If you had your eye on that waterfront mansion on Crystal River and were ready to make an offer, forget it.
It just sold. For a cool $2.295 million. That makes it the most expensive sale in Crystal River in the last five years.
The 7,000-square-foot home, at 2115 North Watersedge Drive, was owned by local gastroenterologist Dr. Paul Hellstern, and is loaded with such amenities as a home theater, gymnasium and game room (with bar, of course).
The five-bedroom mansion also has a massage room, gourmet kitchen (with heated floors), living and family rooms with fireplaces and waterfront views.
The master bedroom has a sitting area with a private balcony, tiled patio, heated pool and spa. The private back yard as a dock and two boat lifts.
The property was listed by Jim Henkel of Premier Sotheby’s International Realty’s Clearwater office. The buyer was RSJ Real Estate, LLC.
According to MLS sales in Crystal River dating as far back as Jan. 1, 2015, only two homes have sold over $1 million; one in Sept. 2016 for $1.3 million and another in April 2019 for $1.132 million.
“Having listed and sold the most expensive property in Crystal River is a positive sign that real estate is making a strong recovery in the area,” said Jim Henkel, with Premier Sotheby’s International Realty. ”Even during these uncertain times, luxury buyers are still looking for exceptional properties and deals are being made.”
Kevin Cunningham, broker-owner of RE/MAX Realty One, said the sale of the home shows there is a market for luxury homes in Citrus County.
But given the Florida realtors May numbers, there is also a market for homes in more modest-priced brackets.
The median sales price for single-family homes in May was $179,900, up about 5.8% from $169,900 one year earlier, according to Florida Realtors. The median is the midpoint; half the homes sold for more, half for less.
The COVID-19 pandemic resulted in 200 homes being taken off the market in May because sellers didn’t want others coming into their homes, Cunningham said.
That contributed to a lack of inventory that month and boosted prices. With fewer homes available, sellers’ got their asking price.
Citrus County in May had a 2.9 month-supply of inventory of homes for sale, down 31% from last year.
The benchmark for a balanced market (favoring neither seller or buyer) is typically 5.5 months; anything higher than that is traditionally called a buyer’s market. Anything lower favors the sellers.
Even with the virus, pending sales are up 10% over the year and people still want to move to Citrus County, he said.
“It speaks to our area and the beauty of our area,” Cunningham said.