Ponte Vedra Beach’s most desirable neighborhood, Old Ponte Vedra, continues to undergo a transformation, with the areas “oldest” homes — most circa 1970 – being torn down with custom new homes taking their place.
If you drive around, you will see any number of new homes going up, and renovations are aplenty. Why the trend? Location, location, location. The beach is right there. The beach clubs, including the Ponte Vedra Inn & Club, the Lodge & Club, and the Cabana Club are right there. And it’s a super central location with quick access to Butler Blvd and Jax Beach.
Here’s a look at the number of demolition permits that have been filed over the last few years.
New Construction in Old Ponte Vedra
|# Of Demo Permits
So last year, there were demo permits filed for 13 homes, which means 13 new, custom homes were built or are in process of being built.
These numbers include Old Ponte Vedra Beach proper – East of A1A and North of Corona, including Ponte Vedra Boulevard through the 500-block. It also includes Seaview Park, the neighborhood between A1A and Lemaster/San Juan. Seaview Park has smaller lots and carries a lower price tag than Old Ponte Vedra, but it has become prime real estate as well due to its proximity to the beach and the Ponte Vedra Inn & Club. Given that, it too represents the East of A1A/Old PV craze and loosely fits.
You can’t just look at demo permits and understand the whole picture though, as some massive renovations have taken place. It’s hard to pin down interior renovations, but here is a look at the number of permits filed for additions in the same area since 2014.
Renovations with Additions in Old Ponte Vedra
|# Of Residential/Addition Permits
Let’s take a subset and just look at Pablo Road as an example. Since 2014, 7 demo permits have been filed. So, you are looking at 7 new custom homes that have been added to the mix. And as far as renovations with additions go, there have been 7 significant (square footage added) renovations on Pablo Road. When you consider there are 64 homes total on Pablo, that’s an impressive 22% change in inventory in five years.
What Are Current Home Prices in Old PV?
With the building trend, we have and will continue to see higher prices. Buyers should plan to pay upwards of $2M for a smaller fully-renovated home in Old Ponte Vedra proper. Older and smaller renovations will garner a lower list/sale price. See 18 Solana Road, as an example of a fully renovated home. Here’s a look at what is currently on the market: Old Ponte Vedra Homes for Sale.
How does this happen? Construction is expensive. Land is scarce. And you have a love of the location.
What is the Price Per Foot Build Cost in Ponte Vedra Beach?
What are build costs these days? I asked several contractors in the area, and the most popular answer is upwards of $300 a square foot for a custom home, with $350 per foot being the most popular answer. Architect Nick Renard echoed that. “$300+ is the average, but it all depends on the complexity of the home, and of course, the finishes,” he said. “Material costs have gone up significantly in the last few years, which makes the base cost higher than it was a few years ago.”
What Does Land Cost in Old Ponte Vedra or a Fixer?
As far as land goes, in 2018, there were a few lands sales over $2M in Old Ponte Vedra. A buyer should expect to pay somewhere between $1M at a low and up to $2M+ for dirt or a sizeable renovation project. The $2M price represents premium dirt, be it lot size, proximity to the beach/Inn & Club or view. The $1M price point would represent a smaller interior lot.
As one might expect, Oceanfront dirt is a whole different ballgame. For example, North of the Ponte Vedra Inn & Club, the most coveted stretch of PVB real estate, runs about $48,000 per front oceanfront foot.