🏠 Tierra Verde Coastal Estate, 5,155 SF, 4/4.5, Elevator, 6-Car Garage, Water Views

Built in 1995 by Matta, this 5,155 sq. ft. custom Mediterranean estate spans three levels of concrete block construction on an 11,570 sq. ft. lot in Tierra Verde. 4 bed / 4.5 bath with an interior elevator servicing all floors, a double-height foyer with curved wrought iron staircase, and an expansive ground floor capable of holding up to 6 vehicles (~3,400 SF). The upper floors feature an open-concept layout with bay and Gulf views through floor-to-ceiling windows, porthole accents, and wrap-around balconies totaling 2,600 SF of outdoor living. Interior is in fully dated 1995 condition throughout — one bathroom has been gutted with water damage visible on exposed framing where a prior renovation was started and abandoned. Tile roof is 20+ years old and requires replacement. AC replaced 6 years ago and functional. Flood Zone AE. No pool.

House Assets:

• Massive footprint (5,155 SF). One of the largest homes in the immediate area. A huge canvas for a luxury flip with an exceptionally high ARV ceiling.
• 6-car garage capacity. The entire ground level (~3,400 SF) is dedicated to parking and storage. A required asset for luxury coastal buyers and a major differentiator vs. standard 2-car homes.
• Elevator. Three-story layout serviced by an interior elevator. A mandatory accessibility and luxury feature for a home of this verticality. Rare in this price tier.
• Tierra Verde island location. Premium barrier island zip code (33715). Minutes to Fort De Soto Park, St. Pete Beach, marinas, and 15 minutes to Downtown St. Petersburg.
• Water views. Bay and Gulf views from the upper floors through floor-to-ceiling windows and porthole accent windows. Wrap-around balconies on both living levels capture views from multiple rooms.
• CBS construction. Three-story masonry block with stucco. Essential for storm resistance and favorable insurance premiums in coastal Pinellas County.
• Custom build by Matta. Curved staircase with wrought iron railing, turret architectural elements, arched windows, grand portico with columns, pavered circular driveway. Not a tract home.
• Newer HVAC (6 years old). Replaced relatively recently, saving a major cap-ex line item for a house of this volume.
• Hardwood floors on upper level. Bedrooms and upper living areas have solid hardwood in decent condition. May only need refinishing, not replacement.
• 2,600 SF outdoor living. Wrap-around decks and balconies with exposed beam ceilings. Needs refinishing but structurally intact.

Repairs Needed (Estimated):

• Roof: Massive house with a 20+ year old concrete tile roof. Full replacement required. Multi-story Mediterranean with turrets adds complexity.
• Water damage/mold remediation: One bathroom fully gutted with exposed framing showing water damage and possible mold on studs. Professional remediation, framing repair, drywall replacement.
• Kitchen: Full luxury gut. Demo 1990s layout (white raised-panel cabinets, laminate counters on curved island, older appliances). Install custom cabinetry, oversized island, quartz or quartzite counters, flagship appliance package (Sub-Zero/Wolf).
• Bathrooms (4.5): Primary suite has sunken jacuzzi with pink/mauve tile, brass fixtures, gold-framed glass shower, bidet, glass block window — all must go. Rebuild as a flagship luxury wet room. Three additional full baths and one half bath also need complete gut and rebuild.
• Flooring: Remove dated tile on main level, refinish hardwood on upper level. Install high-end wide plank engineered hardwood or large format porcelain across main living areas.
• Interior paint & drywall: Full interior paint across three levels with double-height ceilings, repair drywall from abandoned renovation, update trim and baseboards.
• Exterior paint & stucco: Full exterior repaint of the massive block structure and minor stucco patching.
• Decks/balconies: 2,600 SF of outdoor living. Decking is weathered. Refinish, repair railings, reseal.
• Elevator & systems: Elevator servicing, electrical panel updates (1995 original), modern lighting fixtures throughout.
• Plumbing: 1995 original. Inspect for condition. Selective repairs or partial repipe.
• Landscaping & hardscape: Overgrown tropical vegetation. Full cleanup, tree trimming, replanting, exterior hardscape refresh.
• Staircase/railings: Wrought iron refinishing, curved staircase tread attention.

🟣 Comparable Sales (Last 12 Months)

1. 620 Ponce De Leon Dr | 4/4 | 4,414 SF | $1,750,000 Active ($396/SF). Built 2006. Closest in size to subject. 645 DOM — sat nearly 2 years. Reflects the current ceiling for large 4,000+ SF homes before a luxury overhaul.
2. 833 Ponce De Leon Dr | 5/4.5 | 4,636 SF | $3,499,000 Active ($754/SF). Built 1990s. Fully updated luxury estate. Shows the extreme upper ceiling for turnkey coastal product in the immediate area. Best-case reference for what this property could become.
3. 407 8th Ave N | 4/4 | 3,381 SF | $1,299,900 Pending ($384/SF). Built 2003. 52 DOM. Best bed/bath match to subject. The $384/SF level is the key benchmark for larger updated 4/4 product.
4. 816 Ponce De Leon Dr | 4/4 | 3,403 SF | $1,199,999 Pending ($353/SF). Built 1989. 14 DOM. Similar era to subject. Confirms the $350+/SF floor for older, large-footprint homes priced right.
5. 413 8th Ave N | 3/2 | 2,444 SF | $1,225,000 Closed ($501/SF). Built 2001. 4 DOM. Sold in 4 days — priced right. Establishes the $500/SF mark for renovated product on the island.
6. 331 7th Ave N | 4/3 | 2,669 SF | $1,325,000 Closed ($496/SF). Built 1965. 58 DOM. Updated interior pushes near $500/SF despite older vintage.
7. 422 3rd Ave N | 3/4 | 2,093 SF | $1,125,000 Closed ($538/SF). Built 1973. 112 DOM. Highest per-SF closed comp in the set for a highly updated, smaller floor plan.
8. 436 3rd Ave N | 4/3 | 2,323 SF | $1,075,000 Closed ($463/SF). Built 1990. 263 DOM. Same vintage as subject. Confirms renovated 1990s product trades into the mid-$400s per foot, but sat nearly 9 months.
9. 124 Sands Point Dr | 4/5 | 4,005 SF | $2,600,000 Closed ($649/SF). May 2024. Renovated waterfront with dock. Strip the direct waterfront premium (~30 to 40%) and the non-waterfront equivalent is approximately $400 to $455/SF.
10. 289 Monte Cristo Blvd | 3/2 | 1,850 SF | $583,000 Closed ($315/SF). 30 DOM. Smallest and most distressed comp. Baseline floor reference only.

🟡 ARV & Rental Analysis

The Tierra Verde market shows a clear premium for fully updated properties, with renovated homes under 3,000 SF trading at $460 to $538/SF. Larger homes over 3,300 SF face a size discount, hovering between $350 to $396/SF in dated or average condition. The subject’s differentiators — elevator, 6-car garage, water views, 2,600 SF outdoor living, and custom Mediterranean architecture — are unmatched in the current comp set and support pricing above the standard large-home discount.

At 5,155 SF, per-SF price compresses. Applying $400 to $435/SF for a turnkey luxury estate with these features yields an ARV range of $2,062,000 to $2,242,000. The failed listing history ($2.9M to $2M auction) reflects the CURRENT distressed condition, not the renovated potential. The $3.5M active listing at 833 Ponce De Leon confirms there is a ceiling well above $2M for truly flagship product, though the subject is not direct waterfront and will not reach that tier.

Estimated ARV (full luxury renovation): $2,100,000 to $2,250,000 +/-

Conservative underwriting ARV: $2,150,000 +/-

Rental Comps (Tierra Verde 33715):

• 534 Pinellas Bayway | 3/3 | 2,400 SF | $4,500/mo | Furnished luxury condo
• 751 Pinellas Bayway S | 2/3 | 1,800 SF | $3,200/mo | Standard long-term
• Tierra Verde luxury estates | 4,000+ SF | $9,000 to $12,000/mo | Historical avg for turnkey estates
• Seasonal furnished (Oct to May): $4,500 to $4,800/mo for standard product

A renovated 4/4.5 with 5,155 SF, elevator, 6-car garage, and water views would command top-of-market rates.

Projected Rent (annual, unfurnished, renovated): $8,000 to $10,000/mo

Seasonal Rent Potential (furnished, peak): $12,000 to $18,000/mo