2010 Market "Solds"
Bev's 2010 Direct Oceanfront "Market Sales" End of Year Report
from Hillsboro Mile to Highland Beach, Delray Beach,
Gulf Stream, Ocean Ridge & Manalapan, Florida
(Properties across the street from the ocean, or not directly on the sand, are not included)
Again, this year, for the 3rd year in a row, our first direct oceanfront sale wasn't until February.
There were an outstanding 20 solds, 2 of those were vacant lots, 7 considered tear-downs in today's market.
(Last year there were 14 solds total, see my 2009 report).
Inventory is moving, however in the buyers' favor, as sellers are finally letting some of these properties go
for prices we have not seen since early 2000. Price reductions are still dominating list/asking prices in MLS
and cumulative days-on-market remain high.
From January thru August, there were highs & lows, but it looked as if the oceanfront was holding its own when
comps were averaged. However, after August 2010, you will notice that "sold comps" start to dive from
September thru December 30th, and the trend has continued to date. I was optimistically hoping for the contrary,
but it isn't happening. Buyers simply won't pay what the comps don't support, would you?
If you would like any additional info or photos on the below solds, please call or email me and
I'd be happy to send them to you.
Printing Tip: If you would like to print out this report, use your "Landscape" format, not "Portrait".
1. SOLD 2/25/10 @ $12M - Once sold for $29M - Listed at $16.9M - A Steal!
1370 S. Ocean Blvd, Manalapan - only on-market for 105 days.
An Ocean-to-Intracoastal “Steal” on 300 feet of frontage x 320' deep, over 2 acres.
The Ex-"Pope Estate" orig built 1972, had been beautifully renovated by Frank McKinney
in 2001 (back then sold for $29M), and since has sold 4 more times, $19M, 22.4M,
22.458M & now $12M! 22,872 sf a/c, 31,021 sf total. 7 bedrooms, 14 baths, 4 half baths.
Boat dockage.
What? Flipping is not dead!? 1370 went back on-market 9/15/10 for $17,395,000!
2. SOLD 3/17/10 @ $9.3M Vacant Land - Private Sale - This one is the exception in this market!
921 S. Ocean Blvd, Delray Beach - 155' x 460', part of 355' feet of frontage that the owner had to sell.
Owner pulled the listings out of MLS last year, and then demolished most of the structures on the property.
An agent then brought a buyer directly to the seller for 155 feet, so the agent then put it in the computer
(MLS) as a one-day sale. A great sale for the seller! That's $60,000 a front foot! Unheard of in today's
market.
3. SOLD 3/18/10 @ $3,625,500 - Orig Listed $6.45M reduced to $4.85M - A Deal!
3921 S. Ocean Blvd, Highland Beach - 745 days on market! A white contemporary
oceanfront home with an Intracoastal mangrove boardwalk & dock (lift) included across the street.
Was a tough property to sell, so shallow, 100'x185' with an ocean sea wall - no dune/vegetation,
and sandwiched between Regency Highland's 200-foot beach and Ocean Cove's easement walkway.
Also in need of a renovation. Had some areas with really low ceilings. The buyer came out of a
Toscana Penthouse, and must be thrilled to be on the beach!
4. SOLD 4/05/10 @ $12.65M furn - Orig Listed $24.9M, re-listed 18.975M (A "swap" with #5's sale below)
969 S. Ocean Blvd, Delray Beach - 150' x 620' (large home on a 2-acre deep oceanfront lot).
Builder Mark Timothy (Pulte) purchased the 2001-built Wilson Estate May 2007 directly from the seller
for $12M. (The owner had it listed for 5 years: 9/11/2002 @ $19.95M & 16.9M then changed
brokers 12/2/05 re-listing @ $16.9M & 15.9M, then cancelled.) Mark bought it and completed an extensive
renovation w/ Marc Michaels Interiors and re-listed it on 4/14/08 @ $24.9M & 18.9M. He let the listing
expire 1/31/10, changed brokers and re-listed on 2/1/10 @ $18.975M. Sold it in a trade with
2367 S Ocean (see #5 sale below). Although this sale was recorded with PAPA as $12.65M cash (trade),
the selling agent says it was "plus $5M in cash" but that can not be verified. 10,349 sq.ft. living/14,679
under roof, 6 BR, 7 Baths, 4-Car Garage, 2 Pools.
Another "Flipping is not dead?" Property! 969 went back on-market 11/24/10 for $19.5M.
5. SOLD 4/05/10 @ $12.65M furn - Listed $18.9M, reduced $14.95M (The "swap" with #4's sale above)
2367 S. Ocean Blvd, Highland Beach on 100' x 400'.
This 2001-built (Dan Swanson spec) resale was bought 11/30/06 for $14.5M and re-listed by owners
on 10/15/08. After on-market nearly 2 years, seller traded UP from 100 feet of frontage to 150 feet and
a much deeper lot (see #4 sale above) and a new renovation with Mark Timothy (Pulte).
2367 is 13,006 sf under air, 17,804 total + 2522 sf guest house. 7 BR, 8 BA, 5-Car Garage.
Mark renovated it, and put it back on-market 9/15/10 for $14.95M.
6. SOLD 4/22/10 @ $3.9M - Listed $6.7M for quick sale (orig listed at $11M!)
989 Hillsboro Mile, Hillsboro Beach on 100' x 300'. Ocean-to-Intracoastal w/dock, livable
1980 home with over-the-top ornate and exotic stone finishes (needed work). Retired Miami Dolphin
Player, Zach Thomas, purchased it - 6,347 sf under air, 7268 sf total, 6 BR, 6 BA, 6-car Garage.
7. SOLD 5/3/10 @ $9.3M - Listed $13.9M, reduced to $12M
1131 Hillsboro Mile, Hillsboro Beach on 105' x 300'. Ocean-to-Intracoastal w/dock, orig 2004
Dan Swanson / Addison Development Estate Spec Home. Seller paid $15M in April 2005.
12,527 sf, 15297 Total, 5 BR, 6 BA, 4-Car Garage. Rumor had it as a short sale.
8. SOLD 5/28/10 @ $7.15M - Orig $15.35M, re-listed $10.95M, reduced to $8.95M for quick sale
1120 S. Ocean Blvd, Manalapan - 190' x 512'. 2.2 Acres, Ocean-to-Intracoastal + large lake
in the front. Used to be called "The Swan House" because they had a pair of real swans seen from A1A.
A "John Volk" 1955 re-sale with boat dockage. On & off market since 2000, considered a tear down, sold for land value.
10,344 sf a/c, 13,876 sf total. 5 BR, 8 BA, 1 Half BA, 3-Car Garage w/5-Car Carport.
9. SOLD 7/23/10 @ $2.99M - Listed $3.785M:
1709 S. Ocean Blvd, Delray Beach, zero-lot line "Delray Ocean Estates" on 27+/- feet of frontage.
One of three mini-mansion style residences that share 100 feet of frontage. 1999-built 3-story resale
6,980 sf a/c, 7,980 sf total, 4 BR, 4 BA, 2 Half BA, 2-Car Garage. Only 76 days on-market.
Not a bad price to live on the beach.
10. SOLD 8/5/10 @ $4.2M - "Land" Listed $5.9M (orig listed w/new house planned @ $16.9M!)
965 Hillsboro Mile, Hillsboro Beach on 100' x 295'. Ocean-to-Intracoastal w/dock. Has building plans
for a 10,000 sf British West Indies estate.
11. SOLD 8/11/10 @ $6.3M - Listed $8.495M, reduced to 6.95M:
1085 Hillsboro Mile, Hillsboro Beach on 125' x 532'. Ocean-to-Intracoastal "no-wake" zone
on-market 548 days. As-is land value sale - 1966 house 6315 sf a/c, 7213 sf total, 5 BR, 5 BA,
2-Car Garage. Intracoastal side has room for a guest house, but must always remain w/the property,
and can't be sold off.
12. SOLD 8/16/10 @ $9.25M - "New Construction" Listed @ $14.95M:
973 Hillsboro Mile, Hillsboro Beach on 100' x 312'. Ocean-to-Intracoastal, beautiful British
West Indies 3-Story Estate w/dock, built by Everton Development (who paid $5.5M for the land in 2006).
10,432 sf a/c, 14,540 sf total, 5 BR, 7 BA, 3 Half BA, 5-Car Garage. The word on the street was the
developer really needed to move it, so took the loss. Nice deal for the Buyer!
13. SOLD 8/18/10 $6.85M - Listed as high as $12M, re-listed $9.5M, Reduced to $7.995M
2359 S. Ocean Blvd, Highland Beach on 100' x 400'. On-market since June 2005 - over 5 yrs! (Whew!)
1992 resale renovated & furnished by seller who bought this house in 2003 for $5.8M.
9469 sf a/c, 12,209 sf total, 6 BR, 7 BA, 3 Half BA, 4-Car Garage.
14. SOLD 8/31/10 $4.2M - On & Off-Market, Orig $6.459M
1465 N. Ocean Blvd, Gulf Stream on only 68' of frontage x 341'
Unique 1930 Mizner-style renovation, 3-stories w/4663 sq.ft. living / 5775 under roof,
5 BR, 5 BA + 1 Half BA, 2-Car Garage + 2 BR Guest House. 311 days on-market.
15. SOLD 9/2/10 fire sale $2.769M! - On market since 2006 - lp high as $6.4M, reduced $2.995M to SELL!
3715 S. Ocean Blvd, Highland Beach on 100' x 200' (shallow lot). Lowest sale on the beach!
Seller paid $2.75M in 2004 and had a mortgage to pay off. 1985 resale - spruced up and livable beach
house (no pool). Although, it is very private on the beachside, not a desirable location - directly across from
Toscana's 3 Hi-Rise Towers. 3664 sf a/c, 4227 sf total, 4 BR, 3 BA, 1 Half BA, 1-Car Garage. Good buy
for an end-user who wants to keep it for a very long time. Not a good candidate for a resale, as it may take
another 5 years to sell. (Don't ever forget that first rule in real estate - "location"!)
16. SOLD 9/10/10 @ $3.4M - Listed $6.1M, reduced to 3.9M for quick sale:
1001 Hillsboro Mile, Hillsboro Beach on 100' x 296'. Ocean-to-Intracoastal w/boat dockage & lift,
on-market as a land listing. Used to be a lovely 1986 well-built home that sellers purchased in 2002
for $5.5M to build a new home. They partially demolished it, then the story was financial woes and took
the loss. 7202 sf a/c, 7587 sf total, 5 BR, 5 BA, 2-Car Garage.
17. SOLD 9/13/10 @ $15.5M - New Construction - Orig $29M!, re-listed $24.3M, reduced to $22.9M
620 S. Ocean Blvd, Manalapan - 150' x 464'. 1.6 approx acres Ocean-to-Intracoastal with boat dockage.
On-market for a few years, Builder Frank McKinney's "Acqua Liana" (Certified "green") Estate sold
furnished. Many unique finishes, glass "Water Floor", arched aquarium wet bar, 24-foot oceanfront sheeting
waterwalls, neat stuff. Even though the sold price had to have been a disappointment for Frank, at nearly
half of what he was asking, builders are lucky to unload spec homes in this declining market. 12,305 sf a/c,
15,071 sf total. 7 BR, 10 BA, 4-Car Garage, Dock can accom. 120' Yacht.
18. SOLD 10/4/10 $4.35M - Orig $5.695M
3565 N. Ocean Blvd, Gulf Stream on 100' of frontage x 391'+/-
1960-built tear down. 3209 sq.ft. living / 4426 under roof, 3 BR, 3 BA, 2-Car Garage. 390 days on-market.
19. SOLD 12/29/10 @ $6.8M - Orig $16.5M, reduced to $10.2M, reduced again @ $8.9M
1400 S. Ocean Blvd, Manalapan - 200' of frontage x 400'+/-. 1955 Home "Land Value" on-market 609 days.
Ocean-to-Intracoastal w/dockage. Ranch-style home on 1.85 acres w/dockage. 5605 sf a/c, 6199 sf total,
4 BR, 5 BA, 1 Half BA, 2-Car Garage.
20. SOLD 12/30/10 @ $5.85M - Vacant Land Listed $9.49M, reduced to 8.625M:
721 S. Ocean Blvd, Manalapan - 150' of frontage x 453'. On-market since 2006.
Ocean-to-Intracoastal. 1.6 acres, construction-ready w/approved plans for a 14,000 SF residence
w/avail dockage for 101'+ yacht. Note: Owned by Frank McKinney, this 150' is part of a huge tract of
vacant land, a total of 820 feet of frontage, that was listed in 2006 for $85M! That's over $100,000 per front
foot. Frank has been chipping away at it, building spec and selling it off since. The adjacent larger parcel,
220' x 453' is also is pending, to close in 2011.
As always, keeping you posted!
Bev
________________________________________________________________________
Beverly Aluise Knight
www.OceanEstateProperties.com
561-504-9226 Direct
561-504-9226 Direct
