Welcome to The Dirt! I’m real estate reporter Kimberly Miller with the latest developments in the sizzling market.
Can Wall Street South survive Brightline canceling its commuter fares to Miami now that its affections are focused on its Orlando riders? It’s like we got married and thought everything was swell until a shiny nubile station opened in O-Town and West Palm lost the house and the $20 roundtrip fare.
Our friendly neighborhood Tri-Rail is working to fill the void. And, while, um, well, we love Tri-Rail and all, but Brightline has adult beverages, including an $18 “liquor combo” because everyone loves a Titos with a can of Pringles after a long day of Wall Streeting.
OK, onto some real estate news. LA Fitness and the recently renamed CityPlace have ended a lawsuit alleging LA Fitness had sole dominion over the retail and restaurant stronghold formerly known as The Square. Also, a certain flag planted on the recently purchased $150 million Tarpon Island estate may be a clue as to the identity of the new owner, and there’s a $40 million knockdown that’s not in the Town of Palm Beach.
LA Fitness is spinning right out of CityPlace after legal dustup with landlord
A lawsuit filed by LA Fitness against the Related Cos. of New York has settled after nearly a year of legal wrangling, and while it was an “amicable” agreement, LA Fitness is officially kaput at CityPlace as of June 21. Guess you can’t fight city hall or Related, which is opening its own in-house gym at its new luxury apartment complex The Laurel.
But The Laurel’s gym is going to cost more than $100 a month in addition to rent, which runs from $3,400 to $20,000 a month. (Hold up, how much?!?) What all this means, bottom line, is that I’ll be sticking to my $10 Planet Fitness membership thank you very much.
Aussie flag flies over private $150 million island
The rumor is, according to the Palm Beach rumor mill and the Wall Street Journal, that Australian Investments tycoon Michael Dorrell bought the private Tarpon Island estate that closed last month for $150 million.
Another hint is the Australian flag flying and the barely audible melody heard by passing yachts about buying bread from a man in Brussels who was six-foot-four and full of muscle. (I’ve had the song in my head all day, so, you’re welcome.) Technically, the buyer is a Delaware-registered limited liability company, which means their identity is locked up tighter than Al Capone’s vault. Where’s Geraldo when you need him?
Luxe Boca Raton home bought for $40 million is fodder for wrecking ball
It’s not unique for a multi-million dollar estate to be bought and knocked down in Palm Beach. But it is unusual to see it in Boca Raton where a $40 million home sold last month with the intention of razing the whole shebang.
Of course it is prime property in the exclusive Royal Palm Yacht and Country Club with 437 feet of waterfront on two sides and is one of only two southeast facing point lots in the community. But Realtors said the 10,000-square-foot home built in 1997 is dated, so, it’s gotta go.
Home prices hit another record high in Palm Beach County
Despite some economic headwinds, sale prices on Palm Beach County existing single-family homes spiked again in April, hitting a median of $650,000, which is a record high. That’s a fairly eye-popping price until you consider the average, which was $1.17 million, but Realtors don’t like to consider the average because it’s more easily swayed by whopper deals on Palm Beach and Manalapan.
Either way, the buyers of these homes must be the folks who can afford the $100-plus monthly gym memberships that The Laurel and Amped fitness are charging.
Live lightly.
Kimberly Miller is a 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.