$100,000 PER FOOT!
June 13, 2017 | Richard Sites
Location, Location, Location
We have all heard the saying about real estate, “Location, location, location”. This is certainly true when it comes to getting a good price. It’s just that some locations are just incredible.
On the island of Palm Beach, the highest prices are commanded by those homes directly on the ocean along Ocean Boulevard.
This is where Rush Limbaugh lives along with Howard Stern and of course, Mar-A-Lago. John Lennon also owned one directly on the ocean. And Tony Robbins, Billy Joel and Kevin James all have massive compounds just south of Mar-A-Lago.
But on the western side of the island, properties can also command fantastic prices. Not as huge as the oceanfront homes but the going rate is about $100,000 per waterfront foot.
On Palm Beach, the western side of the island faces the Intracoastal Waterway and West Palm Beach. Bradley Place turns into N. Lake Way and this is where the prices really start to go up.
Bernie Madoff had a home along this stretch of the island.
Several weeks ago, I previewed a home here listed at $20 milllion. It sold for $14 million.
This past week I previewed another home with a little over 100 feet of water frontage and it was priced at near $12 million. So if it sells for $10-$11 million that works out to near $100,000 foot. This rate was confirmed later by an experienced Palm Beach agent I know.
Between N. Lake Way and Ocean Blvd. houses typically run from $1.5 to around $6 million.
Unfortunately, the home I saw this week has a date with the wrecking ball. Although filled with love (and a private herb garden off the kitchen) it is not up to today’s expectations.
I always hate to see these beautiful older homes get demolished. Sadly, Florida has little history in it’s architecture. Most of the older buildings get demolished.
The site of the Fountainbleau on Miami Beach was once the location of the Harvey Firestone mansion. It had an incredible 1600 feet on the ocean.
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