Palm Beach Restaurant Week will be held October 20-26, so mark your calendars NOW. Styled after the famous New York Restaurant Weeks, for $20.08, three-course lunches will be offered at restaurants that are said to include Café Boulud, Café L’Europe, Charley’s Crab, Flager Steakhouse (at the Breakers), Michael R. McCarty’s, Ocean Bistro at the Four Seasons, Renato’s and the Ritz Carlton. The Palm Beach County Convention Center and Palm Beach Chamber of Commerce are involved in the planning.
Featuring as many photographers as possible, the Norton continues its longstanding commitment to furthering the visitor’s understanding of photographic history. A recent donation of 162 photographs, The Hunter Gifts, is now on exhibit until September 7th. The collection includes the work of some of the most important photographers of the 20th century. Six international photographers are paired together for easy comparisons of their work. The Norton Museum of Art is located at 1451 S Olive Avenue in West Palm Beach. General admission is $8, ages 13-21 is $3, children under 13 and members are admitted with no charge.
As if it weren’t enough for us to hear about the loss of local builders during this market downswing, now we learn other countries are experiencing the same conditions. The subject company failed to secure new financing to remain operational. Sharper interest rates and tighter lending conditions are prevalent. The company is one of the largest construction companies in Spain with $17.4-BB in assets, the first major Spanish victim of the real estate recession and crisis. It is currently selling off its assets to raise money for debt obligations. In cities like Madrid and Barcelona residential home sales are down 30% this year.
Waterbrook Peninsula LLC has filed for bankruptcy. Your editor recently visited the project and took these photos. The property is on a small peninsula with water on three sides, on Federal Highway and the intracoastal waterway. It was planned to have 40 luxury condos, 20 town homes and 10 large single family homes. Construction is almost complete on the condos and single family homes but town homes have been delayed. This bankruptcy, where National City Bank foreclosed on a $26-MM mortgage, highlights the down market conditions.
Once owned by Bill Gates, La Leopolda, 10 acres, said to have the best views in Southern France, reportedly built by Belgium’s King Leopold for his mistresses, has been purchased by Russian billionaire Abramovich, reportedly for CASH. A regular 80% mortgage would have monthly payments of over $3,000,000!
From January 1 to July 1, 2008, there were 24 homes sold in West Palm Beach for over $1,000,000, 2 houses sold for over $3,000,000. A 5 bedroom, 4 1/2 bath 2-story home, south of Southern on Flagler Drive, was sold in March 2008 for $4,000,000. The property was listed for $4,495,000. The home was on the market for 81 days. The property features a 333 Living sq ft guest house, T-shaped 30’x50’ boat dock, pool, full house generator, gazebo by the water, impact glass windows, loggias, and kitchen with stainless steel and granite. The house was built in 1972.
The Florida Lottery is offering an 8-week “Summer Cash” drawing across the state to tap into the public’s frustration with sky-high gas prices. Prizes include “Gas for a Year” and “Gas for Life.” Tickets are $5. Grand prize is $250,000. 