McMackin Estate Leads $210M Week in Palm Beach
Key Takeaways
- •McMackin estate at $85 million tops 15 luxury contracts worth $210 million.
- •Single-family homes averaged $17.8 million while condos averaged $5.8 million.
- •Properties spent average 134 days on market before entering contract.
A waterfront estate in Manalapan featuring an underground tunnel system commanded the highest price among 15 luxury properties that entered contract in Palm Beach County last week.
The $85 million mansion at 1660 South Ocean Boulevard, owned by Cindy and Ron McMackin of engineering firm Pan-Pacific Mechanical, led a week of robust activity that generated $210 million in combined pending sales. Premier Estate Properties' Margit Brandt represents the sellers in the transaction.
The seven-bedroom, 11.5-bathroom residence spans 22,900 square feet across two acres and includes a distinctive tunnel connecting the main house to an air-conditioned beach bungalow. RWB Construction Management built the property under Robert Burrage's direction, with design work handled by Benedict Bullock Group and interior design by Marc-Michaels.
The McMackins purchased the newly constructed estate for $38.9 million in 2020, representing a potential gain of more than $46 million if the current sale closes at asking price.
According to data from Douglas Elliman's Eklund-Gomes team, the 15 contracts signed between May 18 and May 24 represented a significant increase in dollar volume compared to the previous week, when 25 contracts totaled $129.3 million. Properties under contract averaged 134 days on the market.
Single-family homes dominated the activity, with 10 houses generating $178 million in combined value. These properties averaged $17.8 million in asking price, or $1,816 per square foot, and spent an average of 95 days before finding buyers.
Five condominiums contributed $28.8 million to the weekly total, with an average asking price of $5.8 million, or $2,208 per square foot. Condo sales required longer marketing periods, averaging 174 days on the market.
The luxury market continues to show strength despite extended marketing times, with 36 new listings entering the market during the same period. The Beaches MLS currently maintains 1,140 active listings for properties priced at $3 million and above.
Palm Beach County's luxury real estate sector demonstrates sustained demand for high-end waterfront properties, particularly those offering unique amenities and prime coastal locations. The McMackin estate sale, if completed, would rank among the year's most significant residential transactions in the region.
