Luxury property contracts in Palm Beach County increased significantly in the week following Zohran Mamdani’s victory in the New York City mayoral race. According to a report from Douglas Elliman’s Eklund-Gomes team, 29 contracts for luxury homes were signed between November 10 and November 16. The total asking price of these pending sales reached $235 million, with properties spending an average of 105 days on the market.
This represents a sharp rise compared to the previous week, when only 10 contracts were signed for a combined asking volume of $67.7 million.
The report covers single-family homes and condominiums listed at $3 million or more in the Beaches MLS. It noted that there were 63 new listings during this period, bringing the total number of active listings to 1,181.
Of the properties that went under contract last week, 23 were single-family homes and six were condos. The average asking price for condos was $3.8 million, or $1,260 per square foot, with an average time on market of 136 days. Single-family homes had an average asking price of $9.2 million and spent about 74 days on the market.
The highest-priced home to go under contract was a mansion at 16101 Quiet Vista Circle in Stone Creek Ranch, listed at $47.5 million. The seller is Dan Dagesse, chairman of Norwood-based DCD Automotive Holdings. Dagesse purchased the property for $2 million in 2018 and completed construction in 2023 with AK Build & Design, Brenner Architectural Group, and Michael Gray Interiors involved in its development. The estate includes seven bedrooms, nine bathrooms, two half-bathrooms, spa facilities, a gym, putting green, tennis court, club room with storage space, two-lane bowling alley, and a two-level pool.
Colleen Nouhan with Premier Estate Properties holds the listing for this property.
Another notable transaction was for a waterfront home at 631 Island Drive in Palm Beach listed at $37.5 million. The sellers are Richard and Linda Schaps; Richard Schaps founded Van Wagner Group and previously sold its billboard division to CBS Outdoor for $690 million in 2014. The firm now specializes in sports and entertainment advertising at major events such as the Olympics and Super Bowl.
The Schaps’ home has seven bedrooms and seven bathrooms plus three half-bathrooms on half an acre with direct water frontage and a dock. Margit Brandt with Premier Estate Properties is handling this listing.
