Florida home asking a staggering 83% more than what it sold for in 2020 – New York Post

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In a testament to the red-hot real estate market along Florida’s Panhandle, a waterfront property in Seacrest Beach has hit the market with an eye-watering price tag of $18.5 million — nearly 83% above its last sale price in December 2020.

Entrepreneurs Don and Vita Felin, who acquired the property for $10.11 million that year, are now ready to part ways with their luxurious abode, complete with 54 feet of beach frontage.

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Made up of a five-bedroom main house, it also boasts a guesthouse and a swimming pool.

Listing agent Jonathan Spears of Compass told the Wall Street Journal that the property, originally a newly built spec home, has seen significant upgrades since the Felins took ownership.

The approximately 6,900-square-foot main house spans four levels, offering breathtaking views of both Destin and Panama City from its fourth-floor balcony.

The adjacent one-bedroom guesthouse spans around 800 square feet.

The home is directly on the Florida Panhandle. Dave Warren for Compass
The property comes with a main house and a guesthouse. Dave Warren for Compass
The elevator services all floors. Dave Warren for Compass
The expansive balcony. Dave Warren for Compass
The roomy kitchen. Dave Warren for Compass

The Felins, founders of the Alabama-based manufacturing company Royal Switchgear, stumbled upon this home while it was still under construction in early 2020.

Upon completion, they wasted no time closing the deal, adding a generator capable of powering the entire residence and a garage with a car lift.

Vita mentioned that the sale includes approximately $1 million worth of meticulously chosen furniture.

Having spent 40 years vacationing in northern Florida, the Felins, upon retirement in 2020, decided to make the area their full-time home.

Since then, they’ve dipped their toes into real estate development, building homes in the region, including a 6,600-square-foot property in Seagrove Beach that fetched $13.25 million earlier this year.

The living room. Dave Warren for Compass
The family room. Dave Warren for Compass
The library/study. Dave Warren for Compass
The home boasts oceanfront views. Dave Warren for Compass

The decision to sell the Seacrest Beach property, their primary residence for the past three years, was bittersweet, Vita admitted.

The couple has moved on to a new chapter, purchasing a home in the master-planned community Kaiya Beach Resort, opting for a more modest abode.

According to Spears, communities along state road 30A have long attracted wealthy homeowners from neighboring Georgia and Alabama, but the pandemic-driven demand from out-of-state buyers has accelerated growth.

In 2019, there were no home sales along 30A for over $10 million; however, in 2021, more than 40 such sales took place.

One of five bedrooms. Dave Warren for Compass
An ensuite bathroom. Dave Warren for Compasss
Another bedroom. Dave Warren for Compass
The guest kitchen. Dave Warren for Compass

While this year has seen a slight decline in sales volume, with 13 transactions exceeding $10 million, Spears notes that a scarcity of inventory has kept prices steady.

In March, he successfully closed the sale of a 7,400-square-foot home in Seagrove Beach for a staggering $19 million.

The median sale price on the east end of 30A, mirroring the location of the Felin home, has surged to around $3.3 million, a notable increase from $1.5 million in 2019, according to Spears.

With seven homes in the area currently priced over $18 million, the Felins’ listing aligns with the evolving market dynamics.

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