Luxury home sales activity increased in Palm Beach County during the third week of January, with 40 contracts signed for properties priced at $3 million or more. This information comes from Douglas Elliman’s Eklund-Gomes team, which reported that the homes placed under contract between Jan. 12 and Jan. 18 represented a combined asking price of $324.7 million and spent an average of 80 days on the market. The previous week saw 22 contracts totaling $246.1 million.
The report covers single-family homes and condos listed in the Beaches MLS with asking prices starting at $3 million. During this period, there were 70 new listings added to the market, bringing active listings to a total of 1,226.
Of the pending properties last week, 31 were single-family homes while nine were condos. The condos had an average asking price of $9.1 million, or $2,366 per square foot, and remained on the market for an average of 84 days before going under contract. Single-family homes averaged $7.9 million in asking price—or about $1,494 per square foot—and typically spent 77 days on the market.
The priciest property to go into contract was penthouse 2601 at Related Ross’ planned South Flagler House in West Palm Beach, listed for $39.5 million. According to available information, it is likely that former Apple CEO John Sculley is in contract to purchase this unit.
South Flagler House is a two-tower project currently under construction at 1355 South Flagler Drive and is considered the most expensive condo development underway in West Palm Beach. Designed by Robert A.M. Stern Architects along with Pembrooke & Ives, amenities are expected to include fitness facilities, a pool, salon services, private dining spaces, a catering kitchen, wine room, game room as well as dedicated rooms for teens and children. Sales began in 2023 and construction is scheduled for completion in 2027; Suzanne Frisbie and Liz Callahan with Corcoran Group hold the penthouse listing.
Another high-value transaction involved a waterfront single-family home at 614 Tarpon Way listed for $34.5 million. Property records indicate that it was owned by the family of George Cohon—the first international franchisee of McDonald’s who played a key role in introducing McDonald’s to Russia—who purchased it for $3.4 million in 1997 alongside his wife Susan Cohon. Built in 1996 on half an acre with six bedrooms and six-and-a-half bathrooms as well as a pool and nearly 300 feet of waterfrontage, the home sits adjacent to Tarpon Island—a private island acquired by Australian billionaire Michael Dorrell from developer Todd Glaser and partners for $150 million in 2024.
The Cohon family listed their Tarpon Way property on Jan. 7; it went into contract just six days later according to Zillow data. Suzanne Frisbie has this listing as well.
