Rosemary Beach house sells for $7,200,000

[SoWalSally]

By Joyce Owen

While many real estate agents and sellers are hoping buyers will return, some agents say if you have the right property the buyers are already here.
In the case of the Sept. 5 closing on County Road 30A, the right property was a Gulf-front home in Rosemary Beach that was listed for $7.5 million. The property sold for $7.2 million, making it the highest sale in Rosemary Beach.
“This is a new bench mark for Rosemary Beach,” Bruce King of the Premier Property Group of Coastal Properties of NW Florida Inc., who was the selling agent. “This is the second highest single family sale on 30A.”
The owner of the property had listed the nearly 5,000-squarefoot home last year, but took it off the market when things slowed down, listing agent Bert Summerville of Summerville & O’Neal LLC, said.
The buyers are a Nashville couple that own property in the area, but wanted something Gulf front, she said. They saw the home last year and considered buying it then, but negotiations broke down.
Then Summerville was contacted by King who had an offer from the same couple.
Summerville, her partner, Shawn O’Neal, King and his partner, Keith Flippo, worked to close the deal on this house.
“Buyers are looking for unique properties that are well taken care of,” she said. “Buyers want value. They want a real gem or a bargain.”
Two years ago the home had been completely redone, Summerville said.
“It’s a completely new home. All the new owners have to bring is a toothbrush,” she said.
“We do have people who are sold on our area and these people are buying here and want to make this their permanent or second home,” Summerville said. “They are people that really want to be here, live here and love it here.”
Summerville is not alone in her belief that buyers are out there.
“There are two segments that are buying,” King said. “The high-end people with money still want to be here in paradise. There are also the low-end folks that wanted to buy here, but were not positioned to move quickly. Now that the market has slowed, these (low-end) buyers have the time to do their due diligence before making an offer.”
King said the middle range properties between $1 million and $3 million are not moving like the lower priced homes below $600,000 or the higher priced homes like the house in Rosemary Beach.
In the case of the Rosemary Beach deal, Summerville said the buyer is a baby boomer that has done well with his business. He has a small plane and hops on it and is here in about three hours.
Summerville sees that demographic, baby boomers from outside this area that can take advantage of the new airport to come here, will be the buyers.
“When the airport comes, folks that went to Naples, Fla., to spend $10 - $20 million will come here,” she said.

[Bob]

Interestingly, the 1-3 mil properties were in the 600k range as little as three years ago. It seems to me the "middle" buyers are engaged in a staredown with sellers, and the low end buyers aren't qualified to buy. Tough market....

[Pirate]

Interestingly, the 1-3 mil properties were in the 600k range as little as three years ago. It seems to me the "middle" buyers are engaged in a staredown with sellers, and the low end buyers aren't qualified to buy. Tough market....

Rosemary beach gulf front lots were actually 600-800k in early 2002. What a deal these people got, real shoppers.

[Babyblue]

Rosemary beach gulf front lots were actually 600-800k in early 2002. What a deal these people got, real shoppers.

You have not seen the appliances.

[Beach Runner]

Congrats, Bruce!