Palm Beach Luxury Residence Fetches $13M as South Florida Real Estate Market Shows Strategic Shift

Palm Beach luxury residential and Wellington commercial sectors lead South Florida’s real estate market as high profile buyers drive $13M and $9M transactions.

By: AXL Media

Published: Mar 10, 2026, 9:24 AM EDT

Source: The Real Deal

Palm Beach Residential High Marks The South Florida luxury market continues to demonstrate resilience as a residential property located at 485 South County Road in Palm Beach officially traded for $12.8 million. The seller, Janice Conlan Byrne, offloaded the 4,300-square-foot home to a trust managed by Charles Bushong. Featuring three bedrooms and three and a half bathrooms, the property had been listed in December for $14.5 million. This transaction represents a significant appreciation since its last sale in 2021, when it was acquired for $3.1 million.

Commercial and Equestrian Sector Activity In the commercial space, Wellington took the top spot for the region with the $9.3 million sale of an equine clinic at 13125 Southfields Road. The transaction involved a three-building complex totaling 15,700 square feet situated on 1.4 acres. The buyer, an affiliate of Terramed Real Estate Solutions, acquired the asset from an LLC led by Lawrence Mendelsohn. Interestingly, the property saw a slight dip in valuation compared to its 2023 sale price of $10 million, reflecting shifting dynamics in niche commercial assets.

High Profile Condo Trades in North Palm Beach North Palm Beach also saw a major residential movement at 11050 Turtle Beach Road, where a condo sold for $8.8 million. The sellers were Allan Hubbard, former director of the National Economic Council, and his wife Kathryn Hubbard. The 3,100-square-foot unit, which sold for approximately $2,800 per square foot, was purchased by LCR Capital Investments LLC. This sale highlights the continued demand for premium multi-family units among institutional and high-net-worth investors.

Key Biscayne Investment Banking Acquisition Further south in Key Biscayne, a 3,000-square-foot condo at 360 Ocean Drive changed hands for $8.5 million. Investment banker Daniel Canel and Silvia Canel purchased the three-bedroom, four-and-a-half-bathroom residence from an LLC managed by Dolores Urdapilleta. This deal underscores the steady appetite for waterfront luxury pads in the Miami-Dade area, even as broader market indicators suggest a stabilization of prices across the state.

Market Context and Rental Yield Trends While individual high-end deals remain robust, a broader report from data provider Attom indicates that the single-family rental market is facing headwinds. Between 2025 and 2026, nearly 55 percent of analyzed coun...