Luxury deals slowed during the holiday week, after an early November surge, but a private equity billionaire still managed to find a buyer for his oceanfront Palm Beach home.
Buyers signed 15 contracts between Nov. 24 and Nov. 30 for luxury properties in Palm Beach County, according to Douglas Elliman’s Eklund-Gomes team. The homes that went pending last week total $114.6 million in asking dollar volume and averaged 165 days on the market.
The previous week, buyers signed 30 contracts totaling $271.1 million in asking dollar volume.
The report tracks signed contracts for single-family homes and condos asking $3 million or more in the Beaches MLS. It identified 43 new listings, and 1,196 active listings on the market.
Of the properties that went pending last week, 11 were single-family homes, and four were condos. The average asking price for the condos is $4.7 million, or $1,395 per square foot. They spent an average of 256 days on the market.
The average asking price for the single-family homes is $8.7 million, and they spent an average of 74 days on the market.
The most-expensive listing to find a buyer last week was the oceanfront home at 1160 North Ocean Boulevard in Palm Beach, asking $39.5 million, or $6,475 per square foot.
Greg Mondre, the billionaire co-CEO of Menlo Park, California-based private equity firm Silver Lake, was revealed as the owner of the home in October when he bought a different oceanfront lot on the island for $58 million. He also owns a home in the North Palm Beach’s gated Lost Tree Village community.
Mondre bought the North Ocean Boulevard home from Palm Beach’s Maddock family for $31 million in March. Considered a teardown, the home was built in 1991 on 0.8 acres, and spans 6,100 square feet, seven bedrooms, seven bathrooms and a pool, records show. It also has a private beach parcel with 152 feet of oceanfrontage, the listing shows.
He listed the home for $39.5 million in September, Zillow shows. Gary Pohrer with Serhant and Marley Overman with Illustrated Properties have the listing.
The next-priciest home to go pending was the waterfront home at 368 South Maya Palm Drive in Boca Raton, asking $10.3 million, or $4,478 per square foot.
The home is in the gated Royal Palm Yacht & Country Club, the city’s most-expensive neighborhood and where football star Travis Kelce rented a home this summer.
Records show the seller is the estate of Arthur and Doris White, who bought the 2,300-square-foot home for $200,000 in 1983. Arthur White died in 2008, and Doris White died in September, according to their obituaries. Built on 0.3 acres in 1961, the home has three bedrooms and three bathrooms.
It hit the market asking $10.3 million on Nov. 19, Zillow shows. David Roberts with Royal Palm Properties has the listing.
Read more
Residential
South Florida
Stone Creek Ranch mansion sells for $31M after price cuts
Residential
South Florida
South Beach penthouse tops slow holiday week of pending sales
Residential
South Florida
Rockstar Energy billionaire sets his sights on South Florida
