Despite national warnings to the contrary, it seems that the real estate market in Palm Beach is holding strong. While inventory remains at an all-time low, and the pace of sales is far slower than in recent years, two record-breaking sales have been reported over the past few weeks which make for promising signs of the year ahead.
An award-winning property on Jungle Road sold at the end of December for $51 million — making it the highest price ever paid for a non-waterfront home in the area. Even more impressive, it was last purchased in the summer of 2021 for $35.75 million, garnering a near $20 million gain in just over a year. The 12,914 square feet estate, designed by Daniel Kahan, was completed in 2016 for James Held and Kenn Karakul. Built to be environmentally sustainable and energy efficient, the home won the 2019 Elizabeth L. and John H. Schuler Award from the Preservation Foundation of Palm Beach.
Elsewhere on the Island, New England Patriots owner Robert Kraft is in contract on a condo for a record-setting $23.8 million. The 5,000 square foot oceanfront apartment on Sunset Avenue was sold by the estate of the late Erving and Joyce Wolf, who tapped daughter-in-law and noted architect Maya Lin — best known for designing the Vietnam Veterans Memorial in Washington, D.C. — to renovate it in the early 2000s.
