Manalapan Tops Palm Beach for 2015 Third Quarter Average Sales Price
November 6, 2015
According to a posting on The Real Deal South Florida Real Estate News, Manalapan had an average sales price of $9,918,500 during the 2015 third quarter coming in higher than Palm Beach’s average of $5,562,815. Amazingly, Manalapan’s sales were comprised of just 8 transactions compared to 27 for Palm Beach. The $33M sale of 860 S Ocean Blvd in Manalapan helped boost the average sales price. Palm Beach typically has a higher price point and sales average than the neighboring coastal communities.
Manalapan has been noticed by purchasers who are seeking a quieter location. It is a private town of only 429 residents and provides a solitude that is not always available in Palm Beach. Lois Pope, widow of National Enquirer founder Generoso Pope, motivational speaker Tony Robbins and musician Billy Joel all have homes in Manalapan.
Manalapan also offers large ocean-to-Intracoastal parcels which are not readily available in Palm Beach. Residents can enjoy direct oceanfront views as well as dockage on the Intracoastal. With a close proximity to the Boynton Beach inlet, boaters can access the ocean in minutes.
Supply and demand are playing a role in the Manalapan luxury real estate market. There are currently 20 properties for sale in the town and seven of them are listed for more than $5M. Almost all are more than 6,500 square feet and some are up to 10,000 square feet.
Randy Ely and Nicholas Malinosky sold the ocean-to-Intracoastal estate located at 860 South Ocean Boulevard in Manalapan in September 2015. The gated compound was listed for $16.495M. Please contact Randy and Nick if you are interested in selling or buying in the beach area.