Finance News
Florida mansion sells for millions as the highest-priced sale ever in this swanky neighborhood
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A Florida home recently became the highest-priced sale in its beachfront town’s history, thanks to its “coastal elegance” and much more.
The roughly 4,000-square-foot beachfront home in Santa Rosa Beach, Florida, located on highway 30A, sold for $8.55 million — a sale the whole town is apparently still talking about.
In the heart of WaterColor’s Gulf District, this five-bedroom, six-bathroom home was completely renovated in 2018 to give it a modern comfort vibe, Fox News Digital learned.
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Maria McKenna, a luxury real estate adviser of the Spears Group at Compass, said that she represented the buyer from Chicago and that certain elements of the home stood out.
“With its distinctive blend of coastal elegance, modern comfort and unparalleled panoramic gulf views, this home stands as a true gem in WaterColor’s Gulf District,” she told Fox News Digital.
A Florida home recently broke the record for the highest-priced home sale in the town of Santa Rosa Beach. (Dune Vacation Rentals / Fox News)
Sitting on an over 2,500-square-foot lot, the three-story home includes a first floor with a living room, sand and laundry room and more, according to the Compass listing.
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The first floor also includes a king suite with a private bathroom.
It has an adjacent bedroom with two twin beds and an en suite bathroom, plus another room with two sets of twin bunk beds and a bathroom.
The home is just about 4,000 square feet and was renovated in 2018. (Dune Vacation Rentals / Fox News)
Fit for up to 12 guests, the home also includes two full-sized kitchens, including a wine cooler, a range stovetop and a grill on the front balcony porch.
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Compass noted that the home has a private media room on the third floor near balconies that look out toward the coast.
The home sleeps 12 and has five bedrooms and six bathrooms. (Dune Vacation Rentals / Fox News)
The luxury home also includes access to WaterColor’s private beach and amenities, such as pools and recreational facilities.
For the area in Santa Rosa Beach, McKenna said this sale really increases the housing benchmark.
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“Its acquisition continues to push the benchmark for excellence in the Northwest Florida real estate landscape, reflecting the evolving preferences of buyers seeking unparalleled coastal living experiences,” she said.
One of the home’s bedrooms includes two twin bunk beds. (Dune Vacation Rentals / Fox News)
She added, “It also underscores a trend of increased interest in the 30A market from major cities across the United States.”
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The 20-mile stretch of land off highway 30A between Destin and Panama, Florida, was named one of the top places to buy a beach home by Vacasa in 2023.
A home in Florida recently sold for millions of dollars in a popular neighborhood. (Dune Vacation Rentals / Fox News)
A typical home along 30A costs about $640,000.
With a cap rate of 4.6%, buyers can expect annual revenue of around $55,000 by renting it out.
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FOX Business’ Breck Dumas contributed reporting.
For more Lifestyle articles, visit www.foxbusiness.com/lifestyle.
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The Claman Countdown panelists Dolly Lenz and Jenny Lenz analyze top places Americans want to live.
The housing inventory shortage that has been plaguing the U.S. for years appears to finally be easing, but a significant factor behind what is driving up supply provides little encouragement that the stagnant market will get moving again anytime soon.
A new report from Redfin says the number of homes for sale jumped to a four-year high in November, surging 12.1% year over year. But the major reason for the increase is that most homes on the market just aren’t selling.
Redfin data shows housing supply hit a four-year high in November, but mostly because a majority of houses for sale have sat on the market for more than two months. ( Liu Guanguan/China News Service/VCG via Getty Images / Getty Images)
More than half (54.5%) of homes on the market last month had been listed for more than 60 days, with many deemed too expensive by would-be buyers. According to Redfin data, that is up 49.9% from a year ago, and is the highest share of stale inventory for a November since 2019.
The report said that the typical home that went under contract last month did so in 43 days, which is also the slowest November pace since 2019.
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“A lot of listings on the market are either stale or uninhabitable. There’s a lot of inventory, but it doesn’t feel like enough,” said Meme Loggins, a Redfin Premier real estate agent in Portland, Oregon.
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“I explain to sellers that their house will sit on the market if it’s not fairly priced,” Loggins said. “Homes that are priced well and in good condition are flying off the market in three to five days, but homes that are overpriced can sit for over three months.”
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The data shows Texas and Florida have the highest rates of old listings on the market. Miami has the greatest share of homes on the market for longer than 60 days than any other major metro at 63.8%, followed by Austin, which has 62.4% of listings that have sat for more than two months without going under contract.
The affordability crisis has led to the majority of the homes on the market sitting unsold for more than 60 days. (Fox News)
The housing market saw a flurry of activity driven by high demand during the pandemic, but has become stagnant as soaring home prices and mortgage rates have led to an ongoing affordability crisis that has pushed homeownership out of reach for many Americans.
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Housing costs repeatedly broke records in 2024, and a report from the National Association of Realtors’ (NAR) annual survey of buyers and sellers found the share of first-time homebuyers dropped from 32% in 2023 to 24% in 2024, the lowest share since NAR began collecting data in 1981.
FOX Business’ Lindsay Kornick contributed to this report.
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