The total asking dollar volume for luxury signed contracts in Palm Beach County increased last week, reaching nearly $118 million. According to a market report from Douglas Elliman’s Eklund-Gomes team, buyers signed 18 contracts for properties priced at $3 million or more between August 11 and August 17. This represents an increase from the previous week, when buyers signed 10 contracts totaling $71.5 million.
The report covers single-family homes and condos listed on the Beaches MLS. There were 47 new listings added last week, bringing the total number of active listings to 1,004.
Of the properties that went under contract, sixteen were single-family homes and two were condos. The pending condos had an average asking price of $4.3 million, or $1,613 per square foot, and spent about 73 days on the market before finding buyers.
Single-family homes accounted for $109.3 million of the asking volume with an average time on market of 150 days. The average asking price for these homes was approximately $6.8 million.
The highest-priced home to go under contract was a waterfront mansion at 311 East Key Palm Road in Boca Raton, listed at $17.8 million. Property records show Derek Ettinger as the seller; he purchased the six-bedroom home in Royal Palm Yacht & Country Club for $12 million in 2021. Built in 2015 on half an acre, it includes eight bathrooms, two half-bathrooms, a pool, and a dock. Ettinger listed it for sale in February with David Roberts of Royal Palm Properties.
Another notable contract was for a waterfront home at 989 Marble Way in Boca Raton, which has five bedrooms and is listed at $14.5 million. Sellers Lawrence and Ivy Freedman bought the house last year for $11.9 million after it was built on a third of an acre with features including five bathrooms, two half-bathrooms, a pool, dock, and over one hundred feet of waterfront access. The property was initially listed at $17.9 million but underwent four price reductions before going under contract with Nicholas Gonzalez and Matthew Moser of Serhant holding the listing.
