We are pleased to present the latest edition of Coastal Confidential, covering contract activity from September 7 to September 13, 2024.

Last week, 29 contracts were reported, maintaining the same level as the previous week but reflecting a 43% decrease year-over-year. Contracts valued under $1 million dropped by 53% compared to last year, while those over $1 million saw a 20% decline. Notably, it was the second consecutive week without a contract exceeding $5 million, a trend not seen since September 2023.

Despite this, there was notable interest in one-bedroom units, which experienced both weekly and annual increases in signed contracts. Seven of the eight one-bedroom sales last week were listed below $1 million.

A standout sale occurred in the Seagate section of Delray Beach at 944 Seagate Drive. Listed and sold by Kathleen Fontenot of Coldwell Banker for $6.8 million, this property commands nearly $1,500 per square foot. Designed by Richard Jones Architect, it features classic elegance and a focus on both form and function. The home boasts 6,580 total square feet, including 4,602 square feet of air-conditioned living space, a large covered loggia, and additional balconies overlooking a 50-foot lap pool.

In promising news for the real estate market, Vanderbilt University is nearing agreements with county and city officials to develop a $520 million project in West Palm Beach. This venture will establish a second campus for the Owen School of Management, one of the nation’s top graduate business schools, ranked 25th in Bloomberg Businessweek’s 2023-24 survey of 75 schools.