AN AMERICAN PALACE, ONE OF THE MOST EXPENSIVE US HOMES FOR SALE

Right down the highway in coastal Hillsboro Beach there stands Le Palais Royal, a 60,500 sq ft estate on four acres of waterfront land – ocean to intracoastal – on the market for $159,000,000 – so, will the entity who has that much petty cash to purchase please step up? 

Planned to resemble France’s Palace of Versailles, a must-stop-by for your next trip to Paris, features include a huge $2MM marble staircase, more than $3MM of gold leaf, 11 bedrooms, 30-car underground garage, IMAX theatre, 3,000-bottle wine cellar, waterfalls  and a 1300 gallon fish tank.  Two guest houses, each about 3,000 sq ft, will be included on an extra lot.  Under construction are a go-kart track, ice-skating rink, bowling alley and night club, all to be ready in 2 years.

Right on: you never have to leave home.  It may take months to explore the complete house.

Wouldn’t this make a spectacular Winter White House?  But, can the US government afford it?  They would need to build an airstrip, perhaps a hospital and make mainland access readily available for cars and walkers.  It would definitely raise area home values.  A good move.

READY TO SHOP THE BEST OF THE BEST?

 

 

Main Streets Across the World 2014-2015 tracked over 500 of the top retail streets, and two in our area came up HIGH on the list.

Lincoln Road in Miami Beach ranked as the 10^th most expensive retail street in the United States and Worth Avenue in Palm Beach ranked 14th, tied with Boston and Georgetown.  You, no doubt, won’t be surprised to learn that Manhattan’s Upper Fifth Avenue was at the very top of the list, 46% more expensive than #2, Hong Kong’s Causeway Bay. 

For our World Traveler readership, other streets on the list were England’s Bond Street, Paris’ Champs-Élysées, Milan’s Via Montenapoleone and Sydney’s Pitt Street Mall.  Rents rose impressively on the number one street, Manhattan’s Upper East Side, to $3500 per sq ft.  Between Madison Avenue’s East 72nd and 75th street, this usually thriving stretch is reported to be a “micro-pocket of retail that is really starting to flourish, thanks to the new Apple Store, the forthcoming Metropolitan Museum of Art building and new residential product.” Retail asking rents north of 72nd are increasingly exceeding $1,000 per square foot.

Lincoln Road rents, at $325 per sq ft, which sounds reasonable in comparison, have held steady for the past year.  National and international investors have sent Lincoln Road’s rents and property values way high.  Tenants include H&M, Anthropologie, Intermix, Forever 21, Apple, Gap, Urban Outfitters and lululemon and the same shops, as well as those on Worth Avenue listed below, can be found in local malls in other Florida cities.

Rents on Palm Beach’s Worth Avenue jumped up 20% to $150 per sq ft, resulting in one of the largest global growth rates.  Worth Avenue has attracted global luxury retailers, such as Cartier, Chanel, Giorgio Armani, Graff, Gucci, Hermès and Louis Vuitton.  Luxury real estate firm, Cushman & Wakefield, reports that part-time residents and international visitors have led to the growth.

An overhaul is planned for Lincoln Road with sidewalk enlargements, extensive landscaping and new pedestrian walkways on some side streets and in back alleys where new retail and restaurant venues will be found.  A Business Improvement District will be created by assessing area business and property owners to create a 10-year long maintenance and management program.

With rising consumer sentiment and increased tourism (100 MILLION tourists visited Florida in 2014 and more are expected this year) it might not be a bad idea to get on line on Worth Avenue and Lincoln Road and elsewhere on the Friday after Thanksgiving and going forward a few weeks after.  Online purchases are expected to be about 10% of retail sales, the other 10% visiting brick-and-mortar stores.

Sounds like our economy has severely improved, don’t-cha think?

 

 

ADDENDUM TO TRAIN TRAVEL STORY, PERHAPS THE MOST POSITIVE ECONOMIC DEVELOPMENT IN FLORIDA THIS YEAR

You can sit back, relax, take a nap, read a good book instead of focusing for several hours on road travel!  If you haven’t heard this yet, by  mid-2017, you no longer have to drive to Orlando or from Miami to Ft Lauderdale, to West Palm Beach, as Brightline, the new name for All Aboard Florida trains, will accommodate you very well. 

Brightline will launch with five, four-car trains with capacity for 240 passengers each. The service plans to double that by June 2018, with ten sets of seven-car trains that can hold 356 passengers.  The whole route is about 235 miles.

They will have colorful exteriors, easily identifiable.  Cost to build, and thereby hugely change the economics of the area for the better, you ask?   $3BB.  The good news is that it will bring new developments in the station areas, from condos to commercial spaces.  Anticipated benefits include easing road congestion and alleviating pressure on crowded airports.

Using the Brightline trains will make a trip from Miami to Ft Lauderdale less than 30 minutes.  Miami to West Palm Beach will take less than 60 minutes.  Miami to Orlando will take about 3 hours on the Brightline.  With the younger generation less “car prone,” this will be a bonus for them.

Features include 

·       complimentary Wi-Fi

·       power outlets at each seat

·       food and beverage options

·       bicycle and luggage storage

·       wheelchair accessibility

·       cars will also be pet friendly.

The trains, designed by the Rockwell Group, are being built in Sacramento by Siemens. Construction has begun on stations in Miami, Fort Lauderdale and West Palm Beach, and on connecting urban centers that developers hope will become dining and shopping destinations. Another station will be next to Orlando International Airport.

All Aboard Florida is a wholly owned subsidiary of Florida East Coast Industries, which is involved in a range of infrastructure, transportation and real estate businesses. The project is being funded by private investors through the issuance of $1.75 billion in tax-exempt bonds and directly from the parent company. The company expects to become profitable in the first couple of years as it adds more trains and ridership increases.

Trains were the primary mode of transportation in the USA until after World War II, when cars and airlines took over the roads and skies. Federally funded Amtrak has remained the predominant interstate passenger train system, but it does not offer the kind of high-speed service found in Europe and Asia.

The closest thing the USA has to high-speed trains is Amtrak's Acela on the northeast corridor, which can go as fast as 150 mph. Brightline trains will not be high-speed, but its express service will be able to go up to 125 mph.

 

LOCAL RENTAL MARKET

TOUGH these days for you and those you love to find the rental of your dreams at the price you want to pay.  Rentals have gone up in the past year, especially on the waterfront or near a thriving downtown area like Delray Beach or Boca Raton.  Demand is strong from those who want an ocean view to those who want to be near amenities, entertainment and restaurants.

Many prospects call me and give me addresses and MLS numbers for units they saw online… but most are already rented!

When you see a rental you like: GRAB IT or next week someone else will.

One great reason to focus on rentals is that each year you can move to a different  “scenario” and perhaps eventually find where you want to stay, and we at Weichert Realtors, Health& Joseph, have LOADS OF RENTAL LEADS to tell you about.

If you have the information about a unit you want to see, give me a call and let’s go look!  SOME units are negotiable, some are not.  Some take pets, restricting them by weight, some do not.  Some are for age 55+, some are for all ages.

Good luck with your search… let me make your search easier!

Marilyn Jacobs

561-302-3388

Weichert Realtors, Heath & Joseph, Wellington, Florida

BREAKING RECORDS, WEST PALM BEACH CONDO SALES



Looking for a high floor luxurious condo with unobstructed views of the ocean, Palm Beach and the Intracoastal Waterway?  Open your checkbooks folks and check out the Bristol which soon will break ground and units will be move-in ready in 2018.

Condos start at $4.5mm and reach $25mm and are delivered completely furnished.  Developers’ goal is to create “the most luxurious, high-end condominium ever built in South Florida.”  Other new condo complexes are under construction in West Palm Beach, with 20+ condo and multifamily units planned or under construction, but below these prices.  They will total over 4000 new units. Close to Palm Beach Island, interest has been generated in the Bristol among Palm Beachers with Palm Beach Island being built-out, and town’s strict height and density requirements.  Going from a 10-room house to a 10,000 sq ft condo has its merits.  Lack of inventory brings folks to the new complexes.

The BRISTOL is 25 stories high, has Five Star Resort amenities, and two units for over $14mm are already under contract right now!  A penthouse unit is available for about $25mm.  No condos on the first four floors to ensure ocean views. Floors 5-17 will have four units each and 18^th floor up, each level will have larger residences, with a single penthouse on each of the top two floors.  Ceilings will be 11’high or more.

 

 Three to five bedroom units range from 3700 to 9000 living sq ft.  Units feature noise-reducing laminated insulated floor to ceiling exterior glass, backup a/c generator and ultra high-speed connectivity.  Private guest suites can be purchased.  Swim long laps in 75’ outdoor lap pool.  Private 2- and 3-car garages can be purchased.  Alternative is assigned self-parking and 24 hour valet parking. Security will be intense.

24/7 and front desk staff includes full-time concierge.  He can schedule car service to shopping and restaurants for you, and car wash services.  There are his ‘n hers spas with hot tubs, steam room, sauna, fireplace, relaxation room, lockers, indoor and outdoor private massage treatment rooms.  There is a dedicated beauty suite planned for private hair, manicure and pedicure appointments... you don’t have to leave home to be pampered, exercised and very well treated.

Enjoy the club lounge, card room, dining area and catering kitchen.  Use the business center and conference rooms.  Walk Fido in the dog walk area.  Storage areas are air conditioned.  Laundry facilities have a commercial ironing press.  The fitness center has a yoga and personal training room.  There is a private children’s pool.

Location is 1100 South Flagler Drive in West Palm Beach.  Located between Okeechobee Blvd and the Norton Museum on Flagler, the Bristol is just a short walk away to see spectacular art.  Palm Beach Convention Center is nearby and offers many interesting shows from jewelry to art and more.  Bridge to Palm Beach Island is a short distance north.  Palm Beach International Airport is minutes away.  Kravis Center for performing arts and movie-plexes are nearby, stores galore and top schools in the area.

For more information, call Marilyn Jacobs at 561-302-3388.