An 11-acre Florida Panhandle property first owned by a Louisiana oil household has been bought for $25 million, setting a report for a single-family dwelling transaction for the area.
The off-market deal closed June 6, in keeping with Luxury Portfolio International, which brokered the sale together with Florida’s Premier Property Group. The purchaser, identified solely as Miramar Holdings LLC, might parcel the land into a number of luxurious properties, every with entry to the seashore.
“There is little property left – from Fort Walton Beach to Panama City – where you can purchase any lot or property that would give you the ability to have a home with ‘Deeded Beach Access,’ so if this comes to pass, it would be huge for the area,” LPI spokesperson Caroline Underwood Burman wrote in an electronic mail.
The Pennington household bought the Miramar property, at 10181 US Highway 98 West and 39 Sandy Dunes Circle, in 2020 for $16.1 million, a report on the time, in keeping with LPI.
The agent, Tony Manthey, marketed the property to residential, industrial and hospitality funding and growth teams, drawing a suggestion from a nationwide resort developer earlier than getting the Miramar supply to purchase the complete 10.8-acre property.
The sale comes a couple of month after a $26.5 million spec dwelling was unveiled in the identical area, about 20 minutes away in Seagrove Beach, the most costly itemizing on the Emerald Coast, in keeping with the Wall Street Journal. That eight-bedroom dwelling boasts about 90 toes of seashore frontage on the Gulf of Mexico.
Luxury actual property, which surged for the reason that pandemic erupted, has slowed in latest months. Sales dropped virtually 18 p.c within the three months ended April 30, the third-largest hit to that market previously decade, in keeping with a report from Redfin.
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