Several in-the-works residential towers on West Palm Beach’s waterfront have lately grabbed headlines, inspired by the blockbuster success of The Bristol, the sleek ultra-luxury building completed in 2019 that set a new bar for condominium amenities and prices.
And watching from a couple of miles away to the north was One Watermark Place at the northwest foot of the Royal Park Bridge to Palm Beach. With the success of The Bristol, some real estate observers have wondered how the 18-year-old, Mediterranean-style building would fare in an increasingly competitive condo market.
The skeptics may have gotten some answers over the past couple of months, startled when two recent transactions topped $10 million — and another clocked in at nearly $8 million — in One Watermark Place at 622 N. Flagler Drive.
And both of the highest-dollar sales involved Palm Beach residents.
On Tuesday, a deed recorded at $10.2 million in the building, and the seller — longtime Palm Beacher and developer Patrick Carney — more than doubled his money after only eight months of ownership. He bought the four-bedroom unit, No. 1003, for $5 million via a deed recorded in early June.
He sold the 10th-floor apartment, with 4,639 square feet, to New Yorker William D. Siegel, the deed shows.
Carney and his wife, Lillian, have been busy home shopping over the past year. In March 2021, they sold the custom home they had built on the Palm Beach lakefront at 1350 N. Lake Way for $49 million to a company linked to casino and resort magnate Steve Wynn.
In May, Pat Carney bought a four-bedroom house at 125 Dolphin Road in Palm Beach for $12.2 million and the next month followed that purchase with the condo at One Watermark Place.
"I came out of an eight-bedroom house (on North Lake Way) and bought the four-bedroom house. We used the Watermark condo as a guesthouse for the family," Carney said Thursday.
With the condo sold, the Carneys now have a six:-bedroom house under contract in West Palm Beach that they will use as a guesthouse, he said.
Meanwhile, they are searching for a lakefront site in Palm Beach to build a new home for themselves with dockage for the couple's yacht. "We're looking for land. It's nearly impossible to find," he added, referring to the island's uber-competitive real estate market.
At the 48-unit One Watermark Place, agent Jim Mccann of Premier Estate Properties had the listing for the Carneys' condo, which has east and west balconies along with windows looking out to the Intracoastal Waterway, Palm Beach and the ocean beyond.
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