Jeff Ostrowski
Alexandra Clough
Home > Real Time > Archives > 2008 > July > 11 > Entry
Palm Beach manse on market for $72.5 mil
In the latest in a series of ultrahigh-end Palm Beach listings and sales, a Florida car dealer is asking $72.5 million for a house — almost three times what he paid in 2003, The Wall Street Journal reports:
“The recently renovated main house, designed by Palm Beach architect Addison Mizner, has nine bedrooms, 15 bathrooms, a movie theater with a ticket window and concession stand, an exercise room, a wine cellar and a private generator: all told, about 30,500 square feet. A pool, large pool house and two three-car garages, each with a second-floor guest apartment, are also included. Records show that Terry Taylor owns the three-acre estate, which has 268 feet on the ocean. Mr. Taylor paid $24.2 million for the property in 2003. He declined to comment. The house has been appraised for $31 million (all appraisals cited here were done in 2007).”
The property is at 780 S. Ocean Blvd. Jim McCann of Corcoran Group and Linda Gary are the listing agents.
Permalink | Comments (36) | Post your comment | Categories: Jeff Ostrowski
Comments
By Get in the Game
July 11, 2008 3:21 PM | Link to this
Again, don’t fault the PBP for their articles.
Jeff acquired this one from the WSJ.
By LameLingo
July 11, 2008 3:55 PM | Link to this
Lol, please stop calling them “manses”… way too close to “menses”!
By it's South Ocean
July 11, 2008 5:13 PM | Link to this
The property address is 780 South Ocean Blvd….not 780 South County Road, which does not exist.
South County Road is west of and more or less runs parallel to South Ocean Blvd, which faces the ocean.
By oh by the way
July 11, 2008 6:23 PM | Link to this
Not to make a big deal out of chump change like 1 million dollars, but the price according to the deed for doc stamps and such says 22.2 mill ..not 23.2 mill.
Now if you have 1 mill to toss around there Jeff, good buddy, far be it from to deny you the right to give it to me, if you don’t want it. I’m not above charity. I’ve given time and again for worthwhile causes, it could make a dent in “my” debts, for a change.
And to the old Goat (Lawyer, spelled L..i..a..r) you needn’t chatise him further on this, you are no-one, to correct anyone else for their mistakes.
By oh by the way
July 11, 2008 6:25 PM | Link to this
Not to make a big deal out of chump change like 1 million dollars, but the price according to the deed for doc stamps and such says 22.2 mill ..not 23.2 mill.
Now if you have 1 mill to toss around there Jeff, good buddy, far be it from to deny you the right to give it to me, if you don’t want it. I’m not above charity. I’ve given time and again for worthwhile causes, it could make a dent in “my” debts, for a change.
And to the old Goat (Lawyer, spelled L..i..a..r) you needn’t chastise him further on this, you are no-one, to correct anyone else for their mistakes.
By Get in the Game
July 12, 2008 10:14 AM | Link to this
Call Russia or Venezuela since they are the ones with CASH.
No point pitching it to Americans…
But wait, we devalued the USD on purpose so Russia, Europe, and the rest of Asia can acquire our assets.
By SMILING REALTOR
July 12, 2008 12:15 PM | Link to this
See! $72.5M and believe me it will sell quick! A great deal actuall. Now, who says the RE market is lousy????
By Hey Smiley
July 12, 2008 1:20 PM | Link to this
The areas of such high dollar value transfers of property are generally not the types of properties that the average realtor will see in his or her lifetime. Nor will the average buyer or seller of real estate anywhere in the country ever see such pricing.
The Island of Palm Beach, with its homes of splendiferous accouterments, are rarely ever seen by the general population other than on television, or in magazines, as part of some fund raiser for a political candidate or some charitable event, so the owner has a bigger tax writeoff. Most of these huge mansions are never really even lived in for more than a few months a year.
The average homeowner doesn’t have $50,000 to $100,000 lighting systems, 16 foot high vaulted cofferred ceilings of hand made, special order, plaster ceiling panels. The average homeowner will never see landscape lighting costing more than $75,000, and costing literally thousands of dollars on the month to light; or the imported pink marble from Italy or the reused coral rock archways, walls and window treatments. They will never see the landscaping of $100,000 full grown Canary Palms and Magnolia trees imported from points elsewhere. They will never see olympic size swimming pools and fountains custom made in another country that many of these homes have and the irreplaceable value they represent.
No the average Joe American buyer/seller is not one of these upper 3% income level home owners. The average Joe American Realtor isn’t the exclusive listing agent for a Palm Beach property, though so many would crawl over broken glass, and poisonous snakes, naked for a mile, to have just one opportunity to do so.
Most of these sales are not coming from a listing. They are inside deal type transactions, where someone who knows someone (usually foreign) is interested in buying a piece of prime AMERICAN real estate to add to their clout in their own homelands. They make an exorbanant offer, usually dickered over for a few months by the owner to feign lack of desire, while actually already checking out some new location where they will live, and also awaiting a higher offer. These owners are not swayed by the average mortgage lender’s issues….they are not mortgaged.
And while it is so wonderful for these new found foreigners to come here and invest their money, there is very little, if any real, trickle down effect to the local economy, other than the raising of our taxes, and employing the illegal aliens who will continue to trim their lawns; or the local builders who will work for the New York interior decorator who will destroy the value of what’s there now for their own idea of grandure.
IT”S NOT FREAKING REAL FOR JOE AVERAGE.
It never will be real. It’s an illusion. It’s only REAL effect is to raise the overall real estate average price on paper, for statistical analysis only; and the overall taxes for everyone else.
By Hail to the Foreigners
July 14, 2008 5:40 AM | Link to this
Wow! A house is listed for $72.5 M. And which foreigner are we selling that to?
Someone at the Abu Dhabi fund or maybe someone at InBev? Maybe someone at GazProm?
Quite humiliating that Americans are ‘up to their eyeballs in debt’ (like the commercial)
And we have the government bailing out Freddie/Fannie?
STOP SOCIALISM!!!
Let Americans save money.
Learn to be RESPONSIBLE and place 50% down for a house.
Limit your JV partners ability to take back your house.
America needs a severe recession - our entrenched, financial behavior is lackluster.
By Get ready
July 15, 2008 6:27 AM | Link to this
Get ready to be owned by foreigners because we the American citizens do not have enough willpower to say no to easy credit. We do not save enough and need to have the latest and greatest gadget made by foreign companies (who don’t pay U.S. taxes) so that our self-esteem-deprived souls can be conned into trying to keep up with the Joneses. HOW PATHETIC! The only good thing is that taxes will have to be paid for on this property. Then again…our kids’ future homes will have higher taxes too. Oh well, I hope you have a house that can have a son=in-law apartment added on to it.
By BIGROB
July 15, 2008 8:05 AM | Link to this
Jeff can you post a story about a realistic RE situation.Im bored over these mega unrealistic stories,nobody cares about 72 million dollar homes.If you think the european white horse is going to save the market your wrong.These people are smart and they will wait till the partys over.Agents are still playing there little games,I went shopping a few times in the last few months and nothing has changed.Realtors are trying still to create bidding wars and the home owners are going to suffer due to greed.
By FreddieMac
July 15, 2008 1:40 PM | Link to this
…and you are still a loser Big Rob!
By FreddieMac
July 15, 2008 1:42 PM | Link to this
…and you are still a loser Big Rob, nothing has changed!
By FreddieMac
July 15, 2008 1:42 PM | Link to this
…and you are still a loser Big Rob, nothing has changed!
By BIGROB
July 15, 2008 6:24 PM | Link to this
Freddy mac you are nothing to me,a pimple that needs to be squeezed.POP just like the market. Your mad cause I speak the truth.
By Curious
July 15, 2008 8:18 PM | Link to this
Locally, and employment wise, who is now in The Catbird seat?
Which job DO YOU QUALIFY FOR and would love to have?:
Boat salesperson.
Car salesperson.
Real estate salesperson.
RV salesperson.
Stock broker.
Ace RE reporter for the PB Putz.
Please feel free to comment, add other positions you lust for, or anything else economic about which you want to express your ignorant and uninformed opinions:
:-)
By Pimpleputz
July 19, 2008 2:55 PM | Link to this
We are proud, happy and well adjusted rent-to-owners. We would like to apply for any of the above open positions since our landdlord’s home has been forclosed upon and we have to move. Sincerely, Big Rob, Steve, Oscar da renter, Chicago boy, NC boy, Goober, Gomer and Floyd the barber. Yawll don’t come back now c’here.
By BIG ROB
July 20, 2008 1:34 PM | Link to this
I am a land lord idiot.I also work for a fortune 500 company.I want to buy more homes and land.While you were living the dream I have been saving,waiting to strike.You are the loser It hurts and im sorry for you.Take it on the chin and learn.When the market was running up you let your emotions get the best of you.Your only human.
By Curious
July 24, 2008 6:50 PM | Link to this
Repeating what some of us bears here have said in the last couple years and saw coming:
“Meanwhile, we’re as close to a national housing bust as we’ve been in a very long time in this country.”
“There are still buyers out there, but they have their pick and then some. Others are content to wait on the sidelines to see just how low prices can go. Buyers hold all the cards — and most of the chips — and are watching the other players at the table perspire profusely.”
http://www.bankrate.com/nltrack/news/realestateadviser/20080720-buyer’s-market-blues-a1.asp?ecid=brmintnsmortgage20080724
And this is just the beginning, IMHO. Few realize how big the adjustment has to be and how long it is going to take.
By Self Inflicted Unemployment
July 28, 2008 11:14 AM | Link to this
It seems like Jeff Ostrowski got canned along with the other 300 Palm Beach Post employees. Of course, none of us wanted this to happen, but there is a bit of poetic justice here. Jeff Ostrowski POUNDED THE TABLE for areal estate crash. In fact his coverage was so one sided and NEGATIVE that it was malicious. Ostrowski and Linda Rawls routinely mislead readers by MASQUERADING foreclosure consultants as unbiased real experts whose fabricated housing horror stories became SELF FULL-FILLING PROPHECIES to scare away homebuyers. Then, Ostrowski INFLATED the monthly foreclosure stats from REALTY TRAC by 300% misleading readers that foreclosure FILINGS were actual foreclosures. Ostrowski knew that there were at least 4 and possibly more filings for each home home in foreclosure. But Ostrowski and the Post Editors were eager to let readers be mislead that foreclosures were much worse than they really were. Again, The Palm Beach Post just wanted to scare away home buyers and perpetuate a real estate crash. THE CHICKENS CAME HOME TO ROOST at The Palm Beach Post. Advertising revenue PLUMMETED as a result of the Post’s attacks on real estate and this caused 300 Post employees to be fired!
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