Villa Lago is Sandestin's newest neighborhood and was first introduced in 2005. The 114 acre site is centered right in the middle of the prestigious Sandestin Golf, Tennis and Beach Resort, which straddles 2,400 acres of lushly landscaped land between the gorgeous gulf and Choctawhatchee Bay. The charming designs are all rustic Mediterranean styles that look like something you might see along the coast in places like Tuscany. Pastel colored stucco walls, wrought iron balconies and terracotta roofs create this old world effect. The interiors are all completed with modern 21st century amenities which include granite counter tops, state of the art kitchens, garden tubs with separate showers and large open family rooms. The Villa Lago location places it within close proximity to the charming Village of Baytowne Wharf which is within walking distance. Baytowne is a New Orleans styled village that sits next to the Sandestin Marina where it offers spectacular views of the bay. Due to its emulation of the architectural styling in the old “French Quarter”, Baytowne Village resembles a new, safe, clean, family friendly version of the original. Restaurants, lively bars, specialty boutiques, free musical concerts, seasonal festivals, children's amusements and weekly firework celebrations during the summer make it a popular destination. Besides being “an arrow shot away” from the village, Villa Lago is also adjacent to the Baytowne Golf Course which offers panoramic views to homes facing out onto the grounds. The interiors of this 138 Sandestin home community face a long lagoon complete with serene flowing fountains. There is also a private pool for the community with a handsome three gabled, terracotta roof tiled building that comprises separate bathroom facilities, dressing rooms and showers. It includes a palm studded patio with an arbor, large round decorative metal tables and smaller side tables flanked by chaise chairs for lounging around the sparkling pool.
Villa Lago was first introduced in 2005 but had a slow start due to the beginning recession as well as the following BP Oil fiasco. All 138 vacant lots sold out initially with the land alone peaking in the mid 300s before Katrina hit New Orleans and the market abruptly turned. In fact only eleven homes sold within these first few years. Now however, market conditions have dramatically turned in a profound positive direction which has led to forty-eight single family home sales just since July 1, 2012. Most buyers now are taking advantage of prices that are still a decent value and able to get mortgage rates at near record lows. This time around the demographics have changed. Now “Boomer” buyers are planning to keep these properties for many years as a primary residence or as a vacation place and investment rental property.
The forty-eight homes that have been purchased in Villa Lago over the past twelve months sold at prices from $339,000 to $479,000 for three and four bedroom homes, ranging in size from 1,645 to 2,300 square feet. The average price during this period was $408,315 and the price per square foot averaged at $199.25. Due to the greatly increased demand, inventory levels have dropped significantly and prices are rising. Currently there are only seven homes for sale which are listed from $429,000 for a four bedroom four bath, 2,125 square foot home built this year to $549,000 for another new four bedroom four bath 2,281 square foot home on the golf course. This places the new average sales price at $461,911 at $224.96 per square foot. There have been twelve lot sales since July 1, 2012 ranging in price from $65,000 to 99,500.
Many of our Ocean Reef Real Estate customers become Ocean Reef Vacation Rental owners since our company has the reputable professional prestige of successfully managing our client's rental properties in Sandestin and along the Emerald Coast for over thirty years. New real estate owners will often use homes or condominiums purchased for themselves during part of the year and allow us to manage them as rentals the rest of the time. At the present time our clients are grossing as much as $2,190 per week at Villa Lago during the summer months from late May until early August. We provide advertising, housekeeping services, toiletries, laundry, maintenance, accounting, secure reservations and one of the best web sites around. It is always our pleasure here at Ocean Reef to serve all the needs for you and yours.
If you'd like to learn more about Villa Lago and Destin Real Estate give us a call at 1.877.392.6085.