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In April 2015, an otherwise unremarkable Palm Beach mansion sold for $15.5 million after lingering on the market for a year.
Over the past year and a half, that mansion underwent a nearly complete transformation. It’s back on the market for $32.5 million. The asking price, which is an increase of $17 million, earned it the distinction of this week’s most expensive new listing on realtor.com®.
Listing broker Lawrence A. Moens tells us the 11,000-square-foot mansion on the Intracoastal Waterway is desirable for two reasons: the updated design and the location.
The driveway
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“It’s on a prime, well-known street in the heart of the estate section of town,” Moens says. The developer who worked on the mansion really gets the understated elegance of the Palm Beach area.
“Certain developers know exactly what the market wants,” Moens says. He credited the home’s neutral palette and crisp lines as elements that set this five-bedroom mansion apart from other estates for sale in the exclusive community.
A dramatic circular driveway paved with red brick greets guests, and the home’s matching red tile roof is emblematic of the mansion’s Mediterranean influence. The Intracoastal Waterway is visible from just about every spot inside the two-story home. Out back there’s a boat dock and a pool flanked by palm trees.
The pool overlooking the Intracoastal Waterway
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Moens says Palm Beach’s high season gets underway around Thanksgiving and revs up after New Year’s Day. Most residents (and potential buyers) have yet to arrive in the city, so the home’s reintroduction to the market comes at a fortuitous time.
By May, folks flee Palm Beach and the seasonal denizens move on to other exotic locales. It’s hard to predict the high-end market, but we have a feeling this luxurious mansion may not make it to May without a buyer claiming it.
Living space
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The post Flipping a Mansion in Posh Palm Beach? A $17M Price Hike Explained appeared first on Real Estate News and Advice - realtor.com.
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