A spec mansion in Boca Raton led luxury home contracts in Palm Beach County last week, according to a report from Douglas Elliman’s Eklund-Gomes team. Between October 20 and October 26, buyers signed 14 contracts for properties listed at $3 million or more, totaling $85.1 million in asking price volume. The average time these homes spent on the market was 76 days.
This represents a decrease from the previous week, when 19 contracts were signed with a combined asking price of $126.4 million.
The report covers single-family homes and condos listed on the Beaches MLS at $3 million or above. Last week saw 64 new listings added to the market, bringing the total number of active listings to 1,127.
Of the properties that went under contract last week, ten were single-family homes and four were condos. Condos had an average asking price of $4.6 million—about $1,827 per square foot—and spent an average of 80 days on the market. Single-family homes averaged an asking price of $6.7 million and typically stayed on the market for about 71 days.
The most expensive property to go under contract was an 8,400-square-foot spec mansion at 17113 Northway Circle in Boca Raton with an asking price of $13.2 million. Records show developer David Reich purchased the property for $2.6 million in July and is set to complete construction early next year. The five-bedroom home includes six bathrooms and two half-bathrooms.
According to Zillow, it was listed for sale on October 29 and went pending one day later. Mark Nestler and John Poletto with One Sotheby’s International Realty are handling the listing.
The second-priciest contract was for a home at 1233 Church Lane in North Palm Beach’s Lost Tree Village community, which was listed at $11.5 million. Seller Pierre Michaud bought it in 2011 for $1.7 million; built in 1970 on a quarter-acre lot, it features four bedrooms, four bathrooms, one half-bathroom, a pool, and a dock.
Realtor.com shows this property hit the market on October 30; David Reback and John Reback with Reback Realty have the listing.
