Tuesday October 22, 2024 

We are excited to share this edition of Coastal Confidential, focusing on contract activity along the coast from October 12 to October 18, 2024.

Last week, activity surged, with 41 contracts signed—an impressive 86% increase week-over-week, although down 9% year-over-year. Notably, this marks the highest number of reported contracts since July.

The area from West Palm Beach to Lake Worth accounted for nearly half of all sales, driven primarily by single-family home transactions.

The highest-priced contract of the week was for 232 Sandpiper Drive, listed at $12.4 million. This exquisite four-bedroom single-family home features a pool and is situated in the prestigious North End of Palm Beach Island.

In other exciting news, a stunning Tuscan-inspired villa has just hit the market on Hypoluxo Island. Priced attractively under $10 million, this waterfront masterpiece is listed by Nick Younker with Raveis. Designed by award-winning architect Randall Stofft and built by renowned builder Rodney Sarkela, this custom home spans over 7,300 square feet and boasts a resort-like backyard. Its prime location, just off North Atlantic Drive in a no-wake zone, offers unparalleled access to the Intracoastal.

This positive momentum reinforces my confidence in the Palm Beaches’ real estate market, both now and in the future. Since COVID-19, more than 100 financial institutions have relocated to the West Palm Beach area, and we can now add major universities to this list. The West Palm Beach City Commission recently voted unanimously to grant Vanderbilt University seven parcels of downtown land valued at over $12.8 million as they move forward with plans for a 300,000-square-foot graduate campus in our vibrant community.