Two properties in Boca Raton’s Royal Palm Yacht & Country Club led luxury home contracts in Palm Beach County last week, according to a market report from Douglas Elliman’s Eklund-Gomes team. Between August 4 and August 10, buyers signed 10 contracts for homes priced at $3 million or more, with a combined asking volume of $71.5 million. The average time on the market was 78 days, a decrease from the previous week’s total of $78 million across nine homes.
The report tracks single-family homes and condos listed at $3 million or higher in the Beaches MLS. Last week saw 37 new listings and a total of 1,017 active listings.
Of the contracts signed, nine were for single-family homes and one was for a condo. The condo is listed at $3.4 million, or $1,158 per square foot, after spending 105 days on the market.
Single-family homes accounted for $68.1 million in asking volume with an average of 51 days on the market and an average asking price of $7.6 million.
The highest-priced property to go under contract was a mansion at 311 East Key Palm Road in Royal Palm Yacht & Country Club, listed at $17.8 million. Records indicate seller Derek Ettinger purchased the waterfront home for $12 million in 2021. Built in 2015 on half an acre, it features six bedrooms, eight bathrooms, two half-bathrooms, a pool, and a dock. The property has been on the market since February with David Roberts of Royal Palm Properties as the listing agent.
Another home in Royal Palm Yacht & Country Club was the second most expensive pending sale: a house at 2498 Queen Palm Road listed for $12.5 million. The seller is a land trust that acquired the property for $9.1 million in 2022. Completed last year on a 0.4-acre lot, it includes six bedrooms, eight bathrooms, one half-bathroom, and a pool. It was first listed for $14 million in December before dropping to its current price in May; Marcy Javor with Signature One Luxury Estates holds the listing.
