11-Acre Miramar Beach Property Sold for $16.1 Million
One month into 2020, and our team here at The Premier Property Group (PPG) is already breaking out the bubbly. One of the first closings of the year—39 Sandy Dunes Circle in Miramar Beach—represents a significant milestone for our company and the local real estate market: It’s the highest priced residential deal on record in the panhandle.
The coveted 11-acre property, commonly recognized as the Pennington home, extends from Highway 98 all the way to the Gulf of Mexico. Sold for $16.1 million, a redevelopment project is currently in the works between Premier Development and the new owner that will include a mix of residential, commercial and hospitality developments. Stay tuned, as discussions are currently pending as to whether that could include a beachfront bed and breakfast, condominiums or hotel.
The transaction closed in January with PPG Managing Broker Associate Grady Elder representing the seller’s interests and PPG Agent Tony Manthey representing the buyer’s interests.
“This transaction opens up a rare opportunity on the Emerald Coast. Acquiring land that extends from the main Highway 98 thoroughfare all the way to the beach is nearly unheard of in our local communities,” Manthey said. “I was pleased to bring my experience in both high-end commercial and residential real estate to this deal and look forward to continuing a legacy of matching the right buyers and sellers in the niche luxury market.”
An agent with PPG since 2018, Manthey has worked in commercial and residential real estate along the Emerald Coast since 2004. He has built a solid reputation as an honest, reputable source to high net worth clients who are looking to purchase, sell or develop high-end commercial and residential real estate, including investments in senior housing properties. His team, which includes two associates, an attorney, a civil engineer and real estate broker, have closed on over $100M in the last two years.
Elder has worked in large-scale real estate and development projects along the Emerald Coast since 1999 and joined PPG in 2016 as broker.
“This was a great opportunity for PPG to showcase our combined strengths in residential and commercial real estate transactions as well as our standing as a leader in luxury sales,” Elder said. “Our ability to offer a seamless process from start to finish proved advantageous, and our experienced team was able to skillfully navigate the complexities of this large-scale transaction and get the largest residential deal this area has ever seen to the finish line.”