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Oceanfront Home In Ponte Vedra Beach Sells For Record $22M In Cash Transaction

Property Image
SOLD
$22,000,000

Florida

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Single Family8,293 SF
Sold 01/31/2024
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Property Image
SOLD

Oceanfront Home In Ponte Vedra Beach Sells For Record $22M In Cash Transaction

349 Ponte Vedra Boulevard

See Similar Deals
Single Family8,293 SF
Sold 01/31/2024
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Summary

FLORIDA
Asset Type:Single Family
Price Per Square Foot:$2,652
Total Square Footage:8,293 SF
Transaction Type:Sale

An oceanfront home located at 349 Ponte Vedra Boulevard in Ponte Vedra Beach, Northeast Florida, was sold in a cash transaction for a record-setting price of $22 million on January 31, 2024. The property, originally purchased by Christopher and Letitia Aitken for $3.15 million in 2013, underwent extensive renovations and now spans 8,293 square feet. It features five bedrooms, eight bathrooms, a pool, and luxurious amenities. The sale attracted an anonymous buyer.

Summary of transaction details

The sale of this oceanfront property in Ponte Vedra Beach, Northeast Florida, marks a significant milestone with its record-setting transaction amount of $22 million. The property's extensive renovations and luxurious amenities undoubtedly played a role in attracting an anonymous buyer, who recognized the value and potential of this stunning coastal home.

Players

Kim Martin-Fisher
3 deals$35.4M volume
BROKER

Jennifer Martin Faulkner
Douglas Elliman
3 deals$35.4M volume
BROKER

Sharon Qualls
Berkshire Hathaway HomeServices
1 deal$22M volume(904) 327-4875
BROKER

Details

SOLD
IMAGE: Kim Martin-Fisher, Sharon Qualls & Jennifer Martin Faulkner DATE: 01/31/2024 ADDRESS: 349 Ponte Vedra Boulevard MARKET: Ponte Vedra Beach ASSET TYPE: Single Family ~ ACRES: 0.37 SELLER: Christopher & Letitia Aitken BUYER'S REP: Sharon Qualls (@QuallsSharon) - Berkshire Hathaway HomeServices (@BHHSRealEstate) SELLER'S REP: Jennifer Martin Faulkner & Kim Martin-Fisher - (@KMF_JMF_Group) - Douglas Elliman (@DouglasElliman) SALE PRICE: $22,000,000 SF: 8,293 ~ PPSF: $2,653 NOTE: An oceanfront home in Ponte Vedra Beach, Northeast Florida, sold for a record-setting $22 million in a cash transaction on January 31st. Originally purchased for $3.15 million in 2013, the 8,293-square-foot property underwent extensive renovations and features five bedrooms, eight baths, a pool, and luxurious amenities, ultimately attracting an anonymous buyer.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,173,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$78,161.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$104,291.22
Annual Debt Service$1,251,494.69