Latest Palm Beach Home Sale Proving the Real Estate Market is Thriving in Luxury

By Sasha Kraver On Apr 4, 2024 0 Copy Link Print

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The once-sleepy Ibis Isle neighborhood of Palm Beach Island is getting its real estate makeover.

The coveted, quaint area has been overdue for its real estate boom. Situated just nine minutes from Mar-a-Lago, Ibis Isle boasts a location that arguably surpasses that of more renowned sectors like the North End. This area presents a diverse architectural tapestry, blending historic residences, exclusive boutique condominiums, and several splendid estates.

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The newest mansion, a contemporary spec home, just sold for $12.5 million. Located on the island’s east side, the stately and never-lived-in home offers 5,208 square feet of indoor/outdoor living space with unobstructed Intracoastal views. The house was listed as “move-in ready,” featuring a fully equipped Smart Home System, gourmet kitchen, custom cabinetry, and impact windows. The expansive backyard is ideal for entertaining, featuring a covered loggia and a meticulously landscaped backyard with a heated pool and spa area.

Investor and real estate entrepreneur Richard Fertig developed the home with his fiancée, Erika Bossi, and officially sold the property on February 28th, 2024. Fertig partnered with contractor Paul Courchene of Courchene Development, Copr., a Boca Raton-based company that has done much work in Palm Beach. Fertig has an impressive professional resume with vast experience in real estate development, including resorts, hotels, and rental properties.

In October, real estate agent Chris Deitz of Compass Florida placed the property on the market with an initial asking price of $13.895 million. The acquisition was facilitated on behalf of the buyers by real estate agents Sasha Kraver, Valentina Kraver, and Bella Kraver, who are affiliated with Douglas Elliman, Palm Beach.

Valentina Kraver described the home as the obvious choice for her clients, who were initially looking at other areas of Palm Beach Island. “Ibis Isle has a lot of value, and we’ve seen tremendous growth in that part of Palm Beach. The value of those homes is going to continue to skyrocket.” She added that $12.5 million for a move-in ready home in such a coveted area is “a great price.”

In 2023, the Palm Beach real estate market for single-family homes and townhomes demonstrated a strong appetite among affluent buyers, with an average listing price of approximately $12.7 million and a median price of $10.5 million across 45 sales. Properties spent an average of 128 days on the market before selling, indicating a healthy but discerning market pace.

However, the first quarter of 2024 marked a significant shift, highlighting an even more pronounced escalation in market value and activity. With an astonishing average listing price of around $20.6 million and a median price of $15.35 million from 106 transactions, the market saw a notable increase in sales volume and properties’ price points. The average days on the market rose to 157 days, suggesting that buyers are willing to invest significantly more but also take more time to make purchasing decisions.

This marked increase in average and median prices, coupled with a substantial rise in sales volume, underscores a remarkable growth in demand and value for properties in Palm Beach, particularly in exclusive areas like Ibis Isle. The trend reflects not only the allure of the location and the premium on luxury and exclusivity but also indicates a robust and burgeoning market that is attracting a considerable influx of high-net-worth individuals.

For savvy business individuals or residents of Palm Beach, these trends signify a potent combination of solid market confidence and the enduring appeal of luxury real estate investments in the area. The pronounced growth in the early months of 2024, particularly, suggests that Palm Beach remains a premier destination for affluent buyers seeking exceptional properties. This dynamic is poised to continue shaping the real estate landscape, offering promising opportunities for investors and developers alike.

Other stories you may want to read:

Between the Lines: Opportunity Amidst Tradition in Palm Beach’s Elite Market

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Sasha Kraver

Sasha Kraver is a luxury real estate agent with Douglas Elliman on Palm Beach Island. Sasha has successfully represented buyers, sellers, and investors throughout South Florida. Having started her real estate career in Aspen, Sasha was able to focus on marketing for multi-million dollar homes on mountaintops before making the transition as an agent to sunny Palm Beach Island. Sasha enjoys film photography, her two puppies, and skiing in her free time.