Among the top 10 percent of single-family sales in Palm Beach, the median price was $15.8 million in the second quarter of 2017, up 56.5 percent from a year earlier, according to a report released Thursday by brokerage Douglas Elliman Real Estate.
The average price reached $18.6 million, up 39.5 percent from mid-2016.
The sharp rise would seem to indicate that last year’s downturn was temporary. Among the upper 10 percent of deals, Palm Beach prices plunged 50 percent from the fourth quarter of 2015 to the fourth quarter of 2016, according to Douglas Elliman.
Elsewhere in Palm Beach County, results were mixed. In Jupiter, average and median prices in the luxury market jumped by more than 25 percent. But in Delray Beach, the average luxury price fell 18.8 percent over the year, while the median price was off 9.5 percent.
However, special magistrates twice have ruled against Trump’s appeals of his property tax bill to the Value Adjustment Board. And experts in golf course appraisals say valuing the properties can be a tricky task.
Jupiter Golf Club LLC, owner of the Trump National Golf Club in Jupiter, this month sued the Palm Beach County Property Appraiser to contest the course’s taxable value of $18.4 million.
That estimate means the property appraiser values the course’s 131 acres of land zoned for golf at $140,802 per acre. Only the Palm Beach Country Club — located just a chip shot from the ocean — is worth more, at $149,956 per acre.
By that calculation, Trump National Golf Club in Jupiter is worth more per acre than every other course in the county, including St. Andrews Country Club in Boca Raton ($119,450 per acre) and the Breakers’ course in Palm Beach ($113,055 per acre).
While Palm Beach County houses near the ocean are valued at a premium, experts on valuing golf courses say a prime location isn’t always the main driver of value.
“Forget about price per acre. Forget about closer to the ocean,” said Larry Hirsch, an appraiser in Pennsylvania and author of Golf Property Analysis and Valuation: A Modern Approach. “The way you evaluate a property like that is based on its economics, and how much money it makes.”
Golden Bear Plaza, the 245-673-square-foot office complex in Palm Beach Gardens, has changed hands for $62.3 million, brokerage CBRE Group said Monday.
The property at 11750 U.S. Highway 1 fetched $254 a square foot.
The new owner is Alliance Partners HSP, a unit of Shidler Group of Pennsylvania, CBRE said. Neil Merin of NAI Merin Hunter Codman and CBRE’s Christian Lee and José Antonio Lobón represented the seller, Equus Capital Partners, Ltd.
The office complex sold in 1997 for $51.5 million and in 2003 for $32.25 million, according to property records. The complex has nearly 42,000 square feet of empty space, CBRE said.
West Palm Beach boosters long have complained about a lack of office space, a reality that leads many tenants to set up headquarters in Boca Raton instead. That’s what happened with Shoes For Crews, the footwear maker that’s moving from West Palm to Boca.
Shoes For Crews, which makes no-slip shoes for workers at restaurants and other potentially treacherous workplaces, has been headquartered at One Clearlake Centre in West Palm Beach, where it occupies 37,657 square feet.
The company plans to move its 200-person office south in March 2018.
Shoes for Crews is spread over three floors at One Clearlake, but the company will occupy space in one floor at its new Boca location. Boca Raton Innovation Campus is the latest name of the 1.7-million-square-foot campus where IBM developed the first personal computer in the 1970s.
Meanwhile, developers eyeing downtown West Palm Beach face a quandary: Is the office market shallow because tenants lack interest in the city, or because they see a lack of supply? Billionaire Jeff Greene has stalled his plan for Class A office space on Quadrille Boulevard, and Related Group is seeking approval for office space along Flagler Drive.
In 2014, Greene pointed to a then-fresh decision by CancerTreatmentCenters of America to move its headquarters from Illinois to Boca Raton. The company looked at space in West Palm Beach but couldn’t find large blocks of available offices.
“The conventional wisdom is that the demand isn’t there,” Greene said in an interview. “I think the supply isn’t there.”
But is Venmo a wise way to conduct illicit transactions? Probably not, writes Lend Edu’s Mike Brown.
“It would seem a near impossible task for engineers at Venmo to be able to monitor daily transactions and flag payments that look suspicious. That mission becomes even more overwhelming when you consider that Venmo is on track to process $20 billion in payments per year,” Brown writes. “One interesting point is that any and all transactions made on Venmo will be on file, similar to a payment made with a credit card. Those who use Venmo for suspect transactions run the risk of leaving behind a paper trail that could come back to haunt them.”
In a quick flip, several warehouse properties in central Palm Beach County sold for $7.6 million, according to commercial real estate brokerage Cushman & Wakefield. They previously traded in October for $5.2 million, according to property records.
All three properties once were part of the warehouse empire amassed by the late Fred Keller, who killed his estranged wife in 2003 and died in prison in 2007. The Silverman Group of Short Hills, New Jersey, last year paid $50 million for Keller’s industrial portfolio. The properties involved in the latest deal:
6677–6687 North 42nd Terrace, a two-building campus totaling 34,520 square feet in Riviera Beach. The metal buildings feature ceilings of 11 to 15 feet.
Dyer Business Park, a two-building campus totaling 33,600 square feet at 4574 Dyer Boulevard in West Palm Beach.
Westroads Industrial Park, a three-building campus totaling 27,600 square feet. The buildings are at 4249, 4255 and 4261 Westroads Drive in Riviera Beach.
The sale price amounts to $79 per square foot. The properties were 99 percent leased.