A pair of Palm Beach parcels with a combined asking price of $36.1 million led the luxury property contracts in Palm Beach County for the week ending March 22, according to a report released by Douglas Elliman’s Eklund-Gomes team on Mar. 24.
The weekly report shows continued strong activity in the local high-end real estate market, as buyers signed 33 contracts for homes and condos listed at $3 million or more during this period. The total asking dollar volume for these properties reached $238.2 million, with listings averaging 117 days on the market before going under contract.
Among last week’s pending sales, there were 19 single-family homes and 14 condominiums. The average asking price for condos was $5.3 million, or about $1,853 per square foot, while single-family homes averaged an asking price of $8.6 million and approximately $2,138 per square foot.
The highest-priced property to find a buyer was a 0.7-acre lot at 3 South Lake Trail in Palm Beach, which was listed at $24.3 million by Liza Pulitzer with Brown Harris Stevens. Records indicate that the seller is the estate of James Y. Arnold Jr., who had owned the property since at least 1977 until his passing last year. An adjacent site on Chapel Hill Road owned by Michael Pucillo was marketed together with this parcel and is also pending sale with an asking price of $11.8 million according to Zillow; together they represent a combined listing value of $36.1 million.
Another notable contract involved a newly built mansion at 1422 Southeast Atlantic Drive in Lantana listed for $19.9 million by developer Joe Farrell after purchasing the land for $4 million in 2023 and completing construction on a seven-bedroom waterfront home.
