South Florida’s most recently-coined “Billionaires’ Row” is welcoming home a new Hollywood heavyweight, and the celebrity buyer’s agent who closed the $37 million deal is revealing that his high-profile clients don’t fall in love with the home first, but rather the area.
“I really try and dig deeper … with my buyers. I really want to get down to, how do you want to spend your time here? What’s important to you? Do you play golf? Do you play tennis? Is the beach important? What does your wife like to do? Are you into boating? How important is going out to dinner?” Compass’ Michael Costello told Fox News Digital.
“I tell everyone, you don’t fall in love with the house — you’ve got to fall in love with the area. You can change your home as much as you want, but you can’t change the location.”
Costello, one of the highest-producing real estate agents in Florida, recently represented actor Mark Wahlberg in the purchase of a fully furnished Italian-style mansion named Palazzo di Lago in the gated Stone Creek Ranch community in Delray Beach.
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Realtor.com recently dubbed the neighborhood “Billionaires’ Row,” a title previously and more commonly associated with the Palm Beach waterfront properties along South Ocean Boulevard.
“I first discovered Stone Creek Ranch back in, I think, 2018 [or] 2019. I had a client living on the water in Gulf Stream, which is kind of northeast of Delray, and their kids were going to school more inland, and they were getting tired of the commute,” Costello recalled. “And I kind of stumbled across Stone Creek Ranch, and you drive in there, and it’s like this little oasis. There are beautiful lakes and bridges and large, large lots and beautiful homes.”
The 18,206-square-foot property — featuring seven bedrooms, 10 full bathrooms, a seven-car garage, guesthouse, resort-style pool, home theater, gym, sauna, wine cellar, cigar lounge and more — was originally listed in March for $45 million. It sits on 2.7 acres, offering immense privacy — something Costello says his clients value most.
“The thing I really try and do is protect my client’s identity and their privacy as much as possible,” Costello said. “When you’re calling listing agents to show properties, the listing agent, it’s their job to really vet buyers just so you’re not getting people just coming on the property that aren’t qualified to buy … Over the last five years or so, we’ve had a handful of NDAs we get from the more high-profile clients, [but] I wouldn’t say it’s commonplace.”
Listing agent Senada Adzem of Douglas Elliman, who represented the seller, declined to comment to Fox News Digital about the transaction.
In a press release announcing Wahlberg’s acquisition, Stone Creek Ranch is described as “a haven where world-class design meets complete discretion.” The release added that recent sales of two architectural showpieces — the “James Bond House” and the “Ferrari House” — highlight the enclave’s international appeal. Two new listings are expected soon, priced at approximately $75 million and $100 million, each poised to set the next benchmark for ultra-luxury estates in South Florida.
When it comes to what a buyer like Wahlberg may want in a luxury retreat, Costello says every client is different but most prefer homes with “nice finishes” and plenty of attention to detail.
“Some people, they want views, right? They want to be on the water, or they want something with a lot of privacy, or they want a large pool, elaborate gyms or theaters,” he noted. “I’d say the most common ‘must’ would be high quality features in these homes – natural stones, marble, French oak flooring … nice finishes would be the common denominator.”
Top-tier agents and their clients often showcase properties that go beyond the norm. Costello recalls once chartering a helicopter for a prominent New York City developer who moved to South Florida just before the pandemic.
“We kind of buzzed around [Palm Beach] county in the helicopter. And again, we’re looking at major estates, properties from the air, and seeing the size and the scale,” he said. “He appreciated me doing that and thinking outside the box, rather than putting him in a car and spending a half-hour travel time between each showing.”
Wahlberg’s Delray Beach purchase follows the sale of his Beverly Hills estate to Paris Hilton, which closed in June for $63.1 million, The Wall Street Journal reported. The man once known as “Marky Mark” now joins the growing list of celebrities and high-net-worth individuals who have left California for Florida.
After closing the high-profile deal, Costello says he’s looking ahead to a “really busy” season and sees other hot spots like Delray Beach and Jupiter attracting more luxury buyers.
“The last six to eight weeks, we’ve had a ton of showings. People are definitely here looking to buy,” Costello said. “I’ve talked to other agents, and they’re all saying the same thing.”
“I’m blessed to have great clients. I’ve gotten really, really lucky. I think hard work plays a factor, but there’s a lot of luck involved and … this business is definitely driven by, ‘You get what you give.’”
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