Team Points to Signs of a New Trend Within the Local Luxury Market
The LUXE Group, a luxury real estate sales team at Oceans Luxury Realty, closed out October 2020 by setting a new Ormond Beach sales record. 489 Ocean Shore Blvd sold on October 23rd for $3,200,000 (3.2 Million Dollars), representing the highest sale price ever recorded in the Daytona Beach Area Association of Realtors (DBAAR) MLS for a single-family oceanfront home in Ormond Beach, Daytona Beach and Daytona Beach Shores. The LUXE Group represented the home sellers in the transaction.
While this is a new sales milestone in the Ormond Beach luxury real estate market, The LUXE Group co-founders, Chris Connors and Kevin Purucker, believe more is yet to come. “We feel like our area still offers excellent value for luxury home buyers coming in from large metro areas, especially New York, Chicago, and pretty much any large city on the West coast,” Connors insists. “When you compare the purchasing power a luxury buyer has here in Volusia County even to metro areas within Florida, it’s obvious that our market represents an opportunity to get much more for your money.”
489 Ocean Shore Blvd provides a perfect example. This exceptional, multi-award-winning contemporary home was designed by renowned Jacksonville architect, William Morgan, and PKSB of New York. With nearly 6,000 sqft of living area, a reflecting pool, and private beach access, it offers luxury buyers looking to leave larger metro areas in the wake of the COVID-19 pandemic a price tag well below what they are used to seeing. For comparison, an oceanfront home with similar square footage would range in price from $5,000,000-$10,000,000 plus in Miami or Ft. Lauderdale. In Manhattan, NY, the average sale price in July for a luxury home/apartment was $6.2 million.
Purucker and Connors see this as a huge opportunity for our area. “With this new surge of luxury home buyers discovering coastal Volusia County,” says Purucker, “and the purchasing power those buyers are finding here, we don’t see this trend in the luxury market slowing down any time soon.”