Three Delaware limited-liability companies have bought six houses totaling more than $20.3 million in several neighborhoods, according to deeds recorded early this month and in late June. The houses sold at prices ranging from a little less than $2 million to more than $6 million.
The real estate agents involved and the sellers declined to discuss the sales, and representatives of the entities that bought the properties could not be reached for comment. But public records and multiple sources familiar with the deals have confirmed that all the sales are related.
The properties on the North End and in Midtown appear to have been purchased as investments and rental houses, and four have already been listed for lease through the Palm Beach Board of Realtors Multiple Listing Service.
Real estate observers say Palm Beach’s residential rental market is more active than it has been in years, because the recession left in its wake a tight inventory of better-quality and newer homes for sale. As a result, many house-hunters are opting to rent a house on the island while they test the market. That scenario has created an opportunity for investors to buy properties to generate rental income.
Ava Van de Water, president of the Palm Beach Board of Realtors and broker at the island office of Brown Harris Stevens, acknowledged that there’s a vibrant rental market in Palm Beach.
“Rentals are very much in demand,” Van de Water said.
A search this week of the Palm Beach Board of Realtors Multiple Listing Service showed 79 single-family homes and townhouses available for rent at prices ranging from $4,000 a month to $90,000 a month.
Biggest deal
Sotheby’s International Realty agent Christine Gibbons, who goes professionally by Tina Roberts, represented all of the buyers in the recent deals. She also is the leasing agent for the properties that are on the market, and her for-lease listings appeared within a day of each other earlier this month in the MLS.
The most expensive property to change hands was a 7,888-square foot Mediterranean-style house at 235 Dunbar Road, which sold for $6.175 million via a deed recorded July 2 by the Palm Beach County Clerk’s office. Roberts has it listed for rent at $35,000 a month.
An entity named 235 Dunbar LLC bought the 1930s-era house from Baltimore attorney Bryson L. Cook and his wife, Cynthia. The Cooks had paid $5 million for it in 2004, records show.
Standing on a mid-block lot measuring nearly a half-acre, the four-bedroom residence has a separate two-bedroom guesthouse.
Agent Suzanne Frisbie of the Corcoran Group acted on behalf of the Cooks. They own an oceanfront house at 131 E. Inlet Drive, as well as a two-bedroom condominium in Chateau Rambouillet of Ibis Isle. The latter is co-listed for sale at $595,000 by agents Joan Wenzel and Jonathan Duerr of Fite Shavell Associates.
Properties acquired
Four other properties were bought by the same limited liability company, L. Jakes LLC, with the deeds showing a New York City post office box as the company’s mailing address. Those transactions included the following:
* L. Jakes LLC acquired a furnished, four-bedroom house at 126 Casa Bendita, which changed hands for $5.375 million, which was the price recorded June 25. Roberts is asking $25,000 in monthly rent for the property, which has 6,000 square feet of total living space, inside and out, according to her MLS listing.
The sellers were retired steel manufacturer Charles E. Pompea and his wife, Tamara, of Jupiter and Old Saybrook, Conn. They completely renovated the 1967 house after paying $3.1 million for it in 2009, records show. Agents Kerry and Roger Warwick of Fite Shavell Associates had co-listed it for $6.995 million. Their closed MLS listing said the recorded sales price reflected a “net” sale.
* A four-bedroom 1925 house and guesthouse at 206 Seaspray Ave. — with a combined 2,230 square feet of total living space — was acquired by L. Jakes LLC for $2.025 million, according to the deed recorded June 24. Offered for sale at $2.25 million by agents Paulette Koch and Dana Koch of the Corcoran Group, the house was already leased at the time it sold.
The seller was longtime Palm Beacher Liza Becker Risin, who shared the house with her husband, Dr. Michael Risin, and young children. The family also has a home in Rumson, N.J., according to property records.
* L. Jakes LLC also bought a three-bedroom house and its three-bedroom guesthouse at 315 Seabreeze Ave. for $2.96 million via a deed recorded June 24. Roberts has listed the house for lease at $18,000 a month. Built in 1926, the house and guesthouse have 4,059 square feet of living space, inside and out, according to property records.
The Kochs at Corcoran Group had marketed the property at $3.45 million for seller Hilary Jandl, who acted as trustee of a personal residence trust in the name of R. Mark Schulhof. The trust’s address is in Brookline, N.H., according to property records. Schulholf is chief executive officer of Quadriga Art, a New York City firm that provides direct-marketing services to nonprofit groups.
* A deed recorded June 17 showed that a four-bedroom, 3,180-square-foot house at 286 Orange Grove Road sold for $2 million. Broker Christian Angle of Christian Angle Real Estate had listed the North End property for sale at $2.275 million.
The sellers were Jamie B. and Russell M. Niemie of Albany, N.Y., who had bought the property for about $1.5 million in 2011. Russell Niemie’s career has included longtime tenure as chief investment officer for the New York State Nurses Association’s Pension Plan and Benefits Fund.
Angle also had the listing for the final house that changed hands — a 1950 four-bedroom house at 301 Brazilian Ave. that sold to 301 Brazilian Ave LLC for $1.8 million, according to the deed recorded June 24.
Roberts is marketing the furnished property on Brazilian for lease at $8,000 a month. Gloria G. Stuart sold the house, which has 2,928 square feet of living space, inside and out. She and her husband, Michael, also have homes at 129 Clarendon Ave. and in Fort Pierce.
Town rules
In remarks at a July 9 Town Council meeting, Councilman Bill Diamond mentioned that he had heard about the multiple home purchases. He asked the town staff to report back to the council about any licensing requirements and other rules governing entities that act “as a business” to rent out private homes on the island.
A town ordinance currently governs the frequency at which single-family homes in residential neighborhoods can be leased. A property owner can lease a home out to tenants no more three times during any calendar year.
Staff researcher Niels Heimeriks contributed to this story.