A spec mansion in Boca Raton was the most expensive luxury property to go under contract in Palm Beach County last week, according to a report by Douglas Elliman’s Eklund-Gomes team. Between October 20 and October 26, buyers signed 14 contracts for homes listed at $3 million or more, with a total asking price volume of $85.1 million. These properties spent an average of 76 days on the market.
This marks a decrease from the previous week, when there were 19 signed contracts totaling $126.4 million in asking price volume.
The report covers single-family homes and condos listed on Beaches MLS. Last week, there were 64 new listings and a total of 1,127 active listings available.
Of the pending sales, ten were single-family homes with an average asking price of $6.7 million and an average time on market of 71 days. Four were condos averaging $4.6 million in asking price—equivalent to $1,827 per square foot—and spent about 80 days on the market.
The priciest home to find a buyer was located at 17113 Northway Circle in Boca Raton—a newly built mansion spanning 8,400 square feet with five bedrooms, six bathrooms, and two half-bathrooms. The property was developed by David Reich, who purchased the land for $2.6 million in July; it is expected to be completed early next year. The home was listed for $13.2 million on October 29 and went under contract one day later according to Zillow. Mark Nestler and John Poletto of One Sotheby’s International Realty are handling the listing.
The second-most expensive property was at 1233 Church Lane within North Palm Beach’s Lost Tree Village community. This four-bedroom house features four bathrooms, one half-bathroom, a pool, and a dock on its 0.2-acre lot. Seller Pierre Michaud acquired it for $1.7 million in 2011; it was listed for $11.5 million on October 30 as shown by Realtor.com and is represented by David Reback and John Reback with Reback Realty.
