A Boca Raton mansion listed for $13.2 million was the highest-priced property to go under contract in Palm Beach County last week, according to a report from Douglas Elliman’s Eklund-Gomes team. The report covers luxury properties asking $3 million or more and tracks contracts signed between October 20 and October 26.
During that period, buyers signed 14 contracts for homes totaling $85.1 million in asking price volume. These properties averaged 76 days on the market before going pending. This marks a decrease from the previous week, when 19 contracts were signed with a combined asking price of $126.4 million.
The weekly report noted there were 64 new listings added to the Beaches MLS, bringing the total number of active listings to 1,127.
Of the homes that went under contract last week, ten were single-family residences and four were condos. Condos had an average asking price of $4.6 million, or $1,827 per square foot, spending about 80 days on the market before finding buyers. Single-family homes averaged an asking price of $6.7 million and spent around 71 days on the market.
The most expensive property to find a buyer was an 8,400-square-foot spec mansion at 17113 Northway Circle in Boca Raton, listed by Mark Nestler and John Poletto with One Sotheby’s International Realty. Records indicate developer David Reich purchased the lot for $2.6 million in July; construction is expected to be completed early next year. The home features five bedrooms, six bathrooms, and two half-bathrooms.
The listing went live on October 29 at $13.2 million and went under contract just one day later.
The second-priciest deal involved a house at 1233 Church Lane in North Palm Beach’s Lost Tree Village community, which was listed for $11.5 million by David Reback and John Reback with Reback Realty. The seller is Pierre Michaud of Montreal, who acquired it in 2011 for $1.7 million according to public records; built in 1970 on a quarter-acre lot, it has four bedrooms as well as a pool and dock.
