By Jane Bartnett
Siesta Key has joined the luxury real estate marketplace.
Joel Schemmel of Premier Sotheby’s International Realty has witnessed the rapid evolution firsthand. He is the listing broker for a $22 million single-family Siesta Key home at 3799 Flamingo Ave. — the highest-priced resale property currently on the market in all of Sarasota County.
Found on the north end of the island, the home (according to Realtor.com) is an 8,138-square-foot, four-bed property with four-and-one-half-plus baths that boasts more than 700 feet of gulf-front footage.
Built in 2016, the property last sold in 2019 for $10.5 million. At the time of that sale, it was the second-highest-selling Siesta Key home on record. If the property now sells at the asking price, it would be the highest-selling single-family home in island history.
In 2021, a property named “Aquadisia” in the Sanderling Club, at 7760 Sanderling Rd. at the southern end of the Key, sold for $14 million. It holds the current record.
An outdoor seating area at the Flamingo Avenue home features a fire pit recessed into the infinity edge pool, a large koi pond with foot bridges, a swim-up bar, dining pavilion, and boat dock with a paddle board and canoe launch. The interior includes a home theater, game room, and fitness area. Furnishings are included with the sale price; however, art work and other specific items are not.
Speaking about the evolution of the Siesta Key luxury market, Schemmel said that there has been a recent sea change. “The last three years have drastically impacted prices across the board in Sarasota and specifically for the luxury market on Siesta Key,” he said.
Buyers, he said, are gravitating to Siesta Key and Sarasota in part due to pricing. He has also seen a geographic shift in from where buyers are coming. “We have seen a very significant increase of buyers from the Northeast. There are many reasons including tax savings, workplace mobility, and Sarasota’s recognition nationally, and internally, to name a few,” he said.
He added that there has also been a “significant number of sales to people from California.”
Buyers, said Schemmel, are also migrating to the region from Naples. Although international buyers are only beginning to regain their footing after COVID-19, he believes that will change.
“We expect the international market to get stronger and stronger but a majority of the luxury buyers are national,” he said. “We are now on the radar screen for all buyers who historically focused only on Naples, West Palm Beach, etc. The result is an influx of luxury property buyers. Sarasota and Siesta Key have been discovered.”
Schemmel added, “Generally, you still get more for your money in Sarasota. Another reason is that particularly, in the ultra-luxury market, buyers are less tied to a geographical area and more focused on the lifestyle they seek and what a property offers.”
The pool of buyers interested in purchasing high-end luxury properties in the $10 million range and above narrows, said Schemmel.
“They are certainly still there and are more focused on finding the right home and lifestyle,” he said. “There are homes and properties in the area that would command prices in the $20-, $30- and even $40-million range. However, none of these homes are on the market. They were built as custom homes for end users.”
Looking ahead, Schemmel predicts that the Siesta Key luxury market will continue to grow.
“We will see new price thresholds achieved in the coming months and years,” he said. “The north and the south end of the Key both define the luxury Siesta Key Market. I would predict new benchmarks every year. We met with one of our builder clients and talked about the amazing amount of building that is going on, on the island. There are incredible properties in both locations. There are many bayfront and beachfront estates under construction in each area which will set new precedents.”
Reflective of the dramatic changes impacting the high-end Siesta Key property market are two current listings, both for the north-end property of 4221 Higel Ave.
One is listed on Realtor.com as a 1.42-acre waterfront lot with a private beach facing the Gulf of Mexico for $9.995 million.
The other notes the same property is also offered in a separate listing as a pre-construction home that has not yet been built along with the 1.42-acre property, for $32.5 million.
Included in that latter listing are architectural plans for the future home designed by Sarasota architects Sweet Sparkman Architecture & Interiors. Building permits, plans, and a full construction package call for a 9,754-square-foot, six-bedroom, nine-bath house. Mark Coppens of Living Vogue Real Estate is the broker.
“Is you had to use one word to describe what happened in the real estate market in 2022, the word ‘shift’ or ‘change’ would be on the top of the list for most Realtors,” Brian Tresidder of William Raveis Real Estate, and also president of the Realtor Association of Sarasota and Manatee, said.