Palm Beach Luxury Sales Jump to $203M Weekly Volume

Palm Beach County's luxury real estate market demonstrated renewed vigor last week, with buyers securing 28 contracts worth $203.2 million across properties priced at $3 million and above. The activity represents a notable uptick from the previous week's 26 contracts valued at $198.4 million, suggesting the market may be emerging from its seasonal doldrums.

According to Douglas Elliman's Eklund-Gomes team tracking data, the contracted properties averaged 102 days on market, with single-family homes accounting for 19 transactions and condominiums representing nine deals. The report monitors signed contracts through the Beaches MLS system for premium properties throughout the county.

The week's highest-priced transaction involved a newly constructed residence at 350 Seabreeze Avenue in Palm Beach, carrying a $16.9 million asking price. Property records reveal sellers Meira and Justin Besikof purchased the site for $7 million in 2023 before building the current 4,900-square-foot structure. The five-bedroom, five-bathroom home with pool represents more than double their initial investment.

Justin Besikof serves as president of Madeira Partners, a Wayzata, Minnesota-based firm specializing in middle market mergers and acquisitions. The couple initially listed their completed home for $17 million last year through Chris Leavitt at Douglas Elliman, with Justin Besikof co-listing through his Besikof Realty PB license.

The second-largest pending contract involved 220 Esplanade Way in Palm Beach, asking $15 million for a 4,100-square-foot residence. The property belongs to a Florida entity managed by Boston attorney Andrew Stempler, which acquired the home for $10.3 million in 2023. Built in 2008 on 0.3 acres, the four-bedroom home includes four full bathrooms, one powder room, and a swimming pool. Records indicate renovations began in 2025, with Samantha Curry of Elliman handling the February listing.

Single-family homes in last week's contracts commanded an average asking price of $8 million, or $1,578 per square foot, while spending 131 days on market. Condominium units averaged $5.6 million in asking prices, translating to $1,656 per square foot, with a faster 79-day marketing period.

The market currently maintains 1,254 active luxury listings, while 30 new properties entered the system during the reporting period. This inventory level provides context for the recent contract velocity as buyers and sellers navigate the spring selling season.

Palm Beach County's luxury segment continues attracting buyers from various markets, with the recent activity suggesting renewed confidence in the region's high-end real estate prospects. The combination of new construction and renovated properties finding buyers indicates healthy demand across different luxury categories.