Florida’s Luxury Real Estate Market Soars as Home Prices Double
In the midst of a thriving real estate market in Delray Beach, Florida, a luxurious $24 million mansion is capturing the attention of affluent buyers. Known as Villa Ananda, this nearly 11,500 square-foot residence is located in one of the most exclusive gated communities in Delray Beach. With a price per square foot of almost $2,100, Villa Ananda breaks records for non-oceanfront homes in the area.
According to listing broker Senada Adzem, as long as wealthy clients view Florida as a haven for lifestyle and tax benefits, the ultra-luxury real estate market will continue to flourish. Delray Beach’s market has seen impressive growth over the past five years. The average price per square foot of luxury homes, representing the top 10% of sales, has more than doubled from $416 to almost $840 since 2018.
What makes Delray Beach even more remarkable is that it outperformed both the Miami coastal mainland and the Manhattan, New York market. While Miami experienced an 86% increase in luxury price per square foot, Delray Beach soared by 102%. Meanwhile, Manhattan saw a decline of 2% in the average price per square foot of luxury homes.
The rise in average luxury home sales in Delray Beach is equally astounding. From 2018 to the last quarter of 2023, the average sale price increased by 90%, from $2 million to $3.8 million. Adzem believes that Delray Beach is undoubtedly one of the region’s premier luxury residential markets, challenging the popular perception that Miami and Palm Beach are the go-to destinations for high-end South Florida real estate.
One exclusive enclave that has attracted many high-net-worth individuals is Stone Creek Ranch. This gated community boasts billionaire hedge fund manager Steve Cohen, NFL star Khalil Mack, CEO of ODP Gerry Smith, and singer-songwriter Romeo Santos as residents. CEOs are not exempt from the allure of Stone Creek Ranch, as demonstrated by Hewlett Packard Enterprise CEO Antonio Neri, who purchased a home here for $7.5 million in 2019 and sold it in 2022 for $14 million, an almost 87% increase in under three years.
While Stone Creek Ranch has seen impressive sales, Adzem’s latest listing at 9303 Hawk Shadow Lane could set a new record. Priced at almost $2,100 per square foot, it would surpass the previous record by over 40%. Trophy properties like these have gained momentum in the South Florida market over the past three years due to tax benefits, safety concerns, and the pandemic.
Limited supply also plays a significant role in driving up prices. Stone Creek Ranch only offers 37 multimillion-dollar properties, making them highly sought after. Adzem’s familiarity with the neighborhood is evident, having sold five properties and brokered over $136 million in transactions within just 500 meters of her latest listing.
Villa Ananda offers a glimpse into the opulence of Delray Beach’s luxury homes. Situated on 2.5 acres surrounded by a man-made lake, this one-story residence stands out with its lush green landscape adorned with towering Italian Cypress trees, bougainvillea, rose bushes, pines, and vegetation chosen for its resemblance to olive trees. The intention was to create an atmosphere reminiscent of a luxurious villa in the Italian countryside rather than a typical Florida mansion.
The primary suite of Villa Ananda covers over 3,500 square feet and features two home offices, two walk-in closets, two baths, and a wellness area complete with an infrared sauna and massage table. Designed by Inson Dubois Wood with bespoke furniture by Studio Liaigre, the interiors exude elegance and sophistication. Custom chandeliers made from Selenite, a pearly-white rock formed when calcium-rich saltwater evaporates, can be found in the living room, formal dining room, baths, and closets.
Outside, Villa Ananda offers a saltwater pool, a 20-person hot tub, a zen garden, fire features, a fruit tree orchard, and a rose garden. The stone driveway leads to a parking courtyard with air-conditioned garage areas for nine cars.
Delray Beach’s luxury real estate market shows no signs of slowing down. With limited supply and high demand, properties like Villa Ananda continue to attract affluent buyers who seek the perfect combination of lifestyle, tax benefits, and exclusivity. As long as Delray Beach remains one of the region’s premier luxury residential markets, the real estate market will continue to flourish, offering exceptional opportunities for both buyers and sellers.
In conclusion, Delray Beach’s luxury real estate market has experienced remarkable growth over the past five years. With doubled home prices and high demand for exclusive properties like Villa Ananda, the town has become one of South Florida’s premier luxury residential markets. Buyers are drawn to the area for its lifestyle, tax benefits, and limited supply of multimillion-dollar homes. As the market continues to trend in the right direction, both buyers and sellers can expect significant returns on their investments in this thriving real estate market.
