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Sunday
Feb082015

Luxury Real Estate Ponte Vedra Beach Market Update for what happened in 2014!

Ponte Vedra Beach has three geographic areas where you will find luxury properties.  With ten area golf courses including our most famous TPC Sawgrass, Ponte Vedra Beach not only is a destination for a great golf or beach vacation but also sought by many for it's quality of life. Once you have found Ponte Vedra Beach. the residential areas are defined for this discussion as being East and West of State Route A1A keeping east of the intracoastal waterway and the area to the South of Mickler's Road including South Ponte Vedra Blvd. that is on A1A. This area is pretty much entire zip code of 32082 of which this website is focused.  However, you can search for any property with any price range in any part of the greater Jacksonville (Duval County) and St. Augustine (St. Johns County) and beyond on LuxuryRealEstatePonteVedra

In 2014, the market started heating up again with more sales and high end properties moving.  The highest priced sale was on the ocean and sold for $4,360,000 with 8,560 square feet.  East of A1A is considered prime real estate primarily because of the proximity to the beaches.  Luxury homes in the area are those over $800,000 and there were 42 homes on the East side (beachside) of A1A that sold. Translation- over $72,193,900 was the sales volume for East of A1A in the luxury market. (note this is only luxury sales). Three of the homes were over $4 Million.  The median sales price as a % of list price was 95%.  The average price sold/sq foot for luxury homes was $424.58 and the average days on market were 126. 

Luxury condos found predominantly on the ocean sold between $845,000 and $2,350,000.  Those condominium complexes were Ocean Manor, The Breakers, Hallmark, Las Mirandas, Windemere, Whitehall. Old Ponte Vedra, and Serenata Ocean Villas in South Ponte Vedra Beach.

On the West side of A1A, there were 83 homes sold over $800,000 with a total luxury volume of $96,352790 between Jan 1, 2014 to Jan 1, 2015.  The highest priced home sold in the exclusive area of The Harbour in Marsh Landing Country Club for $3,875,000 with 8,973 square feet.  The next highest sale was $2,516,666 also in Marsh Landing. Again the median sales price to last list price ratio was 96%, a strong indicator of a seller's market.  Another indicator of this luxury seller's market is the months of housing supply which was consistently holding for both areas East and West A1A between 1-2 months.  (Normal market is defined as 5-6 months of inventory).  The average price sold/sq foot was about half of what it was on the east side of A1A with that being $233.44/sq ft and days on market a little higher at 160 days. 

The luxury Oceanfront on South Ponte Vedra Blvd (highway SR A1A) saw only 12 sales for the entire year over $800,000 with the highest sale being $1,820,000 for a three-story, 4 bedroom home designed by its owners and their architect, Jacksonville’s own William Morgan.  The average price sold/sq ft for this oceanfront was $418.  Here the median sales price ratio to last list is lower at 93%.  Average days on market are 345 caused by a high number of properties used as investment income with beach rental property.  When rented it is hard to show potential buyers property when tenants are in place thus the protracted days on market.

An additional 10 oceanfront properties sold under $800,000 and ranged from $450,000 to $775,000 in South Ponte Vedra Beach, condition, location, square foot and beach erosion played a role in these values.  So some deals still are around but some ocean front is risky business. More on that at another time. 

Since January 1, 2015 with just one month into the new year, three sales have occurred East of A1A over $800,000 with the highest so far being $5,100,000 followed by one for $3,375,000.  Four luxury homes have sold west of A1A since January 1.  Highest price sold on the west side is $2,525,000 also in the Harbor of Marsh Landing with the least expensive $1,425,000 being sold in The Plantation of Ponte Vedra.  So, come see me when you are ready to buy your luxury home in Ponte Vedra Beach. I am happy to give you a million dollar tour! 

Author: Kathleen Floryan, Broker Associate, Ponte Vedra Club Realty, Ponte Vedra Beach, Florida, 32082