2026 Kicks Off With Host of Luxury Sales: $72 Million Palm Beach Home Sale Is One of the Year’s First Major Deals

While Florida real estate might be struggling, one well-known area has started the new year with a bang: Palm Beach County.

Home sales in Palm Beach County accelerated for a third straight month in November 2025, signaling renewed momentum in South Florida's housing market, says the latest report from the Miami Association of Realtors®.

Total residential sales in Palm Beach County jumped 19.7% from a year earlier to 1,706 transactions in November. Single-family home sales rose 19% year over year to 1,001 transactions, while the median price edged up 0.8% to $605,000. 

Even condo sales, which have slumped in much of the South Florida market, remain strong, increasing 20.7% from a year earlier to 705 units. The median condo price rose 3.2% to $320,000, up 130% over the last 10 years.

And when it comes to the high-end luxury market, watch out. Palm Beach is still outperforming much of the country.

The region is on pace to record the second-highest number of $10 million-plus home sales on record in 2025, with an estimated 426 ultra-luxury transactions projected by year-end, just short of the 444 sales logged during the COVID-19 pandemic-fueled boom of 2021, says the report.

One reason the area continues to outperform? The people who buy in Palm Beach generally don't need mortgages, and aren't concerned about interest rates. Cash buyers play a strong role in the area's market.

Nearly 48% of all Palm Beach County sales were completed in cash in November, compared with about 27% nationally, according to the National Association of Realtors®.

Cash transactions accounted for 56.5% of condominium sales and 41.4% of single-family purchases.

Meanwhile, again, unlike much of South Florida, inventory has tightened moderately, making the area more of a seller's than a buyer's market.

"Palm Beach operates in a fundamentally different segment of the housing market than much of Florida," says Anthony Smith, senior economist at Realtor.com®. "While many Florida markets are sensitive to mortgage rates, insurance costs, and affordability pressures, Palm Beach is driven by ultra-high-net-worth demand that is far less rate-dependent."

"Buyers here are typically discretionary, often purchasing with cash, and are motivated by lifestyle, privacy, and long-term wealth preservation rather than short-term price sensitivity. That dynamic allows Palm Beach to remain resilient even as broader Florida markets cool."

That doesn't mean that even ultra-luxury estates don't need to slash prices if they aren't moving. A six-bedroom neoclassical estate on 1 acre at 1460 N Lake Way just sold for $72 million, a discount from its original 2024 $95 million list price.

"I took over and modified that price," Gary Pohrer of Serhant, who had the listing with Ryan Serhant, tells Realtor.com. The listing never went public.

The seller was Pamela W. Starret, a British investor in the mining and energy industries who has owned the property since 2018, when she bought it for $21.36 million, according to The Wall Street Journal. The unnamed buyers were exclusively repped by Margit Brandt Palm Beach.

The estate sits on the Intracoastal Waterway, and the property next door is reportedly owned by "Rocky" actor Sylvester Stallone.

"Incredible property, direct on the Intracoastal," says listing agent Pohrer of the property. "Those are rare to come by. A lot of the homes are across the street from the lake trail. This is one of the few that doesn't have that. If you go a few houses south of that property, for a few miles, the homes have a walking path in front of them."

Late last year, Pohrer also closed a North Palm Beach compound owned by chewing-gum heir William Wrigley Jr. in Lost Tree Village, a private gated golf community, for $97.5 million. Three more properties in the $30 million price range are in contract.

Palm Beach's appeal

The home of Mar-a-Lago continues to lure the ultra-wealthy—not just Palm Beach but Manalapan and Hypoluxo Island.

"There's 2,500 houses only on the entire island," Pohrer says of the area's appeal in the face of South Florida's slumping market. "Every night I get to drive to the north end [of Palm Beach] and it's nice and peaceful and it will never change.

"The beaches are the best, and where else can you find a 3-mile walking path on the water? Some people may say there's heavy traffic, but if they go to a different town, it doesn't compare."

While he says that he hasn't seen an influx of New Yorkers since the mayoral election, California is another story.

"That's about 30% of my calls," he says. "It used to be 1%."

"It's not only taxes but politics," he says of the reasons he hears for bailing on the Golden State. "People feel like they can't speak their beliefs."

Dana Koch of the Corcoran Group, who currently has a $97.5 million listing at 880 S Ocean Blvd., tells Realtor.com that safety is the top reason his ultra-high-net-worth clients flock to the island.

"The world is a bit crazy these days, and people feel safe here," he says. He also notes the scarcity of luxury homes on the island—and that other than the occasional teardown, no more are being built.

In the mere month that his nine-bedroom oceanfront estate has been on the market, Koch says he has had "tons" of interest.

"Palm Beach is a hot market not just in Florida, but in the country," Nick Malinosky of The Exclusive Group with Douglas Elliman, who is currently co-listing with Gary Pohrer a $73 million seven-bedroom estate at 2315 S Ocean Blvd., tells Realtor.com.

The Exclusive Group already has $350 million worth of Palm Beach real estate pending for this year.

"You're seeing all these big sales because buyers understand they're not just buying into the community—into Florida, the weather, the taxes, the lack of crime—but they are comfortable moving their money here.

"They're not just buying the kitchen, the living room, the pool. They're putting their stake in the ground for a long-term generational investment in the land and location."

As for the increase in extreme weather events, Malinosky says hurricanes stand no chance against these particular multimillion-dollar homes: "They're built like fortresses."

The NYC new year's luxury market

Meanwhile, temperatures are a lot colder in New York City, and the luxury market too is a little icy.

From Dec. 29, 2025, to Jan. 4, 2026, 13 contracts above $4 million were signed, according to the Olshan Luxury Market Report. This is down from 20 contracts signed from Dec. 30, 2024, to Jan. 5, 2025.

It's also slightly below the 15 contracts signed for the 10-year historical New Year's week average.

The two top contracts were in the same building at 730 Fifth Ave., known as Aman New York Residences. The top contract was Unit 18B, which was asking $24.3 million (reduced from $27 million).

Situated on the 18th floor, the condo comes with stunning views of Central Park, 3,416 square feet of living space with two bedrooms, 2.5 bathrooms, a home theater, a private 508-foot terrace, and a pool.

Also included is a suite of amenities with access to the Aman Spa and Wellness Center, which boasts a 20-meter indoor pool, 10 treatment rooms, state-of-the-art fitness center, Pilates studio, and two standalone spa houses.

The second-priciest contract of the week belonged to Unit 16B in the same condo building, asking $21.5 million.

As the contracts are pending, it is not yet known what the final price is for each residence.