Fort Lauderdale, FL- A stunning four bedroom oceanfront home with direct beach access in Palm Beach County sold for $5,375,000 at $1586 per square foot in October. The sale set a new record for the Boynton Beach/Ocean Ridge area this year as one of the highest price per square foot sales in the county. The deal was negotiated on both sides by Michelle Farber Ross, Broker | Managing Partner of MMD Realty.
According to Miami Realtors data, while sales have slowed in Palm Beach County this fall, price per square foot continues to rise after taking a dip this summer. For the million plus market, $698 per square foot was the average in October. Since July, both Palm Beach and Miami-Dade counties have experienced a slowdown in sales volume, and price per square foot continues to hold steady in South Florida’s million plus market.
The average sale price for the million plus market in Palm Beach County is $2,157,444 at $539 per square foot that’s up from $513 in 2014. Single family sales in the million plus market are selling at $499 per square foot with an average sale price of $1,513,517. In July, sales volume peaked at $71,077,250, and then in September it dropped to $20,043,539 followed by a further drop in sales to $15,265,000 in October. While sales have cooled off this fall, price per square foot continues to rise along the Gold Coast.
The broker for the Ocean Ridge deal, Michelle Farber Ross founded MMD Realty LLC in 2011. A dynamic force in the South Florida real estate community, she joined forces with NFL legend Dan Marino and Canadian entrepreneur Michael Wekerle to create MMD Realty, which focuses on selling luxury residential and commercial properties in South Florida."I am thrilled MMD Realty was able to put this deal together and achieve the highest price per square foot in the area. Both clients won in the deal!" Michelle Farber Ross, Broker | Managing Parter MMD Realty
All data courtesy of Miami Realtors
Michelle Farber Ross