Richard Santulli lists Admirals Cove home again
May 24, 2016 | Richard Sites
NetJets founder Richard Santulli has relisted his Admirals Cove mansion for $10 million. He purchased the 14,749 foot home from Celine Dion, who then moved to Jupiter Island and Las Vegas.
His home on Eagle Drive is the highest priced listing in Admirals Cove. The second highest priced home, at $8.995 million is also on Eagle Drive. Santulli’s price is $678.01 per foot which is very reasonable for homes in Admirals Cove.
In fact, 17 of the 62 homes currently on the market in here are priced higher per square foot than Santulli’s. Another home on Eagle Drive is listed at $2000 per foot and 2 other homes are priced over $1000 per foot.
This is a tough price range for Admirals Cove homes. A historic home on Spyglass priced just under $9 million, with a direct Intracoastal location, did not sell and is now off the market. In fact, this price range is tough in any location.
Once you reach these prices you bring other fantastic locations into play…like Hypoluxo Island, Palm Beach and Delray Beach. For $10 million you can get a new construction, direct Intracoastal location on Hypoluxo Island, with long views south down the waterway. And if you don’t need or want the expensive amenities and busy club scene of Admirals Cove, this Hypoluxo home is a tremendous deal.
In fact, right now there are 79 homes listed in the MLS between $9 and $11 million so there are plenty of other options.
And many of these estate homes are closer to the Palm Beach International Airport than Admirals Cove and a buyer of a home in this price range probably does a lot of air travel. In this price range, commuting to the airport is probably more important than school districts.
Santulli has been trying to sell for years and has switched agents again to try and get the house sold. I have written many times that is not the agent who is keeping a house from selling, it is the price. And exceeding the median time on the market for a home almost certainly guarantees you will end up taking less for it than finding a buyer quickly by pricing correctly. And the hidden cost of carrying the home is eroding any additional profit the owner is hoping to make.
This is true in any price range since most activity occurs within the first few weeks when a home is first listed.
Think about an auction house like Christie’s or Sotheby’s. They estimate what something is worth, but the reality is they are in the business of selling things and selling them TODAY. So an item is only worth what a buyer is willing to pay, usually above a reserve, that day. Case closed and on to the next item on the auction block.
There has been nearly 1 sale per week of homes in the $10 million range in the past year along the SE Florida coast so there are plenty of buyers moving around out there.
The trouble with homes in this price range is that buyers do not have to buy because of changing family situations, like a job transfer. They buy a home like this simply because they feel like it. And might sell again for the same reason.
Santulli sold his company to Warren Buffett for $725 million so money is probably not the issue.
If you are looking for a home in the $10 million dollar range, let me show you the ones that will work best for you. I have lived here 25 years and know the market all along the SE Florida coast inside and out. Santulli’s house might just be the right one for you.