The sale of the Peter Bay Point home Presidio del Mar, above, for $12 million is the biggest sign that the St. John real estate market is on an upswing.
Presidio del Mar, the sprawling Peter Bay point lot estate with six bedrooms, each with en suite bathroom and veranda, has sold for $12 million.
The Virgin Islands Recorder of Deeds lists the new deed grantee as Stephan H. Deckoff as of August 19.
The home, built on 1.63 acres by former Qualcomm exec Robert Blakeney, was completed in 2008. It was originally listed by Holiday Homes on January 15, 2009, for $32 million, according to the St. John Multiple Listing Service. The price never changed during its 529 days on the market, and the listing with Holiday Homes ended on June 28, 2010.
Presidio was listed for sale less than a month later on July 19, 2010, by Diana Beam, broker/owner of RE/MAX Island Paradise Realty, at $24.95 million. By the time the home went into contract approximately one year later, its listing price had dropped to $18.95 million. The final sale price was $12 million, according to the St. John MLS. Beam handled the sale.
“The new owners were attracted to the stunning views of Peter Bay, surrounding cays and the turquoise waters of the Caribbean,” said Beam in a written press release. “The landmark home, with its 648 feet of pristine shoreline, has detailed craftsmanship and extensive finished outdoor space with a tiled, heated pool and a poolside bar.”
The home was featured in a 2010 episode of the Real Housewives of New York City, when the housewives stayed at Presidio during a Virgin Islands vacation.
Beam utilized an extensive international marketing plan during Presidio’s year on the market with her, she explained.
“The home was seen by many potential buyers through printed publications, a dedicated web site, four-page color brochure, an internet video and DVD and mass mailings to real estate agents and rental companies,” said Beam.
Blakeney purchased the Peter Bay point lot in 1999, and took extraordinary measures to prevent runoff and make the site as eco-friendly as possible during the years-long construction process. In addition to hosting the Real Housewives, Presidio del Mar was the site of the 2009 Friends of the V.I. National Park gala.
The $12 million sale represents an upswing in the St. John market, which had grown stagnant following the 2009 world-wide economic collapse.
“The market on St. John is on the upswing, with a 25 percent increase in home sales so far this year,” said Beam.
The sale of Presidio fell $2 million short of the Peter Bay sales record. In 2007, real estate broker Debbie Hayes sold a four-bedroom, four-and-a-half bath home on 2.8 acres for $14 million. The gated-community home was formerly owned by Starfish Market owner David Mugar.