A rendering shows the dock and the rear of a five-bedroom house being built at 584 Island Drive, which was just listed for $43.85 million in Palm Beach.
COURTESY THE CORCORAN GROUP
Owners who had planned to build a waterfront home for themselves at 584 Island Drive have instead decided to sell it with a price tag of $43.85 million while still under construction.
DARRELL HOFHEINZ Palm Beach Daily News
What started out as a Palm Beach custom home has morphed into a lakefront house to be sold on speculation — and with an eye-catching in-construction price of $43.85 million.
The West Indies-style house at 584 Island Drive is being built on the east side of Everglades Island, a three-quarters-of-a-mile-long island in the Intracoastal Waterway that is connected to the rest of Palm Beach by a short bridge.
Parting with properties unexpectedly has become a familiar story for some buyers in Palm Beach, said Corcoran Group agent Bill Yahn, who holds the listing for the five-bedroom house, which is expected to be finished by the end of the year.
Agent Margit Brandt of Premier Estate Properties is equally involved with Yahn in the property’s marketing and promotional efforts.
Rising prices over the past couple of years have enticed people to consider selling properties they had planned to keep, especially if the house involved is newly renovated or, as in this case, new construction. Both types of properties are in demand in Palm Beach — and the demand intensifies when the property also has a water view.
“This often happens when the (price) tide has been rising as it has,” said Yahn.
A rendering depicts the pool area of the house being built at 584 Island Drive, which has entered the Palm Beach market at $43.85 million.
COURTESY THE CORCORAN GROUP
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The house will occupy a lot of two-fifths of an acre with 100 feet of water frontage and a still-to-be-built dock. The property is the third one north of the Island Road bridge.
The residence will have 7,852 square feet of living space, inside and out, according to the plans. The air-conditioned space will measure about 6,000 square feet.
The two wings of the L-shaped house will wrap around the pool courtyard, where there are a pair of open-air loggias, one for lounging and the other for dining. The view to the east looks straight down the Everglades Golf Course across a serene canal that runs behind the property.
“The view is off the charts,” Yahn said.
Brandt described the Everglades Island site in the Estate Section “as one of the most serene, private and peaceful parts of Palm Beach — but it’s also situated so centrally.”
Priced at $43.85 million on Everglades Island, a West Indies-style house at 584 Island Drive in Palm Beach has a dramatic two-story entrance feature topped by a scalloped parapet, seen here in a rendering
Island Drive lot in Palm Beach sold twice in 2021
Public records have not yet revealed the identity of anyone — other than an attorney — behind the limited liability company that owns the house. That entity paid $17.75 million for the property in August 2021.
In that deal, the seller was luxury homebuilder Carl Sabatello of Sabatello Cos., who just four months before had bought the property for $13.9 million with the intention of developing a spec project. Instead, Sabatello sold the lot to the present owners, who are said to be a married couple, and agreed to build the house for them.
Yahn represented Sabatello’s interests in both sales. In the second transaction, Brandt — who was then at Brown Harris Stevens but later joined Premier Estate Properties — handled the buyers’ interests.
A rendering shows the living room of an in-the-works house at 584 Island Drive, which overlooks a canal and the Everglades Golf Course in Palm Beach. The property is carrying an in-construction price of $43.85 million.
Sabatello company buys 584 Island Drive: Pollacks’ longtime home brings $13.9M on Everglades Island in Palm Beach
Sabello sells 584 Island Drive: Developer sells Palm Beach lot for $17.75M; paid $13.9M for it in April, deeds show
The listing for the house entered the MLS Feb. 21, and Yahn said Monday the property immediately attracted interest.
“We’ve had amazing activity in the past few days,” Yahn said, adding that he had already given several house-hunters tours of the property.
Brandt said the property is well positioned to pique the interest of would-be buyers.
“It checks all the boxes — water views, golf-course views, private dock, large home and lot, new build, Everglades Island and that classic West Indies style,” Brandt said.
Buyer could customize interior finishes, other details
A buyer who signs a contract soon will still have time to customize the interior with finishes to suit their taste, Yahn added.
“But that window is going to close,” Yahn added.
The house was designed by Roger Janssen of Dailey Janssen Architects, whose portfolio includes other houses on Everglades Island.
Records show the property is owned through a limited liability company named Shamrock Island LLC, which is managed by attorney Alison R. Percy of the Sorgini & Sorgini law office in Lake Worth.
In the April 2021 sale, broker Linda Olsson of Linda R. Olsson Inc., Realtor, represented the sellers, Worth Avenue art dealers Edward and Deborah Pollack. They sold Sabatello their 1956 house, which was later razed.
dhofheinz@pbdailynews.com
source: https://eu.palmbeachdailynews.com/story/business/real-estate/2023/02/28/custom-home-morphs-into-a-44-million-spec-house-in-palm-beach/69950790007/