Palm Beach Home Flip Asking $12.5 Million Tops Contracts

A home flip with an upside of $700,000 led Palm Beach County’s luxury market last week, landing a contract at an asking price of $12.5 million.

Buyers signed 16 contracts totaling $92 million in asking dollar volume between June 29 and July 5, according to the weekly report by Douglas Elliman’s Eklund-Gomes team, which tracks listings in Palm Beach above $3 million.

The previous report recorded 13 contracts totaling $114 million in asking dollar volume.

Of the properties marked pending last week, 10 were single-family homes. They totaled $62.1 million in asking dollar volume and spent an average of 103 days on the market. The average contract price was $6.2 million, or about $1,460 per square foot.

Six condo contracts were signed last week, totaling $29.9 million in asking dollar volume. They spent an average of 223 days on the market and had an average contract price of $5 million, or $1,400 per square foot.

A nearly 5,000-square-foot home at 216 Sandpiper Drive in Palm Beach was the priciest home to go under contract, with an asking price of $12.5 million, or $3,000 per square foot. Jeff Cloninger and Ellison Dobbs of Sotheby’s International Realty Palm Beach Brokerage listed the property. Property records list the owner as a trust managed by Brian Flynn, who acquired the property for $11.8 million from a trust managed by Guy Rabideau, records show.

The home includes five bedrooms, 6 bathrooms, 2 half-baths, a pool and a spa, according to Zillow.

A home at 416 Mariner Drive in Jupiter went under contract with an asking price of $8 million, or about $1,600 per square foot. Richard Capozzi and Thomas Frankel of Admirals Cove Realty listed the property. Records list the owner as a trust managed by Nancy Green, who acquired the property for $10 in 2012 from Robert Barth.

The 5,000-square-foot waterfront home includes four bedrooms, five bathrooms and one half-bath, according to Zillow. It also has a private dock and pool.

A 4,000-square-foot unit in the Olara Residences at 1919 North Flagler Drive in West Palm Beach was the most expensive condo to go under contract last week, asking $6.9 million. Alison Newton of Compass Palm Beach brought the buyer. Unit 814 includes four bedrooms, four bathrooms and one half-bath, according to Zillow.

Olara Residences is slated for completion in 2028. The finished development will have multiple pools, a private marina and 80,000 square feet of leisure and wellness space, according to its website.