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December: Letter from Palm Beach: Pee-Bee’s Playhouse


Lisa and John Cregan
Ranked #1
at Sotheby’s Palm Beach

What began in good faith as the long-awaited revitalization of the moribund Palm Beach Playhouse is now a project to make Potemkin proud. After methodically carting away every piece of the landmarked 1950’s era theatre that wasn’t rusted, moldy or termite ridden, the contractors reported back to the town on what was left– gulp, just the facade.
Turns out abandoning a Florida waterfront building to the elements for 19 years is not so great for structural integrity. Quite fairly, there was criticism in the community about the incremental creep of the demolition process. Most residents were unaware how far things had gone until they arrived home from their summer wanderings to discover the Royal Poinciana Plaza’s cultural crown jewel was quite literally a shell of of its former self. Check out these aerial shots posted by the Civic Association
As the shock fades though, focus is shifting from Playhouse-Past to Playhouse-Future. Any regional theatre lover will tell you it’s boff0 Broadway, not Chekhov and Beckett, that makes the cash registers sing–one reason the playhouse has sat empty since 2004. After years of false starts, Palm Beach received a plausible proposal from wealthy backers with local ties, Innovate, who promised a reimagined playhouse– one that would be fiscally sustainable while maintaining its mission as a venue for live performance. The trick? A jewel box theatre with 400 seats that fold into the floor as flat as a station wagon’s rear. Without rows of fixed seats permanently tying up the theatre, the space can flex to art exhibits, events, pop-ups… even weddings. Add in a catering kitchen and a new al fresco restaurant on the theatre’s west side and the picture of a successful, dare we say profitable, local theatre begins to emerge.
Palm Beach is a town that generally enjoys a bit of drama, but this one really needs a happy ending. 🤞🏻🍀

Market Color: Attention Shoppers!

Mortage rates are down, equity indexes are up and so are the number of available Palm Beach properties. A surge of new Fall listings combined with sales slower than we saw during the covid years has created a spike in how many months it would theoretically take to clear Palm Beach’s real estate inventory at the current sales rate– from 15 months this time last year to 25 months today (see chart above).
New Listing totals for all types of properties– condos, houses and townhouses– are trending back toward normal levels (single family homes chart below). So the next time someone tells you they’re not looking because inventories are low, tell them to give us a call. They’ll be pleasantly surprised.

Our Current Listings

*Our Listing* Pristine 3 Year Renovation
In a Fabulous Walk-Everywhere Neighborhood

230 Atlantic Avenue

230 Atlantic Avenue, Palm Beach


Sq Ft.
This spacious in-town residence has just undergone an extraordinary two-year renovation. Eleven foot ceilings in the main living spaces capture natural light and highlight the space’s pristine contemporary finishes and just-installed wide plank bleached oak floors. A sculptural modern glass railing on the new stairway adds even more sparkle. That kind of careful consideration was applied to every detail-the new kitchen is equipped with top-of-the-line appliances and the primary bathroom is finished like a high end spa. Nothing was left untouched-new bathrooms, new electrical, new AC, new pool terrace and more. A truly stunning finished product and location, location, location. Just one street south of Dunbar and a very short stroll to churches, Publix supermarket, Royal Poinciana Plaza shops and restaurants, the beach and the Lake Trail.
Request A Private Showing

*Our Listing* In the Beachy North End
Enticingly Light and Bright Historic Home
New Price!

255 El Pueblo Way

255 El Pueblo Way, Palm Beach


Sq Ft.
NEWLY PRICED! This light and bright ”cabana street” home has just been dazzlingly updated by architect Pat Segraves. Roof, electric, impact glass, AC- all new! Natural light pours in from tall windows and the mature tropical landscape on this 12,600 sqft lot provides complete privacy. Airy vaulted ceilings, sliding glass doors that open to a 25′ pool, a brand new eat-in kitchen off a lovely breakfast garden and a new cypress-paneled family room that could easily be converted to a downstairs primary bedroom suite complete with its own terrace shaded by a louvered electronic pergola. Sited on a prime North End block with a neighborhood beach terrace at one end and Lake Trail access at the other, this 4BR/4BA Bermuda style house is casual family beach living at its best!
Request A Private Showing

Our Recent Activity

*Pending- Our Seller* Exquisite Home
On the El Cid Waterfront

2305 S Flagler Drive

2305 S Flagler Drive, West Palm Beach


Sq Ft.
A romantic waterfront paradise. Pristine, extraordinarily detailed, 2020 construction with unimpeded water views from both the first and second floors. This home’s condition is the definition of ”impeccable.” 19,000 square foot lot beautifully landscaped by celebrated designer Keith Williams. A 52′ lap pool sits off the electric screened terrace. Mexican roof tile and dappled waxed plaster walls are a nod to classic Palm Beach architecture within a clean contemporary envelope. Luxurious downstairs primary bedroom with long Intracoastal views. Two second floor bedrooms with full baths and an expansive upstairs terrace reached by stair or elevator all enjoy sweeping water views. Separate guest house can be used as a gym. 3 bay garage is fitted with lifts and can accommodate up to 5 cars
Request A Private Showing

*Leased!* at Major Alley #3
The Epitome of Palm Beach Charm

Major Alley #3

417 Peruvian Avenue #3, Palm Beach

$18,000 Per Month Annual

Sq Ft.

No more perfect Palm Beach experience than a stay on Major Alley. One of only six homes in a landmarked ”alley” built in Palm Beach’s golden age, among the finest work of architect Howard Major. This unit is the second in from Peruvian Avenue, one bedroom, a paneled living room with soaring ceilings, full bath plus a powder room- and a 900 sqft outdoor walled terrace and gardens. One street north of Worth Avenue restaurants and shopping. Lake Trail and Town Docks just steps away. An intimate setting that’s simply overflowing with charm. Available for seasonal lease.

Rental Terms:
Annual Lease: $18,000 Per Month

Request A Private Showing

*Leased!* Elegantly Furnished 2 Bedroom
in Waterview Towers

400 N Flagler Drive, 1604

400 N Flagler Drive 1604, West Palm Beach

$21,250 Per Month (seasonal)

Sq Ft.

A beautifully furnished apartment at just the right height for eye-catching views of The Breakers, the ocean and the rosy sunset glow of Palm Beach island. A very comfortable unit with really attractive decor. White and bright with a well-outfitted kitchen and a guest room that can be either den or bedroom as suits the tenant. Then all the wonderful features of Waterview Towers- pool, tennis, pickle, fitness, parking valets and outstanding security. Available for annual or seasonal lease.

Rental Terms:
Seasonal Lease: $21,500 per month

Request A Private Showing

*Pending- Our Seller* Incomparable Views
14th Floor and the Trianon “01” Line!

The Trianon #1401

1200 S Flagler Drive 1401, West Palm Beach


Sq Ft.
Beautiful ’01’ line unit facing directly east across the yachts of the Palm Beach Town Docks to the rolling Atlantic Ocean. Apartment is in impeccable condition, completely renovated in 2021 with all new kitchen appliances, a wine cooler, refreshed baths with new vanities, new tile flooring and a new in-unit washer/dryer. Plus you get the vaunted ’01’ line kitchen window! The Trianon has been transformed these last few years. The building just completed a multi-year renewal with a new roof and new balconies and impact glass throughout. There are upcoming plans to refresh the hallways and common areas, as well as create a new fitness center. It’s an all new Trianon! All this just a quick stroll or drive across the Royal Palm Bridge to the Four Arts and Worth Avenue.
Request A Private Showing

*Sold! – Our Buyer* In SoSo
A Cool, White and Modern New-Built Home

334 Murray Road – West Palm Beach Welcome to the Modern Farmhouse on Murray Road. This 2023 new construction home in the heart of the SoSo neighborhood was recently completed by premier builder, Sam Fisch Development, and designed by award-winning architect, Alejandro Borrero. The home boasts 5 bedrooms, all with en suite baths, and 5,500 sq ft of indoor and outdoor living. The home centers around its unique zen garden and has a thoughtfully-balanced mix of modern design elements with top-of-the-line finishes, including a fully-integrated Sub-Zero and Wolf appliance package, Control 4 home automation sound and lighting system, and heated pool and spa.
Last Asking $5.545m

*Sold Off-Market- Our Seller*
2020 Construction and the All-Time Great Pool

596 N County RoadStunning new two-story home (2020) designed by Nelo Freijomel, 5 BR, 6.5 baths, on deep lot in the near north end. High ceilinged, first floor master suite with separate his/her baths and closets opens directly on to Mario Nievera designed garden, pool and spa featuring LED lighting and embedded stars in floor of the pool. Brilliantly lacquered cathedral ceiling crowns a chef-designed kitchen and family room, outfitted with Sub Zero appliances and a generous wine closet. Large loggia features retractable screens, fireplace and TV for outside dining and entertaining. Euro Wall opens to living room to create amazing entertaining spaces. Under-lit Seaglass bar is a magnet for guests and family alike. Steps away are Lake Trail, beach access, and N. County.
Last Asking $14.95m

🤫…Off Market: We always have “quiet offerings” from homeowners not ready to list their properties.
Be sure we know what you’re looking for!

Lisa and John Cregan
Senior Global Real Estate Advisors

Sotheby’s International Realty
340 Royal Poinciana Way Ste M314 Palm Beach FL 33480

© 2023 Sotheby’s International Realty. All Rights Reserved. Sotheby’s International Realty® is a registered trademark and used with permission. Each Sotheby’s International Realty office is independently owned and operated, except those operated by Sotheby’s International Realty, Inc. This material is based upon information which we consider reliable but because it has been supplied by third parties, we cannot represent that it is accurate or complete and it should not be relied upon as such. All offerings are subject to errors, omissions, changes including price or withdrawal without notice. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Equal Housing Opportunity.
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