As home prices soar, a growing lack of affordability is pushing Florida closer to the real estate bubble some analysts said is coming.
Active listings in the market are up more than 20% year-over-year, while three cities on the state’s West Coast have been identified as the countries most likely to see prices fall over the next year.
One Florida property that recently came on the market is owned by Britney Spears — the pop star, who was freed from a 13-year conservatorship last November, listed a 3,600-square-foot townhouse in Destin earlier this week.
The three bedroom, 3.5 bathroom apartment is located on the 10th floor of a condominium building and features floor to ceiling windows with indoor ocean views and a balcony with panoramic outdoor views.
The controversial Spears Family Condo
Spears, who bought the property for $920,000 at the height of her fame in 2001, is now looking to sell it for $2 million.
Broker.com
As is often the case with celebrity sales, the seller was listed through a limited liability company called Bridgemore Timber LLC, but as Realtor.com first reported, the company is often used for the Spears family’s real estate transactions.
Corcoran Reverie’s Rob Augustine is the stockbroker representing the property.
Aside from offering expansive views of the Gulf, the Destin condo also boasts a somber family history.
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After a public meltdown placed Spears under the supervision of her father, Jamie Spears, in 2008, the pop star lost the right to decide everything from her finances to her ability to have another child.
During this time, Spears’ younger sister, Jamie Lynn Spears, had often said that she did not use or benefit from Britney’s fortune, which is estimated to be around $60 million. As the “Free Britney” movement began to take off, fans spotted a 2015 tweet in which Jamie Lynn said that “we have a condo in Destin.”
Many criticized it, since the elder Spears bought the condo independently after hitting hits like “Baby One More Time” and “Oops! I Did It Again” had achieved world fame. Jamie Lynn Spears later said publicly that she wasn’t the one who owned the condo.
Exempted from the conservatory, Spears promptly married his friend Sam Asghari and listed the condo. If she gets what she asks for, she’ll have nearly double what she put in in 2001.
Luxury real estate and Florida go hand in hand
The Spears condo is relatively modest compared to the multimillion-dollar real estate transactions made by both celebrities and private equity moguls in South Florida.
In June 2021, German entrepreneur Ernst Langner sold a 16,000-square-foot mansion in Palm Beach for $103 million while Oracle (ORCL) Co-founder Larry Ellison recently paid $145 million for a North Palm Beach property just weeks after buying a nearby $173 million property.
Destin, on the other hand, is located in Northwest Okaloosa County and is more popular with football players and country singers. The Jim Carrey film The Truman Show was filmed near Spears’ Destin home in the 1990s.
With a population of over 21 million, Florida is a state whose real estate market varies significantly by location. Super popular celebrity enclaves have seen some market cooling simply due to the ever-higher price tags being listed during the pandemic.
In Oskaloosa, on the other hand, the average single-family home rose 9.6% to $485,000.
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