🏆 Residential: Jupiter logged the top home sale in South Florida. Spec developer Stuart Hankin sold a 10,900-square-foot mansion at 228 Bear’s Club Drive for $33.8 million. Hankin purchased the property in the exclusive Bear’s Club enclave in 2021 for $3.4 million; he completed the home last year. The property has six bedrooms, eight bathrooms, two half bathrooms, a theater and a pool. The buyers were tech executive Derek Kreunen and Erin Kreunen. Margit Brandt with Premier Estate Properties had the listing and Mark Griffin with The Bear’s Club Sotheby’s International Realty brought the buyers.
🏆 Commercial: The top commercial deal to hit records was in Wellington, where the Alamar Senior Living facility at 8785 Lake Worth Road traded for $30.7 million. The seller was an affiliate of Chicago-based real estate investment firm Walton Street Capital, and the buyer was an entity linked to Health Wave Partners, also based in Chicago. The property measures nearly 132,000 square feet and has 136 units. It last sold in 2024 for $23.5 million.
📊 Residential: A more than 17,000-square-foot mansion on a 1-acre estate at 200 West Coconut Palm Road in Boca Raton sold for $22.1 million. The seller was a trust linked to P.A. Novelly II, son of the late billionaire oil and gas mogul Paul “Tony” Novelly. The buyer was a trust with Connor McNamara as trustee. Built in 2007, the home has nine bedrooms, 12 full bathrooms and five half baths. It also has a movie theater, pool, six-car garage and private dock.
📊 Residential: A penthouse at 2655 South Bayshore Drive in Coconut Grove sold for $16.2 million or about $2,400 per square foot. The seller was a company managed by Michael S. Gordon, and the buyer was a trust. The condo has five bedrooms, five and a half bathrooms and about 2,500 square feet of terrace space. The pad first hit the market in February 2025 with an asking price of just under $20 million. Compass’ Carole Smith and Cristina Formosa had the listing, and Alejandro Vasquez with Million Realty brought the buyer.
📊 Commercial: In Miami-Dade County, an affiliate of developer CMC Group offloaded 5.1 acres across two vacant parcels between Southwest 106th Avenue and the Busway for $11 million. The buyer was an LLC tied to Indianapolis-based developer Scannell Properties.
By the Numbers: Pending home sales fall in June as market momentum fades
The U.S. housing market is shaping up to have a lackluster summer.
Pending home sales, a measure of deals that went into contract, dipped 0.3 percent this June compared to last, according to the National Association of Realtors. They fell by 5.4 percent compared to the month before.
Spring was fairly strong for home sales, noted Joel Berner, a senior economist at Realtor.com. The latest pending sales, a preview of deals that will close in a month or two, signals a weakening market as financing costs remain high.
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