During the summer, interest in the Town of Palm Beach luxury real estate market has continued to rise. With a tight housing supply, increasing numbers of interested buyers are considering speculation or “spec” properties. These once-rare opportunities are becoming increasingly common in the area. Here are some recent spec mansion sales in the Town of Palm Beach:
Spec Mansion Sales in the Town of Palm Beach
Spec mansions, or mansions built without a buyer waiting, used to be a rarity in the Town of Palm Beach. According to reports, it used to be that when a property like this went on the market, it would be purchased quickly and for top dollar. However, since last year, the Palm Beach luxury market has seen unprecedented activity and interest. With reduced supply, developers are finding vacant lots and older properties to renovate or demolish and are constructing new spec mansions to meet demand.
Recently, developer Louis Capano sold a six-bedroom spec home located at 256 Fairview Road in Palm Beach for $6.4 million. The 5,072 square foot home stands on a quarter-acre lot. This was the second spec home developed by Capano. The other property, located at 216 Sandpiper Drive, sold for $6.2 million in May 2018.
In early June, three spec houses went under contract. All three homes were reportedly sold to buyers from the northeastern United States.
- Gulfstream Road
- A 9,034 square-foot, five-bedroom estate at 101 Gulfstream Road sold for $13.5 million. The developer acquired the lot and multiple properties and razed the existing structures before building the luxury home on part of the acreage.
- Dunbar Road
- An 8,550 square-foot five-bedroom spec mansion at 251 Dunbar Road sold for $12.365 million. The newly-constructed home replaced another that was at the location. The developers of 251 Dunbar Road have another spec mansion just down the road at 201 Dunbar Road that reportedly just changed hands and is now listed for $12.45 million.
- Atlantic Avenue
- At 111 Atlantic Ave, the second of two side-by-side spec mansions developed by Todd Michael Glaser and a group of investors sold for $10.665 million. The estate sits just down the street from a home that was built for Jon Bon Jovi. The smaller of the two spec properties at 113 Atlantic Ave., sold for $9.41 million in February.
Another Atlantic Avenue spec home at 154 Atlantic Ave sold in July for $6.56 million. The house was completed approximately four-months before the sale and has 4,683 square feet of living space. This spec mansion sits across the street from the spec home at 111 Atlantic Avenue.
The much-anticipated Bon Jovi residence at 230 N. Ocean Blvd. inspired multiple spec mansion projects on Palm Beach’s north end. However, the home built initially for Bon Jovi and his family went on the market recently and is now under contract with another buyer for $22.9 million.
Contact a Florida Board-Certified Real Estate Attorney
At Rabideau Klein, David E. Klein, Esq. and Guy Rabideau, Esq. are dedicated, Palm Beach County Florida Bar Board-Certified Real Estate Attorneys with extensive experience assisting clients with multi-million-dollar property transactions. We have the expertise and knowledge you need to ensure that your property interests are protected. Contact Rabideau Klein today to discuss your real estate legal needs.