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On the ocean, on the lake, in some cases boasting views of both bodies of water and a ribbon of mangroves, the South End has dozens of mid-rise residential buildings without the condo-canyon effect that has spoiled the aesthetic elsewhere in the region.
Two-thirds of the structures were developed before 1980. A few came along in the next decade, and the newest address was completed in 2006. With the exception of the last, built in the Mediterranean style, the once-contemporary exteriors exhibit a vaguely familiar maturity.
Inside, however, many of these dated buildings seem brand new, with refurbished lobbies and common areas. Units with little or no renovation continue to appreciate, but today's trend is toward major makeovers.
The reason is high property value, said South End advocate Gerald Frank, co-chairman of the Citizens Association of Palm Beach, which represents more than three dozen condominiums.
"Nine out of 10 units that are sold today, people do a complete gut job to redo these apartments, because values have increased so much. Kitchens and bathrooms are a must, instantly," Frank said. "Spending that kind of money, people won't live in something old. No matter what the purchase price is, they will put more into it."
Frank lives at The Cove, a lakefront complex across from The Four Seasons Resort. In the past decade, the association has replaced three roofs, upgraded the elevators, replaced carpets, built new lobbies and refreshed the furniture.
"It happens on a continuing basis (in most buildings)," Frank said.
He cited work at Sloans Curve, which although built more than a quarter-century ago, "looks like it was built yesterday. People are very conscious of the appearance. The idea is, this is where you live."
Architect Gene Lawrence, of Palm Beach, who has designed South End condo projects in every decade, cited the evolution from older buildings, "which had small lobbies, not a major design statement," to the atrium-style buildings at Sloans Curve, which he designed in 1979.
"It has a five-story atrium, open to the sky, with corridors open to the atrium," Lawrence said.
Over the years, his clients developed lower-density buildings with increasingly larger units to meet market demand.
Those who played the density game sacrificed oceanfront views for more units in double-loaded corridors. In the long term, those values are compromised.
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| The South End (south of Sloans Curve) in 1979 - before the condominium boom - was mostly forested dunes. Ibis Isle, to the right, was developed from 1968-70. | The Enclave at 3170 S. Ocean Blvd. was built in 1985. It has north and south six-story buildings. |
New projects
Lawrence's projects include brand-new Bellaria; The Reef, which wrapped up a yearlong concrete restoration project two years ago; Beach Point; The 2500 and 2600 Buildings; The Cove; Ambassadors I and II; Carlyle House; the Hamptons; Sutton Place; and the Palm Beach Hilton.
Lawrence also designed the north end of Ibis Isle, where all the buildings were developed from 1968 to 1970. The architect fondly recalls a compliment from the owner of a penthouse at Tower Vallendry.
"The guy said, 'This is really neat the way the site works, the view.' It was a great kick, almost as if he were standing over my shoulder when I designed it," he said.
Lawrence also designed in-town buildings such as the Palm Beach Biltmore, Sun 'n' Surf, Il Lugano and L'Ermitage. What they have in common with the South End is the fundamentals for updating.
"Any building has to have good guts: good circulation and views. It's worth it to fix everything else. But you can't fix it if you don't have a view," Lawrence said. "Good location and views. That is the real substance."
South Ocean 'different'
South Ocean Boulevard is "a totally different market" from in-town condominiums, said broker Pamela Hoffpauer, president of Martha A. Gottfried Inc.
Winthrop House is for someone who wants to be near shopping and restaurants. Sloans Curve and others to the south are "for those who want to walk on the beach and enjoy the peace and quiet."
Most older buildings have undergone balcony reconstruction to replace the rebar or steel in the concrete, said Shary Hedrick, a sales associate in Hoffpauer's firm.
Over the decades, humidity and saltwater seeps into the concrete, rusting the metal, Lawrence said.
Harbour House, 2295 S. Ocean Blvd., is in the throes of a balcony overhaul. Its driveways are blocked off, and ropes dangle from dozens of scaffolds on floor after floor.
Lyon Sachs, who developed the Four Seasons, The Enclave, The Meridian and other condo buildings in the area, used more modern engineering in his later projects. At the 2770 Building, in 1991, he used epoxy-coated rebar to ward off crumbling, Hedrick said.
"He also lived in his own buildings," Hedrick added.
Hurricanes spur improvements
Since the 2004 hurricanes, many owners have replaced their original sliding-glass doors with high-impact glass, Lawrence said, citing 140-mph impact doors as "routine" additions.
Buildings from the 1970s continue to sell, and those from the '80s and '90s draw plenty of interest.
Hoffpauer said: "2770 is a hot building. The Enclave is very desirable, and there's great activity at Sloans Curve."
The Palm Beach Hampton is popular, as is Beach Point, said Hedrick, who recently analyzed South End condo sales since Jan. 1. Of 80 sales, the most active price ranges were $500,000 to $600,000 and more than $1 million.
"Concern about the economy doesn't affect them as severely. Some of the recent 'solds' had been on the market for a long time," she said, citing a condo listed for more than 500 days.
"Bellaria has the most recent sales in the high-price range. It was built to current code with impact windows. A lot of people bought there just to resell," Hedrick said.
However, $200,000 to $300,000 can still bring a small unit with a Palm Beach address and a short walk to the beach, she said.
"The interesting thing, a lot have put them on the market at what is considered an inflated price. Some are reducing them, and some are hanging in there," Hedrick said.
"The South End is one of the best-kept secrets in real estate," Hoffpauer said. "On a per-square-foot basis, it is a very good value, considering the location, either directly on the ocean or the lake."
The amenities of that setting include the security and services provided by a Palm Beach address.
On the horizon is another project newer than Bellaria. The Brazilian Beach Resort is being developed as a condo-hotel on the ocean at 2842 S. Ocean Blvd., on the site of a former Hilton.
"We are excited about the prospect of the newer (hotel-condos) that are being planned," Hoffpauer said.
Palm Beach is a finite "limited edition. There is no more land, so properties will only appreciate," Lawrence said.
CONDOMINIUM DEVELOPMENT BY YEAR
South End condominiums (and dates built):
- Ibis Isle, a series of low-rise buildings developed together (1968): Villa Lac Beau, Chateau Chantilly, Villa Serein, Villa Rideau, Chateau Rambouillet, Chateau Cheverny, Chateau Chaumont, and Villa Tambour. Two mid-rise towers (1970): Tower Vallencay, Tower Vallendry.
- Sloans Curve I, north and south (1980). Sloans Curve II, north and south (1981).
- The Reef (1974)
- Harbour House (1969)
- Palm Beach Whitehouse (1968)
- The 2600 Building (1977)
- Beach Point (1979)
- Ambassador II (1968)
- 2770 Building (1991)
- Ambassador I (1967)
- Palm Beach Stratford (1979)
- Dorchester (1979)
- La Renaissance (1968)
- The Enclave (1985)
- Carlton Place (1982)
- 3120 Building (1984)
- Palm Beach Hampton (1985)
- The Palmbeacher (1961)
- Bellaria (2006)
- 3200 Building (1977)
- The Meridian (1981)
- La Bonne Vie (1967)
- Claridges (1973)
- Patrician (1971)
- Halcyon (1980)
- Atriums (1979, 1980)
- Emeraude (1982)
- Tres Vidas (1981)
- 2500 Building (1977)
- The President of Palm Beach (1960)
- The Edgewater (1967)
- Regency (1969)
- Carlyle House (1973)
- Sutton Place (1982)
- The Cove (1979)
- Royal Saxon (1967)
- Palm Worth (1964)
- La Palma (1971)
- Palm Beach Resort and Beach Club (1982)
- 3360 Building (1978)
- Ocean Cay (1979)
— SOURCE: PALM BEACH COUNTY PROPERTY APPRAISER
PRICES THEN & NOW
- Sloans Curve: Two-bedrooms, once $179,500, sold last year for $850,000 and $925,000; three bedrooms sold for $1.95 million in 2001
- Chateau Chantilly: once $105,000; $515,000 last year
- The Reef: once $92,800; sold last year for $890,000
- 2500 Building: once $157,800; $900,000 last year
- Harbour House: $165,000 seven years ago; $317,500, $350,000, $500,000 and $562,500 last year
- The 2600 Building: $1.27 million last year
- Beach Point: $925,000 and $1.1 million last year
- Ambassador II: $310,000, $510,000 and $550,000 last year
- 2770 Building: $1.2 million in 1990; $3.37 million last year
- La Renaissance: $550,000 last year
- 3120 Building: $800,000 last year
- The Palmbeacher: $259,000 last year
- The Enclave: $925,000 and $2.2 million last year
- The Meridian: $1.08 million last year
- La Bonne Vie: $550,000 and $850,000 last year
- Claridges: $44,500 in 1973; $465,000 in 2005
- Patrician: $85,000 five years ago; $298,000 to $472,500 last year
- Halcyon: once $153,000; $650,000 in 2004.
- Atriums: once $133,000; $540,000 to $1.29 million last year
- The Edgewater: $160,000 last year; $225,000 in February
- Regency: $300,000, $465,000 and $525,000 last year
- Carlyle House: $160,000 in 2002; $387,500 and $430,000 last year
- Sutton Place: $625,000 last year
- The Cove: $690,000 last year, triple the original price
- La Palma: $150,000 in 2002; $280,000, $305,000 and $335,000 last year.
- Bellaria, completed in 2006: Most of the 37 units sold for more than $2 million. One unit closed for $960,000, while penthouses ranged from $3.6 million to $4.99 million. Investors who profited on resales made between $180,000 and $1.8 million.
By Stephanie Murphy
Daily News Business & Real Estate Writer
Sunday, July 8, 2007 - PalmBeachDailyNews.com
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