Palm Beach County’s luxury market was on fire last week, led by a Palm Beach estate that landed a contract with an asking price of $76 million.
Buyers signed 16 contracts between Aug. 3 through Aug. 9, according to the weekly report by Douglas Elliman’s Eklund-Gomes team, which tracks all listings in Palm Beach County with an asking price of $3 million and above.
Last week’s contracts totaled $245.4 million in asking dollar volume, nearly double that of the previous period, which recorded 19 contracts totaling $128 million in asking dollar volume.
The properties marked pending last week included 12 single-family homes and four condos. They spent an average of 48 days on the market.
The 12 single-family homes that went under contract totaled $224.8 million in asking dollar volume and spent an average of 76 days on the market. The average contract price was $18.7 million, or roughly $2,800 per square foot.
The priciest single-family home to go under contract last week was a 7,800-square-foot oceanfront estate at 5 Via Los Incas, which had an asking price of $9,700 per square foot. The 1980-built mansion has six bedrooms, seven bathrooms and two half-baths. It also includes a beachside pool, a cabana, an outdoor loggia and separate staff quarters, according to the listing. It spent 161 days on the market.
Gary Pohrer of Serhant had the listing. Property records list the current owner as the Finneran Family Foundation, a nonprofit in New York led by Patricia Finneran, according to ProPublica. The foundation shares its name with the late businessman and philanthropist Bill Finneran, who bought the house for $17 million in 2007, the Palm Beach Post reported. Finneran died in 2019.
Another Palm Beach mansion took the spot for the second most expensive single-family home to go under contract. The 6,000-square-foot home at 608 Island Palm Drive on Everglades Island had an asking price of $41 million, or $7,000 per square foot. It includes five bedrooms, six-and-a-half bathrooms, 100 feet of water frontage and a private dock.
Carole Koeppel and Brett Koeppel of Sotheby’s International Realty had the listing. The home last sold for $15.5 million in 2019, according to property records.
The four condo deals marked pending last week totaled $20.5 million in asking dollar volume and spent an average of 21 days on the market. The average contract price was $5.1 million, or $1,450 per square foot.
The most expensive condo contract was for a 4,300 square-foot unit at the Alina Residences at 220 Southeast Mizner Boulevard in Boca Raton. Unit 424 had an asking price of $7.2 million, or $1,700 per square foot. It has three bedrooms, three bathrooms and one half-bath, as well as wraparound terraces with views of the golf course, according to the listing.
Robin Perotti-Torres and Patrick Elber of Douglas Elliman had the listing. Property records list the current owner as El Ad Mizner on the Green II LLC, an entity linked to real estate development firm Elad Group. El-Ad National Properties, a South Florida-based subsidiary of Elad Group, developed Alina Residences.
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