Luxury real estate activity in Palm Beach County surged after Thanksgiving, fueled in part by a pending $44 million mansion sale in Jupiter.
According to Douglas Elliman’s Eklund-Gomes team, buyers executed 16 contracts for luxury properties across Palm Beach County between Dec. 1 and Dec. 7. The homes that went under contract last week represented a combined asking price volume of $130.6 million and spent an average of 70 days on the market.
In comparison, the previous week saw 15 luxury contracts signed, totaling $114.6 million in asking volume.
The report focuses on signed contracts for single-family homes and condos listed at $3 million or more in the Beaches MLS. Last week, 61 new listings were added, bringing the total number of active listings in the market to 1,223.
Of the properties that went into contract last week, 14 were single-family homes and two were condos. The condos had an average asking price of $4.1 million, or $1,064 per square foot, and spent an average of just one and a half days on the market.
Single-family homes averaged an asking price of $8.7 million and typically spent 139 days on the market. The combined asking dollar volume for the single-family homes reached $122.4 million.
The highest-priced property to go under contract was the nearly 3-acre estate at 118 Bears Club Drive in Jupiter. This 23,000-square-foot residence features seven bedrooms and nine and a half bathrooms, and is listed by Mark Griffin of The Bear’s Club Sotheby’s International Realty. Records show the Bear’s Club estate is owned by a company led by investor Jimmy Mayer. Built in 2010, the property is listed for $44 million, equating to $1,910 per square foot. For more on the community, see the Bear’s Club coverage.
The next most expensive home to secure a buyer is at 253 Jamaica Lane in Palm Beach, a 4,270-square-foot house built in 2016. The four-bedroom, five-and-a-half-bathroom residence is listed with Margit Brandt of Premier Estate Properties for $14.8 million, or $3,469 per square foot. The quarter-acre property is owned by a trust managed by attorney Daniel Tighe and previously sold in 2017 for $5.4 million.
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