers:Fashion designer Maier is selling a renovated home that once belonged to Ivana Trump for $73 million
Could longtime Palm Beach owners have predicted these prices?
There’s been a lot of talk in the Palm Beach real estate industry lately about the remarkable short-term returns some sellers have been making on properties they’ve owned for 18 months or less.
With real estate prices soaring—no one seems to be using the term “inflation” to describe it these days—many buyers who bought properties in late 2020 or last year have recently sold them for far more than they paid for. It wasn’t uncommon to see returns of 30 percent and sometimes far more.
Notable short-term returns:Could longtime owners of Palm Beach real estate have predicted these prices?
Former Neiman Marcus building in Palm Beach sold for $78 million
The former Neiman Marcus Building at 151 Worth Ave. in Palm Beach sold for $78 million.
The buyer was 151 Worth LLC, a Delaware limited liability company with a mailing address at a PO Box in Palm Beach, according to the recently filed deed. As part of the sale, a vacant lot behind the building changed hands.
The three-story building with underground parking has an area of 48,578 square meters. It occupies an area of about an acre in the avenue’s ocean block.
For subscribers:Former Neiman Marcus building in Palm Beach sold for $78 million
Five things you should know about The Chesterfield, the historic Palm Beach hotel that just sold for $42 million
One of Palm Beach’s historic boutique hotels, The Chesterfield was recently sold for $42 million to Reuben Brothers, a British private equity and real estate firm run by billionaire brothers David and Simon Reuben.
With 42 rooms and 11 suites, the hotel has been working as usual since the sale at the end of April.
Here are five things to know about the 363 Cocoanut Row hotel, which was designated a City Landmark in 1991 and is listed on the National Register of Historic Places.
Five things you should know:The Chesterfield, the historic boutique hotel in Palm Beach
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