A newly built waterfront mansion in West Palm Beach led Palm Beach County’s luxury real estate contracts during the week of July 27 to Aug. 2, drawing an asking price of $23.5 million. The county’s high-end market recorded 19 signed contracts, representing $128 million in combined asking volume, as buyers continued targeting expansive homes and premium condominiums.
Key takeaways
- The West Palm Beach estate at 2914 North Flagler Drive was the week’s top luxury contract at approximately $23.5 million.
- Luxury buyers signed 19 contracts totaling $128 million in asking volume.
- Single-family homes accounted for 17 deals, while two condominiums went under contract.
- The average luxury property spent 116 days on the market.
The week’s results marked a decline in contract count and total asking volume from the prior period, when 14 contracts totaled $190.7 million. Despite the lower aggregate volume, the latest activity included several high-value properties across West Palm Beach and Boca Raton.
Flagler Drive mansion sets the pace
The priciest deal was an 8,540-square-foot mansion on North Flagler Drive. Built in 2014, the home features seven bedrooms, eight full bathrooms and two half-baths, along with 80 feet of waterfront access.
Its amenities include a dock equipped with a 50,000-pound boat lift, a 40-foot saltwater pool, rooftop decks and an elevator. The asking price equated to roughly $2,470 per square foot. Public records indicate the property last sold for $3.5 million in 2021.
Boca Raton spec home ranks second
A 5,800-square-foot spec home at 303 South Maya Palm Drive in Boca Raton was the second-highest-priced property to secure a buyer. The five-bedroom residence, which includes five full bathrooms and a half-bath, carried an asking price of $13.6 million, or approximately $2,300 per square foot.
The property is owned by a trust, according to public records. Its sale reflects continued demand for newly built, large-format homes in Boca Raton’s luxury neighborhoods.
Condominiums show strong pricing
Two condominiums went under contract during the period, combining for $11.8 million in asking volume. They averaged 132 days on the market and an average contract price of $5.9 million, or $1,774 per square foot.
The leading condo deal involved Unit 301 at Alina Residences in Boca Raton. The 4,000-square-foot residence entered contract at $6.8 million, or about $1,650 per square foot. It offers four bedrooms, four-and-a-half bathrooms and more than 1,000 square feet of outdoor space overlooking the golf course.
Market activity remains concentrated in single-family homes
Single-family residences dominated the week’s activity, accounting for 17 of the 19 contracts and $116.3 million of the total asking volume. These properties averaged 100 days on the market, with an average contract price of $6.8 million, or $1,543 per square foot.
The figures suggest that while luxury buyers remain selective, demand continues for waterfront estates, turnkey construction and residences with substantial outdoor and recreational amenities.
- West Palm Beach Estate Tops Palm Beach County Contracts, The Real Deal.