With buyers flying north to beat the Florida heat, they’re signing fewer contracts for luxury homes in Palm Beach County.
Buyers signed nine contracts between June 9 and June 15 for luxury properties in Palm Beach County, according to a market report authored by Douglas Elliman’s Eklund-Gomes team. That’s down from 14 signed contracts totaling $134.5 million in asking volume the previous week. The latest signed contracts totalled $51.4 million in asking volume, and averaged 110 days on market. The report tracks listings of single-family homes and condos asking $3 million and up that are included in the Beaches MLS.
The report identified 34 new listings, and 1,139 total active listings on the market.
Of the properties that went into contract last week, seven were single-family homes and two were condos.
The condos that went into contract accounted for $8.2 million in asking volume, and averaged $1,391 per square foot. The single-family homes totalled $43.3 million in asking volume and averaged $1,339 per square foot. The condos that found buyers spent an average of 177 days on market, while the single-family homes had an average of 43 days on market.
The priciest listing to go into contract last week was a 5,700-square-foot waterfront home at 551 Northeast 14th Street, also listed as 551 Northeast Waterway Lane, in Boca Raton asking $8.8 million. Records show the seller is Marina Rickun, who bought the 0.3-acre property for $7.9 million in October. It was built in 2017 and has four bedrooms, four bathrooms, two half-bathrooms, a pool and 200 feet of waterfront dockage, records and the listing show.
Rickun listed the home in April asking $9.3 million, Zillow shows. Perry Melzer and Jorge Lorenzo with Compass had the listing.
The second-most expensive listing to find a buyer was the 3,600-square-foot waterfront teardown at 114 Victory Drive in Jupiter’s gated Admirals Cove neighborhood asking $6.9 million. Records show the seller is Jessica Baumgarten, who bought the 0.3-acre property for $555,000 in 1992. The five-bedroom house was built in 1988 and has four bathrooms, one half-bathroom and has 50 feet of private dockage, records and the listing show.
Baumgarten listed it as a building opportunity for $6.9 million on June 10, and went into contract two days later, according to Zillow.
Allan Meyerson and Thomas Frankel with Admirals Cove Realty had the listing.
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