Updated Dec 4, 2024
Andy Florance Of CoStar Group Sells $28.5M Oceanfront Mansion In Inlet Beach
181 Paradise by the Sea Boulevard
$28,500,000
$2,687/SF
Building Size
10,604 SF
Asset Type
Single Family
Closing
Jul 3, 2024
About this deal
AI
The property located at 181 Paradise by the Sea Boulevard in Inlet Beach, with an area of 0.3 acres, was the site of a significant real estate transaction. The single-family home spans 10,604 square feet and was sold by Andy Florance, the founder and CEO of CoStar Group Inc., for a noteworthy amount.
Summary of transation details:
- Property Type: Single Family
- Transaction Amount: $28,500,000
- Address: 181 Paradise by the Sea Boulevard
- Market: Inlet Beach
- Seller: Andy Florance - CoStar Group Inc.
- Brokers: Anna LaNeve, Brad Dahler, and Lisa LaFlure - Scenic Sotheby’s International Realty
- SF: 10,604
- PPSF: $2,688
The sale of this oceanfront property marks a significant transition for Andy Florance, who initially bought the residence for $15.1 million in 2020. The decision to sell the property in an off-market deal aligns with Florance's strategic repositioning of focus to Virginia, where CoStar is in the process of relocating its headquarters.
On the Map
$28,500,000
$2,687/SF
Single Family
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Inlet Beach Single Family Market Snapshot
Boundary boundary · Single Family · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93