By Christine Davis
According to the Realtors Association of the Palm Beaches June report, Palm Beach County’s median home price in June was $320,000, compared with $284,500 in January, but, the report noted, median home prices are historically high around June and low around January. Last year in June the median home price was $303,000. During the same time frame, the county’s non-foreclosure/non-short sale inventory has remained constant.
Causing fluctuations in the median home price numbers is the rising price of foreclosure/short sale inventory. In this segment of the market, while the number of foreclosure and short-sale homes sold has decreased to almost half (45 percent for foreclosures and 48 percent for short sales), their median prices have risen, year-over-year. The median sales price for foreclosures has risen to $233,000, a 16.5 percent gain, and for short sales, it’s risen 23 percent and is now $270,000.
Real Trends released its list of 1,000 top-performing real estate agents as advertised in The Wall Street Journal, and a number of the agents named are connected to real estate transactions in The Coastal Star’s readership area.
In the category of “individuals with highest total sales volume,” local realtors include:
No. 20 Christian Angle, Christian Angle Real Estate, Palm Beach ($210,239,844); No. 32, Paulette Koch, The Corcoran Group/NRT, Palm Beach $174,417,040); No. 36 David Roberts, Royal Palm Properties, Boca Raton ($172,731,689); No. 40 Jim McCann, The Corcoran Group/NRT, Palm Beach ($163,075,246); No. 110 Candace Friis, The Corcoran Group/NRT, Delray Beach ($105,452,000).
In the category “teams with highest total sales volume,” local teams include: No. 145 D’Angelo/Liguori, Premier Estate Properties, Boca Raton ($126,687,000), No. 180 Pascal Liguori, Premier Estate Properties, Delray Beach ($81,190,000).
In the category “individuals based on highest average sales price,” Jilly Cammisa, an agent with Premier Estate Properties, Delray Beach, was ranked No. 28, with $11,909,550.
For teams in this category, Nicholas Malinosky and Randy Ely, agents with The Corcoran Group/NRT, Delray Beach, ranked No. 29, with $5,258,303.
The $51.5 million sale of TGM Oceana, a 160-unit complex at 2519 N. Ocean Blvd., Boca Raton, was recorded on July 5. And while the previous sale is recorded as $14.5 million in 2010, don’t jump to the conclusion that those numbers represent a 255 percent gain.
Here’s the back-story: According to 2008 newspaper articles, Chicago-based Laramar negotiated with Ocean Bank of Miami and NRW Development to complete a foreclosure on the property, which was approved by the court six months later at $70.13 million. At that time, it was estimated that Laramar paid somewhere around $35 million.
The complex, originally built in the 1960s, was bought by NRW in 2006 with the intent to convert the units into condominiums. Plans went south within six months, and hence the foreclosure.
After the dust settled, Laramar intended to sink money into the property — at about $40,000 per unit — keeping it as luxury rentals, and Laramar did complete a number of upgrades. The complex’s new owner, TMG Associates, plans to further renovate.
Laramar Group was represented by Hampton Beebe, Avery Klann, Jonathan Senn, Dick Donnellan and Marc deBaptiste of ARA, a Newmark company.
Situated on 4.7 acres, TGM Oceana has more than 100 feet of ocean frontage as well as a 10-slip marina on the Intracoastal Waterway. Only a handful of units are currently available. Prices start at $1,620 a month for a one-bedroom unit with 700 square feet. Three-bedroom units, with 1,500 square feet, start at $2,475.
Recorded June 27 by the Palm Beach County clerk’s office was the $5.23 million sale of the 2005 custom six-bedroom, 7,725-square-foot home at 3496 S. Ocean Blvd., South Palm Beach. The owner is listed as EFN Family Limited Partnership, with the warranty deed signed by general partners Edward F. and Katherine R. Napleton. The buyer was M. Rahat Faderani. Agents Jim McCann and Cameron Sydenham of the Corcoran Group represented both parties in the deal.
Caspian Delray, at 190 S. Federal Highway, Delray Beach, is a new mixed-use development with 146 rental apartments, developed by NCC Development Group in conjunction with Monogram Apartment Collection. Completion is slated for this fall.
Four retail bays, ranging in size from 795 to 930 square feet and with 14-foot ceilings, are available through Roxanne Register of Katz & Associates. For pricing, call Register at 869-4346.
HCA East Florida, a division of Hospital Corporation of America, recently embarked on a major capital investment initiative to invest $650 million in health care facilities in Miami-Dade, Broward, Palm Beach and St. Lucie counties.
As part of this initiative, JFK Medical Center in Atlantis will receive $108 million to add a new three-story building, expand its emergency room, complete renovations of patient units, and expand and upgrade its parking facilities.
Teresa “Terry” Fedele, a member of Florida Atlantic University’s Christine E. Lynn College of Nursing advisory board since 2013, is now its chair. Formed in 2012, the advisory board leads the college’s advocacy and fundraising efforts, and recently assisted in the launch of its Lamplighter scholarship program, which provided half of the 2015-2016 freshmen with $500 scholarships.
For the fourth year in a row, Castle Connolly Medical Ltd. research firm noted that out of the county’s hospitals, Boca Raton Regional Hospital had the most primary-affiliated physicians. For a complete list of the hospital’s physicians who made the research firm’s “Top Doctors” list, visit castleconnolly.com.
In other news from the hospital, Melissa Durbin, its vice president and chief nursing officer, was elected to the board of two Florida nursing organizations. She is president of the South Florida Organization of Nurse Executives and secretary of the Nursing Consortium of South Florida.
Dr. Jeffrey Newman, a thoracic and cardiac surgeon, is the new medical director of the Comprehensive Atrial Fibrillation Institute at Delray Medical Center. The institute offers those living with an irregular heart rate a multidisciplinary approach that includes interventional cardiology, electrophysiology and cardiac surgery.
Other news: Geeta Karat, a registered nurse of Delray Medical Center’s Surgical Orthopedics Unit, received the Daisy Award, after being nominated by a patient, also a nurse, who described Karat as “very special, showing empathy, compassion and understanding.” The Daisy Award for Extraordinary Nurses was created by the Daisy Foundation, founded in memory of J. Patrick Barnes by his parents after they experienced the compassion and care of their son’s nurses.
On July 7, Boca Helping Hands, a charity with a food center that serves hot meals to its clients, named Whole Foods Market, 1400 Glades Road, Boca Raton, as a key partner for its donation of more than 500,000 pounds of food in the past five years. That adds up to 384,615 meals to local families.
Lang Realty recently donated $3,500 to the American Red Cross as part of its annual Open House Extravaganza 2016. More news from Lang: To make finding a home easier, LangRealty.com now offers search options for types of properties or communities under its search menu heading.
The Greater Boynton Beach Chamber of Commerce will present Candace Etzler with Comcast Spotlight speaking on “How to Reach Your Customer in a Multi-Screen World.” Part of its Lunch & Learn series, Etzler’s presentation is scheduled for Aug. 18 at noon at the chamber’s board room, 1880 N. Congress Ave., Suite 214, Boynton Beach. For information call 732-9501.
Also, the chamber website has a fresh look after eight years, a new mobile-friendly www.boyntonbeach.org.
Sarah Pearson, senior vice president of the Boca Chamber, graduated from the U.S. Chamber of Commerce Foundation’s Institute for Organization Management program. Since 1921, the institute has educated chamber and nonprofit leaders on how to build stronger organizations and become strong business advocates.
In August, the Boca Chamber offers its Festival Days, with 28 events that connect its 100-plus nonprofit members with its for-profit community, as a show of support for their contribution toward improving the quality of life in Boca Raton.
The Chamber and JM Lexus’ “Wine & All That Jazz,” the festival’s signature event, will feature a large variety of fine wines and food from some of Boca’s restaurants. Set for 7 to 10 p.m on Aug. 27, it will be held at the Boca Raton Resort and Club. A portion of the proceeds will support the efforts of the Chamber’s Golden Bell Education Foundation. To register for this event, and to see more about other events, visit the Chamber’s website: www.bocachamber.com/events.
Keyes CEO Mike Pappas and Illustrated Properties Chairman Francis Fiske ‘Bud’ Adams Jr.
have merged their companies to form the largest independently owned real estate firm in the state.
Photo provided
On July 20, Keyes Co. and Illustrated Properties announced their merger. Combined, they form the largest independently owned real estate firm in Florida.
Illustrated Properties dates to the 1930s, when F.F. “Bud” Adams Sr. began selling land in Hobe Sound and on Jupiter Island. Bud Adams Jr. moved to Palm Beach and founded Illustrated Properties along with Rodney Dillard.
Keyes has remained independently owned and operated since its founding in 1926.
In Palm Beach County, the companies have more than 1,100 sales associates and generate more than $6 billion in annual revenue from their real estate service lines. Both companies will operate under their existing brands and will maintain their management teams and employees.
On June 30, at the 2016 Golden Bell Fundraiser, 300 people gathered at the Piñon Grill in Boca Raton to raise money for Boca Raton’s public schools and local educational programs. That night, Golden Bell and Inner Circle Executive Club raised more than $5,500.
In addition to the Piñon fundraiser, the Boca Chamber’s Golden Bell Education Foundation announced that nearly $60,000 was granted to Boca Raton public schools and scholarship programs for the 2016-17 academic year. Looking ahead, applications are open for the 2016-17 Young Entrepreneurs Academy. Contact Jenna Reed at 395-4433, ext. 232, for information.
In June, Caffe Luna Rosa, at 34 S. Ocean Blvd. Delray Beach, donated $1,000 to Steve Weagle’s Ride for the Red Cross. Money raised for the ride is used to help educate local residents on preparing for the hurricane season.
For the fourth consecutive year, the city of Delray Beach’s Campaign for Grade Level Reading received $5,000 from Amtrust Bank to purchase books for the 2016 summer reading program. This donation will provide reading material for local students at Title I schools.
Mary G. Hart, executive director of the Women’s Chamber of Commerce of Palm Beach County, accepted the position of executive director at Lantana-based Dress for Success Palm Beaches. She succeeds founder and CEO Diane Wilde. Also, Colleen Fitzgerald was promoted to director of operations.
This month, two Greater Delray Beach Chamber of Commerce presentations will be offered to the public. At 8 a.m. on Aug. 11, its Celebration of Education breakfast, featuring guest speakers Jeff Rubin, founder of It’Sugar candy store, and Kiwana Alexander-Prophete, Carver Middle School principal, will be held at the Delray Beach Golf Club on 2200 Highland Ave. Cost for nonmembers is $35. Also, its four-session Civic Engagement Training Program, geared toward residents interested in serving on boards or running for office, will be presented on Thursdays starting Aug. 18 at 6 p.m. To apply, email advocacy@delraybeach.com.
Other news from the Chamber: Joel Bouvier, a financial services professional with New York Life Insurance, was selected as its Ambassador of the Month for June. Ambassadors serve as the greeting arm of the chamber to promote new member participation and retention.
Want to get her (or him) to say “yes” and are you planning to use Eau Palm Beach Resort & Spa on your big day? Meet with the resort’s engagement specialist, Courtney Poston, through its new Ring Master concierge services and come up with a totally engaging proposal experience.
Matchless settings for the big question run the gamut from heart-racing snorkeling and skydiving encounters to laid-back luxurious fantasy yacht excursions. Then, following down the path to matrimonial bliss, the resort’s got the bride’s feet covered. Brides who spend more than $50,000 on their wedding package at the resort will receive a pair of wedding shoes of their choice, up to $800, from Neiman Marcus Palm Beach. Wedding experts Stacie Hallinan and Linsey Bruce “stand ready to assist the brides every step of the way,” said the resort’s public relations director, Nick Gold.
Send business news to Christine Davis at cdavis9797@gmail.com.
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