In an effort to bring you the most up to date information regarding our local real estate market, we will be posting monthly recaps covering everything from team news to county-wide statistics. See below for our monthly snapshot!
In our January recap, we reported that a Palm Beach 'spec' home set a new record on the island with an asking price of $140,000,000. In February, the 'spec' home went under contract after just one month on the market and sold days later in an all cash deal for another record-setting $122.7M.
In addition to the above, NHL commissioner Gary Bettman recently purchased an $8 million home in Boca Raton, Curaleaf billionaire Boris Jordan recently purchased a $14 million home in Boca Raton, King of Queens star Kevin James recently purchased a home in Delray Beach for $14 million, and chairman emeritus of L Brands Les Wexner purchased a Jupiter estate for $60 million from golf legend Greg Norman.
Many Palm Beach landmarks such as The Colony Hotel and Cafe l'Europe are have undergone renovations to make way for a younger crowd of snowbirds and year-round residents. The same goes for new developments in the area such as the Ben and White Elephant hotels. The mixed-use new development Rosemary Square is set to be the new home of various out of state firms as well as new hip restaurants like True Food Kitchen, Planta and the highly-anticipated Carbone according to sources.
New signed contracts continue to be up year-over-year by 95.4% for single family homes and 172.2% for condos. The market's richest areas continue to strengthen, and a recent Forbes article named West Palm Beach a neighborhood to watch while another referred to South Florida as "Monaco-esque."
Palm Beach County median home prices increased by 4.3% within the last year. However, housing is still deemed more affordable since the monthly mortgage payment is lower due to low mortgage rates.
The Pam & Toni Team's Pending Contracts for February
In February, the Pam & Toni Team added $6,233,800 to current pending contracts. We can't wait to share more details upon closing!
The Pam & Toni Team's Closings for February
- 3092 Banyan Road a new construction townhome in East Boca sold for $1,540,000
- 898 E Jeffery Street an East Boca townhome sold for $640,000
- 8724 Lewis River Road located in The Bridges in Delray sold for $1,202,500
- 856 Appleby Street in East Boca rented for $56,400
We hope you found this information both helpful and insightful. In the spirit of continuous improvement, contact us here
if we missed something. We are looking forward to hearing from you!