The Ritz Takes Up Residence on Singer Island - Dermot OBrien Group - Sotheby's International Realty Singer Island

The Ritz Takes Up Residence on Singer Island

By Alexandra Clough

Palm Beach Post Staff Writer

RIVIERA BEACH — The Ritz-Carlton has arrived on Singer Island.

The luxury hotel brand this month put its iconic sign on the former 2700 North Ocean condo on Singer Island, transforming the property into the Ritz-Carlton Residences, Singer Island, Palm Beach.

The move follows the June purchase of 146 unsold units by Lionheart Capital LLC, a joint venture between Miami and New York real estate entities. Lionheart paid developer Dan Catalfumo $120 million for the unsold 2700 North Ocean units, making this deal the most expensive bulk condo sale in South Florida history.

The property is one of only eight stand-alone Ritz residential properties worldwide, and the only one in Florida. The property is not a hotel, but it has the amenities that guests of a Ritz hotel have come to expect, such as outstanding service.

A description of the property, now listed on the Ritz’s website, glowingly characterizes the condo as “a private oasis of serene luxury and sophistication.”

The twin tower, 27-story complex consists of 242 units, many of which have panoramic ocean views. Of those units, 100 units are considered “resort” units, meaning they cannot be homesteaded and must be offered for rent once a year.

Prices start at $700,000 for a resort unit. There are 51 units in the “Resort Collection.”

Prices start at $1.2 million for a unit in the “Signature Collection,” which are the regular condos. There are 85 remaining signature units to be sold. The price for the signature units go up to $10 million for penthouse units.

When Catalfumo owned the project, 96 units throughout the two towers sold for prices ranging from $900,000 to more than $3 million.

The bulk sale to Lionheart has not resulted in any discounting, however. In fact, the steep prices of the Ritz residence reflect a belief among project backers that buyers will be willing to pay big money for an oceanfront Ritz condo near Palm Beach.

“We think we’re going to do very well,” said Ophir Sternberg, Lionheart managing partner.

Indeed, in just the past two weeks, the Ritz affiliation has brought in four contracts, bringing the total to 10 new sales since Lionheart took over .

“Not everyone knows 2700 North Ocean or even where Singer island is, but bringing in the Ritz puts it on the map,” Sternberg said.

“It’s global brand recognition,” agreed Laurie Ingber, of Fort Lauderdale-based Premier Sales Group, which has been hired to market the property.

Sternberg said sales will also be helped by the low dollar, which makes the condo attractive for foreign money to buy U.S. assets.

But even in the U.S., Sternberg is confident that the real estate market has hit bottom and is on its way up.

The stock market’s steady gains in recent months are a good sign, Sternberg said, “since in our experience real estate follows the stock market.”

Dermot OBrien Group

With close to $300 Million in sales on Singer Island since 2004 (close to 250 different properties) Dermot OBrien Group of Sotheby’s International Realty Singer Island is the recipient of the 2012 Ritz Carlton Residences Power Broker Award, 2013-2014 International Property Magazine Best Real Estate Agent Florida Award and the 2017 - 2018 International Property Magazine Best Real Estate Brokerage Florida Award. Dermot was selected as the 2010 & 2011 Unique Homes Magazine Singer Island market specialist, in addition to being a 2008, 2009 and 2010 Platinum Producer for Illustrated Properties Real Estate.

Dermot has an MBA from the Kellogg Graduate School of Management at Northwestern University, a Diploma from the British Chartered Institute of Marketing and a BA from University College Dublin in Ireland. A life long learner he recently completed a Diploma in Digital Marketing from the Digital Marketing Institute. With over 35 years of experience in real estate sales, marketing, new product development and management consulting he continues to enjoy the entrepreneurial career path.