Local News
Gulf-front home sells for $10.5 million
July 06, 2007
By By Keri Holt
It took Rebecca Nix, real estate agent for Exquisite Properties of Destin, just two weeks to find a buyer for a $10.5-million home she had listed in Destiny by the Sea.
The home, known as the Grand Palmero, at 4772 Ocean Blvd., was put on the market in early June. After a brief period of marketing, including an open house, its new owner was spending his first night inside on June 20.
Nix said she sees the quick sale as an encouraging sign to investors and buyers everywhere that now is the time to buy. Just this week, she received two offers on a $7-million house.
?This is very exciting, and it?s taking the market to a whole new level? she said. ?This proves there are buyers out there and they are willing to pay. We?ve bottomed out, and now we?re taking a positive turn. The market is on an upswing. It?s very exciting to see what the future holds.?
Grand Palmero is a newly constructed, 9,000-square-foot, Gulf-front home situated on the largest lot available in Destiny by the Sea. Its former owner, a Tennessee-based investor, had stayed in the nine-bedroom, 11-bathroom home just twice. It was built by C.D. Jones, and was designed and furnished by Exquisite Interiors.
?You can tell that a lot of time had been put into it,? Nix said. ?This is a remarkable one-of-a-kind home with special features, which make it extremely comfortable as well as a true showplace.?
The home?s new owner, an individual from Missouri who plans to use the purchase as a second home, was enticed after discovering the home was built by C.D. Jones. The buyer already owns a C.D. Jones home in Destiny by the Sea and for that reason knew Grand Palmero must be something special, Nix said.
?He knew how much detail C.D. Jones puts into homes, and so he approached him about buying it,? Nix said.
The deal was completed in about one week ? and the buyer paid cash.
?He spent his first night in the house the day it closed. That?s how excited he was about it,? Nix said.
The new owner?s other C.D. Jones home is now on the market.
The sales price for the Grand Palmero was one of the highest ever recorded in the Destin area.
Replies
22
Admin
The consensus I've heard, whether true or not, is that the top end of the market has never been in a slump because those buyers buy what they want, when they want, and aren't overly worried about the timing.
Beach Fanatic
Cash!
SoWal Expert
Numbers for June are looking really good, with a substantial ($$$) increase in avg sales price for single family detached. Qty remains similar to the last three months.
SoWal Insider
We’ve bottomed out, and now we’re taking a positive turn. The market is on an upswing. It’s very exciting to see what the future holds.”
Great News Becky!! The prayer service actually worked!
Was that a collective sigh of relief that we heard from the owners of the 1,000 condos on the market in Destin??
:roll:
.
Edited
Admin
Great News Becky!! The prayer service actually worked!
Was that a collective sigh of relief that we heard from the owners of the 1,000 condos on the market in Destin??
:roll:
.
I believe it was the sound of the sand dredge, which must have recently passed by Destiny By The Sea.
Beach Fanatic
Bottomed out at 10.5 million?
got any pics?
The consensus I've heard, whether true or not, is that the top end of the market has never been in a slump because those buyers buy what they want, when they want, and aren't overly worried about the timing.
kurt = Upper End
Admin
kurt = Upper End
The upper end of the flag pole.
Meow
kurt = Upper End
And Toots has the REAR END!!! Someone go find the pic!!! 
Beach Fanatic
Anyone who would trumpet the CASH sale of a 10.5 million home as hitting bottom has obviously had their head in the sand (or somewhere else).
SoWal Expert
Anyone who would trumpet the CASH sale of a 10.5 million home as hitting bottom has obviously had their head in the sand (or somewhere else).I read it that they saw the sale as evidence the market had already had hit its lowest point and was starting to rebound.
Beach Fanatic
I read it that they saw the sale as evidence the market had already had hit its lowest point and was starting to rebound.
I agree, I think that is what they are trying to say. My question is how a 10.5 million cash sale can be evidence of that? As Kurt said above, those types of buyers do what they want when they want, market be damned.
SoWal Expert
I agree, I think that is what they are trying to say. My question is how a 10.5 million cash sale can be evidence of that? As Kurt said above, those types of buyers do what they want when they want, market be damned.For better statistics, you should probably throw out this sale along with a foreclosure.
Beach Lover
Beach Lover
I would like to know over the last 6-12 months, what area agents/brokers have sold homes in the Destin/SRB area that are priced over $2,000,000. All you realtor professionals out there how can I get a report on this?
SoWal Expert
I would like to know over the last 6-12 months, what area agents/brokers have sold homes in the Destin/SRB area that are priced over $2,000,000. All you realtor professionals out there how can I get a report on this?It will vary, depending on your definition of "sold." A listing agent can advertise that he or she "sold" a home, even though another agent, who brought the buyer, was actually on the selling side of the transaction.
Beach Lover
It will vary, depending on your definition of "sold."OK, I'll refrase - What "listing" agents have had "listings" sell over for $2,000,000 in the last 6 to 12 months? Can the MLS produce such a report?
Beach Lover
OK, I'll refrase - What "listing" agents have had "listings" sell over for $2,000,000 in the last 6 to 12 months? Can the MLS produce such a report?
Yes, here you go:
http://ecarmls.com/EmeraldReports/listings.asp?ID=4910577877
But as others have mentioned, better data - which ECAR does not provide - would be who brought the buyer...list with that agent and he'll sell it fastest. Buyers are at a premium in this market.
Hey, I have 2M + buyers looking for direct Gulffront with at least 4brs and a splash pool.
Beach Lover
Joe,
Thats a nice report and very helpful I might add. Thanks again.
Thats a nice report and very helpful I might add. Thanks again.
SoWal Expert
But as others have mentioned, better data - which ECAR does not provide - would be who brought the buyer...list with that agent and he'll sell it fastest. Buyers are at a premium in this market.
Actually, that information IS available to ECAR members on ECAR's site. It is titled, "market penetration by selling agent," but I believe those stats are available for no more than one month periods.
However, note that the stats are not necessarily accurate. For example, the selling agent with the most SFD sales for June (over $2million), shows three sales, but he really had only two. The third sale shown was where the listing agent created a new listing for the two sales, which were sold on one contract. I guess it could also be said that since it was only one contract, for two properties, he could technically have only one sale.
One other note is that the dollar volume of this agent's sale is inaccurate because he shows each of the "three" transactions having a sale price of $3.6 million, when that was the combined price. So that has incorrectly given incorrect volume data of $10+ million based on "three" sales, with an average selling price of $3.6 million.
Please take all statistics with a dose of salt.
Edited
Beach Lover
I was also wondering about those sales that had 0 and negative days on market. Whats up with that?
SoWal Expert
I was also wondering about those sales that had 0 and negative days on market. Whats up with that?Those might be sales which were not actively listed with ECAR, but if a Realtor was involved with either side of the sale, it would be entered as a listing for comp purposes, and would likely show as zero, or negative, days on market, depending on the dates entered for listing date and sale date.
Edited
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