Real Estate Entrepreneur Michael DeAscentis II Acquires $13.25 Million Home in Palm Beach

In an intriguing shift in the Palm Beach real estate market, Michael DeAscentis II, a notable entrepreneur, has recently purchased a lavish property located at 156 Seagate Road for $13.25 million. This transaction marks a rare decrease in property value as it had previously sold just months earlier for $15.25 million.

Key Details of the Sale

• Property Address: 156 Seagate Road, Palm Beach, FL
• Purchase Price: $13.25 million
• Previous Sale Price: $15.25 million (late 2023)
• MLS Reported Price: Estimated at $14 million
• Date of Sale Recording: April 9, 2024
• Square Footage: 4,450 sq. ft.
• Bedrooms: 4
• Architectural Style: Island Colonial, influenced by Dutch architecture

The house, built in 2017, sits on a quarter-acre lot and is located close to the prestigious Sailfish Club of Florida.

Market Trends and Pricing Fluctuations

This sale reflects an unusual downward trend in the Palm Beach market, particularly notable in a community accustomed to appreciating home values. Since its initial listing at approximately $16.79 million about a year ago, the property underwent three reductions in price, ultimately settling at an asking price of $14.95 million.

Price Reduction Timeline:

• Initial Listing: $16.79 million
• First Reduction: $15.79 million
• Final Asking Price: $14.95 million

The final sale price stands out among the typically booming market conditions since the pandemic-induced real estate boom which uplifted values across the region.

Property Features

The residence boasts several luxurious features aimed at modern living:

• Open Floor Plan: Includes a living room with vaulted ceilings and a striking brick fireplace.
• Gourmet Kitchen: A work island equipped with seating offers convenience and style.
• Primary Suite: Complete with an office and direct access to the outdoor area featuring a pool.
• Outdoor Amenities: A built-in grill, whirlpool spa, and a 40-foot pool.
• Loggia: Open-air area with motorized screens for comfort.

Additional Highlights:

• Two-Car Garage: Includes a mudroom with built-in cabinetry.
• Turnkey Condition: The property was described as “completely turnkey and move-in ready,” although it is unfurnished.

The Buyer and Seller

Michael DeAscentis II is the CEO and founder of Lifestyle Communities, a multifaceted development firm headquartered in Columbus, Ohio. Despite this significant purchase, he does not currently own other properties in Palm Beach County.

The seller, noted as Seagate Retreat LLC, is a limited liability company managed by real estate attorney Alison R. Percy of the Peneiro Boyrd law firm in Jupiter.

Neighborhood and Community Amenities

The property is located on the south side of Seagate Road, affording easy access to the North Shore Beach Club which provides residents with exclusive amenities such as:

• A beach cabana for dining
• Waterfront patio with relaxing spaces

Closing Thoughts

The recent acquisition by Michael DeAscentis II symbolizes shifts in the Palm Beach real estate landscape, where luxury homes are grappling with fluctuating prices despite a historically strong market. For ongoing insights into the ever-changing real estate trends in Palm Beach and beyond, stay connected.

For further details about the Palm Beach real estate market and other luxurious properties, you can explore resources available through the Palm Beach Board of Realtors.

This article is designed to be informative and engaging, underlining significant events in the real estate market while offering valuable insights into property trends.