A pair of Palm Beach parcels with a combined asking price of $36.1 million led the luxury real estate contracts signed in Palm Beach County for the week ending March 22, according to a report released by Douglas Elliman’s Eklund-Gomes team on Mar. 24.
The weekly data shows strong activity in the county’s high-end market, with buyers signing 33 contracts for properties listed at $3 million or more. The total asking dollar volume reached $238.2 million, and homes averaged 117 days on the market before going under contract. In comparison, there were 21 contracts totaling $255.4 million the previous week.
The report tracks single-family homes and condominiums listed in the Beaches Multiple Listing Service (MLS). It recorded 41 new listings last week and reported that there are currently 1,287 active listings on the market. Of last week’s pending sales, 19 were single-family homes and 14 were condos. The average condo had an asking price of $5.3 million ($1,853 per square foot) and spent about four months on the market; single-family homes averaged an asking price of $8.6 million ($2,138 per square foot) with slightly less time before finding a buyer.
The most expensive property to go under contract was a vacant lot at 3 South Lake Trail in Palm Beach, which was listed for $24.3 million by Liza Pulitzer with Brown Harris Stevens. The seller is identified as the estate of James Y. Arnold Jr., who was a construction executive and owned the land since at least 1977 according to property records; no previous sale price is recorded for this parcel.
An adjacent site at Chapel Hill Road—measuring about one-third acre and owned by Michael Pucillo—was marketed together with South Lake Trail and is also pending sale at an asking price of $11.8 million based on Zillow data, bringing their combined listing value to $36.1 million.
Another notable transaction from last week involved a newly built mansion at 1422 Southeast Atlantic Drive in Lantana listed for $19.9 million by Margit Brandt with Premier Estate Properties. Developer Joe Farrell purchased this waterfront half-acre site for $4 million in 2023 before completing a seven-bedroom home featuring eight bathrooms plus one half-bathroom, pool, dock, and frontage along approximately 120 feet of water.
