No Sleepy Summer in Palm Beach
“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.
The tony and tiny town of Palm Beach, famous for its lavish and plentiful wintertime soirees, is also known for being a ghost town in the dog days of summer. With so few residents to serve, many area businesses run on shortened hours or close their doors altogether this time of year. But with a flurry of big-ticket deals in recent weeks (involving some internationally known names), the Palm Beach real estate market is as hot as the average daily temperatures. With a limited number of properties available and a continuing surge in demand, prices are expected to remain at record high levels for the foreseeable future. Let’s check out the action in this month’s edition of “South Florida by the numbers.”
$170 million
Price paid in April for the 1.6 acre property at 589 North County Road, setting Palm Beach’s sales record for a single-family home on the island. (The sellers paid “just” $25 million for the property in 2014.) The 20,195-square-foot mansion was built in 2006 and has 10 bedrooms, 11 full bathrooms and seven half-bathrooms, as well as a pool and summer kitchen. [TheReal Deal]
5
Number of months clothing designer Tommy Hilfiger owned a Palm Beach house (purchased in January for $36.9 million) before flipping it for $41.4 million this month, for a profit of $4.5 million. While famous for his eponymous brand, Hilfiger is also a prolific real estate investor, having sold local homes to Fox News host Bret Baier and noted investor Grant Cardone in recent years. [TheRealDeal]
$2.8 billion
Price cosmetics giant Estée Lauder paid American designer Tom Ford for his company last year. Like his colleague in the fashion industry, Ford has been very active in the Palm Beach residential market, having purchased one home in December 2022 for $51 million (setting a record price for non-waterfront homes on the island), and then trading houses with a local businessman in a deal that is expected to set a new non-waterfront record. [TheRealDeal]
18
Number of New York and New Jersey auto dealerships owned by Rodman Ryan, who recently purchased the house at 135 Gulfstream Road for $28.7 million. The sellers are the co-founders of the Carriage House (the newest private dining club on the island), who purchased the home for $6.4 million in 2015. [TheRealDeal]
7,000
Square footage of the former Ta-boo restaurant (a legendary Palm Beach eatery on swanky Worth Avenue), which will be the future site of a Chef Thomas Keller restaurant. The 67-year-old Keller is known for his French cuisine, with restaurants in California, Nevada, New York and South Florida. [TheRealDeal]
This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.
