An investment manager’s oceanfront Manalapan teardown estate asking $33 million topped Palm Beach County luxury contracts last week.
Buyers signed 12 contracts between July 7 and July 13 for luxury properties in Palm Beach County, according to a market report authored by Douglas Elliman’s Eklund-Gomes team. Last week’s homes under contract totaled $90.3 million in asking volume, and averaged 261 days on the market. That’s up from $60.1 million in asking volume for 12 homes the previous week.
The report tracks signed contracts for single-family homes and condos asking $3 million and up in the Beaches MLS. It identified 35 new listings, and a total of 1,050 active listings on the market.
Ten of the properties that went into contract last week were single-family homes, and two were condos. The condos that went pending totaled $7.5 million in asking volume and spent an average of 407 days on the market. They had an average asking price of $3.8 million and an average price per square foot of $875.
Combined, the single-family homes totaled for $82.3 million in asking volume and averaged 114 days on the market. Asking prices averaged $8.3 million.
The most expensive listing to land a buyer last week was the 18,000-square-foot oceanfront teardown at 1200 South Ocean Boulevard in Manalapan, asking $33 million. Records show the sellers are Nobel and Ruchi Gulati. Nobel Gulati is chairman and CEO of Numeus, a financial services firm for crypto investors, based in Zug, Switzerland’s Crypto Valley. He was previously CEO and managing director of Two Sigma Advisors, a New York-based asset management firm with $60 billion in assets under management, according to published reports.
The couple bought the 1.6-acre estate for $25.7 million in 2021. The compound stretches from the ocean to the Intracoastal Waterway, with 150 feet of frontage on either side. The mansion was built in 1997, and has seven bedrooms, eight bathrooms, three half-bathrooms, a tennis court and a pool, records and the listing show. It was marketed as a teardown or renovation opportunity.
Nicholas Younker and Seth Benkaddour with William Raveis Real Estate have the listing. The Gulatis listed it for $39.9 million in 2024, Zillow shows.
The second most expensive home to go pending last week is the 10,000-square-foot mansion at 3643 Northwest 52nd Street (also referred to as Princeton Place) in Boca Raton, asking $9 million. Records show the seller is South Dakota-based 8 Squared Trust, which bought the house for $7 million in May. It was built on 0.7 acres in 1990 and has six bedrooms, eight bathrooms, two half-bathrooms and a pool, according to property records. It was marketed as a teardown with a tenant paying $50,000 per month in rent through December, the listing shows.
Ethan Itzkovitz with Related ISG Realty had the listing. It hit the market asking $9 million in June, Zillow shows.
