A miniature CityPlace is in the works at the Palm Beach Kennel Club in West Palm Beach
Welcome to The Dirt! I’m real estate reporter Kimberly Miller with the latest developments in the sizzling market.
It's uncanny how every new development in Palm Beach County is compared to the downtown West Palm Beach phenomenon formerly known as CityPlace. Either it's the biggest project since CityPlace, or has a similar layout to CityPlace, or has a crush on CityPlace, or is going to be a "mini-CityPlace."
A micro CityPlace is the latest scoop on what's planned at the iconic Palm Beach Kennel Club property in West Palm Beach. Lead business reporter Alexandra Clough reports the Frisbie Group of Palm Beach won dibs on buying the former dog-racing park and could build a massive mixed-use development on the 47.26 acre parcel. The Dirt would just like a movie theater, please? 🍿🥤
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The good news down in the Royal Palm Yacht & Country Club in Boca Raton is that "The Carpenter Estate" sold for a whopping $23.5 million with the transaction handled by Premier Estate Properties on both sides. The bad news is the estate was listed for sale back in November 2022 for $41.5 million, according to Realtor.com. But, hey, real estate moves pretty fast these days. A hot market one day is Snow Miser the next.
For the non-millionaires among us, the median sale price for a single-family home last month in Palm Beach County was still probably out of reach, especially with interest rates above 7%. But the otherwise boring story (I can say that because I wrote it) included the quote of the week, which goes to Talbot Sutter who got 'Screw it,' in the newspaper. 😁
So long 91-year-old racetrack, hello 'mini CityPlace"!
The area just north of Palm Beach International Airport is a little beat up. I mean, nothing good happens after 2 a.m. I'm looking at you Foster's Shak😜. Not that the Palm Beach Kennel Club was involved in anything untoward, but it's about to get a big dose of refinement as gentrification oozes out of downtown West Palm Beach.
You can still go there for your pari-mutuel wagering addiction hobby in the clubhouse, which will remain in operation. But there also could be up to 2,000 housing units in buildings rising up to 20 stories, if permitted by the Federal Aviation Administration.
Flavortown is off the chain in Palm Beach County
We've been dishing out a healthy serving of Guy Fieri lately, so why stop now?!? You already know he bought a house in Lake Worth Beach, and followed up with a house on Singer Island. But have you seen the photos?
We don't know what kind of furniture and window treatments the kingpin of flavortown likes, but his new house is a lot of leather, groin-vaulted hallways, and brown, just brown. Chances are he bought it for the — say it with me now — location, location, location.
Hey buddy, can you spare $605,000?
Homebuyers in Palm Beach County probably feel a lot like Charlie Brown teeing up to kick the football only to have Lucy pull it away every time. See a house you like? The price is probably too high.
Despite mortgage interest rates hovering near 7% in August, home prices just keep going up when compared to 2022. That means it's still a seller's market and buyers, especially first-time buyers, are either going to have to choke down the higher rate, or, likely, watch it grow higher by the end of the year.
Home near Mar-a-Lago club fetches 250% more than previous sale
Is a home selling for $14 million in the Town of Palm Beach even news anymore when knockdowns are fetching $110 million? Yes, yes, it is still news, and luxury real estate reporter Darrell Hofheinz has the nuts and bolts and square footage of the deal.
Near Mar-a-Lago and with tangential ties to the fabled Cielito Lindo estate, the Kings Road house that recently sold for $14 million is also a classic example of Palm Beach Regency-style architecture. And, of course, in Palm Beach fashion, the buyer is a secret. Shhhh.....🤫
Live lightly.
Kimberly Miller is a veteran journalist for The Palm Beach Post, part of the USA Today Network of Florida. She covers real estate and how growth affects South Florida's environment. Subscribe to The Dirt for a weekly real estate roundup. If you have news tips, please send them to kmiller@pbpost.com. Help support our local journalism, subscribe today.
This article originally appeared on Palm Beach Post: Neighbor of former President Trump's Mar-a-Lago club sells for discounted $14 million
