A newly built mansion in Boca Raton led luxury home contracts in Palm Beach County for the week ending October 26, according to a report from Douglas Elliman’s Eklund-Gomes team. Fourteen contracts were signed for properties priced at $3 million or more, with a combined asking price of $85.1 million. These homes spent an average of 76 days on the market.
The prior week saw higher activity, with 19 contracts totaling $126.4 million in asking prices.
The report tracks both single-family homes and condos listed on the Beaches MLS. Last week, there were 64 new listings, bringing the total number of active listings to 1,127.
Of the homes that went under contract last week, ten were single-family residences and four were condos. Condos had an average asking price of $4.6 million, or $1,827 per square foot, and typically stayed on the market for 80 days before going pending. Single-family homes averaged $6.7 million in asking price and spent about 71 days on the market.
The most expensive property to go under contract was an 8,400-square-foot spec mansion at 17113 Northway Circle in Boca Raton with a listing price of $13.2 million. The seller is developer David Reich, who purchased the land for $2.6 million in July. The five-bedroom home is expected to be completed early next year and includes six bathrooms and two half-bathrooms. It was listed on October 29 and found a buyer one day later, according to Zillow. Mark Nestler and John Poletto of One Sotheby’s International Realty represent the listing.
The second-highest priced contract was for a home at 1233 Church Lane in North Palm Beach’s Lost Tree Village community, listed at $11.5 million by Pierre Michaud of Montreal—who bought it for $1.7 million in 2011. Built in 1970 on a 0.2-acre lot, this house features four bedrooms, four bathrooms, one half-bathroom, a pool and a dock as noted in public records and its listing details on Realtor.com. David Reback and John Reback with Reback Realty are handling this sale.
