$25M sale of 11-acre property units document for Florida Panhandle market

10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)

10181 US Freeway 98 West and 39 Sandy Dunes Circle (LoopNet)

An 11-acre Florida Panhandle property first owned by a Louisiana oil household has been offered for $25 million, setting a document for a single-family residence transaction for the area.

The off-market deal closed June 6, in response to Luxurious Portfolio Worldwide, which brokered the sale together with Florida’s Premier Property Group. The client, identified solely as Miramar Holdings LLC, might parcel the land into a number of luxurious properties, every with entry to the seaside.

“There is little property left – from Fort Walton Beach to Panama City – where you can purchase any lot or property that would give you the ability to have a home with ‘Deeded Beach Access,’ so if this comes to pass, it would be huge for the area,” LPI spokesperson Caroline Underwood Burman wrote in an e mail.

The Pennington household offered the Miramar property, at 10181 US Freeway 98 West and 39 Sandy Dunes Circle, in 2020 for $16.1 million, a document on the time, in response to LPI.

The agent, Tony Manthey, marketed the property to residential, business and hospitality funding and improvement teams, drawing a proposal from a nationwide resort developer earlier than getting the Miramar supply to purchase the whole 10.8-acre property.

The sale comes a couple of month after a $26.5 million spec residence was unveiled in the identical area, about 20 minutes away in Seagrove Seaside, the costliest itemizing on the Emerald Coast, in response to the Wall Avenue Journal. That eight-bedroom residence boasts about 90 toes of seaside frontage on the Gulf of Mexico.

Luxurious actual property, which surged because the pandemic erupted, has slowed in latest months. Gross sales dropped nearly 18 p.c within the three months ended April 30, the third-largest hit to that market prior to now decade, in response to a report from Redfin.

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