A newly built mansion located along the oceanfront near Palm Beach, Florida, has traded hands for over $90 million, according to reports.
The nearly two-acre site is located on a barrier island in Manalapan and spans from the beach to the Intracoastal Waterway.
According to property records, the 16,000-square-foot mansion boasts more than 200 feet of prime ocean frontage and a dock on the Intracoastal Waterway. In addition to five bedrooms and five bathrooms, the main residence has a golf simulator room, an outside putting green, an outdoor kitchen and a swimming pool.
The sellers, James River Capital Corp. founder Paul Saunders and his wife, Victoria, purchased the property as land in 2018 for $14.475 million. South Florida-based architect Benedict Bullock Group handled the design.
The transaction is the latest in a string of multimillion-dollar sales in Palm Beach County since Covid began. Single-family luxury ($1 million-plus) transactions in Palm Beach increased by 20.4% year-over-year in August 2021, reaching 224 deals. In Palm Beach, existing condo luxury sales (those priced at $1 million or more) surged by 65% year over year to 66 transactions.
Luxury single-family houses have a 3.3-month supply on the market, while luxury condominiums have a roughly 3.1-month supply. Inventory continues to decline for all property categories, both month-over-month and year-over-year, except for condominiums.
Interest rates at historically low levels, a strong stock market, the appeal of stable assets in a volatile economy, homebuyers fleeing tax-burdened Northeastern states to purchase in Florida (where there is no state income tax), and policies that encourage working from home and remote learning have all contributed to an extremely active luxury single-family property market.
As worldwide immunization rates rise and political circumstances across the world become more uncertain, foreign homebuyers are flocking to South Florida in record numbers. Global buyers choose Miami and Palm Beach as their destination because it is a world-class global city, full of style and culture and with lower real estate prices than other similar international hubs in the United States.