May 28, 2024

Coastal Confidential | May 28, 2024

Coastal Confidential  |  May 28, 2024

Welcome to this weeks Coastal Confidential: A Summary of the Coastal Real Estate Contract Activity In South Florida from May 18 to May 24, 2024.  

Last week saw a notable increase in contract activity, with 58 sales reported, representing a 7% week-over-week surge and a 12% year-over-year jump.

By price segment, the only area that experienced a decline year-over-year was under $500K, with a decrease of 4 sales. This makes sense as prices continue to rise along the beach areas.  The price segment  $5-10M saw a staggering year over year increase of 300%.  

The West Palm Beach to Lake Worth region saw the largest annual increase, driven primarily by contracts asking under $1M.

**Current Market Trends:**

There are currently five properties pending sale from East Boca to Manalapan, including the highly sought-after 414 Beach Curve Road on Hypoluxo Island, listed for $1.795M. The Island has also seen two recent sales, including the $1.9M sale of 110 N Atlantic Drive and the $1.18M sale of 210 SE Atlantic Drive.

**Notable Contract:**

The highest-priced contract signed last week was for 1010 N Lake Way, a stunning waterfront single-family home boasting a dock and pool in the North End neighborhood, priced at $31.5M.

In a monumental development for luxury real estate enthusiasts, Palm Beach's most expensive home for sale has been officially taken off the market, following the closure of a staggering $152 million deal on Friday. The sale of the 28,618-square-foot mansion at 10 Tarpon Isle stands as the highest-priced residential trade this year in Florida and likely in the U.S., ranking among the top five single-family home sales ever recorded in the state.

Work with The Presson Group

Steven has consistently been a Top Producer in the luxury markets in Palm Beach County. If integrity, persistence and results are traits you believe can make the difference in your real estate transactions, contact Steven Presson.