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.
