An oil mogul is in contract to sell an assemblage of lots on West Palm Beach’s South Flagler Drive after listing them for $16 million.
It’s one of the 18 contracts buyers signed between Dec. 29 and Jan. 4 for luxury properties in Palm Beach County, according to Douglas Elliman’s Eklund-Gomes team. The homes that went pending last week total $115.6 million in asking dollar volume and averaged 55 days on the market.
The report tracks signed contracts for single-family homes and condos asking $3 million or more in the Beaches MLS. It identified 44 new listings, and 1,207 active listings on the market.
Of the properties that went pending last week, 15 were single-family homes, and three were condos. The average asking price for the condos is $6.3 million, or $2,423 per square foot. They spent an average of 23 days on the market.
The average asking price for the single-family homes is $6.4 million, or $1,481 per square foot, and they spent an average of 88 days on the market.
The most expensive listing to find a buyer last week was the 1.8-acre property at 7621 South Flagler Drive and 101 Alhambra Place in West Palm Beach asking $16 million. Records show the sellers are Jill and Jay Bernstein, who bought the sites for a combined $3.7 million in 2019 and 2020.
Jay Bernstein is the longtime chairman and CEO of his family’s NIC Holding, the parent company to Melville, New York-based oil producer Northville Industries. NIC is a founding partner of the 91-mile long Trans-Panama Pipeline, which connects oil distribution between the Atlantic and Pacific oceans.
The Bernsteins, through their TPTS LLC, have acquired a small portfolio of West Palm Beach real estate. In 2021, they bought the 20,000-square-foot warehouse at 2350 Florida Avenue for $4.2 million, records show.
The South Flagler and Alhambra assemblage is being marketed as a development opportunity for up to four homes, the listing shows. There are currently three homes on the site. The Bernsteins put it on the market asking $16 million in February. Burton Minkoff with Douglas Elliman had the listing.
The next priciest contract last week was for the 5,500-square-foot home at 702 North Ocean Boulevard in Delray Beach asking $10 million. Records show the seller is retired biotech executive Kathy P. Ordoñez, who bought the 0.6-acre property for $2.2 million in 2012. She built the five-bedroom, five-bathroom house in 2019. It includes a half-bathroom, sauna, pool and a deeded beach path, the listing shows.
She listed it for $10 million on Dec. 23, and it went into contract eight days later. Nick Malinosky and Michael O’Connor with Elliman have the listing.