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Score

Miramar Beach, FL

2076 Scenic Gulf Dr UNIT 4005

649K

3 beds

2 baths

1,106 sqft

3 bd • 2 ba • 1,106 sf

This analysis was generated on 1/26/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$649,000

Price/Sq.Ft

$587

Year Built

1999

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• Prime Location: The top-floor condo boasts stunning gulf views from the balcony and provides direct access to a gated beach, enhancing its desirability for both personal use and rental potential. • Turn-Key Ready: Being sold fully furnished with quality furnishings, the condo is ready for immediate occupancy, saving buyers time and additional expenses. • Recent Updates: The unit features recent upgrades, such as LVP flooring and tile, which contribute to its modern appeal and reduce the need for immediate renovations. • Community Amenities: Ciboney offers deeded beach access, a pool, tennis and pickleball courts, and a BBQ area, providing residents with various recreational options. • Convenient Access: An elevator provides easy access to all floors, making it convenient for all residents, including those with mobility challenges. • Strong Rental Potential: With a 3-bedroom layout and desirable amenities, the condo is well-positioned to attract vacation renters, potentially yielding high rental income. • Proximity to Dining and Shopping: The property is located near popular restaurants and shopping centers, enhancing the overall convenience and appeal for buyers.

The Bad

• High Price Per Square Foot: At $586.80 per square foot, the condo is priced above the average for similar properties in Miramar Beach. This could deter buyers seeking more value for their money. • Smaller Living Space: With only 1,106 square feet, the condo might be considered small for a 3-bedroom unit, especially for families or those needing more space. • Long Days on Market: The property has been on the market for 283 days, which is significantly longer than the average, potentially raising concerns about its desirability or pricing. • Multiple Price Reductions: The listing has seen multiple price decreases (approximately 7.1% from the initial listing price), which may suggest that the property was initially overpriced or that the market is softening. • Building Age: The condo was built in 1999, which means it may have older systems and appliances, potentially requiring future maintenance or upgrades, despite the recent exterior refresh.

The Ugly

• Extreme Heat Risk: The property is located in an area with an extreme heat risk (10/10), with temperatures reaching 103°F. This could lead to high utility costs for air conditioning and potential health concerns during the summer months. • Extreme Wind Risk: The property has an extreme wind risk (9/10), which requires critical insurance coverage. This could lead to high insurance premiums and potential damage during storms. • Potential for Tourist Season Disruptions: Being in a popular tourist destination, the property may experience noise and traffic issues during peak seasons, which could impact the enjoyment of the property for owners and renters. • Uncertainty of Future HOA Fees: While the current HOA fees include many services, the specific cost is not stated, and potential increases need to be considered. This is especially critical given the building's age and maintenance needs. • Potential Maintenance Costs: The building was built in 1999 and despite recent exterior refresh, the age of the building may lead to unexpected maintenance costs or repairs, especially for older systems and appliances.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• Vacation Home Buyers seeking a fully furnished, turn-key condo with direct gulf views and beach access. The property is ready for immediate use and enjoyment, making it ideal for those looking for a hassle-free second home. • Short-Term Rental Investors aiming to capitalize on the robust tourist market in Miramar Beach. The condo's location, amenities, and 3-bedroom configuration make it highly appealing to vacationers, potentially generating strong rental income. • Buyers comfortable with a higher price-per-square-foot for a premium location. While the $586.80/sqft is above the area average, the beachfront location and recent upgrades justify the price for buyers prioritizing views and convenience. • Those valuing community amenities and recreation. The property's access to a pool, tennis and pickleball courts, and a BBQ area provide ample opportunities for leisure and social interaction.

Not For

• Budget-Conscious Buyers seeking a lower price-per-square-foot. The property's $586.80/sqft exceeds the average for the area, making it unsuitable for those prioritizing affordability over location or amenities. • Buyers requiring larger living spaces. At 1,106 sqft, this condo is smaller than many single-family homes, and may not be adequate for larger families or those needing more space. • Buyers sensitive to noise and traffic. The property's location near popular tourist attractions may result in increased noise and traffic during peak seasons, which may not be ideal for those seeking quiet and privacy. • Buyers with concerns about long Days on Market (283). The extended time on the market may raise concerns about the property's desirability or pricing, which may deter some buyers.

Demographics

Area Median Income

$74,683

Property History

Price History

Ownership Timeline

$0Financed

May 26, 2023

John Mesko, Susan MeskoSusan Mesko

Intrafamily Transfer

Non-Arm's Length Transactions

$585,000Cash Purchase

Nov 10, 2021

Pods Real Estate Investment LlcJohn Mesko, Susan Mesko

Warranty Deed

Standard Sale (Purchase/Resales)

$340,000Cash Purchase

Jan 28, 2020

Michael E Bennett, Denise C BennettPods Real Estate Investment Llc

Warranty Deed

Standard Sale (Purchase/Resales)

$249,900Financed

Jun 20, 2013

Eugene J Zimmerman, Davina S ZimmermanMichael E Bennett Sr, Denise C Bennett

Warranty Deed

Standard Sale (Purchase/Resales)

$310,000Financed

Mar 24, 2004

Michael S Haddad, M Kay G HaddadEugene J Zimmerman, Davina S Zimmerman

Warranty Deed

Standard Sale (Purchase/Resales)

Property Taxes

$3,706

2023 Tax Assessment

14.7%from previous year

Assessed Value$383,368

Tax Rate0.97%

Sunlight Analysis

Visualize how sunlight affects this property throughout the day and year.

Sunlight Analysis

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Risk Assessment

Climate Risks

heatSEVERE

7 extreme heat days per year

98th percentile: 103°F

windSEVERE

Insurance: Required

airMINIMAL

0 bad air quality days per year

floodMINIMAL

FEMA Zone: Minimal Risk Area

Insurance: Optional

fireMINIMAL

Insurance: Optional

Risk Analysis

• High Wind Risk: The property has an extreme wind risk (9/10), requiring critical insurance coverage. This could lead to higher insurance premiums and potential damage during storms. A detailed windstorm insurance quote is essential. • Long Days on Market: The property has been on the market for 283 days, which could indicate an overpricing issue or a mismatch with buyer preferences. Potential buyers should investigate the reasons for the long listing period. • Price Reductions: The series of price reductions (approximately 7.1% from the initial listing price) may suggest an unstable market or an initial overvaluation. This raises questions about the property's true market value. • Potential for Tourist Season Impacts: The property's location in a tourist area could lead to increased noise, traffic, and crowding during peak seasons. This could impact the owner's enjoyment of the property and may require additional management of short-term rentals. • Age of the Building: Built in 1999, the building may require more maintenance compared to newer constructions. While the exterior has been refreshed in 2024, potential buyers should consider the age of the building's systems and appliances.

Insurance

Annual Cost

$2,336

$195 per month

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Schools

Van R. Butler Elementary School

Public•Grades K-5

7/5

Elementary

7.3 mi

Get more information on GreatSchools

Emerald Coast Middle School

Public•Grades 6-8

6/5

Middle

16.1 mi

Get more information on GreatSchools

South Walton High School

Public•Grades 9-12

8/5

High

12 mi

Get more information on GreatSchools

Financials

Monthly Costs

Market Rent (3 bed)

$2,060

Get a detailed estimate on Zillow®

HOA Fee

$715

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Location & Comparables

Subject Property

Comparable Sales

View on Zillow

Subject Property

Price

$649,000

Price/sqft

$587

Layout

3 bd•2 ba

Days on market

282 daysat time of analysis

Stats in the Area

Based on 6 comparable properties nearby

Average Price

$694,667

6.6%

Your price is 6.6% below average

Median Price

$735,000

11.7%

Based on 6 recent sales

Price per Sq.Ft

$605

3.0%

Your price is 3.0% below average $/sqft

Comparable Properties

Address	Price	Sq.Ft	Beds	Baths	$/Sq.Ft	Sale Date
1160 Scenic Gulf Drive #A311, Miramar Beach, FL 32550	$735,000	1,139	2	2	$64510.0%	12/6/2024
1160 Scenic Gulf Drive #A311, Miramar Beach, FL 32550	$735,000	1,139	2	2	$64510.0%	12/5/2024
1200 Scenic Gulf Drive #B311, Miramar Beach, FL 32550	$735,000	1,139	2	2	$64510.0%	12/2/2024
1200 Scenic Gulf Drive #B311, Miramar Beach, FL 32550	$735,000	1,139	2	2	$64510.0%	10/21/2024
2410 Scenic Gulf Drive #202C, Miramar Beach, FL 32550	$650,000	1,286	2	2	$50513.9%	11/22/2024
1096 Scenic Gulf #403, Miramar Beach, FL 32550	$578,000	1,069	2	2	$5417.9%	10/6/2024

1160 Scenic Gulf Drive #A311, Miramar Beach, FL 32550

Price: $735,000

Sq.Ft: 1,139

Beds/Baths: 2/2

$/Sq.Ft:

$64510.0%

Sale Date: 12/6/2024

1160 Scenic Gulf Drive #A311, Miramar Beach, FL 32550

Price: $735,000

Sq.Ft: 1,139

Beds/Baths: 2/2

$/Sq.Ft:

$64510.0%

Sale Date: 12/5/2024

1200 Scenic Gulf Drive #B311, Miramar Beach, FL 32550

Price: $735,000

Sq.Ft: 1,139

Beds/Baths: 2/2

$/Sq.Ft:

$64510.0%

Sale Date: 12/2/2024

1200 Scenic Gulf Drive #B311, Miramar Beach, FL 32550

Price: $735,000

Sq.Ft: 1,139

Beds/Baths: 2/2

$/Sq.Ft:

$64510.0%

Sale Date: 10/21/2024

2410 Scenic Gulf Drive #202C, Miramar Beach, FL 32550

Price: $650,000

Sq.Ft: 1,286

Beds/Baths: 2/2

$/Sq.Ft:

$50513.9%

Sale Date: 11/22/2024

1096 Scenic Gulf #403, Miramar Beach, FL 32550

Price: $578,000

Sq.Ft: 1,069

Beds/Baths: 2/2

$/Sq.Ft:

$5417.9%

Sale Date: 10/6/2024

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