Vacant Gulfside lot sells for $1.8 million

Linda Gustin, of Kansas City, Mo., sold the vacant 1.122-acre lot at 6001 Gulf of Mexico Drive to James Abrams, of Sarasota, for $1.8 million. The lot last sold for $1.99 million in September 1997 when a house was on the property.

Andrew Bers, of Re/Max Alliance Group, who listed the property, believes that the sale is significant because it shows the depreciation not only of home prices but of in-demand, Gulf-front land on Longboat Key.

“This going for $1.8 million is considerably less than anyone is thinking,” he said.

Mike Migone, of Signature Sotheby’s International Realty, who represented the buyer, said he was “pleasantly surprised” by the price.

“We weren’t sure we could get it at that price, but at the end of the day, it was a 2011 price,” he said.
Migone, who said his client plans to build a “beautiful home” on the property, noted that the amount paid reflected not only the market value but the fact that the lot is narrower than many neighboring properties and subject to more building-height restrictions.

Jim Boyd, president of Valuenet, a real-estate appraisal firm, who is not connected to the transaction, said that obtaining financing is currently difficult for vacant land, which further deceases the price.

He said that when estimating the value of existing construction, appraisers typically look at other existing construction for comparison. But, he said that in areas where sales are rare, a single sale can have an impact.

“These lower sales, when there isn’t much activity, is all appraisers have to go on,” Boyd said. “It can definitely have an impact.”

The sale was the largest of seven transactions recorded between March 7 and March 11 on Longboat, Lido, Bird and St. Armands keys. All of the week’s sales took place on Longboat Key, with three in Sarasota and four in Manatee County.

Sleepy Lagoon
Blandyna Nowak, of Glenview, Ill., sold her home at 685 Norton St. in the Sleepy Lagoon subdivision to George and Anne Musekamp, of Cincinnati, for $454,000. Built in 1975 and remodeled in 1980, the 1,601-square-foot home has three bedrooms and two bathrooms. It last sold for $395,000 in February 2003.

Islands West
John Richard, of Chicago, sold Apartment 3-C at Islands West, 2525 Gulf of Mexico Drive, to Carolyn Wedekind, of Northbrook, Ill., for $425,000. Built in 1972, the 1,468-square-foot unit has two bedrooms and two bathrooms.

Cedars West
James Collins Jr. and Patricia Collins, of Lexington, Ky., sold Unit 106 in Cedars West of Longboat Key, 5655 Gulf of Mexico Drive, to Daniel Thomas Jr. and his wife, Nancy Thomas, of Lake Orion, Mich., for $365,000. Built in 1975, the 1,274-square-foot unit has two bedrooms and two bathrooms. It last sold for $540,000 in August 2003.

Sands Point
Kevin Madden, of Clark’s Summit, Pa., sold Unit 225 at Sands Point, 100 Sands Point Road, to Vincent Cavallo, of Lancaster, Pa., for $300,000. Built in 1966, the 1,492-square-foot unit has one bedroom and one bathroom. It last sold for $207,000 in May 1992.

Seaplace
Karl and Victoria Narveson, of Deephaven, Minn., sold their Unit M2-114-C in Seaplace V, 1945 Gulf of Mexico Drive, to Karen Kuhn, of Valencia, Pa., for $300,000. Built in 1978, the 928-square-foot unit has two bedrooms and one bathroom. It last sold for $341,000 in December 2002.

Longboat Harbour
George and Clara Grunbeck, of Huntington Station, N.Y., sold Unit 206 at the 300-unit Longboat Harbour, 4330 Falmouth Drive, to Leonard and Kirsten Galik, of Chicago, for $205,000. Built in 1969, the 928-square-foot unit has two bedrooms and two bathrooms. It sold for $75,000 in September 1987.

Contact Robin Hartill at [email protected]

 

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