![]() Here's a closer look at the most expensive property ever sold in this record-breaking town.The listing data on this website comes in part from a cooperative data exchange program of the multiple listing service (MLS) or additional real estate data sources in which this real estate Broker participates. Oceanfront trophy homes in Palm Beach trade north of $5,000 and newer bayfront homes in Miami Beach trade north of $3,500. "We listed this Highland Beach property under $3,000 per square foot. ![]() While prices are higher than ever, Adzem insists Highland Beach is still a "relative bargain." "A higher quality of inventory creates an environment of volatility and leads to a new level of extreme pricing," he said. "It's a niche market and highly dependent on the quality of the individual listings that enter the market," Miller said.Īnd while a smaller market can have its average sales price data more easily skewed by one or two big (or small) sales, both average sales price and average price per square foot in Highland Beach have risen to new records in each of the last three quarters in 2021, according to Miller. For context, the town had 4,165 housing units in 2009, according to the Property Appraiser's Office of Palm Beach County. Only eight homes were available for sale in the third quarter. ![]() Highland Beach has seen 10 straight quarters of inventory compression, he said. Jonathan Miller, president of Miller Samuel Real Estate Appraisers and Consultants, attributed the massive spike in sales prices, in part, to a continuous drop in inventory. In fact, the average sales price shot up higher in Highland Beach than any other market tracked in the Elliman Report, surpassing not just all of South Florida, but also New York and Los Angeles. The gain outperformed Palm Beach, which saw a 111.4% rise, and nearby Boca Raton, which saw a 38.5% gain, in the average selling price of a single family home during the same time period. "We were dealing with an unmotivated seller and many interested prospects, which triggered a premium," explained Adzem.Īnd while the mansion was breaking records, so was the entire town. The average sale price of a single family home in Highland Beach was $9.8 million in the third quarter, up 178.4% from the year-ago period, according to the Elliman Report. With the sale, the home's value skyrocketed more than 40%, earning the buyers-turned-sellers a nearly $8.7 million premium in the seven-month flip. ![]() Just three weeks after that $2 million price hike, the fully-furnished home sold for $30.25 million, breaking the record the mansion set a few months earlier. "In a typical real estate market, increasing a listing price is not a good strategy," Adzem said, adding that nothing is typical about the South Florida real estate market this year. And just a few short weeks after putting it on the market, the home's asking price was increased to $32 million - $10 million more than its previous sale price. The new price tag was about 33% higher than what the couple paid for it four months earlier. The couple put the home back on the market in July, this time with Adzem as their listing agent and an asking price of $30 million. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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