Buyer Pays $9M to Acquire a 9-Acre Estate in Florida

What would you do if you have $9 million? An anonymous buyer decided to acquire a nine-acre estate in Florida for the same amount, which set a record for the most expensive home purchase in the state.

Stephanie Moss Dandridge, who served as the agent for the sellers, said that it only took less than a year to find a buyer for the property on Merritt Island. It features five bedrooms and 8.5 bathrooms within a 17,000-square-foot house.

Indicative Demand

Luxury homes, such as the record transaction, normally take three years before sealing the deal, according to Dandridge. This quick turnaround indicated that the demand for high-end properties in the state has become more noticeable.

This indicative demand takes place as the median home prices in Miami, Fort Lauderdale, and West Palm Beach increased almost 9% between October and December 2017. Attom Data Solutions’ report showed that property values continued to increase after reaching $245,000 during the quarter.

Take Advantage of Higher Prices

If you plan to sell your house and move to a new place, there are many simple ways to increase the chances of closing a deal. Home stagers, for instance, may help you redecorate your home to attract potential buyers. Extensive upgrades will allow you to increase the asking price further, while potentially attracting more bids at the same time.

In some cases, you can simply improve the look of your garden by adding antique English copper planters, fountain spouts, and other decorations. Authentic Provence notes that a neat front yard not only piques interest but also leads buyers to see more of your home from the outside.

Luxury home sales in Florida may turn the high-end segment as a seller’s market. This may occur as some property owners will likely use the record sale on Merritt Island as a benchmark for asking prices, in case they decide to put their homes for sale.