World articles part 23

Frank McKinney’s “micro-mansion” is meant for high-net-worth buyers looking for a more manageable space.Courtesy of Frank McKinney

According to the Realtors Association of the Palm Beaches, in February, there were 66 homes on the market in Ocean Ridge, a nine-month supply. The median sale price was $893,500, down 33.9% from the median of $1.35 million a year earlier. The current price range of listed single-family homes in the town is $624,900 to $9.8 million, according to realtor.com. News Corp, owner of Mansion Global, also owns Move Inc., which operates realtor.com.

McKinney, who purchased the quarter-acre site for the micro-mansion in October for $350,000, hasn’t yet set a price for the finished house. He said only that it will be priced between $4 million and $10 million and that he will finalize the price when completion is closer.

There’s been a surge in interest in micro-apartments and homes, particularly in large cities where development costs and rents have risen sharply in recent years, according to Stockton Williams, executive director of the ULI Terwilliger Center for Housing. "Most of the micro-unit properties have been aimed at the higher end of the market, although there are some exceptions," he said.

This Old World-style estate is the former home of American jazz singer and actress Peggy Lee, who lived there for about 20 years, until her death in 2002, according to the home’s agent, Billy Rose. The story goes "she drove by in the early ’80s, had the driver stop, got a tour of the home and made an offer," Mr. Rose said.