Monday, August 7, 2017

A Restaurant is Proposed for the Old Crab Pot Site

Photo of Sailfish Marina
The vacant lot at the south corner of Marina Grande was previously home to the Crab Pot restaurant and it sold during the 2005 real estate boom for $3.076M.  The new owner tore the landmark restaurant down because they were planning to build a small 17 unit residential tower.  Unfortunately, the market crashed and the lot has been sitting vacant ever since.   The vacant parcel sold again in 2015 for $575,000 and the latest proposal is...another restaurant!

If Marina Grande residents and the new owner can work together on the design, this could turn out to be a phenomenal amenity for residents.  Imagine a mini Sailfish Marina (with boat docks) that you can walk to for dinner.   This could be a win win for everyone and it's far better than another high rise on the property.

Sunday, June 25, 2017

Leased Aug 1 for $2950/mo

Play VisualTour
I sold #1106 for $617,500 in 2016 and you can buy this 6th floor unit for $619,900 or lease it for $2950/mo

Saturday, June 3, 2017

WPB Commission Approves Marina Village Development

Over a year ago, the Real Deal reported that the city of West Palm Beach approved the first 132 unit 25 story condo tower in the Marina Village development.   A year later, the site located south of the Riviera Beach power plant remains unchanged with no details on a release date.    For the 2016 story, CLICK HERE.

A new Marina Village website includes additional renderings of the proposed project, but no details on the release date.   The entire 19 acre site is projected to include:

  • 6 residential towers 25 to 30 stories high
  • 1000 residential condos
  • 25,000 SF retail space (restaurant, office, etc)
  • 3,025 SF beach club, pool and promenade
"The renderings show units on both the east side and west side of the tower and I think condos that face west in this location will be extremely difficult to sell," Dickenson said.   "I think a design like Marina Grande with water views from 100% of the units would be a much better design.   When Marina Village gets launched, it will make Marina Grande look like a bargain."

Tuesday, October 25, 2016

I Just Sold #1106 for $617,500

Play VisualTour


This condo has 3 bedrooms + Den or Dining Room / 3.5 baths with 2,287 sf under air and a 303 sf wrap around balcony.   It also has twice the number of sliding glass doors for panoramic views to the east and northeast.

Tuesday, April 19, 2016

High Speed Train Will Have a Positive Economic Impact



Palm Beach Billionaire, Jeff Greene is one of the strong supporters of the new high speed train.  Greene has been busy buying development parcels all over downtown W. Palm Beach.  Website> http://www.allaboardflorida.com/
  • 30 minutes from W. Palm to Ft. Lauderdale
  • 60 minutes from W. Palm to Miami
  • 2 hours from Orlando to Miami

Thursday, March 31, 2016

Thursday, July 16, 2015

Economic and Forecast Update (July 1, 2015)


My Summary:
  • Existing-home sales in May hit the highest mark since 2009
  • Buyers Are Back
  • Investors are Stepping Out
  • The principal reason for the inventory shortage is the cumulative impact of home builders not being in the market for well over five years.  
  • There is no massive shadow inventory that can disrupt the market.
  •  There is a housing shortage
  • The Federal Reserve will be raising short-term rates soon
  • All in all, existing and new home sales will be rising.

Monday, July 13, 2015

PH2216 Under Contract in 33 Days! My Buyer & Seller - Closed $600K

Play VisualTour
This unit is located in the sunny southeast corner of the building and originally sold for $715,000 in 2006.  The seller finished the inside with beautiful marble floors in all rooms, crown molding and pre-wired it for a surround sound system.  The penthouses have balconies that extend the full width of the unit, taller ceilings and taller sliding doors (10 feet).  In addition, this corner location has an extra wall of south facing widows which makes it feel much larger than the interior units.

Wednesday, July 8, 2015

PGA National Golf Club Has the Lowest Dues in the Area

PGA National Golf Club - Click Image for Info
PGA National Golf Club has the lowest membership dues in the area.  The full golf membership is less than half the cost of private clubs in the area and entitles the member to golf, tennis, racquetball, croquet, swimming, fitness and social facilities of the club.  No greens fees or court fees - only golf cart fees.  The best part-- 75% of the initiation fee is refundable when the membership is sold.  The membership can also be financed for 0%!

Contact me for summer and annual specials!  

Click the photo above to open a 4 page flyer. 

Tuesday, May 26, 2015

Sea Turtle Nesting Season March 1 through October 31st

As of June 12, 2015

Turtle nesting season begins March 1 and continues through October.


A typical nest will have 80 to 120 eggs and the baby turtles will hatch in 47 to 60 days.  They typically leave the nest at night.  Only 1 out of every 1,000 turtles make it to adulthood.

Monday, May 25, 2015

Flip or Hold? An Investors Perspective

Kevin Dickenson represents an investment group that tried to buy 125 distressed condos at Marina Grande when Boca Developers lost the building to the bank during the crash.  "We were unsuccessful with the bulk purchase, but we did buy a fair number of short sales in the building," said Dickenson.
Marina Grande 1407
One of the condos purchased in 2010 was unit 1407 for $215,000.  "No upgrades have been done to the unit because it's been a rental property," said Dickenson.  This condo is currently offered for sale at $629,900 or rent at $2,475 per month.

In May 2015, the group turned down a $580K cash offer to buy unit 1407 and elected to sign a lease for another 12 months at $2,475 per month.

On the surface it seems like a foolish move since the rental only returns 1.0% over the next 12 months.  Why did this investor turn down an offer that returns 270% on their initial investment?

The land acquisitions VP for WCI Communities (developer for One Singer, The Resort on Singer and Evergrene) shared that the cost to build Marina Grande today is $280/SF plus land costs.  At $629,900 the price per square foot for Marina Grande unit 1407 is $292.  This is why new towers like Water Club in North Palm start at $400/SF for a bottom floor unit and are priced as high as $800/ SF.  "This makes it very clear that you won't find any new towers coming out of the ground for $300 per square foot," said Dickenson.

"My client believes Marina Grande will see it's biggest boost in prices when Billionaires Wayne Huizenga and Jorge Perez launch sales for 1,059 units south of the power plant in Riviera Beach.  When people see six new towers in Riviera Beach start selling for $400/SF and up they will realize that Marina Grande was a bargain," said Dickenson.  See story Billionaire Team Obtains City Approval for 1,059 Condo Units in Palm Beach County.

Thursday, December 11, 2014

Waterfront Homes: Premium Prices for Priceless Views

Excerpt from Palm Beach Post Story 12/9/14  Click Here to View Full Story
Units are priced from the $300's to $700K
Kevin Dickenson, an agent with Berkshire Hathaway Home Services, said 95 percent of his clients want to be on the water, and agreed there is not much in the way of newly-built inventory. He said his buyers are often interested in Palm Beach, but that many of the condos on the island are decades old and have “dated designs.”
The number of Palm Beach County waterfront parcels has increased just 8 percent since 2000, while non-waterfront parcels have grown by 17 percent, according to the property appraiser.
Still, Dickenson said there is newish inventory that can be found at reasonable prices.
Dickenson represents an investor who bought multiple units at the bottom of the market in the colorful Marina Grande condominium on the Intracoastal in Riviera Beach. Built in 2007, the 349-unit development suffered with the real estate downturn, losing buyers who didn’t mind walking away from their contracts when the market crashed.
He said units can be purchased now at the Marina Grande for about $200 per square foot, $50 to $100 less than at the peak.
“That is a bargain for a building built during the boom,” Dickenson said. “My investor is starting to sell and he’ll triple his money on some units and double it on others.”

Sunday, November 2, 2014

First Waterfront Tower Breaks Ground in Northern Palm Beach County


11/01/14 Water Club Breaks Ground
Water Club is the first new tower to come out of the ground in northern Palm Beach County.  "Unlike Miami, our area doesn't have any new waterfront condo inventory and there is tremendous pent up demand" said Kevin Dickenson with Berkshire Hathaway Home Services Florida Realty.   
 Water Club is located a few miles north of Marina Grande and will be comprised of two 22-story towers and 20 townhomes on seven acres.
Each tower will contain 74 total units with 2 and 3 bedroom plans.  The community has wet slips for 14 boats and parking will be under the two towers.  

CLICK HERE FOR A COPY OF THE PALM BEACH POST STORY

Why is this good for Marina Grande? 
Water Club's sales office opened in November 2013 and they delayed breaking ground to test the market.  Prices start at $689,000 for a 1,728 sf shell ($398/sf) on the 2nd floor with a view of the villa roofs and the side of the east tower.  Prices in Water Club go up to $833/ sf!  Click Here for Water Club December 2014 price sheet.

Marina Grande pricing starts that $189 / sf for a 2nd floor unit with superior intracoastal views.  A big 3 bedroom unit in the best stack on the 14th floor at Marina Grande has unobstructed ocean and intracoastal views and you can buy it today for $313 /sf.

Monday, October 13, 2014

A Sign of Things to Come? Miami Skyline October 2014


What's different during this boom?   Miami developers are a lot smarter!  They now require 50% deposits and this should cover their costs.

Tuesday, May 6, 2014

My Last 4 Sales - Price History from Opening Day

The photo above is a snapshot of 4 condos that I sold recently at Marina Grande.  The 2007 original sale price is shown, as well as the sale price at the bottom of the market, and today's sale price.

I sold units 1211 and 911 at the bottom of the market to an investor who purchased 9 condos in the building and he doubled his money on the first two we sold.  1712 was furnished with all marble flooring, and the chart also illustrates the value of a good finish out.

The current sale prices are still well below the 2007 opening day prices, and it is my opinion that there is still a lot more upside at Marina Grande.  For comparative purposes, the Ritz on Singer Island is now selling above the original opening day prices.

Billionaire Team Obtains City Approval for 1,059 Condos in Palm Beach County

Rendering of the six towers  (Credit: Arquitectonica)
Billionaire's Jorge Perez and the Huizenga Family teamed up and combined two waterfront parcels in Riviera Beach to build a massive condo development.  City commissioners approved 6 condo towers with 1,059 residential condos, a 15,000 square foot restaurant, 61,500 square feet of office space, 10,000 square feet of retail space, a beach club, boat docks and six mega-yacht slips.

CLICK HERE FOR A GOOGLE MAP LINK

During the real estate boom, George Perez planned to build Icon Palm Beach on the site next to Rybovich Marina, but the market turned and the project never made it out of the ground.  Kevin Dickenson, a Palm Beach Realtor, said "combing Rybovich Marina and Icon Palm Beach was a brilliant move and the key to city approval."  The next step is for the state of Florida to approve the development and it will likely be several years before the project breaks ground.  This development is located approximately 1 mile south of Marina Grande.

 "The developers have confidence the market will continue to increase and recognize the pent up demand for new tower condos in Northern Palm Beach County", Dickenson said.  Related and Huizenga Holdings claim the development would have an economic impact of $153 million and create nearly 1,000 jobs. 

Tuesday, January 29, 2013

Marina Grande Video


349 Units priced from the $200's to over $1 Million!
  • 24 Hour Security
  • Valet
  • In/Out boat storage for boats up to 50' with day dock and fuel pump
  • Roof top pool, two tennis courts, gym, club room, sauna and steam room +++
  • HOA fee includes hurricane insurance on structure, exterior maintenance, US phone, cable, water, hot water and chilled water for AC units.

Marina Grande Stacks & Floor Plans

 
Click The Links Below to View the Floor Plans!
Example: Unit 1706 is on the 17th floor in the "06" stack

01 & 14
2BR/2BA + Den/ Media Room with over 1700sf + 136sf balcony

02 & 05 & 15
2BR/2.5BA with 1565sf to 1702sf + 128sf to 146sf balcony

03 & 16
2BR/3BA + Den/BR with 1788sf + 129sf to 154sf balcony

04 & 10
2BR/3.5BA+ Den/BR with 1980sf + 130sf balcony

06
3BR/3.5BA + Den/Media Rm with 2287sf + 303sf balcony

07
2BR/2.5BA + Den/BR with 2150sf + 200sf balcony

08 & 11
2BR/3BA + Den/BR with 1848sf + 138sf balcony

09 & 12
2BR/2BA + Den/Media Rm with 1808sf + 143sf balcony

Floor plans and square footage provided by the developer and broker makes no representation as to accuracy.

Monday, January 28, 2013

Loggerhead Inlet Harbor Marina In / Out Boat Storage

Photo Credit Loggerhead Marina - Riviera Beach
Close Enough to See the Palm Beach Inlet
Photo Credit Loggerhead Marina - Riviera Beach
Fuel Pumps and Floating Day Dockage


Photo Credit Loggerhead Marina - Riviera Beach
Hurricane Rated (140MPH Winds) dry storage for boats up to 50' or 52,000 pounds
Photo Credit Loggerhead Marina - Riviera Beach