Gulf-Front Estate Closes at $7.5 million and Becomes Highest Real Estate Transaction on Longboat Key for 2019
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April 29, 2019 (Sarasota, Fla) – An off-market beachfront estate within Regent Court closed Monday as the highest residential real estate sale on Longboat Key for the year at $7.5 million. Ian Addy, PA, Realtor® and Gail Wittig, Broker Associate of Michael Saunders and Company brought the buyer to the property’s previous listing agent, Roger Pettingell, Realtor® of Coldwell Banker, to secure the deal. The sale of 891 Longboat Club Road becomes the second benchmark real estate transaction to originate from an off-market property, a possible indication of how the “year of the buyer” will translate in the luxury sector for the remainder of 2019.
Described in the Multiple Listing Service (MLS) as a “spectacularly positioned beachfront estate with 134-feet of frontage,” 891 Longboat Club Road overlooks the Gulf side of the barrier island and offers five bedrooms, six full bathrooms and soaring ceilings with walls of glass to take in the lush island setting. The sellers have owned the home for approximately 24 years, purchasing it from the original developer. Ian Addy and Gail Wittig’s customers had known about the property for some time and dreamed of one day owning it.
“My customers have been enjoying Longboat Key for many years, and this purchase allows them an ideal setting where they can create new memories with their family and grandchildren,” said Addy. “Not only beautifully proportioned in scope and design, the estate lends itself to being a wonderful multi-generational home that they plan on enjoying for decades to come.”
Weeks into the new year, an off-market, Bayfront residence within Harbor Acres sold for $9.85 million, the highest sale in Sarasota County since 2014. This second, off-market sale could likely be indicating a pattern to watch throughout the remainder of the year as we shift into a buyers’ market.
“Companies across industries are realizing the growing importance of organic discovery and human interaction during the luxury consumer experience,” said Jennifer Horvat, Chief Marketing Officer at Michael Saunders & Company. “For real estate, that means the dialogue doesn’t end when a property is not officially ‘for sale,’ and agents that have the ability to facilitate conversations leading to off-market transactions are more likely to succeed in the luxury space. With the right buyer and a price that reflects current market demand, active luxury listings are now competing not just with new construction but also their off-market neighbors.”
Year-to-date there have been eight sales over the $5 million mark in the Manatee, Sarasota and Charlotte counties, as compared to the seven posted last year at this time. Michael Saunders and Company has been involved in 16 of the 27 transactions over $3 million, equating to 43% of the market share (based on units).
Ian Addy and Gail Wittig work out of the Michael Saunders & Company Longboat Key South office at 440 Gulf of Mexico Drive and can be reached for comment at 941.387.0100