A newly built mansion in Boca Raton led the luxury real estate market in Palm Beach County last week, according to a report from Douglas Elliman’s Eklund-Gomes team. Between October 20 and October 26, buyers signed 14 contracts for properties priced at $3 million or more, totaling $85.1 million in asking volume. These homes spent an average of 76 days on the market.
This activity marked a decrease from the previous week, when 19 contracts were signed with a combined asking price of $126.4 million.
The Eklund-Gomes report tracks pending sales for single-family homes and condos listed on the Beaches MLS at $3 million or above. Last week saw 64 new listings added to the market, bringing total active listings to 1,127.
Of the properties that went under contract last week, ten were single-family homes and four were condos. Condos had an average asking price of $4.6 million—or about $1,827 per square foot—and averaged 80 days on the market. Single-family homes averaged an asking price of $6.7 million and spent roughly 71 days on the market.
The highest-priced home to find a buyer was an 8,400-square-foot spec mansion at 17113 Northway Circle in Boca Raton, listed for $13.2 million. According to records, developer David Reich purchased the property for $2.6 million in July and is expected to complete construction early next year. The five-bedroom, six-bathroom residence also includes two half-bathrooms.
The property was listed on October 29 and went under contract one day later, according to Zillow. Mark Nestler and John Poletto with One Sotheby’s International Realty are representing the listing.
The second-priciest contract was for a home at 1233 Church Lane in North Palm Beach’s Lost Tree Village community, which was listed at $11.5 million. Seller Pierre Michaud of Montreal bought it in 2011 for $1.7 million; the house dates back to 1970 and features four bedrooms, four bathrooms, one half-bathroom, a pool, and a dock.
That property hit the market on October 30 as shown by Realtor.com; David Reback and John Reback with Reback Realty hold that listing.
