Vera Wang’s Via Tranquilla For Sale

Wang and her brother Kenneth inherited the Spanish Mediterranean-style residence from their father, C.C. Wang, who bought it in 1995. Located at 640 S. Ocean Blvd., the 1923 mansion designed by noted Palm Beach architect Addison Mizner has fond memories for the well-known fashion designer.

Wang remembers the days when her children, now 17 and 14, were younger and the house seemed to be bursting at the seams with children running around, recalling with pride that it sometimes felt like a day care center.

Wang, who describes Mizner’s architectural style as “Spanish lite” says she has always been fascinated by his work, especially the sense of whimsy that shows through. She describes Mizner’s style as dramatic, and appreciates the fact that some of his proportions aren’t quite, well, proportional. When asked how she would design an Addison Mizner inspired dress, Wang immediately offered that it would have an uneven hemline. Add some exotic color combinations and some peacock feathers and there you go – another one-of-a-kind Vera Wang creation!

Via Tranquilla is offered for sale at $19 million. Its east wall faces the Ocean, where the master suite and four guest bedrooms, each with its own bathroom, are located. There are a total of 11 bedrooms, one of which on the Northeast corner could be used as a second master suite. There are 10 bathrooms, and the total square footage is 11,654, with 9,706 square feet of indoor living space.

Foreclosed Hearst Mansion Sells at Auction for $22 Million

One of the country’s most expensive residences, the Hearst mansion, sold at a foreclosure auction on Monday for a bid of $22 million from New Stream Capital. According to the attorney representing Veronica Hearst, the property will go back on the market so the creditor can recoup its investment.

The 20,000 square foot home was designed by Maurice Fatio and bought by Randolph Hearst in mid-2000 for $29.87 million, at that time the highest sale price on record in the state. Hearst passed away six months later, leaving his widow Veronica without the means to maintain the property.

Veronica Hearst borrowed millions against the home’s value to pay for property taxes and renovations. She sold 150 feet on the property’s south end for $6.2 million, explaining that potential buyers were uncomfortable with the considerable size of the home. She stated that, with an older property – the home was built in 1929 – you can either destroy it or refurbish it, and her decision as the owner was to refurbish it.

However, to some, any change to the historic home is unacceptable. According to one source, the daughter of the architect who designed the home says that any variation from the original design is wrong.

The home is located at 1100 S. Ocean Blvd. in Manalapan, which does not have a preservation board that may have been able to block Hearst’s decision to split the lot if it had been designated a landmark.

To Rent or Buy in Palm Beach

Let’s assume someone is looking for a place to call their own for the very first time in Palm Beach. The general consensus seems to be that they should wait a little longer, buying Palm Beach real estate will result in losses which is true. Renting, once considered a silly decision, now holds a larger degree of worth, just ask the experts.

Per the National Association of Realtors yet another mass of people contributed to another boost in renting. Considering how “iffy” real estate is right now and the lower prices of South Florida homes, this research makes complete sense and some may say is indicative of smart money management on behalf of the renter.

When we take a look at renting, it does make complete sense. After all, the renter gets a place to live and to customize to a certain degree without having to trouble themselves with all these things like property insurance, closing costs and most of all, mortgages. Once they’re ready to move to a larger place, the responsibilities on their end are mostly relegated to ensuring that the last month’s rent and utilities have been paid off and that the potential lease agreement has been satisfied.

Now let’s say this renter stayed in the home for a year. On the lower end, that’s more than $10,000 dollars spent in rent alone and all that money does not contribute to any long term benefits, a notable difference when a renter owns a home that can generate substantial equity and/or value. It’s also worth nothing that the year’s worth of rent payments are practically equivalent to a down payment on a no frills Palm Beach home.

Is this a thinly veiled advertisement persuading readers to buy a Palm Beach condo or home? Not necessarily. After all, buying is expensive and it requires large capital to deal with the numerous costs involved. Renting has its own excellent benefits but instead of just playing it safe because a friend says buying is a bad idea, try doing your own research or consulting an impartial real estate agent. A venture that seems audacious at first could reap long term rewards.

Affordable Beach Property Becomes a Reality

A couple of years ago, South Florida luxury homes were too high-priced even for some successful Americans. Waterfront properties seemed unattainable as they crept close to averaging one million dollars in some places. Even some in the wealthy class shrugged at the prospect of paying that much for a home. But now the prices are much more realistic, ranging from $400,000 to $600,000 in those same places. The sharp decline in real estate values the past three years has been devastating to homeowners but has potential investors "licking their lips" thinking of the opportunities.

The current status of the Florida housing market is unusually chaotic. The South Florida real estate market has not fallen so sharply in the last sixty years and South Florida's long term real estate investments are traditionally strong. Many investors are seizing this opportunity to buy up luxury property they believe is underpriced. Examples of this are Palm Beach Condos on the water which are considered luxury property but at the moment are certainly not priced for luxury.

Most people remain reluctant to buy into the current market. This decision may prove to be ill-advised because some projections are claiming the price of houses will go up at the end of the year, making it the best time to buy now. Existing and potential homeowners should evaluate their financial situation to determine whether or not they have the resources to invest in property now, so they don't miss this great opportunity to own luxury property.

Make sure you have valid risk assessment. If you have the capital to make a down payment and the resources to maintain mortgage, insurance and utility payments, then you're a viable candidate for property ownership. Check the prices of beachfront property in your area and see the valuable opportunities for yourself.

How to Sell Your Home

If you’re considering selling a Palm Beach home you know you have much to consider. How should I price the property? What realtor should I use? How can I get the property more exposure? The answers are simpler than you think, it’s all about appearance. In order to sell a home you need to peak a buyers interest, would you go on a date or job interview without wearing your finest attire? The same rules apply to showing a home. It is important to make your home as presentable as possible and perform every possible preparation in order to maximize your potential to find a buyer.

You should begin where your buyer will, from the curbside view. Check the perimeter of your home to make sure there aren’t any minor, or even major, repairs that need to be made. An hour pressure cleaning, trimming the garden, or adding a layer of paint to cover a blemish on your home could prove invaluable when your home is sold for the price you want.

As soon as you’re finished outside, you can begin your work on the inside. The inside of a home can be a “deal maker” or “deal breaker” depending on how you add or subtract decoration for a more aesthetic appeal. The house is obviously great, after all you chose to live in it. So, you should highlight the qualities with appropriate decoration. Buying a set of drapes, or a sofa cover can increase the inner appeal of your home immensely. Realtors can give you the advice you seek to let the interior of your home have a universal appeal with home buyers.

Buying and selling a condo or home is a tricky business. Real estate agents use their professional experience and insider knowledge of the real estate market to provide valuable services toward property transactions. Realtors can help: stage a home, price a home and sell a home. So if you’re considering selling a home, you should try to find a realtor you trust and get your home sold for the price you want in the timeframe you want it sold.