Miller Report Spring 2023

MILLERREPORT

The MillerReport

LetterFromTheEditor

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 luxury properties on Amelia Island with the goal to inform our readers about Amelia Island's luxury real estate market, promote local businesses, and celebrate the luxurious yet approachable 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 the Spring 2023 Issue of the Miller Report and look forwarded to reading more from us in the future!

Sincerely, James

AboutTheMillerGroup

Miller

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 in 2001. David Miller Sr. and David Miller 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 Clubs of Nassau County 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!

The number of total sales (all property types) on Amelia Island was down by 26% in 2022 compared to the previous year. However, the total volume of properties sold was only down 2.5% for the same time period thanks to increased prices As compared to 2021, inventory available for sale was lower during all months in 2022 except for December, which was a major contributing factor in the reduced number of sales

The average sale price increased by 31% for all properties in 2022 compared to the previous year 2022 saw the record for the most expensive home sold in Nassau County broken three different times First, with a home that sold for $10,550,000 in June Then with a home that sold for $11,450,000 in July And finally, with a home that sold for $13,350,000 in October Although these sales contributed to the increase in average pricing, they were not the only reason for the increase If the outliers are removed, (properties sold for over $7 million and properties sold for under $200k), the average sale price still increased by 26% between the two years

The drop in the number of overall sales between the two years occurred mostly in the lower price points The number of sales of condos and homes below $600k dropped by 51% The number of sales of condos and homes priced between $600k and $1M stayed about even while the number of $1M plus sales had an increase of 25% The large decrease in the number of sales priced under $600k was partly due to increased interest rates In this category of properties, the number of buyers paying cash increased from 39% of sales in 2021 to 52% in 2022, which suggests that a percentage of buyers who sought financing decided not to purchase. However, the bigger reason for the reduction of sales in this category was a huge decrease in the number of properties available for sale. Inventory in this category (properties priced $600k and under) was down 49%.

The luxury market experienced an increase in demand during 2022 as evidenced by the 25% increase in the number of sales priced over $1M. And this increase cannot be explained by an increase in inventory. There were more condos and homes priced between $1M and $1.5M for sale in 2022 compared to 2021 as well as a sales increase in that category However, the inventory level of properties priced $1 5M and above was the same, if not lower, in 2022 compared to 2021, and there was still a 29% increase in the number of sales This trend has continued in 2023, with a 25% increase in the number of sales of condos and homes priced over $1M through February although inventory in the category was also up during the same period Higher interest rates have not had a major impact on the number of luxury sales on Amelia Island Stay tuned to the Miller Report to see what happens as 2023 continues

MarketUpdate

AmeliaIsland Plantation

The number of sales in the Amelia Island Plantation decreased 39% in 2022 compared to 2021. Condos experienced the biggest decrease with a 46% reduction in the number of sales. Inventory certainly had an impact as 2022 inventory was down 17% compared to the previous year The average sale price increased by 50% This large increase was partly due to the sale of two oceanfront homes priced over $10m. But even if you remove these sales, the average sale price still increased by 37%. The percentage of cash sales increased from 55% in 2021 to 65% in 2022 most likely in response to increased interest rates. In 2023, inventory still remains historically low although the number of properties available for sale is starting to increase following the normal cycle of sellers wanting to list in the spring For now, there appears to be sufficient demand to keep inventory at low levels which should keep prices stable if not push them slightly higher

MarketUpdate

TheMillerGroup&ONE Sotheby'sInternationalRealty

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 ONE Sotheby’s International Realty prides itself in being at the forefront of innovation - delivering ideas, tools, technology and marketing that push the boundaries within our industry Our commitment to providing the highest caliber of expertise and dedication to each transaction sets us apart as we continue to raise the standard of excellence Our global and local presence, combined with our unmatched resources, propel us as leaders in today’s real estate market ONE Sotheby's was voted the #1 luxury real estate brokerage in Florida by Luxury Lifestyle Magazine and we're the #1 growth leader nationwide For more than 250 years, the Sotheby's name has exemplified the luxury service, and ONE Sotheby's International Realty's direct affiliation with 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

AboutONESotheby'sInternationalRealty ImpactOnOurClients

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 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 one of our listings 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!

Naturehoods

A Global Trend Where The Great Outdoors Is A Top Amenity

It took a pandemic, the surge of remote work, and a feeling of disconnect with busy city life to send luxuryproperty buyers across the globe to the great outdoors or more specifically, residences with easy access to nature. Now, pockets of desirable green areas for residential developments have been coined “naturehoods,” which can include properties with nearby forests, mountains, beaches, a flourishing yard, or even a great community garden.

Savvas Savvaidis, President and CEO, Greece Sotheby's International Realty

“During the global pandemic, we noticed an increased desire to disconnect from busy lifestyles and re-establish meaningful connections with nature. Properties nestled in lush nature or rural areas have enjoyed increased interest,” says Savvas Savvaidis, president and CEO, Greece Sotheby’s International Realty “Natural and pristine surroundings and authentic locations have always fascinated residents who traditionally inhabit urban communities, but the pull is now much stronger” In Greece, such developments have sprung up in Hellinikon, a beautiful suburb in southern Athens close to the waterfront. Neighboring areas such as Glyfada are vibrant and lively hubs, with great restaurants and bars for entertainment and culture, according to Savvaidis Hellinikon is expected to be a beacon for sustainable living in Greece, with buyers tending to be midcareer business people with families looking for a healthier lifestyle, says Savvaidis

It’s no surprise that healthy lifestyles became a high priority for many since the pandemic hit in 2020 “These shifts have had a global impact and the face of urban living is changing for good,” Savvaidis says As a result, homes with easy access to kayaking or trails for hiking, biking, and running have gained popularity In New Zealand, where nature has always been a priority, buyers are turning to naturehoods as a permanent living arrangement due to advances in technology, according to Myles Green, projects and developments manager, New Zealand Sotheby’s International Realty

“Properties nestled in lush nature or rural areas have enjoyed increased interest.”

Remote areas in New Zealand that are increasingly more self-sufficient, such as Queenstown, Wanaka, Arrowtown, and Cardona, are performing particularly well as naturehoods with strong sustainability initiatives, Green says Such residential developments often rely on natural timber, stone, and large windows to welcome the spectacular views of the surrounding area, Green says Natural landscaping of indigenous species surrounds these homes These developments are particularly popular with affluent urbanites looking for a getaway, change of lifestyle, family retreat, or a legacy purchase, Green adds

supply chain concerns and greater focus on lifestyles have also brought attention to the support local farming and the ability for nities to have food independence ds, which are planned developments that n communities sustained on locally grown e, have also gained traction in certain of the world

tally, we are seeing these global trends our local market here on Amelia Island The ity of the Amelia Island farmer's market is indication But the continued success of ms like Traders Hill Farm and the Blueberry are also signs that the Amelia Island nity is yearning for reliable, healthy foods

How can residential neighborhoods take advantage of these trends? Starting small by investing in a community garden would be a great beginning omeowner associations could designate sed common areas for community gardens beds would be a great way to create an ically pleasing garden Residents could a particular raised bed or even "rent" them e HOA Communities that want to become about investing in their own gardens could ardener to oversee operations The staffing uld be offset by selling excess produce to staurants Larger communities like the sland Plantation could work with the Omni, eady operates their own garden, or the sland Club to grow food that could be n their restaurants Townies Pizza is a great e of a local business creating their own to source ingredients

Communities who want to take advantage of these trends but do not want to go as far as investing in their own farm-like garden can focus on enhancing their resident's access to nature by investing in their "nature amenities" Parks, walking trails, kayak storage, beach access, are all common amenities that should be regularly maintained and should be included in a community's asset-reserve study so that adequate funds can be designated for upkeep of these important amenities It is reasonable to expect the "naturehood" trend to continue in the coming years. Amelia Island is fortunate to be surrounded by an abundance of natural beauty, from our beaches to our marshes and oak trees Protecting this natural advantage will become vital as the island and Nassau County continue to grow in popularity Residential communities can do their part by embracing the "naturehood" concept and finding ways to promote a nature-focused lifestyle

*The international parts of this story were taken from Sotheby's International Realty's Luxury Outlook

6520SpyglassCircle ACondoWithUnrivaledSpace

6520SpyglassCircle

Have you ever thought of simplifying your life by downsizing from a single-family home to a condo but you worry the space would be too small? Worry no more! Introducing 6520 Spyglass Circle in the lovely Amelia Island Plantation. What makes this condo so unique is its unbelievable entertaining and outdoor space. Not only does this condo include 3,364 square feet with 4 bedrooms and 4.5 baths, it also has unrivaled patio and balcony space totaling 2,413 square feet. The east-facing patio opens to a fenced yard which is perfect for pets and the west-facing patio provides an expansive setting for outdoor dining and entertaining Spyglass II is the newest condominium in the Plantation and this spectacular condo was extensively remodeled by Julia Hall Interiors Complete with 2 dedicated parking spaces in the underneath garage, this condo is the perfect property for those looking for the ease of condo life but who want the comfort of spacious, full-time living.

The living area is open and ready for entertaining! It was expanded from the original footprint to include a beautiful bar complete with custom cabinetry, two Thermador wine coolers (one for reds and one for whites), SubZero freezer and refrigerator drawers, a functional sink, quartzite counters, and a gorgeous wallpapered background The living area also includes a gas fireplace and a floor plan that seamlessly flows out to the east-facing covered patio and fenced lawn.

The kitchen was personally designed by the owner, who is a professionally-trained chef, to accommodate every culinary need. The custom cabinetry extends from floor to ceiling, offering spacious storage space. The white quartzite counters create a sleek and sophisticated look yet are easy to keep clean. The top-of-the-line appliance package includes a SubZero refrigerator, Thermador induction stove, plus a Thermador oven and steam oven The kitchen floor plan is not only open to the main living area but also opens to the beautiful dining room and expansive west-facing patio.

With over 2,400 square feet of patio and deck space, the stunning Florida lifestyle offered by this condo is unrivaled With covered and uncovered spaces, there are plenty of spots to dine outdoors, bath in the sun, and enjoy cool ocean breezes The eastfacing patio extends out to a fenced-in lawn which is perfect for pet owners!

The spacious master suite was extensively remodeled with stunning light fixtures, dual vanities, handpainted wall finishes, a spa-like shower, and his/hers closets

This beautifully renovated condo is located within the Spyglass II building which is the newest condominium in the Amelia Island Plantation Spyglass II does not allow shortterm rentals making it the perfect location for residents seeking a quiet and serene atmosphere. The lovely pool-scape includes a heated pool and hot tub with two private beach access boardwalks The Spyglass community is separately gated within the Amelia Island Plantation and is within walking distance to the Amelia Island Club's Ocean Clubhouse This condo comes with 2 dedicated parking spots in the garage underneath the building. The condo is accessible by two commercial-grade elevators. There is only one other condo on the island with a similar floor plan so this is truly a unique opportunity to have a single-family home feel combined with easy condo living! 6520 Spyglass Circle is offered at $3,100,000. For a private tour of this wonderful property, please contact James Miller or Dave Miller.

LeadersInLuxury TheMillerGroup

TheRealtorsWithTheHighestAverageSalePriceInThePast12Months

4DunesCourt

OfferedAt: $9,975,000

Quintessential Mediterranean Estate

Stunning views of the Atlantic Ocean abound from one of the most private oceanfront homes on Amelia Island. Introducing 4 Dunes Court which embodies the most desirable attributes of a quintessential Mediterranean estate: expansive ocean views, dedicated beach access steps from an unusually gracious terrace, colonnade, balconies, screened loggia, all oceanfront and uniquely private.

4DunesCourt

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 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

delivering ideas, tools, technology

marketing that push the boundaries within our industry. Our commitment to providing the caliber of expertise and dedication to each transaction sets us apart as we continue to raise the standard of excellence. Our global and local presence, combined with our unmatched resources, propel us as leaders in today's real estate market.

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HOSTED BY THE MILLER GROUP

A GALA TO REMEMBER

The Boys And Girls Club of Nassau County's 16th Annual Benefit

The 16th Annual Benefit for the Boys and Girls Clubs of Nassau County was an evening spent supporting the youth of Nassau County and what a resounding success it was From a fabulous silent auction to an outstanding concert by world-renown pianist, William Joseph, the gala exceeded all expectations.

The evening began with patrons filling the halls of the Ritz Carlton. Ladies dressed in elegant gowns and gentleman sporting debonair suits or tuxes stopped for a quick photoshoot before making their way into the event.

Once inside the event, guests were treated to a lovely dinner prepared by the chefs at the Ritz Carlton and an open bar

The foyer was decorated with fabulous silent auction items generously donated by individuals and businesses in our community A few highlights included beautiful paintings by local artists, delicious fine wines, sparkling diamond-studded jewelry, autographed memorabilia, and fantastic vacations.

During dinner, Jim Clark, CEO of the Boys and Girls Clubs of America, spoke about the growing difficulties facing today's children and how the Boys and Girls Clubs of America are providing safe places for kids to grow and develop into model citizens

Ann Moser, President of the Boys and Girls Clubs of Nassau County Foundation, recognized all the amazing patrons in our community who volunteer their time and donate their money to support the local youth.

Two local Boys and Girls Club attendees, Paisley Johnston and Loreya Poindexter, presented during dinner. Loreya spoke about the role the Clubs have played in her development and Paisely showcased her budding vocal talent by singing "I'm Proud To Be An American".

A famous Boys and Girls Club Alumnus from Nassau County, Derrick Henry, spoke to the crowd via video about the impact our local Clubs had on his development.

Just after dessert, the annual "Fill The Heart" campaign was kicked off by James Miller, the emcee for the evening This was a fun, fast-paced and interactive donation campaign that allows patrons to donate live via their phones. The goal for this campaign was to raise $75,000 but the generosity of our community shown brighter than ever and over $130,000 was raised in less than 20 minutes.

The evening was capped off by an outstanding concert by William Joseph who is a nationally-known pianist, recording artist, and Boys & Girls Clubs alumnus. As a child prodigy, Joseph began writing music for solo piano at the age of five. Soon, his remarkable, early talent was recognized throughout Phoenix, Arizona where he grew up. After earning a prestigious national music scholarship through the Boys & Girls Club of America, he began studying with Russian master pianist Stella Saperstein, of the famed Leningrad Conservatory in Russia William and his accompanists dazzled the crowd with beautiful renditions of classic songs and shared his story about how the Boys and Girls Clubs changed his life.

Thank you to everyone who contributed their time and money to making this event an extremely successful fundraiser for the Boys and Girls Clubs of Nassau County. All of the funds raised during the event stay in this county and help fund the operations of our Boys and Girls Clubs If you have not attended this event in past, you don't want to miss next year's gala! The date for the 17th Annual Benefit, to be held in 2024, has not yet been determined Stay tuned to the Boys and Girls Clubs of Nassau County's website to find out next year's date and be ready to mark your calendars for one of the island's best events for one of the county's most important causes.