A more than 10,000-square-foot home on Longboat Key sold for $10.15 million on Tuesday as the area's luxury market shows no signs of slowing down.
The seven-bedroom property at 5965 Gulf of Mexico Drive sits on nearly two acres. The property last sold for $5.3 million to Joseph M. Sena in 2015, according to the Manatee County Property Appraiser's records.
Roger Pettingell, an agent and broker with Coldwell Banker Realty as well as a leading Longboat Key real estate agent, represented the seller in the transaction. He said the sale shows the strength of the area's luxury market.
"If I had this property again, I could sell it quickly," he said.
He said that buyers are flocking to Sarasota-Bradenton real estate as it's still a better value than property sold in markets such as Palm Beach, Naples, or Miami.
"I think we offer more as a community and we are certainly a better value," he said.
Joel Schemmel, a real estate professional with Sotheby's International Realty, represented the buyer. Schemmel said historically homes that have sold above $5 million in this region would be marketed for six to 10 months or longer before going under contract.
That doesn't appear to be the case anymore.
Schemmel said he listed a Siesta Key property above $5 million and had nine showings that week and two offers from people that hadn't even seen the property.
The property is now under contract.
Neither real estate agent agreed to disclose the buyer of the property and the Manatee County Property Appraiser's website has yet to record the sale.
The property is now under contract.
Neither real estate agent agreed to disclose the buyer of the property and the Manatee County Property Appraiser's website has yet to record the sale.
