Palm Beach Sea-to-Lake Lot Price Soars to $200 Million: A Major Real Estate Shift
A coveted sea-to-lake property in Palm Beach, located on the prestigious Sloan’s Curve, has seen its asking price surge from $150 million to a staggering $200 million. This price increase comes with exciting details for prospective buyers, including "concept" drawings for an Italian-style mansion meticulously designed for the 1980 S. Ocean Blvd. site.
Expanding Horizons in Luxury Real Estate
Real estate agent Shelly Newman, representing Corcoran Group, remarked on the price hike, stating:
"I think the market has caught up to the (new) price."
Originally listed in March 2022, the property has garnered attention due to its premium features, making it a unique offering in a competitive market.
Key Property Features:
- Size: Approximately two acres, composed of two separate parcels.
- Location: Borders South Ocean Boulevard, adjacent to casino and resort mogul Steve Wynn’s estate.
- Frontage:
- 155 feet of beachfront on the eastern parcel.
- 400 feet of waterfront on the Intracoastal Waterway (270 feet above water) on the western parcel.
Both lots, owned by attorney and real estate investor Nathan Royce Silverstein, have remained untouched for over 50 years. The property is framed by lush greenery, offering privacy while being situated in a prime location.
Record-Setting Potential
Palm Beach has yet to witness a property sale at the $200 million mark. However, experts suggest this could soon change, given the surge in real estate activity since the 2016 presidential election. For instance, billionaire William P. Lauder’s recent listings hinted at a potential for sales exceeding $200 million as well.
Recent Market Trends:
- No recorded sales in Palm Beach have reached $200 million, but the market dynamics are shifting rapidly.
- In April 2024, Palm Beach saw its priciest vacant land transaction at $85 million.
The Appeal of Unique Listings
The rarity of this ocean-to-lake estate plays a crucial role in its allure. Listed as the only property of its kind available in Palm Beach, its Billionaire’s Row address and elevated position offer exceptional ocean views, further enhancing its marketability.
"We believe someone would put something important on it," Newman emphasized regarding the property’s potential.
Architectural Vision
The property is not just about land; it also comes with captivating concept drawings for an Italian-style mansion developed by architect Richard Sammons. The proposed design incorporates classical Palladian elements and includes:
- Living Space: Approximately 20,000 square feet.
- House Features:
- An oceanfront main house with seven bedrooms.
- A lakeside family wing with various amenities.
- Space for three staff bedrooms and a separate two-bedroom guesthouse.
Navigating Future Developments
Though the concept plans have not yet been presented to the architectural board for approval, potential buyers can envision a luxurious residence that aligns with the area’s elite architectural standards. The property also allows for the possibility of constructing two homes, catering to families seeking a shared living space.
Conclusion
As prices for coastal properties continue to rise in Palm Beach, the 1980 S. Ocean Blvd. listing represents a landmark investment opportunity. Featuring unparalleled views, prime location, and captivating designs, this property is destined to attract significant attention in the realm of luxury real estate.
For those interested in exploring Palm Beach’s exclusive real estate offerings, the future looks bright for both buyers and sellers alike.
For additional resources and insights on the luxury real estate market, consider visiting Zillow for property listings, or Realtor.com for real estate news and trends.