Welcome to the latest edition of Coastal Confidential, your insider’s guide to the South Florida luxury real estate market along the coast. This week, we review contract activity from August 17 to August 23, 2024.

During this period, 28 contracts were signed, marking a 26% decline from the previous week and a 44% decrease from the same time last year. This represents the most significant year-over-year drop in signed contracts since early March.

Contract activity experienced double-digit annual declines across all price points, except for properties over $10M, which maintained the same number of sales as last year. Notably, sales increased in the Boca Raton and Hypoluxo Island to Delray Beach and Highland Beach submarkets, while other areas saw declines.

The priciest contract last week was for 103 Lighthouse Drive, a six-bedroom waterfront home in Jupiter, listed at $39.999M. Two recent sales include 1025 N Atlantic Drive on Hypoluxo Island $4M & 3 Ocean Lane in Manalapan closing at 17.25M.  

A reminder for Palm Beach County taxpayers: You have until September 16, 2024, to file a petition with the county’s Value Adjustment Board (VAB) regarding your property’s market value, classification, or exemption. The Property Appraiser’s Office evaluates properties based on market conditions as of January 1, and the 2024 Notice of Proposed Taxes was sent out on August 22. If you believe your property’s assessment is incorrect or does not reflect the proper exemption or classification, you can file a petition with the VAB by the September 16 deadline. If you need more information on finding comparable sales to help with your appeal please contact me anytime.