Beachfront home sale is Longboat Key's second highest price of 2022

The sale of a beachfront home at 3105 Gulf of Mexico Drive was the second-highest residential property deal of 2022 in Longboat Key, but the price or its islandwide ranking weren’t the only unique features.

The nearly 10,000-square-foot property, which sold for $11.5 million, features a waterslide from the rooftop down to the saltwater-filled infinity edge swimming pool.  

The sale was handled by Joel Schemmel of Premier Sotheby’s International Realty. The buyers were represented by Maurice Menager and Lin Dunn of Michael Saunders & Company.

The property was listed in June 2021 at $12.9 million at the height of Sarasota-Bradenton’s real estate price run-up. Although closed sales have slowed of late, median prices continue to edge upward, according to the most recent sets of data from the Real Estate Association of Sarasota-Manatee.

For single-family homes, the median sale price in Manatee County increased year over year by 20.3% to $517,193, and in Sarasota County, the median price increased by 22.2% to $497,275. The median sale price for condos in Manatee County increased by 18.2% to $337,000. The price for Sarasota condos is now $399,999, a 23.1% increase from last year.

Closed sales for single-family homes in Manatee County decreased year over year by 37.5% to 422, and in Sarasota County, single-family sales decreased by 45.1% to 458. For condos, Manatee closed sales decreased by 35.9%to 148 sales, and Sarasota sales decreased by 29% to 235 sales.

“We are continuing the trend that we’ve seen for several months now where the number of closed sales is dropping, and prices are leveling off,” said 2022 President of the Realtor Association of Sarasota and Manatee Tony Veldkamp. “Inventory has also leveled off; sellers seem to have a ‘wait and see’ attitude regarding the economy. Prices continue to be very strong, but inventory has not increased significantly, which means that it is still a great time to sell.”

More than 70% of economists in a Bankrate.com survey recently said they think mortgage interest rates will either hold or continue to climb.

Cash sales for homes in Sarasota-Manatee fell more than 47% year over year in September.

The property takes advantage of its scenic setting, with expansive windows, sliding doors and balconies overlooking the beach.

There are five bedrooms, nine baths and an air-conditioned seven car garage, which caught the notice of the Siesta Key-based buyers.

“When they contacted us to see the property, they were mostly intrigued by the photos in MLS and were shocked that they fell in love with the home. The home is definitely even more appealing in person and the Gulf views are amazing,” Dunn said.

Earlier this year, a home at 3303 Gulf of Mexico Drive sold for $13.75 million, which is top of the market on Longboat Key this year.