Last Q3 Sale Scores Big Amidst Modest Market
Provided by the Palm Beach real estate lawyers at Rabideau Klein
Key points
- Palm Beach’s two largest real estate transactions during Q3 were for $51.3 million and $42 million single-family homes.
- The largest sale was lakefront mansion near former President Donald Trump’s Mar-a-Lago Club at 200 Via Palma.
- The Town of Palm Beach issued an $8.74 million permit for a residential addition to an estate that was purchased for $25 million in 2023.
- Four-building project breaks ground on the North End of Palm Beach.
Despite two spectacular sales at $51.63 million and $42 million, it wasn’t enough to push the median above last year’s top $15.6 million median when over 50% of its sales registered eight-digit prices led by the $68 million purchase of 149 Inlet Drive in July of 2023.
The priciest transaction last quarter was the $51.63 sale of 200 Via Palma. The listing, a lakefront mansion in the Town’s Estate Section near former President Donald Trump’s Mar-a-Lago Club. The second largest deal took place on the last day of the quarter and was also the largest sale of September, the purchase of 101 Jungle Road.
A four-building project slated for North End included the largest Q3 permit was one of four issued for 304 Maddock Way. The valuation totals for the projects surpassed $9.3 million without including the foundations of three buildings for the four-building project. The total Q3 valuations of permits issued for $100 thousand-plus large-scale construction projects approached $80 million, a 31% increase as compared to Q3 last year. Open the October report for the full story. Beach’s home sales and listings priced at $1 million or more, Quarter One, the segment shows gains in The Town’s single-family median sale price, as well as in their in-coming active inventory, as compared to the same period of last year.