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The 4,750-square-foot home at 8808 1st Ave., in Stone Harbor sold for $12 million — making its sale the highest for residential, single-family listings in Avalon and Stone Harbor, listing agent Nicholas Giuffre of Compass Real Estate tells Daily Voice.
Previously, the most expensive single-family home sale was in October 2022, for a house on 170th Street in Avalon. That home closed at $11.885 million, Giuffre said.
According to Giuffre, developers purchased the 1st Avenue lot for $5.1 million in November 2020, with the intention of building the new construction and selling it.
The fresh-faced home complete with five bedrooms, six bathrooms, an in-ground pool and hot tub, and large backyard with a massive cabana was on the market for just under one year — with an initial asking price of $13.9 million — before it sold on May 31 for $12 million.
Giuffre agrees, that's certainly a lot of money for a vacation home. But he says, it's the investment.
"It's hard to wrap your head around spending that kind of money on a house you're going to use two months of the year," the realtor said. "It's a safe place for people to park their money.
"Avalon and Stone Harbor have historically held their value... We're selling a financial instrument to clients... and for them to enjoy the assets, as well."
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