$MSTO is pleased to announce it has completed the sale of 183 Rolling Dunes, Santa Rosa Beach, Florida beach property for $4.25 Million ( $4,250,000 ). The land acquisition and construction costs for this property were $1.85 Million ( $1,850,000 ) which realizes a $2.4 Million ( $2,400,000 ) gross profit.
In February of 2021, SBQ announced the acquisition and purchase of a parcel of land (183 Rolling Dunes) in a high-end area located in the sunny beach town of Santa Rosa Beach, Florida . The Rolling Dunes lot was purchased for $400,000 , with an estimated construction cost of $1,450,000 , for an "all in" cost of $1,850,000 . At the time, comparable properties in the immediate area were selling for between $2.5 Million and $3.2 Million and generating an annual rental revenue of approximately $300,000 per year.
In July, 2021, SBQ announced that SBQ had broken ground and was going to be starting construction on the 183 Rolling Dunes asset. In August, 2021, they announced the lot was cleared and construction had started. In October of 2021, the 183 Rolling Dunes property was listed on the Multiple Listing Service (MLS) with an asking price of $4.25 Million .
In December 2021 , SBQ received an all-cash offer and agreed to sell the property for the asking price of $4.25 Million . The funds are in escrow until the completion of the build which is still expected to be completed in April 2022 . The 183 Rolling Dunes property will realize a gross profit of $2.4 Million ( $2,400,000 ) and, after the Realtor Commission of 4 % ( $170k ), a net profit of $2.23 Million ( $2,230,000 ).
SBQ's 183 Rolling Dunes, Santa Rosa property is the first of multiple custom 5,000 sq. ft. vacation style homes that SBQ will be constructing in the Florida Panhandle . SBQ recently announced the acquisition of three additional properties in the area that will be constructed throughout 2022. SBQ will be implementing an aggressive land acquisition strategy throughout the year.
SBQ's vacation style homes are custom 5,000 sq. ft. vacation style homes that feature 8 to 9 bedrooms, 8 to 9 bathrooms, 3 to 4 stories with ocean views, rooftop decks, short walks to the beach, elevators, 16-person hot tubs, fire pits, professional putting greens and can sleep up to 32 people per home.
Rented Inc. , recently listed the Florida Panhandle as the best location for investors to purchase vacation rental homes. Florida's northwest Gulf Coast ranked #1 on the new "100 Best Places to Buy Vacation Rentals." The report was compiled by Rented Research and Weiss Analytics ranking destinations by the cost of ownership, short-term revenue potential, acquisition cost, annual appreciation, and projected changes in asset value. The new 2020 report determined that Florida's Panhandle offers the best returns on vacation home investments over "Every Other Market" in the United States and has an index score of 98.7 out of 100. The Florida Panhandle has emerged as the clear winner as the top vacation-home investment area in the United States . See more at www.inman.com/2020/07/20/florida-is-the-no-1-state-to-purchase-a-vacation-rental/
