Palm Beach County luxury contracts maintained their post-Mamdani momentum last week, with deal and dollar volume showing explosive growth.
Buyers signed 30 contracts between Nov. 17 and Nov. 23 for luxury properties in Palm Beach County, according to a report from Douglas Elliman’s Eklund-Gomes team. The homes that went pending last week total $271.1 million in asking dollar volume and averaged 120 days on the market.
The previous week, buyers signed 29 contracts totaling $235 million in asking dollar volume, up from 10 contracts and $67.7 million.
The report tracks signed contracts for single-family homes and condos asking $3 million or more in the Beaches MLS. It identified 58 new listings, and a total of 1,198 active listings on the market.
Of the properties that went pending last week, 17 were single-family homes and 13 were condos. The average asking price for the condos is $5.5 million, or $2,138 per square foot. They spent an average of 117 days on the market.
The average asking price for the single-family homes is $11.7 million, and they spent an average of 123 days on the market.
The most expensive listing to go pending last week is the 10,500-square-foot mansion at 1940 South Ocean Boulevard in Manalapan, asking $84.9 million. Records show the sellers are Frank and Dolores Mennella, who bought the 1.9-acre ocean-to-Intracoastal property for $7.5 million in 2018. Frank Mennella heads Saylorsburg, Pennsylvania-based Valley Tools & Plastics, a natural gas distributor, according to Buzzfile.
The Mennellas are frequent investors in Palm Beach County luxury real estate. In February, they paid a record $48 million for a mansion in Jupiter’s Bear’s Club. In 2023, they sold an oceanfront Manalapan estate for $48.4 million. In this latest Manalapan deal, the mansion built in 2022 has six bedrooms, nine bathrooms, four half-bathrooms, a gym, spa facilities, a theater, game room, craft room, two bowling alleys, a dock and a tunnel to the beach.
They listed it for $84.9 million in May, Zillow shows. Philip Lyle Smith and Carla Ferreira-Smith with Luxury Resort Portfolio have the listing.
The next most expensive home to find a buyer is unit 1704 at the Bristol at 1100 South Flagler Drive in West Palm Beach, asking $17.8 million. Records show the sellers are former media executive Christine Hikawa and David Windreich, a founder of the investment firm Cypress Forest Holdings and formerly a founder of Och-Ziff Capital Management Group, now known as Sculptor Capital Management. In January, a trust linked to the couple bought a lakefront Palm Beach home for $23.8 million.
Windreich and Hikawa bought their Bristol condo for $9.4 million in 2019, the year it was completed, records show. The 4,800-square-foot unit has four bedrooms, five bathrooms and one half-bathroom, according to property records. Amenities in the tower include a pool, fitness center, spa facilities, salons, a lounge, a card room, a private dining room and a dog park, the listing shows.
The couple listed their unit for $18.7 million in January, Zillow shows. Gary Pohrer with Serhant has the listing.
