$1M Miramar Beach Real Estate: Home vs Condo

Curious to know what one million dollars will get you in terms of real estate along the world's most beautiful beaches? Quite a bit, actually! Today, Ocean Reef Real Estate Sales compares apples to oranges (aka homes to condos) with a deep dive into two marvelous Miramar Beach properties, each worth one million dollars. One is a coastal-inspired four-bedroom vacation home at 41 Topaz Cove, while the other is a stunning Gulf-front two-bedroom penthouse condo at 550 Tops'l Beach Blvd 1404. Let's get started!

When purchasing a vacation property, the key factor is all about location. Beachfront homes and condos have a premium demand, while second-tier gulf view properties are a strong runner-up. Of course, size and amenities are also an important deciding factor. The top three locales in our area include Destin, Miramar Beach, and Scenic 30A. Destin includes a multitude of choices for dining, drinking, shopping, and amusements. Secondly, 30A offers a more laid-back feel with picturesque beach communities, protected forests, award-winning state parks, and coastal dune lakes that support thriving wildlife. Finally, Miramar Beach provides the best of both worlds and is equidistant between the two. And that's exactly where these lovely properties are offered for sale.

Placed at the private end of a cul-de-sac at 41 Topaz Cove off Scenic Gulf Drive in Miramar Beach, this sky-blue vacation home is only a five-minute stroll to the sugary shore. Located in the residential enclave of Emerald Shores, this home has exclusive access to a gated beach and cabana with convenient restroom facilities. Standing three-stories-tall, this custom home has four bedrooms, three full baths, and encompasses 2,156 square feet. It has a classic Mediterranean design with a unique, stylish exterior.

A single-level portion of the home provides a gracious entry with a comfortably furnished columned veranda. The other connected part of this residence features three levels of covered porches. They have direct access from the open living, dining, and kitchen area on the first floor, guest bedrooms on the second floor, and the primary suite on the top floor. This home comes complete with new regal white cottage, coastal-styled furnishings, and decorative art. It has a brand new $40,000 concrete tile roof and low-maintenance luxury vinyl plank flooring. The sellers are also offering a $15,000 allowance to buyers for additional updates.

The open kitchen has brushed stainless steel appliances, creamy white custom cabinetry, and a bar with seating for entertainment. There are mottled granite countertops throughout, including the baths. Flatscreen TVs are installed in the living area and all four bedrooms.

Besides the beautiful beach, Emerald Shores features two large seasonally heated swimming pools and tennis courts. This home is listed at $1,100,000, which comes in at $510.20 per square foot. The Home Owner's Association fees are $1,393 per quarter, which comes in at $5,572 per year. Currently, there is only one other fully furnished four-bedroom home for sale in the Emerald Shores residential community, which is somewhat larger with four full baths and 2,274 square feet. It is competitively listed at $995,000, or $428.76 per square foot. Should you decide to list this property with our Ocean Reef Resorts vacation rental management program, gross rental income for comparable four-bedroom homes in Emerald Shores is around $64,000 per year.

Now let's take a look at this beautiful beachfront location at 550 Tops'l Beach Blvd 1404. Equipped with two bedrooms and two full baths, this stunning Tides at Tops'l penthouse condo encompasses 1,220 square feet and is loaded with elegant furnishings and creature comforts.

It features an open floor plan with ten-foot ceilings, rich parchment-toned travertine marble flooring, and an entire wall of sliding glass balcony doors that showcase stunning Gulf views. Decorative art throughout includes vibrant abstract paintings of waterscapes, prints of sea life, marine life sculptures, and a large stylish mirror. The furnished balcony spans from the living room to the primary bedroom suite, which also has direct access.

Nearby, the open kitchen features white custom cabinetry, brushed stainless steel appliances, and a sleek black granite-topped bar for entertainment. This is the ultimate place to serve up savory appetizers, delicious drinks, or a home-cooked meal.

Head into the primary bedroom with a large king-sized bed, blonde hardwood furnishings, and glistening gulf views from the sliding glass balcony doors. This room has a lavish private bath with double vanity sinks, a deep soaking tub, and a separate glass-walled walk-in shower. The guest bedroom is also close by with two full beds, cozy furnishings, and access to a full hallway bathroom.

The exclusively gated Tops’l Beach and Tennis Resort spans across fifty-two acres of lushly landscaped tropical grounds. Besides the 600 linear feet of bright crystalline shoreline, it features two gorgeous lagoon-shaped swimming pools overlooking the glowing gulf with a tiki bar serving tropical drinks and tasty beachside treats. Multiple tennis courts, pickleball courts, shuffleboard, a hot tub, and a fitness center are also onsite. 

This gulf-front penthouse condo is listed at $1,050,000, which comes in a bit higher than the home at $860.66 per square foot. The monthly HOA fees are $975.34, or $11,704.08 per year. There are, however, fewer maintenance costs compared to the single-family home. Currently, there are nine other fully furnished condos with two bedrooms for sale at Tops’l, ranging in price from a motivated seller at $499,000 for a 1,141-square-foot residence up to $1,100,000 for another condo with 1,220 square feet. The average list price for these condos combined is $574.35 per square foot. Gross rental income for comparable two-bedroom condos at Tops’l is $57,000 per year.

As you can see, multiple variables are involved with real estate value and personal preferences. Ultimately, it comes down to the best place suited for you and your family. As long as you are at the beach by the end of the day, the rest of your worries are washed away.

If you are shopping for a home or condo in this range, contact our Ocean Reef Real Estate Sales office today at 877-392-6085. We will provide you with a comparative market analysis with details on all homes or condos listed for sale, any that have pending contracts, and those that have sold within the past twelve months. Our Ocean Reef Resorts property management team can also provide detailed information on annual gross rental income on comparable vacation residences upon request. Once you are fully and comfortably informed about the local real estate market, we will happily arrange your private tour. We look forward to working with you soon!