August 2022 Miller Report by The Miller Report

MILLER REPORT

Amelia Island Luxury Living

August 2022

The

Miller Report

Amelia Island's Only Luxury Real Estate Magazine

Letter From The Editor The Miller Report is Amelia Island's only luxury real estate magazine and is published by the Miller Group of ONE Sotheby's International Realty. This magazine is directly mailed to 4,000 luxury properties on Amelia Island and 1,000 printed copies are distributed at various locations around the island. The Miller Report's goal is to inform our readers about Amelia Island's luxury real estate market, promote local businesses, and celebrate the luxurious yet appraochable lifestyle offered by our community. After all, "luxury" is defined by more than just price. Luxury entails service, quality, and above all else, character. Bringing these aspects in our approach to selling luxury real estate has lead to the creation of this magazine. What started out as a small market update to our clients has evolved into the publication you are reading today. We hope you enjoy this first expanded edition of the Miller Report and look forwarded to reading more from us in the future! Sincerely,

James Miller

About The Miller Group The Miller Group is dedicated to serving the Amelia Island Community and is one of the top producing real estate teams in Nassau County. Our family’s history in the community extends back to 1974 when David F Miller Sr. purchased a Captains Court Villa in the Amelia Island Plantation, moving here permanently in the 80's. David Miller Jr. and his son, James, moved here full-time 2001. David Miller Sr. and Jr. owned a real estate development company that developed a few local neighborhoods but primarily focused on building and operating climatized self-storage facilities throughout the southeast. After graduating from the University of Florida, James spent 6 years in retail sales management before starting the Miller Group real estate sales business in 2016. Since this time, the Miller Group has continually expanded the business by focusing on superior service to their clients and combining their diverse skillsets as a father and son team. They remain actively involved in serving the community beyond their real estate business by supporting the Boys and Girls Club of Nassau County as well as actively volunteering with their homeowner's association. The Miller Group is consistently one of the top producing real estate teams in the Amelia Island luxury market. If you have any questions, please give them a call. James' cell phone number is 904-557-5720. They look forward to serving you and helping you accomplish your real estate goals!

Market Update

Amelia Island

The number of total sales (all property types) on Amelia Island was down by 17% in the first half of 2022 compared to the same time last year. The average sale price increased by 31% between the two periods, bringing the total volume sold during the first half of 2022 to $451M, compared to $416M in the first half of 2021. The number of available properties for sale was down 23% between the two periods. The decrease in the number of sales, combined with an increase in the average sale price is most likely a result of lower inventory paired with consistent demand. The number of single-family-homes sales decreased by 12% while the average price increased by 29%. Total volume of homes sold in the first half of 2022 was $269M compared to $237M in 2021. Inventory of homes for sale was down 22% between the two periods. Again, decreased inventory with rising pricing suggests that demand remained strong and consistent between the two periods. The number of condo sales decreased by 31% while the average price increased by 34%. The total volume of condos sold was $123M in 2022 compared to $134M in 2021. The inventory of condos for sale decreased by 26% which was less of a decrease than the reduction in sales which might indicate the condo market softened between the two periods. Overall, there is much talk of about the real estate market weakening. There is concern over increasing interest rates cooling off the market. We believe that higher interest rates will impact the market, particularly in the second home and investment property market. However, there are other forces at play that will also impact the market. There is still very strong demand for Florida real estate and the First Coast area is just getting discovered by a broader market. We recently attended a regional Sotheby's meeting that covered Palm Coast to Amelia Island and one of the consistent themes each market was experiencing was increased interest from buyers from California and South Florida. Amelia Island is also seeing an uptick in buyers from these markets which traditionally have not been feeder markets for the island. We foresee continued strong demand for Amelia Island real estate which will keep our market busy. Higher interest rates might "cool" the market, but a cooling market from historical highs will mean a more balanced market, but not a weak market. We anticipate continued price increases throughout 2022, even if the rate of increase slows a bit.

Amelia Island

# of Sales 1st Half 2022

# of Sales 1st Half 2021

Avg Price 2022

Avg Price 2021

Median Days On Market 2022

Median Days On Market 2021

All

524

632

$861K

$658K

Single Family Homes

292

330

$922K

$717K

Villas

140

204

$880K

$657K

Lots

$433K

$354K

Market Update

Amelia Island Plantation

# of Sales 1st Half 2022

# of Sales 1st Half 2021

Avg Price 2022

Avg Price 2021

Median Days On Market 2022

Median Days On Market 2021

All

134

$1.39M

$889K

Single Family Homes

$1.95M

$1.21M

Villas

$1.15M

$775K

Lots

$566K

$1.01M

Single Family Homes

# of Sales 1st Half 2022

# of Sales 1st Half 2021

Avg Price 2022

Avg Price 2021

Avg Avg Median Median Price Per Price Per Days On Days On Sq Ft Sq Ft Market Market 2022 2021 2022 2021

Oceanfront

$10.55M

N/A

$888

N/A

247

N/A

Marshfront

$2.04M

$2.68M

$478

$459

100

Golf Course

$2.26M

$1.27M

$506

$353

Wooded View

$1.17M

$1.01M

$427

$354

Long Point

$2.62M

$1.83M

$525

$414

Little Dunes

N/A

$820K

N/A

$338

N/A

Heron Oaks

N/A

The number of sales in the Amelia Island Plantation decreased 45% in the first half of 2022 compared to the same period last year while the average sale price increased by 56%. Total sales volume was $103M in 2022 compared to $119M the prior year. The amount of inventory listed for sale was down 32% compared the previous year. Historically low inventory impacted the the total number of sales while the limited supply of available properties, along with strong demand, increased pricing. 39 Ocean Club Drive closed during this time for $10,550,000 which inflated the average price, however even without this sale, the average sale price of all Plantation properties increased by 42%. We anticipate the real estate market within the Amelia Island Plantation to remain strong. We should see an increase in new listings over the next 6 months, however we anticipate inventory to remain low compared to normal levels.

Villas

2022 1st Half # of Sales

2022 1st Half Average Price

2021 1st Half # of Sales

2021 1st Half Average Price

Beach Walker - 2 Beds

$925K

$475K

Beach Walker - 3 Beds

$928K

$702K

Beach Walker - 4 Beds

$968K

$630K

Beach Wood - 2 Beds

$530K

$338K

Beach Wood - 3 Beds

$669K

$540K

Beachside

$2.04M

$1.51M

Captains Court - 2 Beds

N/A

$720K

Captains Court - 3 Beds

$1.4M

N/A

Club Villas - 2 Beds

$440K

$349K

Club Villas - 3 Beds

N/A

Courtside

$480K

$337K

Dunes Club

$2.74M

$2.6M

Fairway Oaks

$541K

$307K

Fiddler's Bend - 2 Beds

N/A

Fiddler's Bend - 3 Beds

$665K

$493K

Lagoon Villas

N/A

$640K

Linkside - 2 Beds

N/A

Linkside - 3 Beds

$1.01M

$720K

Marsh View Villas

$1.08M

$419K

Ocean Club

$2.8M

$2.21M

Piper Dunes

$1.84M

$1.88M

Sandcastles - 1 Bed

N/A

$420K

Sandcastles - 2 Beds

$925K

$576K

Sea Dunes - 2 Beds

$876K

$815K

Sea Dunes - 3 Beds

N/A

$1.30M

Shipwatch - 2 Beds

$650K

$649K

Shipwatch - 3 Beds

N/A

$710K

Spyglass I

$1.56M

$1.12M

Spyglass II

N/A

$1.30M

Tennis Villas

N/A

$360K

Turtle Dunes - 2 Beds

$963K

$674K

Turtle Dunes- 3 Beds

N/A

Windsong - 2 Beds

N/A

$875K

Windsong - 3 Beds

N/A

Windsong - 4 Beds

N/A

Amelia Island Plantation

Market Update

Summer Beach & South End

Summer Beach

2022 1st Half # of Sales

Average Price 2022

2021 1st Half # of Sales

Average Price 2021

Carlton Dunes

$3.05M

$2.78M

Enclave

$648K

$630K

Golfside Homes

$1.24M

$957K

Harrison Cove Homes

N/A

$588K

Harrison Cove Condos

$506K

$447K

Ocean Place Condos

$1.25M

$1.00M

Ocean Village Homes

$1.04M

$896K

Outrigger

$1.46M

N/A

Preserve Elderberry Townhomes

N/A

$541K

Preserve Estate Homes

$1.15M

$1.09M

Preserve Willet Townhomes

$782K

$687K

River Place Condos

$1.69M

$1.13M

Sailmaker Condos

$674K

$516K

Sea Chase

$1.58M

$1.33M

Seaside & Oceanside Homes

N/A

$623K

Sea Watch

$1.64M

$1.37M

The Landings

$2.23M

$1.60M

The Villas

$618K

N/A

South End

Average Average # of Sales 1st # of Sales 1st Price 1st Half Price 1st Half Half 2022 Half 2021 2022 2021

Amelia Retreat

$1.50M

N/A

Sanctuary

$6.15M

$7.70M

Seaside Retreat

$1.95M

$1.50M

The Residence Condos

N/A

$1.60M

The Residence Homes

N/A

$2.03M

The Miller Group Joins ONE Sotheby's International Realty About ONE Sotheby's International Realty Recently, the Miller Group joined forces with ONE Sotheby's International Realty. In early 2022, First Coast Sotheby's was acquired by ONE Sotheby's International Realty, one of the top Sotheby's franchises in the country and the dominant Sotheby's franchise in Florida. With over 27 offices covering Florida's East Coast, spanning from Amelia Island to Miami and Key Biscayne, ONE Sotheby's International Realty is the premier source for luxury real estate and development opportunities. Since its inception in 2008, ONE Sotheby's International Realty has recruited over 1,300 of the worlds most passionate and well-connected agents. For more than 250 years, the Sothebys name has exemplified the promise of a life well lived, and ONE Sotheby's International Realty's direct affiliation with Sotheby's and Sotheby's International Realty has offered the company unparalleled global reach, an attribute sellers reap the full benefit of as their homes receive prime exposure to a network of more than 25,000 associates in more than 79 countries and territories with more than 1,000 offices. In addition to its luxury brokerage division, the firm also boasts a development sales division representing some of Florida's most successful and prestigious condo developments with a total inventory of over $3.1 billion. Offering committed professionals, backed by a global brand with a heritage of unsurpassed quality, value and trust, ONE Sotheby's International Realty is dedicated to giving extraordinary lives a home to thrive.

Impact On Our Clients The combination of the Miller Group's local presence and ONE Sotheby's marketing prowress are an unbeatable combination. No other local real estate team produces a magazine and no other local publication offers the marketing impact of the Miller Report. With its luxury design and minimal advertisements, the Miller Report markets our listings in a prominent way. No other brokerage has the marketing capabilities offered by ONE Sotheby's. For example, ONE Sotheby's has an exclusive property advertising program at subsidized rates with the leading real estate publications in the world, including the Wall Street Journal, New York Times, Mansion Global, the Robb Report, and many more. This has allowed us to promote our listings to a broader audience which is vital in today's market where buyers are moving to Amelia Island from all over the country. For example, we placed a story about our most recent listing in the Wall Street Journal which received over 89 million impressions! The key to selling luxury real estate is to expose listings to as many qualified buyers as possible. Nobody can do this better than the Miller Group with ONE Sotheby's International Realty!

4 Dunes Court

Offered At: $10,500,000

Quintessential Mediterranean Estate

Reminiscent of a villa on the Amalfi Coast, this Amelia Island oceanfront home embodies the most desirable attributes of a quintessential Italian estate: expansive ocean views, dedicated beach access steps from an unusually gracious terrace, colonnade, balconies, screened loggia with wood burning fireplace, all oceanfront and uniquely private.

4 Dunes Court Tucked away in the private enclave of Dunes Court, this spectacular home offers 6 bedrooms, 7.5 baths, and 7,787 square feet of oceanfront living. An authentic Mediterranean style can be felt throughout the estate, as the owners designed it to look as if the home had been located on the Amalfi Coast for years. This property's quintessential Mediterranean attributes are ubiquitous but shine brightest in the owner's favorite spot: the oceanfront terrace and screened loggia. The ocean view from this outdoor living space is framed by an arched colonnade that flows through the terrace. A dipping pool and/or hot tub anchors the space and provides a serene ambiance. The loggia includes retractable screens, floor tiles imported from France by Wyatt Childs, and a wood-burning fireplace constructed onsite with giant cast stone corbels.

The primary floor (2nd story) was designed to provide all the owner’s wants and needs for a convenient, accessible and incomparable style of living. The great room flows easily to the kitchen, terrace, and loggia. The great room's focus is centered around gorgeous ocean views and balanced by The Chateauroux fireplace by Thierry Francois. The floors are imported French Oak by Wyatt Childs Inc. of Atlanta. The walls on the main floor are Venetian plaster or Jacques Rocks by Ann Sacks of Los Angeles. All wood beams are 100 plus years old and were reclaimed from a mill in New York, specifically for this property. In keeping with the Mediterranean theme, the owner chose casement windows and recessed them in a significant way. All exterior windows and doors were made by Eagle, formerly independent, but now the premium line for Anderson Window and Door. All are hurricane impact resistant to Dade County specifications and are tinted to comply with turtle nesting requirements.

The chef's kitchen includes modern Thermador and Sub-Zero appliances, juxtaposed with the kitchen island which was made from an antique French shopkeeper's cabinet, retrofitted with a marble counter top. The kitchen sink is made of French Limestone, imported from England. The range hood is scagliola stone and was custom carved by Stone Age Designs of Atlanta.

The primary master suite is located on the main floor with easy access to the screened loggia and includes a Japanese soaking tub and outdoor shower with ocean views! The 3rd floor includes 4 bedrooms, 3 of which could serve as master suites and have private oceanfront balconies. The 4th floor is a dedicated guest wing with a bedroom suite, living room, kitchenette, and oceanfront balcony.

The roof is constructed with authentic Centenaria Ground mission barrel tiles by Tejas Borjas imported from Valencia, Spain. The roof structure was reinforced for extra weight to allow the concrete to "ooze" from beneath each roof tile. The home includes five fireplaces built around Isokern systems made from volcanic pumice which is one of the most energy-efficient materials on earth. The HVAC is geothermal which is sourced from well water and very efficient. All four floors are serviced by a residential elevator. This oceanfront estate within Dunes Court is stunning and private. Listed by the Miller Group. Contact James Miller or Dave Miller to schedule a tour. James: 904-557-5720 | Dave: 904-206-0525

43 Ocean Club Drive

Offered At: $15,000,000

Exceptional Modern Estate Nestled among the rolling sand dunes in the premier location on Ocean Club Drive, this spectacular estate offers unparalleled views of the Atlantic ocean. Situated on the “corner” lot without an adjacent home to the north, this property has 100 feet of ocean frontage to the east and 150 feet of greenspace frontage to the north with spectacular 270 degree views.

43 Ocean Club Drive This stunning estate includes 5 levels with 11,445 square feet of conditioned space, 1,506 square feet of unconditioned space, and 5,806 of deck and balcony space. With 7 bedrooms, 11 bathrooms, and unrivaled entertaining space, this home is unlike any other on the island.

The first floor includes a conditioned wine cellar that holds over 5,000 bottles, an audio room acoustically designed for the perfect listening experience (which could be converted into a home theater), and one bedroom currently used as an office.

The second floor offers an openconcept kitchen designed to mirror the space’s serene beach and ocean views. The ceiling and floors flow like waves on the shore. The kitchen cabinets were created by Poggenpohl, the premier luxury kitchen design company based in Germany. The kitchen includes Miele appliances plus two Sub-Zero freezer drawers. The butler’s pantry includes a Hobart professional dishwasher (in addition to two Miele dishwashers in the kitchen.)

The dining room sits just off the kitchen with a custom, built-in table designed so that every seat has an ocean view. This space flows into multiple lounge and living rooms which open to an outdoor deck with an infinity pool, fire pit, and breath-taking ocean views. The second floor also includes a private bedroom suite with a kitchenette and a separate entrance.

The third floor serves as a beautiful guest wing. It includes three bedrooms with ensuite baths, a common room with a bar and lounge space, plus its own laundry room. Every bedroom has an ocean view!

The 4th floor is dedicated to the master suite and wellness spa with breathtaking views throughout. The master bath offers a beautiful soaking tub with ceilingmount waterfall, separate his/ her vanities and water closets, as well as a spacious custom closet. The wellness spa includes a fitness room, sauna, and steam room…all with dramatic ocean views.

The fifth floor includes the 7th bedroom which is currently used as an office, plus a spectacular viewing deck with some of the best ocean views on all of Amelia Island. From this location, you can see the entire “curve” of the island, from the very south end to the north.

This home’s construction is impeccable. The exterior walls on the first two floors are poured-inplace concrete while the exterior walls on the upper three floors are concrete block, with interior rebar and pumped full of concrete inside. All floors are poured concrete with steel tension cables throughout. The house is listed as commercial grade construction by the county and includes a full fire sprinkler system, a 2-inch water main from the street, flush outs in all bathrooms, and no combustible materials on the roof. The exterior is coated with automotive paint which has an extended life over traditional residential paint.

The HVAC is a geothermal cooling system and the first four floors are accessible by a commercial grade Otis elevator. All windows and doors were manufactured in Germany and are up to the strictest hurricane codes. The house is backed up with a large LP generator that was designed to run the house for two weeks in case of a power outage. The home’s wifi is supercharged with 300 mbps internet speed. The home includes a main garage that is conditioned and can easily hold 3 cars along with a secondary garage built to house a golf cart. This is one of the most private and impeccably built homes in Northeast Florida. Co-Listed by James Miller and Joe Cutajar. Contact James Miller or Joe Cutajar to schedule a private tour. James: 904-557-5720 | Joe Cutajar: 904-753-0365

SPRING EVENING IN FRANCE A Boys & Girls Club Fundraiser

The Miller Family and Chef Clay, (Clay Greenhaw), donated a dinner, prepared and served at our home on Amelia Island to benefit the Boys & Girls Clubs of Nassau County. Due to some French connections of the guests, we decided to present “A Spring Evening In France”. Our wonderful guests, Charlie and Cathy Thiaville, Sue Braddock, and Rick and Joanne Astor joined the Millers for a 7 course French inspired meal paired with lovely french wines. The table was set with soft purple and green hues to match some of the dinner's ingredients and each couple received an original painting of The Eiffel Tower by Kathy Miller. Chef Clay describes his menu as Classic flavors of a Parisian Bistro, with a modern twist.

the First Course SEASONAL CANAPÉS

Chilled White Asparagus, Pickled Red Onion, Hard Cooked Egg Yolk, Caviar. Paired with champagne…A.J. de Margerie “Cuvée Spéciale” Champagne, N

The second course “ARTICHAUTS À LA BARIGOULE” Pan-Roasted Fish, Artichoke Ravioli, Basil, Crispy Artichoke Heart. Paired with a white bordeaux…Château Montet, Bordeaux, 2020

The third course LE HOMARD (Lobster)

Morels, Sorrel, Green Asparagus, Vin Jaune “Buerre Blanc”. Paired with Pascal Jolivet “Les Franches, Sancerre, 2020. This was a divine course and to finish we placed the micro greens in the sauce…a great way to eat every bite!

The fourth course

“SOUP A L’OIGNON, GRATINÉE”

Consommé, Caramelized Shallot, “Gougère”, Cipollini, Thyme. Paired with “Antonin Rodet Domaine de la Bressande”, Mercury, 2018 a Pinot Noir from Burgandy. Before the consommé…the Gougère (cheese puffs) were also delicious…

The fifth course “DUO DE “STEAK FRITES”

Seared Onglet, Beurre Maître d’Hôtel, Purée de Pommes de Terre Wagyu Tartare, Quail Egg, Potato “MilleFeuilles”. Paired with Château Tronquoy-Lalande, Saint-Estèphe, 2015. Onglet is the french version of hangar steak. And yes those quail eggs were delicious!

The sixth course LE FROMAGE Chèvre, Pistachio Butter, Baby Lettuces, Micro Greens. Paired with Domaine Brusset Vielles Vignes, Cairanne, 2019

The seventh course “PINTEMPS AU JARDIN” Basil Merengue, Strawberries, Raspberry Coulis, “Fraises de Bois" Sorbet, Purple Basil Blossoms

A big round of applause to Charlie and Cathy Thiaville and Sue Braddock for purchasing the dinner at the Boys & Girls Club Gala with proceeds going to the Boys & Girls Club Nassau! Donated by: Dave & Kathy Miller, Clara Miller, James & Carrie Miller, & Clay Greenhaw

Amelia Island Show Podcast

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HOSTED BY THE MILLER GROUP

The Miller Group James Miller 904-557-5720 jdmiller@onesothebysrealty.com Dave Miller 904-206-0525 dmiller@onesothebysrealty.com