By JOSH SALMAN - Sarasota Herald-Tribune
LONGBOAT KEY – A new construction estate on the sandy shores of Longboat Key sold Wednesday for $6.8 million – the most lucrative deal on the island in two years and one of the most expensive homes built since the market’s collapse.
The 6,959-square-foot mansion on the Manatee County side of Longboat Key becomes the fourth island residence owned by the buyers, who are originally for Tennessee. The baby boomers already own three beachfront condos, but they wanted some extra space for their grandchildren to come visit.
The four-bedroom, five-and-a-half-bathroom home was custom built by John Cannon on 1.12-acres of beachfront land at 6001 Gulf of Mexico Drive.
It was listed for $7 million by Jim Abrams, who owned the land and was originally going to move into the home with his family before deciding to sell midway through the construction process. A buyer contract was submitted eight weeks prior to the completion of construction.
“People are looking for a newer, larger home again,” said Jonathan Abrams, one of the listing agents for Michael Saunders & Co. “There really was not much out there to compare it to when doing showings. There’s just not much other new construction like this on the beach.”
The luxury abode comes with top-of-the-line finishes, a 12-person Jacuzzi that cascades into a 40-foot gulf front pool, a fire pit, summer kitchen and covered terrace for outdoor dining. It has a Spanish Mediterranean influence.
The home also features a three-stop elevator, marble floors, volume ceilings, a hidden walk-in butler food pantry, and custom millwork and cabinetry. The master suite opens up to a private lanai overlooking the beach. The ground floor includes a five-car circular garage.
Those in the real estate industry say the deal signals the vast rebound in Southwest Florida’s luxury real estate market. With prices of existing homes now rising, and inventory drying up, buyers are turning to new construction homes at the fastest pace since the mid-2000s real estate boom.
That turnaround has even translated to the ultra-luxury market, which had been slower to recover.
Wednesday’s closing becomes the third largest residential sale of the year, following the Snook Inn property at 3410 Flamingo Avenue, which sold for $10 million on Feb. 25 and a March 4 sale of $7 million at 1452 Hillview Street.
The taxes on the Longboat mansion alone are estimated to cost $23,668.00 a year.
The estate was co-listed by Ian Addy and Gail Wittig team, of the Longboat Key South office of Michael Saunders & Co., and by Abrams of the firm’s Siesta Key office. Lynne Koy, with Coldwell Banker, represented the buyer.
The home had a two-year construction build out.
“We worked very close with the seller to design the house and especially did everything including the architecture,” John Cannon said. “We’re starting to see more of these types of projects now.”