How would you like to have the opportunity to invest in a brand new subdivision and build your dream home at the same time? Now you have a chance to do so. A rare development opportunity has just become available in Miramar Beach, just three blocks north of Scenic Gulf Drive.
This property is located east of Holiday Road and north of the adjoining prestigious residential community of Frangista Beach. This sought after area is close to the shimmering sugar white sand beach, the jewel-like emerald-hued waters of the luminescent gulf, popular gulf front restaurants, friendly beach bars, specialty shops, grocery stores, a championship golf course, and tennis courts. Homes in this part of Miramar Beach have been completed using classic Mediterranean styles as well as charming Americana ‘Old Florida’ architectural designs.
This property is platted, approved, developed and ready to go! It encompasses almost one acre and is divided into seven residential lots for single-family dwellings. One custom built home has already been completed here for its owner and is about to close. It has a prominent placement on its own mini cul de sac called Paradise Circle located off Scenic Gulf Drive at the curve where Hollywood Street turns into Daytona Street. The cul de sac is fronted with palm trees that flank each side of its entrance. The light terracotta colored brick paver circular drive wraps around an island cluster of towering palm trees that give it a decidedly upscale tropical look.
This subdivision development with seven lots is priced at $2,625,000 for 39,020 total square feet which is about .90 acres. As a cost comparison currently there are twenty-six lots with acreage from less than one-tenth of an acre to one acre that are for sale in this Miramar Beach area. They have a median price $314,500. It should be noted that these active listings are for single-family lots since there are no other land parcels for sale in Miramar Beach south of the Emerald Coast Parkway (Highway 98) that include multiple adjacent lots on one piece of property. Within the past twelve months, thirty-six of the same sized lots sold for an average price of $339,278.
In the immediate same area of Miramar Beach where the Paradise Circle seven lot development is located there are seven homes for sale listed from $489,000 to $649,900 with an average list price of $559,186 for 2,567 square feet which comes in at $218.13 per square foot. Nine homes have sold in this neighborhood with a closing price from $489,000 to $825,000 for an average of $558,639. The average size of these sold homes was 2,441 which came in at $230.06 square feet.
If interested in this residential project or any other properties in Miramar Beach or Destin contact our Ocean Reef Real Estate Office today at (877) 392-6085 for a professional consultation, a complimentary Comparative Market Analysis, and more detailed information. We can provide everything you need to help you make a wise property purchase.