Two properties in Boca Raton’s Royal Palm Yacht & Country Club led luxury home contracts in Palm Beach County last week, according to a market report from Douglas Elliman’s Eklund-Gomes team. Between August 4 and August 10, buyers signed ten contracts for homes priced at $3 million or more. The total asking volume reached $71.5 million, with an average of 78 days on the market. This is a decrease from the previous week’s $78 million across nine homes.
The report tracks pending sales for single-family homes and condos listed at $3 million or above in the Beaches MLS. Last week saw 37 new listings and a total of 1,017 active listings.
Of the ten contracts signed, nine were for single-family homes totaling $68.1 million in asking price and averaging 51 days on the market. One condo was included, listed at $3.4 million ($1,158 per square foot) after spending 105 days on the market.
The highest-priced property to go under contract was a mansion at 311 East Key Palm Road in Royal Palm Yacht & Country Club, listed for $17.8 million. According to records, Derek Ettinger is selling the waterfront home after purchasing it for $12 million in 2021. Built in 2015 on half an acre, it features six bedrooms, eight bathrooms, two half-bathrooms, a pool and a dock.
“It hit the market for $17.8 million in February,” Zillow shows. David Roberts with Royal Palm Properties has the listing.
Another significant contract was signed for a house at 2498 Queen Palm Road within the same community. The six-bedroom home spans 7,200 square feet and is asking $12.5 million after being initially listed at $14 million last December; its price dropped to its current level this May according to Zillow data. Records indicate that a land trust which acquired the property for $9.1 million in 2022 is selling it; Marcy Javor with Signature One Luxury Estates represents this listing.
The newly completed house sits on about four-tenths of an acre and includes eight bathrooms, one half-bathroom and a pool.
