October Report: Florida’s highest end luxury residential real estate
Presented by the Florida real estate lawyers at Rabideau Klein
$5 Million-plus Houses: Luxe detached home average up 5%
The 2023 Q3 ultra luxury single-family market segment, those priced at $5 million-plus, increased 5% in its year-over-year mean average price, while inventory increased 1%, partially due to additional homes being included in the category as home prices increased.
The largest sale during Q3, and also of the last 12 months, remains the $68.15 million purchase of 149 E. Inlet Drive on Palm Beach Island.
$5 Million-plus Condos: Average price rose to $6.85M during Q3
The average price of the top market segment of attached residences in Florida increased 6% to $6.85 million during Q3, while the number of sales took a steep dive to -30% in year-over-year comparison to Q3 2022. However, in a welcome reversal, inventory increased 1%.
The largest condominium sale of September was also the largest of Q3 and of the last 12 months. Pimienta Realty brought in the buyer to close 3601 Townhouse Court for $28.15 million.
Florida Multimillion Dollar Market Brief
Each issue reports on the advertised Florida real estate activity for the prior month in the category of ultra-luxury residential sales and listings of single-family homes and condominiums priced at $5 million or more. The information reflects all data entered by the last day of the prior month. When a sale or listing for that month is posted after the last day of the month, that information will be rolled into the following month’s report. The Florida Multimillion Dollar Market Brief reports on real estate with residential property such as single-family home, condo, co-op and townhouse types, and does not include land-only, multi-family homes, and mobile home types.
All information contained in the report is deemed to be reliable, but is not guaranteed. Neither Rabideau Klein, nor any of its employees makes any representations or warranties as to the accuracy of its contents.