You might have read about the recent sale of Brevard County’s “Shangri-La” estate, which was just purchased for $3.75 million.

You might have read about the recent sale of Brevard County’s “Shangri-La” estate, which was just purchased for $3.75 million.

Gorgeous property all the way around. And you have to be happy for the buyers, who will be making the Melbourne Beach palace at 405 S. Atlantic St. their primary home.

Here is what struck me, and quite a few other people I spoke with about the deal: While the sale was supposed to be a record for a residential property in Brevard, the selling price didn’t bring any shock value.

And the reason is, I think, many of us are so used to reading about $50 million to $100 million estates owned by financiers, athletes and movie stars — not to mention unthinkable deficits in the trillions — that $3.75 million seems smallish.

Of course, I know it’s not small. It’s a heck of a lot of money. But somewhere, there has been a re-wiring of the psyche for some of us. What constitutes “huge” has changed. Warren Buffett is rich. Filthy rich. Thurston Howell III was well off.

OK, enough of that.

Certainly the sale of “Shangri-La” emphasizes the point that there are nice real estate deals to be had on the Space Coast.

“If this property would have been in Naples, it would have sold for $30 million or more,” said Mike Jaffe of Coldwell Banker Paradise, one of the brokers on the “Shangri-La” deal.

I think it also speaks well for the community that a couple who could have lived anywhere in the United States — in the world, actually — chose Brevard as their home. They had called the Baltimore area their primary home for years. Now, Maryland is a beautiful state, and Baltimore is filled with history, though, if you’re ever watched HBO’s “The Wire” you’d gladly trade your first-born to live in Brevard over the place that’s portrayed on that show.

A reader sent me this article after reading the story on “Shangri-La” in FLORIDA TODAY.

“Connecticut’s Gold Coast is living up to its name, with a record $120 million sale of a waterfront estate in Greenwich leading an increase in sales of homes for more than $10 million. Five homes sold this year for more than $10 million in Greenwich, the assessor’s office said.”

The reader added this missive — and please keep in mind, he was most decidedly joking — “And we were bragging about our one sale for $3.75Mil. We are such a backwater! :)”

Here’s Jaffe’s take. Word about properties like “Shangri-La,” and prices like $3.75 million, make the rounds in certain circles. He’s convinced it will lead to similar sales, and he’s already fielding calls about the availability of high-end properties on the ocean or the Indian River Lagoon. Prices for those high-end homes won’t be bargains for too much longer.

What are we talking about: “Millionaire’s Mile” or “River of Riches?” (Like a lot of people, I have millions of ideas for stupid monikers, and if I had a dollar for each … well, you know how that goes.)

The reader who sent me the article about Connecticut’s Gold Coast suggested this one: Isla Moolah.

Source: http://www.floridatoday.com/story/money/business/2014/04/20/wayne-price-wealth-real-estate-making-comeback/7930379/

For more information on buying or selling in Viera, Florida or anywhere on the Space Coast, call us today at 321-351-1441 or visit our website. We are here to help!

 

 

 

 

 

 

 

 

 

 

 

 

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