O
n June 16, two luxury penthouse condos in the Ritz-Carlton towers at Hammock Dunes sold for a combined $20 million, shattering records in Flagler County. This sale marks the third record-breaking real estate transaction in the county within a year, all of which are connected to Coastal Gateway Real Estate Group, which sold the Ritz-Carlton penthouses. The group's owner, Craig Straky, said that the first condo building is already 20% sold out and believes these luxury sales will have a lasting impact on the Hammock communities.

    Straky has lived in Hammock Dunes since 2006 and owns Coastal Gateway Real Estate Group. He noted that house prices across the country increased by 50-100% since the pandemic, including in the Hammock, where homes now sell for millions of dollars. Kate Gable from One Sotheby International Realty said that high-end properties in Ocean Hammock and Hammock Dunes sold for $1 million to $2 million in the first quarter of 2025.

    Gable attributed the high price points to a cyclical market, stating that homes are not selling as quickly as they did last year. However, she believes the new record-breaking sale will have a positive impact on the market, as people equate the Ritz-Carlton brand with prestige. Luke O'Reilly from Hammock Real Estate Group said that the Hammock experienced a boom in the early 2000s due to speculative buys and was affected by the 2008 market crash.

    The COVID pandemic unexpectedly boosted the real estate market in the Hammock, as people began working from home and could choose to live anywhere. O'Reilly noted that it's now difficult to find properties for less than $1 million, and record-breaking sales further appreciate property values. Straky said that areas traditionally undervalued will eventually increase in value as people move out of larger, more condensed areas.

    Straky also stated that the pandemic has changed what people are looking for in a home, with a desire for less congestion, natural surroundings, and privacy. The Hammock is becoming a hidden gem, he said, and its secret is starting to get out. O'Reilly described the current market as a "standoff," where sellers want to sell at higher prices but buyers are unwilling to pay full price due to homes being on the market for a while.

    Gable noted that Hammock buyers come from high-end markets like South Florida or New York, and can't beat the area's price point. Straky agreed, saying that the Ritz-Carlton sale will have a positive impact on the local market, partly because of its exceptional value in Flagler County.