Kaiya Is Still Being Finished. What Is a Buyer Actually Paying For?
October 15, 2026
October 15, 2026
Kaiya's own Ownership page lists four Strand Villas. Each has four bedrooms, four baths and 3,618 square feet. The asking prices are $8,000,000, $8,500,000, $9,300,000 and $11,500,000. The floor plan is the same in all four, and the most expensive unit is listed $3.5 million above the least expensive.
That spread explains how pricing works in this community. A Kaiya residence carries two premiums that a regional median can't show. One is the home's position within a 173-unit master plan. The other is a hospitality build-out at the center of that plan, which is still being drawn, financed and rescheduled. A buyer here pays for a finished home inside an unfinished plan, and the details of that plan have shifted several times in the past year.
The page doesn't explain why identical villas are priced differently, and it carries no as-of date. The prices below are the figures the developer displays. Six carry no status label and four are marked "Sold," and none of them is a verified closing price. Even so, the per-square-foot math shows how widely value varies across product types in the same 32-acre community.
| Residence | Beds / Baths | Sq Ft | Displayed Price | Approx. Price per Sq Ft | Page Status |
|---|---|---|---|---|---|
| Strand Villas 10 | 4 / 4 | 3,618 | $11,500,000 | $3,179 | Listed |
| Strand Villas 7 | 4 / 4 | 3,618 | $9,300,000 | $2,570 | Listed |
| Strand Villas 4 | 4 / 4 | 3,618 | $8,500,000 | $2,349 | Listed |
| Strand Villas 3 | 4 / 4 | 3,618 | $8,000,000 | $2,211 | Listed |
| Villa Aashaya 52 | 4 / 5 | 4,200 | $6,090,000 | $1,450 | Sold |
| Villa Amalaya 53 | 4 / 5 | 3,978 | $5,780,000 | $1,453 | Sold |
| Kaiya Club Residences 308 | 3 / 3 | 2,014 | $3,200,000 | $1,589 | Listed |
| MEWS 20 | 3 / 3 | 2,496 | $3,440,000 | $1,378 | Sold |
| MEWS 16 | 3 / 3 | 2,496 | $3,400,000 | $1,362 | Listed |
| MEWS 19 | 3 / 3 | 2,496 | $3,180,000 | $1,274 | Sold |
The two villas marked sold are larger than any Strand Villa. Both show about $1,450 per square foot, less than half the rate of the top Strand listing. Walton County's records identify The Strand as the phase that pairs 12 multi-family units with the beach amenity building and pool. At Kaiya, location relative to the club and the beach seems to carry more value than interior space. The width of the spread inside a single building shows that unit-by-unit placement matters as well.
The regional statistics come from another market entirely. In August 2026, Florida Realtors reported a $435,000 median sale price for single-family homes and $489,500 for townhouses and condos in the Crestview–Fort Walton Beach–Destin metro area. That area combines Okaloosa and Walton counties, and the data was released September 16, 2026. The lowest figure in the Kaiya table is more than six times either median. Florida Realtors' county-level monthly reports are members-only, so no public Walton-only figure fills the gap. For Kaiya, the comparison set is Kaiya itself.
The second premium is harder to see in a listing, because it depends on what is still coming. The developer, Romair, describes the planned Oyom Hotel & Spa as the next major piece of the community. The public record describes that hotel in three different ways:
None of these sources explains the gap between figures. The 64-key number comes from a lender's announcement, not a county approval. The county exhibit supports the 40-unit notation and nothing larger. Forman Capital partner Scott Mehlman called the hotel "a big step for Romair, allowing them to accommodate more guests while moving closer to completing the entire development."
That last phrase matters for pricing. A hotel planned "across from the Club in the heart of the overall community" adds guest suites, a spa and dining, and those amenities feed the community's identity. A larger hotel also brings more short-stay guests into a community that already runs its own vacation-rental program. The difference between 30 and 64 keys changes the amenity and also changes how many visitors share it.
The county packet records another change in the plan, and it ties directly to the hotel. Its exhibit lists a Kaiya master plan revision, LTM25-000120, that omits a 5,580-square-foot restaurant and adds 10 hotel units. The same exhibit lists the residential count at 52 single-family and 121 multi-family units, 173 in total, and the earlier phases by development order: Phase 1, The Strand, The Mews, The Studio and Mixed Use Building A.
A master plan that changes this way is normal for a multi-phase community. A buyer can't assume the plan that existed when they first toured will be the one that gets built. Kaiya has also revised its plan several times before. The packet references a 2019 masterplan update, a 2021 Block 2 master plan and a 2022 revision, all before LTM25-000120.
Timing has slipped as well. In July 2023, CoralTree Hospitality announced it would manage Kaiya and projected a 30-room inn opening in late 2025, with the full guest experience complete that same year. As of October 2026, the hotel has a pre-development loan and no announced construction schedule.
The fine-dining restaurant shows the same pattern on a shorter timeline. LAMUSE d'OR is a partnership with Boka Restaurant Group and Donnie Madia of One Off Hospitality. Kaiya's homepage has advertised it as "Opening late summer 2026," and its own site now says "Opening late 2026." CoralTree's portfolio page uses the same "late 2026" wording. No chef, menu, hours or reservation listing has been published. Developer Jason Romair told The Times-Picayune the menu would be Gulf-inspired, "approachable, but done in a very sophisticated way."
"The hotel is a big step for Romair, allowing them to accommodate more guests while moving closer to completing the entire development." Scott Mehlman, Forman Capital, as quoted by Multifamily Press
The parts of Kaiya that are finished carry real weight in the price. The resort opened in 2024. Kaiya Club offers a Beach House with an infinity pool, 250 feet of serviced beachfront and concierge-managed vacation rentals. Omaire Gallery at 55 Kaiya Ave lists hours Tuesday through Sunday, 10 a.m. to 7 p.m., or by appointment. Its current exhibitions are Richard Zinon's "Chapel Paintings" and Claire McArdle's sculpture show "The Feminine Divine." In June 2026, Scenic Walton gave Kaiya its Design Excellence Award, citing its landscaping, architecture, stormwater planning and underground utilities along Scenic Highway 30A.
The finished parts have some unanswered questions too. Kaiya's public pages show club membership as an application process with a "Join" link. They don't say whether membership comes with ownership, and they don't publish dues or initiation fees. The vacation-rental program says it handles occupancy and revenue management, but no owner contract terms are posted. The Oyom site describes both "guest suites" and "private residences" without explaining how either is owned. Those terms are written into a residence's governing and program documents, and they are part of what the price buys.
Is the Oyom hotel approved at 64 keys? The public record doesn't confirm it. The 64-key figure comes from a September 2026 financing announcement. The Walton County exhibit reviewed here shows 40 units of limited lodging.
When does LAMUSE d'OR open? The restaurant and CoralTree both say "late 2026." No specific date has been published.
Does buying at Kaiya include club membership? Kaiya's public pages describe membership by application and don't say it comes with ownership. The governing documents for a specific residence spell out the actual terms.
Are the Ownership page prices recent sales? They are displayed figures on an undated developer page, and some carry a "Sold" label. They show how prices vary across the community, but they aren't verified closing prices.
The Fitzpatrick Group can go through a specific Kaiya residence with you: its position in the plan, the club and rental terms behind it, and the build-out it depends on. Request a Complimentary Market Valuation.
This article is general information, not legal, tax or financial advice. Consult a qualified professional about your situation.
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