An attorney’s Palm Beach townhouse with an asking price of $12.9 million led the luxury real estate contracts signed in Palm Beach County last week, according to a market report from Douglas Elliman’s Eklund-Gomes team.
Between September 29 and October 5, buyers signed 13 contracts for properties listed at $3 million or more in the Beaches MLS. The combined asking dollar volume for these homes was $71.5 million, with properties averaging 263 days on the market. This represents a decrease from the previous week, when 19 homes went under contract for a total of $132.9 million.
The Eklund-Gomes team’s report covers both single-family homes and condos in this price range. Last week saw 61 new listings added to the market, bringing the total number of active listings to 1,046.
Of the contracts signed last week, 12 were for single-family homes and one was for a condo. The pending condo is listed at $3.4 million ($1,311 per square foot) and spent 414 days on the market before finding a buyer.
Single-family homes accounted for $68.1 million of the total asking dollar volume and averaged 112 days on the market. The average asking price among these homes was about $5.7 million.
The most expensive property to find a buyer was located at 175 Sunset Avenue in Palm Beach, with an asking price of $12.9 million. Public records indicate that personal injury attorney Ted Babbitt is selling the four-bedroom, four-and-a-half-bathroom townhouse, which he purchased for $3 million in 2014. Built in 1990 on a lot measuring approximately 0.2 acres, it features a pool as well as other amenities detailed in its listing.
According to Zillow data cited in the report, “It hit the market for $15.9 million in February, and the price has dropped twice since then.” Chris Leavitt with Douglas Elliman is representing the listing.
The second highest-priced contract was for a spec home at 234 Miramar Way in West Palm Beach, listed at $9 million. Records show that “the seller is 234 Miramar Acquisition LLC, a Florida entity managed by attorney Francis Lynch.” The entity acquired the property—measuring about 0.4 acres—for $2.5 million in 2021; construction on the six-bedroom house finished this year and includes five bathrooms plus one half-bathroom and a pool.
Zillow shows that “it hit the market for $9 million in April.” Simon Isaacs with Simon Isaacs Real Estate has that listing.
