Built in 1998 and designed by architect Thierry W. Despont, Sidney Kimmel’s European-style Palm Beach mansion at 1236 S. Ocean Blvd is under contract for a reported $75 million.

According to reports, the buyer, who wishes to remain anonymous, was the second to make an offer on the property, which attracted celebrities, athletes, wealthy patrons from abroad, key figures in business and even a Saudi prince.

Depending on how you view it, the sale price could exceed the Town record set for residential real estate in 2004 – the sale of Casa Apava for $70 million to Dwight Schar, Chairman of NVR Inc.  Schar also purchased two vacant plots across the street from the same person for $22 million, his purchases totaling $92 million.

Sidney Kimmel is a philanthropist and movie producer.  He is chairman and director of Jones Apparel Group and part owner of the Miami Heat.  He is also a partner in Cipriani International which has restaurants and catering in New York, Italy and Buenos Aires.

From January to February 2008, home prices in Palm Beach County rose slightly from a median price of $343,200 to $344,600, according to the Florida Association of Realtors.

Prices of condominiums in Palm Beach County tell the same story, rising slightly from January 2008 to February 2008, but down 24 percent from February 2007.

Although there is still a way to go – actual sales were down 28 percent from one year ago – many Realtors see the increase as a positive sign that change is upon us, or at least some stabilization within the market.

Others warn against being too optimistic so soon for fear that a “false bottom” will cause complacency and eventually result in further decreases in home values.

Messages are mixed – for every positive sign there seems to be a negative one to cancel it out, but the industry remains hopeful that a change for the better is on the horizon.

Falling in love can be fairly easy when you live in Palm Beach. How many places can you live where the weather is almost prefect everyday, the landscape is breathtaking and the town is impeccably maintained?  Our town is one of the most secure communities on the East Coast as well. As a winter destination Palm Beach is easily accessible. It offers the finest shopping, resorts, dining and cultural & charitable events. If you are raising a family, this intimate town offers some of the finest schools and family activities.

If you are mindful of living a quality lifestyle with first class amenities and all the conveniences of a world-class community, Palm Beach should be tops on your list.  Whether you are looking at your immediate plans or looking in to the future, real estate in the Palm Beach has maintained its value.

Over the years Scott Gordon Realty has established a strong presence in the Palm Beach & Manalapan real estate markets. The firm continues to have success with the sale of Oceanfront Residences, Luxury Condominiums and Elegant Single Family Residences. Gordon feels Palm Beach is still the place to invest in quality properties and enjoy a unique lifestyle.

According to a study by the National Association of Home Builders, developers across the country are working to meet the needs of a specific group – the 55 and older crowd.  By 2014, over 85 million of the population will be in this age range, making the active-adult community a profitable market – more than 250,000 people will choose to buy a new house in a 55-plus community.

That doesn’t mean, however, that the houses bought will be smaller or less expensive than previous homes owned by this generation.  Data in the study points out that the average home in an active adult community has the same number of rooms as its counterpart in a non- age restricted community, but is less likely to have what is considered a specialty room, such as a den or a library.  59 percent of home buyers in age restricted communities felt that their new home was better than their previous one, and 41 percent said that their new home cost more than their old one.

Although a home in a 55-plus community may be slightly smaller, buyers aren’t sacrificing quality.  According to a builder they are still looking for new homes that are well-designed and have lots of upgrades and special features.  Where they do downsize is where maintenance is concerned, for instance, many will forgo the traditional large back yard because of the amount of upkeep involved.

Despite the fact that the Real Estate market in most of the country is feeling the pinch, the Island of Palm Beach continues to buck the trend with another high-end property sale.

On the market since fall 2006, the lakefront property at 460 Worth Avenue sold for $19.94 million, plus an additional amount for everything inside.  The Seller, Stephen E. Myers Sr., co-founder and chairman of US Cable Group, bought the property in 1993 for $4 million – a nice profit in any market.

The Buyers, Karlheinz and Marianne Andresen, have another waterfront home in Hamburg, Germany, where Karlheinz Andresen Land Administration Co. is located.

The Worth Avenue home was built in 1991 on the spot where socialite Sue Whitmore lived.  In 1920, however, the site was home to Villa des Cygnes – House of Swans – built for Major Barclay Warburton and designed by Palm Beach fixture Addison Mizner.

According to an online poll reported by Zillow.com, over 75 percent of homeowners believe that the value of their home has increased or stayed the same in 2007.

To add even more positive consumer sentiment to the mix, a large portion of all homeowners say that they are planning to make some sort of home improvements in 2008:

• About 80 percent say that they plan on spending the same amount or more on minor home improvements such as painting.

 • More than 65 percent say they will spend the same amount or more on major home improvements such as remodeling the kitchen or replacing the roof.

 • About 35 percent say they are more or equally likely to take out a home equity loan; 36 percent to refinance or take out a second mortgage, and 34 percent say they are more or equally as likely to sell their homes.

According to a Zillow.com spokesperson, most people are not so affected by declining home values unless they must sell or need equity immediately, contributing to healthy investments in home upgrades, despite the downward market trends.