Under Contract! $15,995,000, In-Town, 309 Chapel Hill Road, Palm Beach
Perfectly Located Stunning Gottfried Regency… Truly a Rare Find!
Dear Clients, Friends, Potential Buyers, and Sellers,
With Columbus Day behind us, the Fall foliage at its Peak, the Season in Palm Beach is fast approaching with everyone closing up their Nantucket, Maine, and Hamptons homes as they all flock back to Palm Beach returning to the lifestyle and weather they LOVE! The Palm Beach real estate market is still on Fire continuing its rage as posted on our July second quarter market report. Our featured listing above, 309 Chapel Hill Road, was listed at $15,995,000 in July of 2023. W e are proud to announce we put the property under contract the first week of October at just under the asking price. It is scheduled to close on November 1st, 2023.
Our Third Quarter Market Report is astounding with prices soaring in all areas of town.
3rd Qtr. 2023 Market Report update:
Area 1: (Inlet Drive to Wells Road) 6 HOMES SOLD –
Average price: $29,678,433 – Average per sq.ft. $3,918
Highest priced per sq.ft. 940 N Lake Way – $5,880
Lowest priced per sq.ft. 260 El Pueblo Way – $2,464
Area 2: (Wells Road to Worth Ave.) 2 HOMES SOLD –
Average price: $27,791,666 – Average per sq.ft. $4,639
Highest priced per sq.ft. 125 Wells Road – $4,745
Lowest priced per sq.ft. 240 Clark Road – $4,534
Area 3: (Worth Avenue to Sloan’s Curve) 1 HOME SOLD –
Average price: $23,285,572 – Average per sq.ft. $1,842
Highest priced per sq.ft. 125 Via Del Lago – $1,842
Area 1, 2, 3 TOWNHOUSES – 2 SOLD
Average price: $14,175,000 – Average per sq.ft. $2,544
Highest priced per sq. ft. 220 Brazilian Ave – $2,690
Lowest priced per sq. ft. 246 Everglade Ave – $2,398
Area 2: CONDOS (Worth Avenue to Wells Road) 11 CONDOS SOLD
Average price: $2,215,060 – Average per sq.ft. $1,727
Highest priced per sq.ft. 225 Everglade Ave 6 – $2,593
Lowest priced per sq.ft. 235 Sunrise Ave 3016 – $1,162
North End residential sales this Quarter peaked at $79 million, and the lowest sale at $10.5 million, with 28 homes actively listed for sale, 24 of which are listed at over $10 million; Click here to see active listings.
In-Town residential sales this Quarter peaked at $83 million, and the lowest sale of $32,375 million, with 20 homes actively listed for sale, 15 of which are listed at over $10 million; Click here to see active listings.
Estate Section residential sales this Quarter peaked at $23,285 million, with 9 actively listed homes for sale, ranging from $18,950,000 to $59,950,000. Click here to see active listings.
At this time, the new normal for an entry point home is $10 million dollars for a Palm Beach home. It is interesting to note that there are several Pending (“Under Contract”) homes awaiting a closing date since our last report. Nine homes are under contract as of July 1, 2023 to date. One in the North End, listed at $43 million, Six homes ranging from $10 million to $17 million, and only two in the North end, which were listed in the $7 to $8 million range. Click to view listing(s)
Representing Buyers and Sellers of Palm Beach’s finest residences, our firm provides local expertise, global reach,and an unrivaled website, LindaOlsson.com. A resident of Palm Beach since 1998, Ms. Olsson is a leader in the community and believes in supporting many local causes including the Society of the Four Arts, Palm Beach Civic Association and Peggy Adams Animal Rescue League. Nationally recognized among the top real estate professionals by the Wall Street Journal/Real Trends… 10th in Palm Beach, 24th in the State of Florida, and 140th in the Nation.