After a record-breaking market in 2021, Concierge Auctions, the largest luxury real estate auction firm in the world, will auction off a unique penthouse atop the Tiffany & Co. on Worth Avenue in Palm Beach. The penthouse has a pre-sale estimate between $13 million and $20 million and will be available to bid from March 10 to March 15.
Along with the rare auction, Concierge Auctions also unveiled its 6th annual Concierge Auctions Luxury Homes Index. The report analyzes the 10 highest property sales in 56 top luxury markets across the U.S. to determine how final sales prices are shifting and how the number of days a high-end property spends on the market affects that. With the influx of residents to the South Florida market, average sales prices have exponentially increased and properties are selling at record-setting paces. Boca Raton jumped by 266.8% and Palm Beach sold the two most expensive properties of the year.
Other notable report findings include:
- Palm Beach topped the list for highest average sale price achieved across all 56 markets — $63,734,255 compared to $48,294,758 in 2020 and $25,031,345 in 2019. This is a nearly 155% increase since 2019 and is the market’s highest average sale price achieved in seven consecutive years.
- Palm Beach had the top two highest-selling properties of 2021 in all of the U.S., selling for $122,695,954 and $109,695,000.
- Miami homes are taking longer to sell, but prices are increasing. The overall Miami market is trending up in price with a 42.2% increase in average sale price from 2020 to 2021.
- Miami properties spent on average 681 days on the market in 2021 — increasing by 21.28% over the last five years.
- The top properties in Boca Raton/Highland Beach/Delray Beach spent much less time on the market than other Florida markets. Top-priced properties averaged 195 days on the market compared to Palm Beach’s 296 and Miami’s 681.
- The average sale price in 2021 was $58,063,500, in 2020 was $15,828,600 and in 2019 was $12,813,300.
- The average sales price increased 266.8% from 2020 to 2021 and 23.5% from 2019 to 2020.
- There are still residual effects from the pandemic and more people are moving out of the cities and into the suburbs to seek more space.
