A pair of Palm Beach parcels asking a combined $36.1 million topped luxury contracts last week.
Buyers signed 33 contracts between March 16 and March 22 for luxury properties in Palm Beach County, according to Douglas Elliman’s Eklund-Gomes team. The homes that went pending last week total $238.2 million in asking dollar volume and averaged 117 days on the market. The previous week, buyers signed 21 contracts totaling $255.4 million.
The report tracks signed contracts for single-family homes and condos asking $3 million or more in the Beaches MLS. It identified 41 new listings, and 1,287 active listings on the market.
Of the properties that went pending last week, 19 were single-family homes, and 14 were condos. The average asking price for the condos was $5.3 million, or $1,853 per square foot. They spent an average of 122 days on the market.
The average asking price for the single-family homes was $8.6 million, or $2,138 per square foot, and they spent an average of 111 days on the market.
The most expensive listing to find a buyer last week was for the 0.7-acre lot at 3 South Lake Trail in Palm Beach, asking $24.3 million. Records show the seller is the estate of James Y. Arnold Jr., a construction mogul who died last year.
Property records do not show a previous sale price for the land, but it appears Arnold had owned the property since at least 1977. The adjacent 0.3-acre site at Chapel Hill Road, owned by Michael Pucillo, was marketed along with 3 South Lake Trail. It is pending as well, with an asking price of $11.8 million, Zillow shows. The combined asking price is $36.1 million.
Liza Pulitzer with Brown Harris Stevens has the listings. The South Lake Trail property first hit the market for $40 million in April of last year, according to Zillow.
The next most expensive home to find a buyer last week was the 7,600-square-foot spec mansion at 1422 Southeast Atlantic Drive in Lantana, asking $19.9 million. Records show the seller is developer Joe Farrell, who bought the half-acre waterfront property for $4 million in 2023. The completed home has seven bedrooms, eight bathrooms, one half-bathroom, a pool, a dock and 120 feet of waterfront, the listing shows.
Farrell listed it for $20 million in 2024, Zillow shows. Margit Brandt with Premier Estate Properties has the listing.