$22 Million Residential Real Estate Sale Sets Kiawah Island Record
A seven acre undeveloped home site on Kiawah Island, SC with 250 feet of Atlantic Ocean views sold for $22 million, making it the largest residential real estate transaction in the Island’s history.
Kiawah Island Real Estate, the market leader in listing and selling real estate on the barrier island, represented both the buyer, Footprint Properties, LLC and the seller, Elm Group LLC. Michael Royal of Pareto Asset Management, the asset manager for Elm Group, reports that the proceeds of the sale will go to charities according to the wishes of the late Dennison A. Royal, who had been a longtime landowner at Kiawah Island. The property is located at 99 Flyway Drive.
“Kiawah has proven time and again, that natural beauty and the beach, along with the community’s financial stability, and commitment to an active, family-oriented lifestyle drives value for our owners,” said Chris Drury, President and Broker-in-Charge, Kiawah Island Real Estate. “The fact that a long time owner purchased this property demonstrates his confidence in the future of Kiawah.”
The buyer has owned Kiawah Island property since 1996 and plans to build a single family residence for himself and his fiancé who has owned and operated a property management business dedicated exclusively to Kiawah Island property owners since 1995.
The scale of this parcel and its oceanfront location makes it a rarity on the east coast of the United States.
“As oceanfront estates of this caliber on Kiawah and perhaps anywhere in the southeast become more scarce, the value of this type of property is hard to quantify,” said Drury. “Already on Kiawah alone, we have seen property similar to this double in value in a very short period of time.”
To date in 2014, Kiawah Island Real Estate has sold more than $158 million in residential property.
For more information about Kiawah Island, please visit KiawahIsland.com or call 843-768-3400.