Home of Palm Beach’s Oldest Resident Selling to New Buyer

The waterfront estate that belonged to the late Jane Smith is under contract to a new buyer just months after her death.

The deal tops new sales activity last week in Palm Beach County, where buyers signed 25 contracts between May 25 and May 31 for luxury properties, according to a report by Douglas Elliman’s Eklund-Gomes team. The previous week, buyers signed 15 contracts for nearly $210 million.

The homes that were marked pending last week total more than $227 million in asking dollar volume and averaged 142 days on the market.

The report tracks signed contracts for single-family homes and condos asking $3 million or more in the MLS. It identified 31 new listings, and 1,105 active listings on the market.

Of the properties that were marked pending last week, 20 were single-family homes and five were condos.

The average asking price for those condos was $4.3 million, or nearly $2,000 per square foot. The condos under contract spent an average of 186 days on the market. They totaled $21.3 million in combined dollar volume.

The average asking price for the single-family homes was $10.3 million, or $2,100 per square foot, and they spent an average of 99 days on the market. The combined dollar volume of the 10 homes in contract totaled $206 million.

Smith was Palm Beach’s oldest resident until her death earlier this year at the age of 107, Realtor.com reported. Smith lived in Palm Beach for more than 60 years. Her 6,700-square-foot home at 350 Island Road is on the market with Todd Peter of Sotheby’s International Realty, asking $39.5 million.

The 0.8-acre property includes 107 feet of direct frontage on the Intracoastal Waterway and views of the Everglades golf course. It’s being marketed as a teardown, but the property has six bedrooms, eight bathrooms and one half-bath.

The second-most expensive home to find a buyer last week is the eight-bedroom home at 2989 Spanish River Road in Boca Raton, on the market for nearly $25 million with the Matt and Nick Team at Serhant. The compound spans more than 12,000 square feet of interior space, according to the listing. Property records show Salvatore and Karen Calvino paid $7 million for the home in 2020. Salvatore is the founder of Equivu Capital.