Guy About Town: Palm Beach Real Estate Boom or Bust? Billionaires in a Rift

I love February in Palm Beach because it is the month of Valentine’s Day! It gives me another reason to wear red or pink, and to remember my current love (my husband), and also loves of the past.

It also gives me another reason to buy chocolate and flowers! I always buy local myself, like Loves Flowers at lovesflowers.com and candies from Peter Brook Chocolates on S. County Road.  peterbrook.com

Palm Beach Party in Pink

But wearing pink in the month of February in Palm Beach is more about Breast Cancer Awareness Month!

I always know that January is ending, when the lights on the middle bridge between West Palm and Palm get changed from yellow to pink! So, pink is the color of the month, and all about town you see ladies (and this gentleman) wearing pink to honor those who have suffered through this terrible illness.

Most families have been touched somehow by this, and in fact my own sister and my grandmother were survivors.

The Breakers hosted a wonderful luncheon recently in support of breast cancer research.

Seen at the BCRF Hot Pink Luncheon were Leonard Lauder and William Lauder, Randee Bank, Pamela Fiori, Paula Bacchini, Andrea Stark, Kay List, Valerie Cooper, Georgia Mouzakis, Jackie Weld Drake, Gail Worth and just about every other lady in town!

The décor was by Tom Mathieu and the generous gift bags made it seem like the holidays all over again! donate3.cancer.org or breastcancer.org

Super Bowl Soiree

February also brought us the Super Bowl. There seemed to be a lot of parties in Palm Beach surrounding this sporting event, and even this Guy attended one — it was my first!

Diana and Neil Maune gave an over-the-top party at their new waterfront home, which was recently redone and fabulously decorated by the new Mrs Maune. Nosh Catering supplied the delicious food to about 30 guests.

In attendance were: Vicki Schneps, Harrison Morgan, Karrie Wright, John DelPonti, Catherine Carey, Robert Caravaggi and Jessica Fontaine Swift.

Cameron Silver, of Decades in Los Angeles, hosted a delightful fashion brunch for 20+ guests recently at The Colony Hotel to show off the new collections for Marni.

The collection was both wearable and quirky. I even tried my best to wiggle into a tight red leather jacket with arms to my knees!

In attendance were: Rick Rose, Anka Palitz, Eric Viner, Alex Hamer, Trish Carrol, F. Warrington Gillette III, Harrison Morgan, Chris Leavitt and Julia Murphy.  decagesinc.com, marni.com 

Palm Beach Real Estate Boom + Flips

So apparently, we are still in a building boom here…

According to the Palm Beach Post, “over 500 new luxury condominiums are coming to the waterfronts of Northern Palm Beach County.” And we also welcomed 8,059 new residents from New York, 3,960 from New Jersey and 1,943 from California.

In 2022 it’s what I think of as “The New and Great Florida Migration!” But we have seen all of this before, too.

In the book, Bubble in the Sun, by Christopher Knowlton, the author chronicles the 1930s Florida real estate boom as a time of incredible excess, immense wealth, and the largest migration in American history.

That said, I am delighted by progress — if those ex-New Yorkers know how to behave themselves! FYI, We don’t honk our horns in Palm Beach, nor do we speed through town, and men are required to wear shirts if they are more than 100 feet from the beach!

Believe me, I am an ex-New Yorker myself, and it does take some time to decompress once you move here and get into the quiet and the slower pace.

Speaking of Real Estate, the rich keep flipping houses here!

A brand-new townhome on Brazilian just entered the market for almost $16 million as soon as it closed for $6.3 million. And the Tommy Hillfigers just put up for sale their new purchase at 930 S Ocean for $47 million.

That is $10 million more than they just paid to Lawrence Moens for the same oceanfront home in January.

The new $47 million asking price is almost $20 million more than Mr. Moens paid for the house to the Wackenhut family in March of 2021!  Can you follow the money here? This boom is just CRAZY!

And the Real Estate drama continues, with two New York billionaires duking it out in Palm Beach County court over a moldy home purchase!

According to the Palm Beach Daily News, Herb Siegel sued Jane Goldman over an undisclosed water infestation issue in the home that Goldman sold to Siegel in 2019.

The house on Via Palma took 29 months to repair and the court awarded The Siegels $7.6 million! Stay tuned…

Fine Art + Big Jewels

Apparently, the art world is here to stay in Palm Beach!

With Christies now on Worth Avenue, and Pace Gallery and Sotheby’s installed at The Royal Poinciana Plaza, we have international choices as well as great local staples like Brintz Gallery (brintzgallery.com) or DTR Modern.

Full disclosure, I often buy art from Lisa Brintz and DTR for my decorating clients. Both galleries have a great eye for emerging artists, and I suggest you check them out!

February 16 brought the VIP opening of The Palm Beach Show — an extravaganza of art, antiques and jewelry. The art is mind boggling, and it ranges from wonderful old masters to modern contemporary artists like Hunt Slonem. huntslonem.com

After walking around the show, I always wish I had more wall space (aka a bigger home) to accommodate some new art purchases, but that would bring us back to the real estate topic, and I am so over that conversation for the moment!

But my favorite booth at the show is always Yafa Signed Jewelry. The Palm Beach family who moved here almost three years ago from New York, have made quite a splash in Palm Beach.

Just walk by their shop on Worth Ave and you will be amazed at the breadth and scope of their fabulous vintage jewels! Nowhere in America, besides here in Palm Beach, can you walk down the street and see ladies dressed up and wearing fabulous jewels day or night.

In fact, the other day I was with a very good friend who plunked down $2 million  at Yafa after we had a boozy lunch! Thank God I don’t drink anymore! vintagesignedjewels.com 

If you missed the show, you could always visit the handsome director of the DTR Modern art gallery, Bryan Walsh, and see what decorating delights he has in the gallery on Hibiscus. dtrmodern.com

Recently the very odd but fabulous artist, Ashley Longshore arrived with a bang here in Palm Beach, with an art exhibition of her work.

The colorful artist was dressed in a voluminous mini tunic of hot orange with puffy pink sleeves, and taxicab yellow shoes.  She never disappoints, and her art is as fun and as colorful as she is!

You can follow Ashley as I do on Instagram: @ashleylongshoreart or see her work at ashleylongshore.com.

I’m just exhausted from all of these festive Palm Beach activities!

Guy Clark is a top Palm Beach realtor and owner of his own interior design firm, where he specializes in designing luxurious, individualized residential interiors.