Scoring a space at the Ritz-Carlton Residences at Hammock Dunes appears to have quite the appeal — the kind that commands a price tag of $10 million for a penthouse in the oceanfront property expected to be complete by 2027.
So far, two of the four penthouse units have been reserved for a total of $20 million, the highest residential sale in Flagler County history, according to the Flagler County Property Appraiser’s Office.
“It is dramatically higher than the properties we usually see in this county,” said James Gardner, Flagler County Property Appraiser.
Both top-level suites are in the north tower, where 20% of 64 units are already under contract before actual construction begins, according to Isaac Toledano, CEO of the BH Group, a Miami-based real estate developer behind the project.
And with the kind of stir it’s created so far, it shouldn’t be a tough sell for those in the market for the creme-de-la-creme amenities and service the Ritz-Carlton brand is known for.
Reservations are not being accepted for the south tower until an on-site sales office opens by year’s end, Toledano said in a phone interview with The News-Journal. The total number of condos between the two 12-story twin buildings is 128.
Plans for the Ritz-Carlton were announced in March to a small group of community leaders in Palm Coast. Although the 6.8-acre property has a Palm Coast address, it is slated to be built in the Hammock, an unincorporated part of Flagler County.
The Hammock is a tree-canopied, much-sought-after enclave along State Road A1A, the same neighborhood where the second highest residential sale in Flagler County — at $6 million — closed June 18.
“It (the Hammock) is a super community and has always been considered a good deal for what you get for your money, especially when compared with, say, a Naples,” Gardner, Flagler property appraiser, said. “And now you’ve got the type of high-end product (the Ritz-Carlton) the likes of which is like nothing we’ve ever seen before.”
Why did the Ritz-Carlton choose the Hammock, Palm Coast?
“There is a lot of growth there, there is a quality of life there with the Atlantic, Intracoastal — its location, it’s a peaceful place to live in,” Toledano said.
The two buyers in contract for the condos are from New Jersey and Florida, according to Toledano. Some purchasers who live in Jacksonville or Daytona Beach may want scale down and not deal with maintenance. Others, he said, may be interested in slowing down from a more urban lifestyle.
The Ritz-Carlton has other residential properties nationally and internationally and has even ventured into the cruise-line industry.
How much will the units cost?
Suites ranging from 2,300 to more than 5,000 square feet cost from $3 million to more than $10 million. Two penthouse units are available on the top two floors of each tower. Every unit features a terrace with unobstructed ocean views as well as 10-foot-high ceilings, top-of-the-line appliances, private elevators and more.
What kind of amenities are included?
Once it’s built out, the private gated community will feature three beachside restaurants, two PGA-level golf courses; a pool deck; whiskey and cigar room; wine bar; a spa and sauna (pets get their own spa); personal concierge; room service; plus extras like a dog-walking service and at-home massage.
“The Ritz-Carlton is able to bring the location, the climate, the amenities, the service that is a whole lifestyle,” Toledano said. “It’s like you’re living in a hotel year-round.”
How might the Ritz-Carlton effect Palm Coast’s economy?
“It’s the brand — it could definitely up the ante for business competitors in the same space, which would be good for the local real estate market and buyers,” Toledano said.
This article originally appeared on The Daytona Beach News-Journal: Puttin’ on the Ritz: Luxury living in Flagler up for sale under Ritz-Carlton name
Reporting by Colleen Michele Jones, Daytona Beach News-Journal / The Daytona Beach News-Journal
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