Ormond Beach home sells for $ 5.1 million in Volusia County, Florida
An out-of-state couple paid $ 5.1 million in cash for a beachfront mansion in Ormond Beach, setting a new record for the highest selling price for a single-family home in Volusia County.
The previous record was the $ 3.88 million paid in July 2017 for the riverside house at Daytona Beach of the late Betty Jane France, founder of the NASCAR Foundation and widow of longtime NASCAR CEO, Bill France Jr.
The sale of the 8 bedroom, 8 Â½ bath luxury home at 535 Ocean Shore Blvd. at Ormond Beach closed on September 3rd.
âThe Tennessee couple wanted to be on the ocean,â said real estate agent Christopher Connors, the property’s co-listing agent with Kevin Purucker.
Connors and Purucker lead a team of eight agents called Luxe Group at Luxury real estate Oceans at Daytona Beach Shores. The two seasoned real estate agents also represented the buyers in the transaction. The couple plan to relocate from Tennessee where they currently live to their newly purchased home in Ormond Beach, Connors said.
The buyers “also run a charity for disabled dogs which they plan to develop here,” Connors added.
The two-story luxury home was built in 2007 and offers 12,426 square feet of living space and âalmost 16,000 square feet under the roof,â Connors said. It sits on nearly an acre lot that includes 156Â½ feet of ocean frontage, an outdoor infinity pool with an adjoining spa overlooking the ocean, and two garages that can accommodate up to six cars.
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The sellers were a couple who paid $ 2.9 million for the house in 2011 and decided to move to Jacksonville, Connors said.
The record for highest paid single family home in the combined Volusia-Flagler region remains the $ 5.25 million paid in 2004 for a luxury home in Flagler County at 3 Capri Court in Palm Coast.
Luxury home sales explode
The record sale comes amid an increase in luxury home purchases this year. In August, 14 homes sold for $ 1 million or more in Volusia County, and seven sold for $ 1 million or more in Flagler County, according to the latest reports from the Realtor Association.
The median sale price of all 973 existing single-family homes sold in August hit a new high of $ 295,000 in Volusia County, up 21.4% from $ 242,990 in the same month a year, according to Florida Realtors Association data provided by the West Volusia Association. real estate agents. The median means half sold for more and half for less than that amount.
In Flagler County, the median sale price of the 283 existing single-family homes that members of the County Real Estate Association sold in August rose 21.3% year-on-year to $ 327,500, but was just slightly below the record high of $ 329,500 set in July.
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The Daytona Beach Area Association of Realtors, reported that the median sale price of the 476 existing single-family homes its members sold in August rose 22.2% year-on-year to a new record high of $ 330,000, up from the previous record of $ 328,250. in July.
The average selling price of homes sold in the greater Daytona Beach area exceeded $ 400,000 for the first time in July. In August, the average sale price edged down to $ 392,448, but was still up 20.3% from a year ago, according to the association’s latest report.
Bill Navarra, broker-manager and majority owner of Real estate pros insured in Ormond Beach, said he was not surprised that selling prices continue to climb in Volusia and Flagler counties.
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Navarra and Buzzy Porter, who is also a partner of Realty Pros Assured, represented buyers of a riverside home at 144 Riverside Drive in Ormond Beach which sold on August 11 for $ 3.5 million.
âThe cost of replacing one of these luxury oceanfront or riverfront homes still far exceeds the purchase prices of existing homes,â Navarra said. âBuilding a new beachfront home costs about $ 400 per square foot to build, and that doesn’t include the cost of the land or adding amenities like a swimming pool.
âTo replace the house at 535 Ocean Shore Blvd., for example, it would have cost at least $ 6.4 million, without the pool. And an average nicer house in our area costs at least $ 200 per square foot to build. . “
The Volusia-Flagler area continues to attract luxury home buyers despite rising prices here, as beach and riverfront properties remain cheaper than in other Florida coastal communities, Navarra said.
Other recent major sales
Other notable luxury home sales in August and so far in September include the former Herbert M. Davidson House at 1350 S. Peninsula Drive in Daytona Beach which sold on August 17 for $ 2.23 million. of dollars, and the $ 2.49 million paid on September 11 for the house at 2810 S. Peninsula Drive in Daytona Beach.
The former Davidson listing agent was Ryan Adams of Adams, Cameron & Co. Realtors. The listing agents for the house located at 2810 S. Peninsula were Connors and Purucker of Oceans Luxury Realty.
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Connors and Purucker were also involved in the recent sale of 13 vacant building lots in Ponce Inlet, next to the Inlet Harbor restaurant, for $ 3 million. The transaction closed on August 18.
âWe represented the buyer, while the seller was represented by Diane Caron of Team Caron Realty,â said Connors.
âKevin, I and our team have sold (existing homes worth) $ 37 million so far this year, making it our best year,â Connors said. “We sold over $ 20 million last year.”
âMost of our high-end buyers come here from the North to avoid state taxes and are either retired, planning to retire early or are able to work remotely,â Connors said of what appears to be an increased influx of wealthy newcomers. in the Volusia-Flagler region since the start of the COVID-19 pandemic early last year. “Most of them settle down here on their properties.”
Connors added that the official purchase price of some of the luxury homes purchased “is not always the actual price paid as it does not include furniture and fixtures. This often happens with high net worth individuals.”
Case in point: Betty Jane France’s former home that was sold in 2017 included an additional $ 1 million for furniture, according to Navarra, who negotiated the deal. This pushed the total price paid for the house at 1600 S. Peninsula Drive in Daytona Beach to $ 4.88 million, he said.
The housing market will stabilize over time
Connors said he expects overall house prices for the Volusia-Flagler area to stabilize eventually, especially as interest rates, which remain near their all-time low, begin. to increase.
âHomes $ 200,000 to $ 500,000 in our area, most buyers are not cash buyers, which means that at some point the income to debt ratio will not be erased and will not give them away. not the purchasing power they want, âhe said.
âWhen it comes to the luxury market, although of course nothing lasts forever, I think unless Florida changes its tax laws prices will continue to rise, but maybe not at a low price. such a high rate of appreciation, “he said. “The wealthiest people will continue to leave higher tax states because they have the ability to do whatever they want.”