Bloomberg Businessweek - USA (2020-01-27)

1090 South

OceanBlvd.

Price:$6.95million

Squarefeet:About1,300

Bedrooms: 4

Baths: 2

Acres:About0.4

ListingagentBobJacksonsays

thishouseis a teardown.“It

wouldberidiculoustothinkyou’d

havea 1940s-era,1,500-square-

foothousethatyou’dspend

$6millionor$7milliontobuy,”

hesays.Instead,thelotis a

primeexampleofaninvestment

property.“Ifthislotsellsfor

$6millionto$6.5millionand

someonespends$3million

to$5milliontobuildtheir

dreamhouse,they’llhave

beautifuloceanviewsfrom

thesecondfloors,”hesays.“If

theirinvestmentis between

$10millionand$11million,two

yearsfromnowit hastobeworth

$16millionto$20millionwhen

it’sfinished.”Thelothas

lingeredonthemarket,

Jacksonsays,because

initiallyit waspricedtoo

high.Atthecurrentprice,

“we’reina muchbetterposition,”

hesays.Andtheinitiationfeeto

Mar-a-Lagois waivedforevery

homebuyeronthatblock.

M

137

Woodbridge

Road

Price: $10.38 million

Square feet: 9,220

Bedrooms: 6

Baths: 7 full, 1 half

Acres: 0.47

Built in 2002, the house has

been significantly upgraded

by its present owner with a

brick driveway and three-car

garage, “which is unusual for this

neighborhood,” says agent Alison

Newton of Douglas Elliman.

There’s also a lot of outdoor

space: “It isn’t one of these

houses that encompasses every

portion of the land.”

0.4 M

1,000 STEPS

0.3MILES

(^750) STEPS
140 Kings
Road
Price:$9.915million
Squarefeet:6,785
Bedrooms: 5
Bathrooms:6 full,2 half
Acres:0.33
“Themarketis drivenrightnow
bya lotofbuyerslookingfor
somethingrenovatedornew
construction,”saysHeather
Bretzlaff,anagentwithDouglas
Ellimanwhosefamilyjustbuilt
thishouseonspec.“Peoplelike
theimmediategratificationof
movingintoPalmBeachand
enjoyingallitsamenities.”The
house,shesays,is a “classic,
elegantdesignwithtraditional
decor.It’sstately.”
1230 South
Ocean Blvd.
Price:$12.995million
Squarefeet:10,383
Bedrooms: 7
0.2
MILES
500
STEPS
0.5 MILES
1,250 STEPS
COURTESY KORMAN REALTY (250 ALGOMA ROAD). COURTESY DOUGLAS ELLIMAN (137 WOODBRIDGE ROAD)
Bathrooms: 8 full, 3 half
Acres: 0.96
This massive, Regency-style
home is only three houses
from the beach and sits on
an unusually large parcel for
the area. Prospective buyers
would need to complete
construction on the building.
The current owner “started
renovating it and halted
construction,” says listing
agent Dana Koch of Corcoran.
“Buyers can come in and finish
it themselves, or they can tear
it down. The price is based on
the land value.” The house is
configured with a first-floor
master bedroom suite and
already has new marble
floors and impact doors
and windows.