Record Breaking Home Sale
Sarasota County recently had a record breaking $12,500,000 sale on Longboat Key. The gulf front home was located behind the gates of the Longboat Key Club at 825 Longboat Club Road. It has 11,961 square feet of living area and was built in 2002. According to MLS, it was a cash transaction.
Many Realtors and homeowners in this price range are pleased to finally have a comparable sale to point at when comparing to their listings/homes to. As an appraiser, I can tell you it is always good to have a recent comparable to work with; however, an appraisal would need a minimum of at least three comparables and usually more in a property in this price range. Unfortunately there aren’t any other recent home sales in the over $10 million price range. It will be interesting to see if this sale sparks more sales in the upper end of the Sarasota real estate market. See the featured homes section of my website for more properties for sale in this price range.