Buyers in Palm Beach County signed 37 contracts for luxury properties between January 26 and February 1, according to data from Douglas Elliman’s Eklund-Gomes team. The combined asking price for these pending sales reached $273.5 million, with the properties spending an average of 84 days on the market. This activity marks an increase compared to the previous week, when buyers signed 21 contracts totaling $132.5 million.
The report covers signed contracts for single-family homes and condos listed at $3 million or more in the Beaches MLS. It noted there were 61 new listings last week, bringing the total number of active listings to 1,268.
Of last week’s pending contracts, 26 were for single-family homes and 11 were for condos. Condos had an average asking price of $4.9 million ($1,839 per square foot) and spent about 81 days on the market. Single-family homes averaged an asking price of $8.4 million ($1,687 per square foot), remaining on the market for approximately 88 days.
The highest-priced home to go under contract was a waterfront property at 751 Island Drive in Palm Beach, listed at $35 million. According to records, this home is being sold by the estate of Patsy Johnson, widow of financier Dick Johnson who founded Flagler National Bank. The couple purchased the property in 1994 for $2.4 million; it was built in 1988 on a 0.4-acre lot and includes five bedrooms, four bathrooms, one half-bathroom, a pool, and a dock.
Jim McCann of Premier Estate Properties listed this home for sale in November.
Another notable contract involved a house at 242 Tangier Avenue that was listed at $17.8 million. Julie and Thomas Frist III are selling this property; they acquired it in 2016 for $7.9 million. Thomas Frist III is the grandson of HCA Healthcare’s founder—a major operator of health care facilities across the country. Built in 2008 on a third-acre lot, this house features five bedrooms, six bathrooms, two half-bathrooms, a pool, and a guest house.
Crista Fanjul Ryan of Tina Fanjul Associates brought this listing to market in December.
