Palm Beach homes: A new house built on speculation at 217 El Pueblo Way in Palm Beach has sold for a recorded $6.04 million, one of two back-to-back spec houses developed by the same company on Palm Beach’s North End.
Over the past several years, new houses built on speculation on the North End of Palm Beach have become about as ubiquitous as the surfers who hit the waves off Reef Road during high swells.
Developer after developer has bought vacant land and older homes and reimagined the properties with new houses designed with features to attract today’s buyers.
And that strategy seems to have worked at 217 El Pueblo Way, one of two back-to-back spec houses built by the same developer and completed last year.
The never-lived-in house on El Pueblo Way just sold for $6.04 million, the price recorded last week with the deed.
The four-bedroom house — with 5,536 square feet of living space, inside and out — was developed and sold by a Delaware-based limited liability company linked to real estate investor Mark Mashburn. He co-founded Blackpoint Partners, a New York City commercial real estate and management firm with investments that have included property West Palm Beach. An address associated with Blackpoint is listed on the deed for the house on El Pueblo Way, and the firm is linked to the two North End properties in other courthouse records.
The Mashburn-linked company that sold the house on El Pueblo was named 218LPW LLC. Its initials ostensibly stem from the address of the adjacent property the entity owns at 218 La Puerta Way, where a new five-bedroom house has been listed for sale at $7.495 million in the local multiple listing service.
In April 2017, 218LPW LLC had paid a total of $4.95 million for both properties — vacant at the time — via a single transaction, property records show.
Agent Suzanne Frisbie of Premier Estate Properties handled both sides of last week’s sale on El Pueblo Way, about a half-mile north of the Palm Beach Country Club. Frisbie declined to comment about the transaction or the parties involved.
But she did describe the house as "very nicely appointed" and "a lovely comfortable family home with beach and bike-trail access." She had it listed at $7.15 million, down from the original price of about $8.4 million when it entered the market during construction in November 2018.
Frisbie also has the listing for the house immediately to the north on La Puerta Way. Sabatello Construction of Florida built both houses to designs by Palm Beach architect Pat Segraves of SKA Architect + Planner, who also declined to comment.
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The house that just sold has Monterey-style architecture with a signature "hanging" balcony across the front. Among its features are a formal dining room, a library, a well-equipped kitchen, a two-car garage, a pool and a generator, according to Frisbie’s listing.
Last week’s deed lists the buyer as real estate attorney Adam R. Seligman — equity partner in the Ward Damon law firm in West Palm Beach — representing the Enigma Revocable Trust. That entity owns no other property in Palm Beach County, courthouse records show, and no other information about anyone else associated with the trust was immediately available. Seligman couldn’t be reached for comment.
Segraves designed the five-bedroom house on La Puerta Way in a British Colonial style. With 5,391 total square feet, it is slightly smaller than the other house. Its amenity list is similar to the one for the house on El Pueblo, Frisbie’s listing shows. And both houses occupy lots measuring a little more than a quarter-acre.
Frisbie, by the way, represented the buyer’s side when the Mashburn-linked company bought the land vacant three years ago. At the time, she was with The Corcoran Group. Acting opposite her in that deal was agent Jack Elkins, who was then with The Fite Group, which later became William Raveis South Florida.
Among its real estate investments, Mashburn’s Blackpoint Partners entered a joint venture that in 2012 paid $14.4 million for a Publix-anchored shopping center at Military Trail and Summit Boulevard in West Palm Beach, according to published reports. Three years later, that property changed hands for $16.67 million, property records show.
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Darrell Hofheinz writes about real estate in his weekly "Beyond the Hedges" column. He welcomes news items about Palm Beach real estate for this column. Email firstname.lastname@example.org, call 820-3831 or tweet @PBDN_Hofheinz.