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DESTIN/30-A PRE-CONSTRUCTION
Updated Spring 2008
The area between Ft. Walton Beach on the west and Rosemary Beach on the east has long been the recreational and lifestyle “magnet” of the Emerald Coast. It has also seen a great deal of development in the past decade. In addition, in all coastal areas of Walton County and in some areas of Okaloosa County, there are height restrictions on building (typically 4 stories or 50 feet) new construction. As a result, nearly all the prime gulf-front real estate has been developed, and prices for existing condos on the gulf start at about $700/square foot and go up from there. Gulf-view units can cost somewhat less.
The cost of land is now so high that it doesn’t make economic sense for developers to put anything on it but the most expensive property they think they can sell. This in turn leads to the type of ultra-luxury developments we’ve featured on our site. We’ve included one project in nearby Ft. Walton Beach that’s close by, just to prove that there are some places where prices are more reasonable.
This is not to say that these super high-end condos are not “worth it.” Far from it. Compared to buying an existing unit of anything like comparable quality and location, they’re quite competitive. For those who value incomparable location, quality and the best in service without the problems of owning a single family residence (which would easily cost as much or more for a comparable location), these developments can be highly attractive.
2008 Update. As you can see from the information below and in keeping with recent market developments, there have been some changes. Two projects - Pointe Beach and Caretta Dunes - have been deferred indefinitely and are likely to be rescaled/repriced. Two others - Waterscape and Park Place at Seagrove - are now completed but still have many units available from their developers as well as resales offered at prices well below their original offerings. If you're thinking of a luxury condo in this area, it's a great time to buy. Call Chris for details.
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WATERSCAPE
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In Ft. Walton Beach on the Gulf at the base of the Brooks Bridge
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339 units; 1-3 BR; 830-1500 sq. ft.
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Originally offered at $400,000 to $1,400,000
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Massive lagoon pool, BBQ, fitness center, game room
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Completed mid-2008; 22+ developer units offered at $400K-$1M
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Some resale units available below pre-construction prices |
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POINTE BEACH & YACHT CLUB
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On Destin's Holiday Isle at Norriego Point (shown); closest point to East Pass and the Gulf
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79 ultra-luxury units; 2400 - 6300 sq. ft.
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$1.8 million - $5.5 million
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Tuscan architecture; high-end interiors
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Full amenities - luxury pools, spas, fitness center, meeting facilities, etc.
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Private yacht slips available; fractional yacht ownership or Boating Club membership possibilities
- Construction and reservations deferred pending redevelopment of plans
- Prices likely to be significantly lower
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CARETTA DUNES
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On 700 ft. of gulf front beaches in the heart of Destin's Crystal Beach - walk to dining, shopping
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64 ultra-luxury gulf-front units; 3-4 bedrooms; 2100-3000 sq. ft.
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Originally priced at $1.8 million - $3.0 million
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Penthouse units available with vaulted ceilings, loft, wet bar/wine cooler, etc.
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Gulf-front pool; state-of-the-art fitness center; under-building parking
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On-site concierge offering complete services
- Construction and reservations deferred but likely to be rescaled for more units at lower prices
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PARK PLACE AT SEAGROVE
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On the Gulf on Scenic Rte 30-A about 2 miles east of Seaside
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19 units; all 3 BR; 2100-2300 sq. ft.
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Originally priced at $1.6 million - $2.5 million
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Each unit has private elevator
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All units have high-end interiors, wet bar, wine cooler, built-in surround sound, appliances (Sub-Zero, Wofe, Miele)
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Gulf front pool and cabanas
- Completed 2007; 11 developer units still offered at $1.4 million - $2.2 million; sales info indicates price flexibility
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