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Luxury house facing the sea view

The $11.5M price of a new mansion in West Palm Beach sets a city record

The sale price of a new mansion in West Palm Beach easily set a record, even though it is 15 percent below the initial asking price in 2017.

The $11.5 million sale price of the 9,364-square-foot residence at 2914 Washington Road is the highest ever for a single-family home in West Palm Beach.

The new record price is more than double the old record set last year in the $5.02 million sales of 5615 South Flagler Drive.

The newly built mansion on Washington Road has seven fireplaces, six bedrooms, an elevator, a library, a wine vault, and a two-story living room. The seller’s initial pre-construction asking price in 2017 was $13.5 million.

The developer, Aquantis Group, completed construction of the house in September 2018, and the asking price dropped to $12.9 million in March.

The buyer was Barbara Seymon-Hirsch, trustee of the Edgewater Trust. Douglas Elliman agents Ashley McIntosh and Burt Minkoff had the listing for the newly built mansion. Minkoff also represented the buyer.

Liam Bailey, head of global research at London-based Knight Frank, said during a recent visit to Palm Beach that wealthy individuals are taking a slower, more selective approach to buying luxury real estate.

That may explain why some pricey homes like the Ziff estate in Manalapan remain listed for sale for years. The asking price for the Ziff estate is $137.5 million, well below the initial $195 million ask [Palm Beach] – Mike Seemuth.

Original Source: The Real Deal

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