Most of us have heard that the Rinaldi's (John Rinaldi was the former chair of the Lake Worth Planning & Zoning Board) Bed & Breakfast is on the market. The asking price is $1,395,000.00, for Sabal Palm House at 109 N. Golfview Road situated across from the golf course and Intracoastal Waterway. Walking distance from downtown shopping, dining and the beach, it is a beautiful property. According to the Property Appraiser, the total market value is $478,390 and taxes are $13,212.
SALE HISTORY:
APR-2003 $650,000 15047 / 1290 WARRANTY DEED JS SABAL PALM HOUSE LLC
APR-1998 $245,000 10341 / 0965 WARRANTY DEED SABAL PALM HOUSE BED & BREAKFAST INC
MAY-1994 $200,000 09907 / 0269 WARRANTY DEED
DEC-1992 $225,000 07537 / 1972 WARRANTY DEED
APR-1992 $170,000 07221 / 1304 WARRANTY DEED
6 comments:
It is a beautiful property. John and Colleen have done an incredible job there. We wish them well when they do sell. Hopefully they will stay close by.
Wow, if they get it that would be a huge profit. Will be interesting to see what it sells at. I don't always agree with John, especially not on his support of more development at the beach, but you can see why he supports it (would help his bottom line for sure).
Sounds like the typical LW cycle. (1) Come visit LW; (2) fall in love from the outside looking in; (3) buy a property, move here full time; (4) get involved in the local politics; (5) realize what a $#!+ show this place really is; and (6) sell said property as fast as you can, and get the H3LL out of town before the buyer realizes what a mistake it was. I've seen it all too many times.
Next up on this list Hudson Holdings. Will be interesting to see what they list the gulfstream for... will they try and actually make a profit or just take their loss and get the H3LL outta dodge?
Colleen and John have lived here 12 plus years and during that time they have been the biggest fans and promoters of our city. They got involved with all aspects of the city and as business owners got involved in local politics. They have put their small business on the map and worked very hard to do that. Many of their guests have purchased homes here and are active residents of the city. To imply that they are flipping their property is just not fair.
Even if they are "flipping" their property, so what? Everyone who eventually sells a property could be accused of flipping it. This is why people buy property--they certainly have a hope that it will escalate in value and when the time comes for them to sell it, downsize, whatever, the owner can make a profit. That's America. And no one has said that they are not wonderful additions to our community.
The term "flipping" in real estate means to buy a property with the intention of quickly renovating and improving it and selling it immediately to make a quick profit. To flip is to buy and sell within weeks or a few months. Anyone that holds a property for years and than sells is not flipping. People who flip have no interest in the community and are just out to make a profit. Nothing wrong with that.
Post a Comment