Beachfront Palm Beach Condo Sells at a Rare Discount Not Seen Since the Pandemic

Homes might be piling up on the market in much of Florida, but in the tony enclave of Palm Beach, sales are still going strong.

A three-bedroom, 4,068-square-foot corner unit, N21, at the ultraexclusive 2 North Breakers Row condominium complex was just sold for $7.3 million.

That’s a hefty discount off the original $12 million list price in August 2021. After several price cuts, the pink-infused unit, along with its 150-square-foot pool cabana, was sold in February.

Don’t despair for the sellers, who were represented by Jim McCann of Premiere Estate Properties in Palm Beach. According to property records, the condo hadn’t changed hands since 1997, when it was sold for $2.9 million, or a mere $894 per square foot.

“We’re seeing some price reductions off the absolute highs achieved during the [COVID-19] pandemic,” McCann tells Realtor.com®. “They are easily still two to three times more than before COVID. Prices may be down 10% since COVID, but they aren’t down 30% to 35%.”

Additionally, with luxury condos going up in nearby West Palm Beach, such as the ultraluxe The Bristol, buyers now have more options than they did even a few years ago.

“The sellers were realistic,” says McCann.

For those who cling to not wanting to cross the bridge, Palm Beach still comes at a premium. Single-family homes are also in high demand.

“Palm Beach saw a massive uptick in housing demand during the pandemic, which drove home prices higher and inventory levels lower,” says Realtor.com senior economic research analyst Hannah Jones.

The median home price in the luxury town, which has a population of fewer than 10,000, peaked at an $4.15 million in April 2022 after years of growth, according to Jones.

In January 2025, contracts on single-family homes priced at $5 million-plus tripled compared with the previous year, according to Forbes.com. At least 13 deals exceeded $10 million that month—up from just three in January 2024.

The 2 North Breakers Row complex has the majority of the most expensive apartments ever sold in Palm Beach, according to The Palm Beach Daily News.

The complex was built in 1986 and is land-leased. The building has 36 more years on the lease, which is owned by the Kenan family of The Breakers, according to McCann.

While this means those in middle age can still enjoy the condo for the rest of their lives, it’s not an asset to be passed down through the generations. Thus, it makes resell harder or even impossible as time goes on.

“It does weigh on people’s minds,” McCann says of the land lease, especially as no one has been told what will happen when the lease expires.

Still, the buyers must have done their due diligence and decided it was worth the price.

“There aren’t a lot of condos directly along the beach,” says McCann. “It’s in a great location, in center of the island, and having an iconic hotel (The Breakers) next door certainly is helpful.”

The development is on the north end of the famous resort’s property, offering views and access to 470 feet of private shoreline and the golf course.

It also comes with the resort’s housekeeping and “white glove” concierge service. Years ago, the condos came with a membership, but no longer.

The Breakers membership costs around $600,000 and has an annual fee, according to McCann.

“I guess they decided the memberships were too valuable to be giving away like that,” McCann says with a laugh.

The Breakers is one of the most iconic and opulent resorts in the country. Originally built in 1896, it was redesigned in 1925 by the architectural firm of Shultze and Weaver, which was also behind the Waldorf-Astoria.

The pedigree of its guests is unmatched: Rockefellers, Vanderbilts, Astors, Andrew Carnegie and J.P. Morgan, as well as U.S. presidents and European nobility. It is a mere 10-minute drive to President Donald Trump‘s Mar-a-Lago resort.

Fifteen minutes south, a 2-acre empty lot on Billionaires Row on  1980 South Ocean Boulevard is currently listed for a jaw-dropping $200 million.

Palm Beach has always been where the privileged come to frolic, but sales hit a historical peak during the COVID-19 pandemic as wealthy New Yorkers fled lockdowns for the tony isle, pushing prices into the stratosphere.

“The condo market in Palm Beach has cooled significantly since the red-hot pandemic period, but prices remain high as buyers seek out luxury options,” says Jones, the senior economic research analyst.

Of the roughly 360 condo listings in Palm Beach in February, just 110 were priced below $1 million.

“This means that while there are some more affordable options in Palm Beach, nonluxury condos only account for roughly one-third of the market,” says Jones.

Although the Palm Beach median asking price has slipped, it remains well above 2019 levels. And at the tony 2 North Breakers Row, it is still high. A three-bedroom unit, N42, was sold last year for $12.5 million, or $3,995 per square foot.

This was down from when it last changed hands in August 2021 for $13,750,000.

There are currently six condos for sale in 2 North Breakers Row, with prices starting at $7.5 million and topping out at $17.85 million.

The median home list price in the Breakers Row neighborhood is $6.5 million.