Palm Beach Luxury Sales Total $198M Weekly Volume
A $49.5 million Palm Beach mansion designed by Maurice Fatio led 26 luxury property contracts worth nearly $200 million in Palm Beach County last week. The historic estate, owned by former Ziff Davis executive Philip Korsant, has tripled in value since 2017.
A Palm Beach mansion owned by former media executive Philip Korsant commanded the highest contract price in Palm Beach County's luxury market last week, with buyers agreeing to pay $49.5 million for the Maurice Fatio-designed estate.
The transaction anchored a strong week for high-end real estate activity, as 26 contracts totaling $197.7 million in asking volume were signed between May 4 and May 10, according to Douglas Elliman's Eklund-Gomes team. The deals averaged 120 days on market, with 25 single-family homes and one condominium going under contract.
Korsant, a longtime Ziff Davis Publishing executive who founded family office Long Light Capital, purchased the Via La Selva property for $14 million in 2017. The 9,000-square-foot residence sits on 0.8 acres and was constructed in 1928 by celebrated early Palm Beach architect Maurice Fatio. The estate features eight bedrooms, nine bathrooms, three powder rooms, a gymnasium, swimming pool, and guest house.
Suzanne Frisbie with the Corcoran Group represents the sellers, who listed the property in November. The potential sale would generate a substantial return on the Korsant family's original investment, reflecting Palm Beach's continued appeal to affluent buyers.
The second-highest contract involved a $15.9 million home at 231 Coral Lane, owned by Great Oaks Venture Capital founder Andrew Boszhardt Jr. Built in 2008 on 0.3 acres, the 5,000-square-foot residence includes four bedrooms, five bathrooms, one powder room, and a pool. Boszhardt acquired the property for $5.4 million in 2013, with Margit Brandt of Premier Estate Properties handling the current listing.
Single-family homes in the luxury segment averaged $7.5 million in asking price, or $1,604 per square foot, spending an average of 103 days on market. The sole condominium contract carried a $9.3 million price tag at $2,348 per square foot and remained on the market for 136 days before finding a buyer.
The week's activity represents a slight uptick in contract volume compared to the previous period, when 25 deals totaled $242.3 million. Market data tracked by the Beaches MLS shows 40 new luxury listings entered the market, bringing total active inventory to 1,166 properties priced at $3 million and above.
Palm Beach County's luxury real estate sector continues attracting significant investment, with buyers demonstrating appetite for both historic estates and contemporary properties across various price points in the premium market segment.
