Luxury real estate transactions slowed during the holiday week following a strong start to November, but a private equity billionaire still secured a buyer for his oceanfront Palm Beach property.
Between Nov. 24 and Nov. 30, buyers signed 15 contracts for luxury homes in Palm Beach County, according to Douglas Elliman’s Eklund-Gomes team. The newly pending properties represented a combined asking price of $114.6 million, with an average of 165 days spent on the market.
By comparison, the previous week saw 30 contracts signed, totaling $271.1 million in asking volume.
The report analyzes signed contracts for single-family homes and condos listed at $3 million or more in the Beaches MLS. During the week, 43 new listings were added, and there were 1,196 active luxury listings available.
Of the contracts signed last week, 11 were for single-family homes and four for condominiums. Condos had an average asking price of $4.7 million, or $1,395 per square foot, and spent an average of 256 days on the market.
Single-family homes had a higher average asking price of $8.7 million, with properties spending an average of 74 days on the market before going under contract.
The highest-priced home to secure a buyer last week was the oceanfront residence at 1160 North Ocean Boulevard in Palm Beach, listed for $39.5 million, or $6,475 per square foot.
The seller of the property is Greg Mondre, billionaire co-CEO of Menlo Park-based private equity firm Silver Lake. Mondre was identified as the owner in October after he purchased another oceanfront parcel on the island for $58 million. He also owns a home in the gated Lost Tree Village community in North Palm Beach.
Mondre acquired the North Ocean Boulevard estate from the Maddock family for $31 million in March. Considered a teardown, the home was built in 1991 on 0.8 acres, offering 6,100 square feet, seven bedrooms, seven bathrooms, a pool, and a private beach parcel with 152 feet of ocean frontage, according to records and the listing.
He listed the home for $39.5 million in September, per Zillow. Gary Pohrer of Serhant and Marley Overman of Illustrated Properties hold the listing.
The next most expensive pending deal was a waterfront home at 368 South Maya Palm Drive in Boca Raton, asking $10.3 million, or $4,478 per square foot.
This property is located in the gated Royal Palm Yacht & Country Club, Boca Raton’s priciest neighborhood and the same community where football star Travis Kelce rented a home earlier this year.
Records indicate the seller is the estate of Arthur and Doris White, who purchased the 2,300-square-foot home for $200,000 in 1983. Arthur White passed away in 2008, and Doris White died in September, according to published obituaries. The property, built in 1961 on 0.3 acres, features three bedrooms and three bathrooms.
The home was listed on Nov. 19 with a $10.3 million asking price, according to Zillow. David Roberts of Royal Palm Properties is the listing agent.
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