🏆 Residential: Palm Beach had the priciest home sale to hit records in South Florida, where an under construction home at 757 Island Drive changed hands for $93.3 million. The seller was 757 Island Dr LLC, which purchased the 0.9-acre property on a corner of Everglades Island in 2021 for $39.5 million. The buyer in the latest sale was a trust. In 2022, Palm Beach officials approved plans for the site that include a nearly 11,600-square-foot mansion with nautical details, the Palm Beach Daily News reported at the time.
🏆 Commercial: Fort Lauderdale had the top recorded commercial deal. Four vacant parcels at 1701, 1717 and 1743 North Andrews Square and North Andrews Avenue traded for $13 million. Combined, the parcels span about 2.6 acres. The deal works out to $115 per square foot. The seller was an LLC managed by Martine Silver, Lori Cobb and Constance Silver. The buyer was homeless shelter Covenant House Florida.
📊 Residential: In Miami Beach, Richard and Barbara Lane — he is the former chair of the Olnick Organization — parted with a 4,500-square-foot home at 6380 North Bay Road for $25.5 million or roughly $5,700 per square foot. The buyer was Varuna 6380 NBR LLC. The Lanes purchased the property in 2020 for $9 million. It has four bedrooms and four and a half bathrooms. Jill and Daniel Hertzberg with Coldwell Banker Realty had the listing, and Zachary Vichinsky with Bespoke Real Estate Florida brought the buyer. The property’s most recent asking price was $26.5 million.
📊 Residential: In Miami, Joshua and Tiffany Woods purchased a home at 7610 Southwest 48th Court for $10.1 million or about $1,600 per square foot. The seller was an LLC managed by Daniel Undurraga Deves, who founded a grocery delivery startup that was acquired by Uber. Built in 2019, the home measures about 6,300 square feet and has six bedrooms and seven and a half bathrooms. It sold for $9 million in 2021. Saddy Abaunza Delgado with One Sotheby’s International Realty represented the seller, and Corcoran’s Frank Euler brought the buyers. The home’s most recent asking price was $10.9 million.
By the Numbers: Pending home sales rose in April, but middle-class buyers still face a massive supply shortage
The number of homes in contract across the country in April rose moderately from the year before, but the market still struggles with a lack of inventory — especially for middle-income families.
In April, pending home sales climbed 3.2 percent year over year and 1.4 percent month over month, according to the National Association of Realtors. By region, the West (+3.8 percent), South (+4.7 percent) and Midwest (+2.7 percent) recorded yearly increases, while the Northeast saw a slight dip (-0.6 percent).
Though more deals are headed into contract, and inventory has improved over the past years, there are still fewer homes on the market that buyers are willing and able to pay for, according to another report from NAR and Realtor.com. Overall, the market has a quarter fewer homes than it would if it were balanced.
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