If you've ever wondered about the price tag on paradise, look no further than Ponte Vedra Beach.
After an unfinished home set the bar high in May with a $16.25 million sale, a grand oceanfront villa (just a few blocks away) surpassed that Northeast Florida record when it sold Sept. 8 for $19 million.
At 801 Ponte Vedra Blvd., the 9,200-square-foot home was first listed in March for $21.8 million. After dropping the price by $500,000 in August, the home sold just a few weeks later.
According to the Jacksonville Daily Record, which first reported the sale, the sellers were Dale and Jean Wolf and the Dale B. Wolf Revocable Trust. The buyer was recorded as Happy Oceanview LLC, a Delaware limited liability company with a St. Johns County address, where property records show a home owned by Devendra and Dhara Patel.
Justin Lott of EXP Realty, who represented the Patels in the purchase of the home, said the couple looked at one other property in addition to 801 Ponte Vedra Blvd.
"The first home was a completely different type of property, much more modern, with materials imported from Europe. It was gorgeous, but a little cold," Lott said. "This one just had that 'wow' factor and was perfectly suited to their taste."
Lott noted that the buyers flew in from out of town to view the home in person, as they placed great value on "how it felt." The location on Ponte Vedra Boulevard was a key factor, as were obvious features like the spacious two-floor outdoor living area overlooking both the pool deck (with swim-up bar) and ocean.
While luxurious, elegant details abound in the home ― an antique bar with custom wine cellar, plenty of marble finishes, reclaimed lumber floors, handcrafted tile roof ― it was crafted with an eye not only toward entertaining, but also daily living.
As Lott escorted the couple up and down Ponte Vedra Boulevard, they realized that 801 Ponte Vedra Blvd. was the one for them.
The buyers took no more than two weeks to make their final decision, bringing their children along to view each home and cast their vote for the home in what Lott called a "total democratic process."
"This home is unique because it was built in 2016, but was a turnkey [move-in ready] property. Others were older or needed some work," he said. "It's what I call a 'well-versed house,' meaning the rooms are proportionately sized, for example. Some homes are beautiful and great for entertaining, but you can't actually see yourself living there."
Ponte Vedra is the place to be
The sale marks a trend in high-priced homes on the market around the First Coast. Last month a pair of local estates made news when they went up for auction, both of which were reported by Mansion Global, a New York-based publication focused on worldwide luxury properties.
A quick search of Realtor.com turns up at least eight homes for sale priced above $3 million in Jacksonville proper, with a handful of similar listings in Atlantic, Neptune and Jacksonville beaches. Ponte Vedra Beach is the clear leader of the pack, with 40 homes ranging from $3 million on up to nearly $11 million.
While those prices haven't reached the stratospheric levels of South Florida, they do indicate a clear surge in the local luxury market.
"Many people don’t realize how large the luxury market is in Northeast Florida; for one thing, these homes are not always on MLS," said Northeast Florida Association of Realtors President Diana Galavis. "The projection for next year is that real estate is still going to be the safest investment, and people are looking to diversify their portfolio. They also want to have an inheritance for the next generation."
More on real estate:Take a look at the most expensive Duval County homes sold in July
Like other parts of the country, the First Coast experienced a slight slowdown in real estate across the board, largely due to rising interest rates. When it comes to luxury homes, however, other states had additional obstacles ― Los Angeles, for example, instituted a "mansion tax" this year, which levied an extra 4% tax on homes sold for more than $5 million and a 5.5% tax on those over $10 million.
According to Galavis, the luxury market is a bit different than that for average single-family homes. Interest rates don't have the same effect on those buyers, as they often have other financing options (mostly cash). Other factors include the number of international buyers looking to buy in Florida and the strength of the dollar.
Even for those not on the market, perusing luxury homes has a certain appeal for many homeowners.
"Design and architecture are always big appeals," Galavis said. "Even if their budget is not suited for a luxury home, people can gain a lot of insight and inspiration on something they might want to adapt to their home."
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November 26, 2023 at 05:19PM
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Ponte Vedra Beach home sells for Northeast Florida record $19 million - The Florida Times-Union
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