Luxury property contracts in Palm Beach County saw a significant increase following Zohran Mamdani’s election as mayor of New York City. Between November 10 and November 16, buyers signed 29 contracts for luxury homes in the area, according to a report from Douglas Elliman’s Eklund-Gomes team. The total asking price for these properties reached $235 million, with an average time on the market of 105 days.
This marks a sharp rise compared to the previous week, when only 10 contracts were signed for a combined asking price of $67.7 million.
The report covers single-family homes and condominiums listed at $3 million or more in the Beaches MLS. During this period, there were 63 new listings and a total of 1,181 active listings available.
Of the pending deals last week, 23 involved single-family homes and six involved condos. Condominiums had an average asking price of $3.8 million, or $1,260 per square foot, and spent an average of 136 days on the market. Single-family homes averaged an asking price of $9.2 million and remained on the market for about 74 days.
The highest-priced home under contract was a 17,100-square-foot mansion at 16101 Quiet Vista Circle in Stone Creek Ranch, listed at $47.5 million. This gated community recently drew attention when Mark Wahlberg purchased a mansion there for $32.6 million. Property records show that Dan Dagesse—chairman of Norwood-based DCD Automotive Holdings—owns the estate after buying it for $2 million in 2018 and completing construction in 2023 with AK Build & Design, Brenner Architectural Group, and Michael Gray Interiors involved in its development. The property features seven bedrooms, nine bathrooms plus two half-bathrooms, spa facilities, gym, putting green, tennis court, club room with storage space, two-lane bowling alley, and a two-level pool. Colleen Nouhan with Premier Estate Properties is handling the listing.
Another notable transaction was for a waterfront home at 631 Island Drive in Palm Beach measuring 6,800 square feet and listed at $37.5 million. Owners Richard and Linda Schaps bought it for $7.9 million in 2012; Richard Schaps is known as founder of Van Wagner Group—a major firm specializing in billboard and aerial advertising before selling its billboard division to CBS Outdoor for $690 million in 2014—and now focuses on sports event advertising such as at the Olympics or Super Bowl events. Built on half an acre with direct water frontage and dock access since its construction in 1961 according to property records; Margit Brandt with Premier Estate Properties has this listing.
The surge reflects increased interest among high-end buyers during this period.
