Through the first two-and-a-half months of 2024, Volusia County has already seen the sale of at least 41 luxury homes for $1 million or more.
That number already exceeds the 38 million-dollar-plus homes sold during the first three months of last year.
Most, although not all, high-end homes in Volusia County are purchased in cash, according to Realtors. A few deals involve financing, but not as much as for homes sold for less than a million dollars. That’s why luxury home sales are not as affected by high interest rates as properties listed in lower price ranges.
Here’s a look at the top luxury home sales in Volusia County so far this year.
1. 1316 N. Peninsula Ave., New Smyrna Beach
SALE PRICE: $7.4 million
DATE SALE CLOSED: Feb. 7, 2024
DESCRIPTION: Built in 2005, this 3-story riverfront home has 5 bedrooms, 7 baths and 7,439 square feet of living space on a 0.41-acre lot. The open-concept floor plan includes floor-to-ceiling windows in the grand living area and panoramic views of the Indian River and surrounding landscape. The home includes a gourmet kitchen and a separate combination kitchen/family room. Outside, it offers an expansive terrace along with a pool, spa, covered patio and a dock and boat house with a boat lift. The property also includes an attached 2-car garage.
WHO HANDLED THE DEAL: The listing agent was Loretta Burn of Haven Waterfront Real Estate in Edgewater. The buyers were represented by G. Scott Yurchison of Collado Real Estate in New Smyrna Beach.
2. $5.18 million: 700 N. Peninsula Ave., New Smyrna Beach
SALE PRICE: $5.185 million
DATE SALE CLOSED: March 1
DESCRIPTION: Built in 2009, this 5-bedroom, 6-bath house along the Intracoastal Waterway offers 5,120-square-feet of living space and a 3.5-car garage. It sits on a half-acre lot with 57 feet of frontage along the river as well as a dock. The backyard includes a covered lanai and an outdoor kitchen as well as an infinity pool and spa and a view of the Ponce Inlet lighthouse located just a mile to the north.
WHO HANDLED THE DEAL: The listing agent was Realtor Terri Jackson of The Keyes Company in New Smyrna Beach. The buyers’ agent was Pat Collado, the broker/owner of Collado Real Estate in New Smyrna Beach.
More:Ormond mansion of Hawaiian Tropic’s Ron Rice finally sells for $3.6M
3. $3.6 million: 175 Ocean Shore Blvd., Ormond Beach
SALE PRICE: $3.6 milllion
DATE SALE CLOSED: March 15
DESCRIPTION: Built in 1987, this 4-bedroom, 5-bath oceanfront home was the longtime home of the late Hawaiian Tropic founder Ron Rice, who died in May 2022 at the age of 81. The massive three-story house offers 12,400 square feet of living space and sits on a full acre that includes 200 feet along the beach.
The home includes a room that Rice used as a discotheque modeled after the famous Studio 54 in New York City. The mansion’s crowning glory is its huge indoor pool adorned with statues of winged fairy nymphs that connects to one of the property’s two outdoor pools.
WHO HANDLED THE DEAL: The listing agent was Bill Navarra, the broker/owner of Realty Pros Assured in Ormond Beach. Navarra wound up representing both the Ron Rice Estate as well as the buyers, a couple from the Carolinas whose son plans to relocate from South Florida to live in the house.
4. $3.4 million: 357 N. Beach St., Ormond Beach
SALE PRICE: $3.4 million
DATE SALE CLOSED: March 4
DESCRIPTION: Built in 2012, this 4-bedroom, 4.5-bath riverfront home offers 6,813 square feet of living space. It sits on a 0.67-acre lot that includes 150 feet along the Halifax River as well as a refurbished dock. The backyard includes a pool and spa. The view from the house includes the river as well as the Granada Bridge.
WHO HANDLED THE DEAL: The listing agent was also the property’s seller, Janelle Mertins, a Realtor and former owner of Pegasus Realty & Associates in Ocala. Mertins bought the home two years ago as a vacation getaway. The buyers’ agents were Matthew Renshaw and Ann Alexander, both with Realty Pros Assured in Ormond Beach.
5. $3 million: 1000 Sudbury Lane, Ormond Beach
SALE PRICE: $3 million
DATE SALE CLOSED: March 15
DESCRIPTION: Built in 2021, this 5-bedroom, 6.5-bath custom home in Ormond Beach’s Plantation Bay community offers 5,835 square feet of living space and includes a four-car garage. It overlooks a golf course. The 1.03-acre property includes a pool, an outdoor kitchen, and a full bath. The house includes an additional apartment suite.
WHO HANDLED THE DEAL: Realtor Debbie Spelman of Venture Development Realty (based at Plantation Bay) represented the sellers. Her colleague at Venture Development Realtor, Realtor Carol Paquette, represented the buyers.
A famous boutique hotel built in 1820 along Main Street on Mackinac Island has a new owner.
The Harbour View Inn, located at 6860 Main St., near Sainte Anne’s Catholic Church, has been purchased by Jon and Lauren Cotton, of Grosse Pointe, the parties involved announced Wednesday.
The selling price was not disclosed.
This latest acquisition brings to a total of five historic hotels and two waterfront restaurants in northern Michigan purchased by the Cotton family since 2020.
“As longtime residents of Michigan, my family and I have visited the island many times and understand the importance of these historic hotels to the future of Mackinac Island,” Jon Cotton said in a news release. “I am excited to honor the history and tradition of the Harbour View Inn.”
Jon Cotton is former president and chief operating officer of Meridian Health Plan Michigan.
He and his wife “look forward to planning and curating the appropriate building renovations and landscape for this iconic hotel so that it will continue providing the highest level of service and best guest experience possible well into the future,” the release said.
Elected officials on the island, along with year-round residents, support protecting the historic feel as properties with multigenerational owners transition out, according to longtime Mayor Margaret Doud, who has been reelected every election cycle since 1975. She operates the Windermere Hotel on Mackinac Island, which is across the street from the Hotel Iroquois.
The island is known as a haven for hikers, runners and families who enjoy an automobile-free environment that depends on horse-drawn carriages and bicycles exclusively.
Hotel Investment Services of Troy will continue managing Harbour View, as it also manages Hotel Iroquois. “There is tremendous opportunity to build upon the excellent reputation this hotel has established over the years and to continue to honor its historic importance,” CEO Ron Wilson said in the news release.
What is now an 86-room hotel was used as a summer cottage into the 1990s, Sam Barnwell, chief development officer for Hotel Investment Services, told the Detroit Free Press. His family sold the Hotel Iroquois at 7485 Main St. on Mackinac Island to the Cotton family in 2020.
“These are unique historic hotels that offer what northern Michigan is really known for, and why everyone comes here,” Barnwell told the Free Press. “This is lodging with an identity.”
The Harbour View property was owned by Karen Pulte of Naples, Florida, widow of housing developer Bill Pulte, and his daughter and son-in-law, Katie and Timothy Moskalik, of Mullett Lake. The family, including grandson Bill Pulte, has longtime ties to business and philanthropy in Michigan.
Harbour View Inn is a legend on the island, having been built by Magdelaine (Marcot) Laframboise, a successful fur trader and granddaughter of the Odawa chief Kewinaquot. She grew up in the Odawa village along the Grand River at Grand Haven and was baptized in 1786 at Sainte Anne’s Church on the island, according to Mackinac history assembled by Keith R. Widder and cited on the Michigan State Parks website.
Laframboise, a women of Odawa and French-Canadian descent born in 1780, left a legacy of leadership on the island during the first half of the 19th century and caring for the poor, according to historical accounts.
Her former homestead has been the site of weddings and summer vacations for more than a quarter of a century. It is tucked among other grand cottages and mansions and consists of four buildings including Bill’s Grill restaurant.
Late last year, Lauren and Jon Cotton purchased five properties from Stafford Hospitality: The Bay View Inn in Bay View, The Perry Hotel in Petoskey, The Crooked River Lodge in Alanson, The Pier Restaurant in Harbor Springs, The Weathervane in Charlevoix and The Noggin Room Pub in Petoskey.
Bay View, located at the tip of the Mitten that’s known for its Victorian homes, is on the National Register of Historic Places. And, like its neighbor to the north ― Mackinac Island ― prime tourism season in Bay View also runs April/May through October.
Mackinac Island continues to see increased travel since its “absolutely crazy” revenue record set in 2021, as cruise ships now unload passengers with some frequency. Hotel rooms have already sold out for the 100th consecutive 2024 Bayview Mackinac Race from Port Huron to Mackinac Island in July.
The Inn at Stonecliffe reopens this year after spending $30 million on renovations. In recent years, new owners of the iconic Grand Hotel spent $10 million on refurbishing the property, including rooms, a new pool, slide and cabanas. Then they spent another $8 million on a nature center and miniature golf.
More:Shepler’s Ferry to Mackinac Island postpones plan to add fee, RFID luggage tracking
More:Mackinac Island gets new restaurant on Main Street honoring old Michigan family
Contact Phoebe Wall Howard:313-618-1034 or phoward@freepress.com.Follow her on Twitter@phoebesaid.
A 26-acre private island know as Pumpkin Key is on the market for $75 million.
The listing managed by Liz Hogan of Compass offers combo deal including a mainland home in Key Largo and the entire island with multiple amenities for convenient management of the estate.
“There are two ways this will sell,” Hogan told USA TODAY in an interview. “Either it will go for a family looking for a family compound and a legacy property or a developer will buy it to build on the island and sell the parts.”
The estate’s current owner, a family from the Midwest, has used it as a family compound but its generations are growing out of it, Hogan said.
More:See retired Alabama football coach Nick Saban’s $17.5 million Florida home
Listing includes mainland home with dock, 4-minute boat ride to island
The mainland home as part of the listing is on the Key Largo coast closest to Pumpkin Key, and includes a dock that stretches more than 100 feet long to be able to boat quickly between the mainland and the island.
The home is also part of the Ocean Reef Club in Key Largo, which Hogan says is a fully sufficient yearlong resort. It has its own airport for private jets, a member-only hotel, another marina and two 18-hole golf courses.
If a buyer wants to give up that house, the island has its own 23-slip marina capable of accommodating a mega-yacht and tennis courts that convert into a helicopter pad for the brief jet to Miami.
Private island listing comes with 2 homes, 3 apartments and office
The listing comes with:
- A mainland house with four bedrooms, three bathrooms and a 140-foot dock
- A ranch-style house on the island with three bedrooms, four-and-a-half bathrooms and a pool
- Three apartments spread across two structures on the island, ranging from studio to two-bedrooms. The current owners have used these to house caretakers
- A 23-slip marina on the island with a dock office and master quarters
Each structure on the island has fiber optic cable, water and electricity. The 11 undeveloped lots on the island have the infrastructure ready for building as well.
Hogan said an acre-lot on the mainland sold for $24.5 million recently.
CHATHAM — A sprawling five-bedroom, 10-bathroom mansion at 558 Fox Hill Road perched along picturesque Crows Pond offers a prime example of a growing real estate trend that is unsettling Cape officials.
Pacaso, a three-year-old San Francisco start-up founded by former Zillow executives, bought the 11,000-square-foot house as its first Cape Cod listing on May 3, 2022 for $10.1 million, according to the assessor’s office. Its website now advertises one-eighth ownership shares for $1.59 million.
The most recent buyer hails from the South and has grandchildren who live locally on the East Coast, according to a Pacaso spokesperson.
The model is called “fractional home ownership,” and local officials, especially on Nantucket and Martha’s Vineyard, are scrambling to regulate it.
Edgartown Planning Board Chairwoman Lucy Morrison said she found the concept intriguing but worried the Cape and Islands’ fragile housing market is not the right fit.
“Our housing stock is under just so much pressure from people that aren’t people,” said Morrison. “People are struggling to stay where they were born and getting priced out by corporations that can put down just ridiculous amounts of cash.”
The median sales price for a single-family home in Chatham for May 2022 was $1.49 million, according to data from the Cape Cod Commission. Warren Group data listed the median sale price for a single-family house for December 2023 as $1.27 million for Edgartown, $794,500 for Tisbury, and $2.36 million for Nantucket.
What is fractional ownership?
Fractional ownership companies like Pacaso and Colorado-based Lifestyle Asset Group buy expensive homes in resort destinations, like the Cape and Islands, sunny Los Cabos, or top ski destination Vail, and creates a limited liability company, or LLC, for each property.
The houses are sliced into fractional ownership shares and sold to multiple buyers for whom traditional second home ownership may be out of reach.
When the home has been fully sold, Pacaso does not retain any ownership and instead acts as a property manager.
Owners, often strangers, can stay overnight up to 44 days a year, but not longer than 14 days in a row, according to Pacaso’s website.
Each owner, during their stay, occupies the entire house.
What if an owner wants to sell their share?
The most significance difference between Lifestyle Asset Group and Pacaso is the exit strategy.
With Lifestyle Asset Group, the term of co-ownership is defined in the legal documents as between five to 10 years, according to the website. When the term ends, the home is sold, either on the market through a real estate agent or to one of the existing co-owners, and sale proceeds are distributed to the co-owners.
With homes where all ownership interests have been sold, Pacaso owners can sell their ownership interest at any time. If units are still pending, owners can sell their interest after a year of ownership.
Each owner has the independent control over the sale of their share, according to the website.
While co-ownership is not a new concept, the platforms boast that they streamline the process. Property managers are on hand to untangle maintenance issues and cleaning, and homes come fully furnished by a design team.
Pacaso argues it’s helping to blunt the housing crisis by reducing competition for middle-tier homes and steering buyers toward luxury homes. Most people who own second homes only use it four to six weeks each year, said Whitney Curry, Pacaso chief marketing officer.
“Whereas with Pacaso, homes are occupied nearly 90% of the year,” she said. “And that consistent occupancy supports the local economy and local jobs.” Pacaso serves almost like “carpooling, where we consolidate demand into fewer houses and make better use of our existing housing stock,” she said.
Central question: timeshares or co-ownership?
Robert Giese owns a Nantucket house on a quiet dead-end cul de sac near a sleek, six-bedroom house on Meadow Lane that Pacaso has dubbed “Cedar Isle.” The company bought the house on Sept. 12, 2022 for $8.25 million and has just one share left for $1.35 million, as of Tuesday morning.
“It’s not very residential, it’s a commercial use of the property basically,” said Giese. “I really don’t want a hotel by me.”
Shortly after Pacaso began advertising the property, Nantucket’s zoning enforcement officer sent a letter to chief executive officer Austin Allison saying that time-sharing amounted to a “transient residential facility,” which is banned in residential zoning districts.
Pacaso filed an appeal with the Zoning Board of Appeals, but later withdrew the request. The company insisted it is not selling timeshares and thus the bylaw does not apply.
“Pacaso is real estate property ownership. A timeshare, you don’t own real estate, you own a right to use time in a property,” said Curry. “At its core, that is the most fundamental difference.”
Municipalities take steps to restrict fractional ownership
Unconvinced, local officials are moving to amend zoning bylaws to specifically include language about fractional ownership, said state Sen. Julian Cyr, D-Truro.
“What we’ve seen emerging is our municipalities moving to regulate or restrict commercial fractional ownership, and they’re doing so either by adding specific language that references fractional ownership or interval use into existing timeshare bylaws or adopting a combination of a timeshare, fractional ownership, interval use bylaw,” said Cyr.
Tisbury and Provincetown residents have passed amended zoning bylaws to limit fractional ownership to just business districts, while Edgartown and Nantucket will mull a similar change at spring town meeting this year.
Officials from those communities say they have few, if any, fractional ownership properties but hope to set restrictions on the trend before it accelerates.
“We said, ‘Look, if we can get a bylaw on the books now, we’re not going to end up dealing with the ones that are already out there and having to essentially grandfather them in or negotiate it away,'” said Tisbury Planning Board Chairman Ben Robinson.
The business model also means fractional ownership is not subject to the short-term rental tax, Cyr noted, because it’s not considered a rental of the property but co-ownership.
‘I’m interested in having neighbors’
On Sunday, Feb. 4, Pacaso listed a new “hot prospect” on Nantucket at 11 Fawn Lane, with one-eighth shares estimated at $552,000.
The model is based off buyer demand, said Curry, the Pacaso chief marketing officer. The company explores buying more properties if it sees an increase in requests for a certain area, and expand elsewhere if not.
“Our mission here at the company is to enrich lives by making second homeownership possible and enjoyable for more people,” said Curry. “We deliver by making the price point and barrier to entry through co-ownership less.”
Cyr, though, said the trend threatens to exacerbate a dire housing crisis and further escalate real estate costs that are already sky-high. More than half of the properties on the Cape and Islands are second homes and most real estate transactions are either second or third homes or for investment properties, he said.
“Locals just simply can’t compete,” said Cyr.
Giese, the home owner on Nantucket, said he worries how the practice could harm his neighborhood.
“I’m interested in having neighbors,” said Giese. “It takes away the community aspect of the street.”
Zane Razzaq writes about housing and real estate. Reach her at zrazzaq@capecodonline.com. Follow her on X @zanerazz.
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This past year proved to be a good year for the luxury real estate market in New Hanover County.
With some properties boasting price tags of over $10 million, breathtaking homes fell under new ownership before the end of the year.
From stunning waterfront estates on Figure 8 Island to opulent mansions in Wrightsville Beach, what are the most expensive homes that sold in New Hanover County in 2023 and what did they cost?
The following addresses ranked top 10 for most expensive homes sold throughout New Hanover County, according to Full Circle Real Estate Group.
1. 10 Inlet Hook Road
This five-bedroom seven-bathroom oceanfront home on Figure 8 Island sold for a whopping $13 million on June 16, 2023.
The 4,844-square-foot home is where “modern meets resort,” according to the Zillow listing.
The home is equipped with floor-to-ceiling windows, a saltwater pool, sweeping ocean views, and approximately 2200 square feet of outdoor living space, according to the listing.
Listing Agent: Jo El J Skipper, Figure Eight Realty
2. 110 Beach Road S.
Another five-bedroom, seven-bathroom oceanfront home on Figure 8 Island, this home sold for the price of $12.5 million on Sept. 10, 2023.
The 5,522-square-foot property provides “360 water views” and a “meticulously designed floor plan,” according to the Zillow listing.
Inside, a gourmet kitchen, third-floor rooftop deck, elevator, and private beach access add to the home’s value, according to the listing.
More photos of the property can be viewed on the property’s webpage.
Listing Agent: Mark Batson Group, Landmark Sotheby’s International Realty
3. 8516 Bald Eagle Lane
A six-bedroom, 10-bathroom 9,136-square-foot single-family residence sold for $10.7 million March 23, 2023, ranking this property No. 3 on the list of most expensive homes sold in New Hanover County.
This waterfront home features high ceilings, a dock, and at least three fireplaces, according to the Zillow listing.
4. 7 Cowrie Lane
A five-bedroom, seven-bathroom home with a $10.65 million price tag, this 5,735-square-foot property is the “largest oceanfront property” at Wrightsville Beach, according to the Zillow listing.
Palm trees surrounding a resort-style pool, an expansive lawn, and large covered porches add to the home’s luxurious feel, according to the listing.
Featuring a game room, private beach access, and panoramic water views, this home sold on Dec. 12, 2023.
Listing Agent: Peter B Sweyer, Berkshire Hathaway Home Services Carolina Premier Properties
5. 1 Auditorium Circle
Located in Wrightsville Beach, this 8,622-square-foot property sold for $10 million on May 12, 2023.
The four-bedroom, six-bathroom residence is a “modern marvel of engineering” inspired by tropical modernism, according to the Zillow listing.
Floor-to-ceiling glass, a negative edge lap pool, and a 50-foot floating dock add to the appeal of this waterfront property.
Listing Agent: Sam R Crittenden, Landmark Sotheby’s International Realty. The Phillips Group, Landmark Sotheby’s International Realty
6. 2010 Deep Creek Run
Selling for $6,382,250 on Aug. 11, 2023, this three-bedroom, three-bathroom home is a “multiple dwelling property,” according to the Zillow listing.
The 2,806-square-foot property is located off of Middle Sound Road. in Wilmington, according to the listing.
A covered patio, screened in porch, and outdoor kitchen are just a few features of this unique residence.
Listing Agent: Sam R Crittenden, Landmark Sotheby’s International Realty
7. 17 E. Raleigh St.
This six-bedroom, eight-bathroom waterfront property located in Wrightsville Beach sold for $5.6 million on May 11, 2023.
At 3,754 square feet, this single-family residence “has plenty of space to welcome all of your family and friends,” according to the Zillow listing.
Eleven-foot vaulted ceilings, a full-size wine column, and double dishwasher are a few perks of this multi-million-dollar property, according to the listing.
Listing Agent: Frederick E Barton, Cadence Realty Corporation. Stephen Schlachter, Cadence Realty Corporation
8. 409 Bradley Creek Point Road
Selling for $5.5 million on Sept. 1, 2023, this five-bedroom, eight-bathroom home is located on “the Airlie Gardens side of Bradley Creek,” according to the Zillow listing.
A custom-built property with cedar shingle roofing and siding, this single-family residence is located on the water with a pier and floating dock.
With 5,682 square feet, this home comes in at number eight on the list for New Hanover County
Listing Agent: John J Farris, BlueCoast Realty Corporation
9. 523 Lumina Ave. S.
This 2,820-square-foot home is yet another Wrightsville Beach property to make the list.
Selling for $4.4 million on Jan. 4, 2023, this four-bedroom, three-bathroom oceanfront cottage is in the “sought after ‘500’ block of Wrightsville Beach’s South Lumina Avenue,” according to the Zillow listing.
The home features a modern kitchen and baths, a large backyard, and a private setting, according to the listing.
Listing Agent: Vance B Young, Intracoastal Realty Corporation
10. 6225 Old Military Road
A four-bedroom, four-bathroom home, this property comes in at No. 10 on the list.
At 4,104 square feet, this residence underwent substantial renovation, according to the Zillow listing.
Selling for $4.15 million on Dec. 8, 2023, the listing refers to the location as “unprecedently quiet and peaceful.”
Listing Agent: Marcello M Caliva, Intracoastal Realty Corporation