A stunning lakefront mansion in Palm Beach, FL, has finally sold after nearly two years on the market but only after the original $40.5 million asking price was slashed by $16.75 million!
The luxurious five-bedroom home ended up selling for $23.75 million, marking a steep drop from its initial listing price in February 2023.
The Long Road to Selling
The property, located on the Intracoastal Waterway, struggled to find a buyer.
The asking price was reduced multiple times, from $40.5 million down to $29.9 million by late 2024.
Still, no takers emerged, prompting a final cut to $23.75 million, which sealed the deal just shy of 24 months on the market.
What Makes This Mansion Special?
This 6,347-square-foot home is a dream come true for its new owner. Here’s why:
- Modern Regency Style: Breathtaking views of the water and nearby yachts.
- Luxurious Features: Open floor plan, a chef’s kitchen, gym, office, bar, and even an elevator.
- Outdoor Oasis: A private pool, dock, and access to the lake trail.
- Expansive Primary Suite: Includes a terrace with incredible views and dual bathrooms.
Why Did It Take So Long To Sell?
According to Florida real estate expert Cara Ameer, market trends and economic shifts played a big role.
After the pandemic’s real estate boom, prices began adjusting across the country, especially in Florida.
High-end homes like this one often face longer wait times to sell, as buyers and sellers navigate shifting market conditions.
“There’s a saying: ‘It may be priced right, but not for this market,’” Ameer explains.
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The Bigger Picture
The sale reflects broader changes in luxury real estate, where price cuts are becoming more common as markets cool.
For this mansion, though, the new buyer gets to enjoy a slice of paradise and what a steal!
Thinking of your own Florida dream home? It’s all about timing, location, and finding the right market fit.