This beachfront Siesta Key home just sold for $10.25 million.
When a Siesta Key property sold for $10.25 million in late May, it not only established a new benchmark for the much sought-after barrier island but also spoke volumes about the reinvigorated state of the region’s luxury real estate market. After several years in which property sales above $1 million limped along listlessly, they are presently experiencing their best performance in Southwest Florida since the recession first took hold in late 2007. Moreover, the Siesta Key sale signals the return of buyers for properties in the highest tiers of the region’s luxury market. Momentum in the Marketplace The waterfront estate—which was listed and sold by agents of Michael Saunders & Company—sold for just below its asking price, a fact that truly underscores buyer confidence in the desirability and long-term resilience of the region’s luxury real estate market. Moreover, the sale came just days after a pair of adjacent waterfront properties in the heart of Boca Grande was sold for a combined $11.14 million by an agent from the Boca Grande office of Michael Saunders & Company. Similar sales are pending. Christie’s Breaks it Down According to a new study by Christie’s International Real Estate, the market’s new momentum can be attributed to substantial wealth creation in 2013; fueled by an improving global economy and a resurgent stock-market. This has resulted in more billionaires and millionaires than ever who tend to invest as much as 20% of their accumulated assets—excluding primary homes—in properties throughout the world. When it comes to identifying their purchasing habits, the Christie’s study reveals that affluent buyers often seek out one-of-a-kind homes in one-of-a-kind locations. The estate on Siesta Key is a perfect example. Its spectacular residence, newly built in 2008, fronts its own private beach; and lies adjacent to one of the most celebrated strands of shoreline in the U.S., if not the world. The Christie’s study also points out that luxury buyers are typically interested in markets where they can at once live, raise a family, work, invest their money, and enjoy cultural activities and sports. Sarasota, of course, is famously renowned for having all of these amenities in addition to its ideal weather and stunning coastal setting. A Jewel Box Enclave A current article in the Financial Times, which draws heavily from the Christie’s study, advises that Sarasota is one of those discreet “jewel box” enclaves where the super-rich tend to assemble. Well off the radar compared with such global power hubs as London and New York, these smaller communities of considerable wealth tend to attract affluent domestic buyers well before being discovered by the international set. Indeed, the Christie’s study reports that over half of the luxury home sales in the markets it surveyed were to local or domestic move-up buyers. Thus, it came as no surprise that the Siesta Key buyer was not from some far-flung world capital; but instead was a local resident. We Make it Our Business If you are the seller of a luxury home in Sarasota, it probably makes no difference where its next buyer comes from. But at Michael Saunders & Company we have made it our business to understand the purchasing behavior of luxury home buyers both locally and the world over. For nearly 40 years we have studied their changing habits and preferences, resulting in an ever-changing luxury marketing strategy that combines global brokerage affiliations, strategic online partnerships, international press coverage; and a variety of tactics involving traditional advertising and innovative technology tools. Christie’s International Real Estate, the acknowledged leader in global luxury real estate, is but one of the global affiliates mentioned above. Together with Leading Real Estate Companies of the World, Luxury Portfolio International and Mayfair International Realty, our properties in every price range are exposed to over 200,000 agents in 6,500 offices in over 52 countries worldwide. Of equal importance in reaching local affluent buyers, our more than 625 agents work from 24 branch offices cross-promoting luxury properties from Longboat Key and Lakewood Ranch south to Boca Grande.
