Palm Beach's luxury market continued its relentless pace in mid-February, with buyers signing 34 contracts worth $221.5 million in asking dollar volume between February 9 and February 15, according to Douglas Elliman's latest report. The surge represents a 62% increase from the previous week's $151.3 million in contract activity, underscoring the momentum building during the town's peak real estate season.
The week's activity was dominated by off-market transactions, including industrial heir Ambrose K. Monell's $57 million sale of his lakefront estate at 635 Crest Road. Monell, grandson of Gilded Age nickel magnate Ambrose Monell, sold the 6,300-square-foot home to a trust managed by prominent wealth management attorney Cameron Casey. The 1950-built property last traded for $3.2 million in 1998, representing a remarkable appreciation over 26 years.
The off-market trend reflects buyer preferences for privacy and move-in ready properties during Palm Beach's competitive season. Earlier this month, private equity billionaire Greg Mondre flipped a teardown for $36.3 million after purchasing it in March for $31 million, while "trash kingpin" and Trump appointee Anthony Lomangino acquired the historic Villa Flora estate for $76.7 million in another private deal.
Boca Raton's exclusive Royal Palm Yacht & Country Club captured headlines with freight heir Phillip Kirschbaum selling his waterfront mansion at 298 West Key Palm Road for $24.5 million. The 11,500-square-foot home, built in 2022 on 0.6 acres with 166 feet of waterfront, commanded $2 million above Kirschbaum's 2023 purchase price of $22.6 million.
Contract activity favored single-family homes, which comprised 25 of the 34 signed agreements. These properties averaged $7.3 million in asking price at $1,536 per square foot, spending an average of 103 days on market. The nine condominiums that went pending averaged $4.3 million at $1,393 per square foot, with a faster 77-day market time.
The sustained pace builds on Palm Beach County's fifth consecutive month of year-over-year home sales increases, according to the Miami Association of Realtors. January 2026 statistics showed continued strength across luxury segments, with the market benefiting from low inventory levels that remain 40% below pre-pandemic availability.
As the traditional season peaks, agents report the highest activity levels at the ultra-luxury tier, where buyers seek large, turnkey estates. The prevalence of off-market deals suggests sellers are prioritizing privacy and speed over maximum exposure, a shift that may define the remainder of Palm Beach's 2026 season.
Photo: Tessa Edmiston / Unsplash
