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Sun Sentinel

Real Estate Notebook: Oceanfront Delray Beach Mansion Sells for $12 Million

By: Paul Owers
Published: 5/15/2015Source: Sun Sentinel

Featuring Betty Devitt and Candace Friis' sale at 701 South Ocean Boulevard, Delray Beach, Florida: http://www.sun-sentinel.com/business/realestate/fl-real-estate-col-05172015-20150515-story.html

 

It took less than a month for an oceanfront mansion in Delray Beach to sell for $12 million cash.

The five-bedroom home at 701 S. Ocean Blvd. has 120 feet on the water. The buyer was 701 S. Ocean Blvd. LLC, an entity headed by Thomas J. Campbell, property records show. The sellers were successor trustees to the Mary Ella Alfring Revocable Trust.

The Corcoran Group's Candace Friis, who represented the buyer, said her client intends to tear it down and build a new home. Corcoran's Betty Devitt represented the sellers.

The home, built in 1948 seven blocks south of Atlantic Avenue, hit the market in late April for $13.5 million, according to the listing. The sale closed May 8.

While many homes are taking longer to sell than they would have a year ago, luxury properties are in high demand because they're relatively scarce. The high-end market is so hot that some developers are building "on spec," without a buyer in place.

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