Luxury Real Estate News: Oceanview Penthouse 5 Fetches $9.87 Million in Palm Beach
Overview of the Sale
Oceanview Penthouse 5 has officially changed hands for $9.87 million after a listing price of $11.5 million earlier this year. This stunning penthouse is situated at 100 Sunrise Ave in the upscale Sun and Surf condominium development near The Breakers resort in Palm Beach.
- Sale Price: $9.87 million
- Original Listing Price: $11.5 million
- Location: 100 Sunrise Ave, Palm Beach
- Listing Date: January 22
- Closing Date: March 12
Key Features of Penthouse 5
This expansive three-bedroom condo boasts 4,658 square feet of beautifully designed living space, inclusive of a spacious wraparound terrace.
Highlights:
- Interior Living Space: 2,991 square feet under air conditioning
- Total Size: 4,658 square feet
- Floor: Seventh
- Views: Captivating Atlantic Ocean views, The Breakers, and the downtown West Palm Beach skyline
Family Legacy
The property had been a cherished family asset since 1997, owned by the Hoffman family. Richard D. Hoffman, known for his role in the textile industry, was the previous owner and sold the property through a residential trust.
Historical Context:
- Purchase Price (1997): $1.135 million
- Price per Square Foot: Approximately $2,119
The Trusted Transactions
The trust responsible for the sale was co-signed by Richard Hoffman’s wife, Gail P. Hoffman, alongside co-trustee Jessica Galligian Goldsmith. The transaction was recorded on March 18 by the Palm Beach County Clerk’s office.
Buyer Representation:
- Buyer’s Trust: Named after the property address
- Trustee: Susan S. Waterfall (unknown buyer behind the scenes)
- Real Estate Agent: Spencer Schlager from Douglas Elliman Real Estate
Real Estate Insights
The penthouse was listed by Paulette Koch and Dana Koch of the Corcoran Group and went under contract within a remarkable six weeks of being on the market.
Key Selling Points:
- Luxurious Design: The condo features high ceilings, an oceanview great room, and custom kitchen cabinetry.
- Decor: Interiors styled by acclaimed designer Michael De Santis.
- Outdoor Living: Large terrace designed for entertaining and enjoying ocean breezes.
Renovation Updates:
Note that the Sun and Surf complex, originally constructed in 1970, has undergone significant renovations in recent years, enhancing its modernist exterior while preserving its luxury appeal.
Future Development Plans
According to the sales listing, the condo’s board has recently approved a special assessment for building enhancements totaling $2.925 million. This initiative will include the installation of a new roof among other improvements.
Conclusion
The sale of Oceanview Penthouse 5 not only highlights the continued demand for high-end properties in Palm Beach but also showcases the exceptional living experience available in Florida’s prestigious coastal communities. This locale remains an attractive option for discerning buyers looking for luxury living combined with stunning views and premium amenities.
For more insights on luxury real estate, explore articles featuring Palm Beach properties and market trends essential for prospective buyers.