The founder and president of a Boston-based real estate company has sold off-shore land in Palm Beach, along with approved plans for a 6,900 square foot home.
The sale price of $10.3 million marks a near doubling in value in 16 months.
Records show Bruce Percelay sold the land at 210 Palmo Way to a Florida LLC named after the address. Bradley MacPherson, a West Palm Beach attorney, signed on behalf of the buyer. The buyer financed the purchase with a $9.4 million mortgage from BMO Harris Bank in Chicago.
Gary Pohrer of Douglas Elliman brought the buyer and Margit Brandt of Premier Estate Properties had the listing.
Percelay is founder and chairman of Mount Vernon Company, a multi-family developer and owner headquartered in Boston.
Percelay bought the 0.3 acre property for $5.3 million in July last year, property records show. He tore down the existing home and commissioned West Palm Beach-based architectural firm Dailey Janssen Architects to design the plans for the lot, which were approved this year by the Palm Beach Architectural Commission.
When complete, the home will span 6,900 square feet, with seven bedrooms, eight bathrooms and two half bathrooms, according to the listing. The plans also include a swimming pool.
The property is at the northern end of the island. Nearby, on Nightingale Trail, Percelay sold a special home for $16 million in August. The real estate chief bought this property for $4.5million in March last year and completed the nearly 5,400 square foot, five bedroom, six bathroom home over the summer . Nightingale Trail is one of the north end streets that includes deeded access to the beach hut on the ocean side of the island.
The Palm Beach market is seeing a return to its seasonal changes after two years of non-stop trading. The traditional busy winter season begins to intensify in November, and already sales are signaling continued high prices in the luxury market.
Robert and Susan Burch recently sold their Palm Beach estate after nearly three decades for $24 million. Spec developer Todd Glaser and his investment partners listed the home they are renovating on Tarpon Island for $218 million last week, having bought the estate for $85 million last year.