Luxury Real Estate on Siesta Key: A New Era of Opulence

Siesta Key has long been synonymous with waterfront living, but the luxury real estate market is undergoing a remarkable transformation, with properties reaching unprecedented price points. Two standout listings, both nearing the $30 million mark, are redefining luxury in this coastal paradise.

The Crystal Waters Estate: A $31.5 Million Marvel

Key Features:

• Location: 8501 Midnight Pass Road
• Size: 11,606 square feet
• Lot Size: 2.7 acres
• Price: $31.5 million
• Amenities:
  • 1,600-square-foot guesthouse
  • State-of-the-art gym
  • Infinity pool overlooking Little Sarasota Bay
  • 90-foot dock for boating enthusiasts

This estate has garnered significant attention, even attracting the notice of the Wall Street Journal.

Interior Design

Designed by Phebe and Jim Howard, the interiors offer a seamless blend of luxury and comfort, featuring expansive spaces and high-end finishes.

Water Access

With 217 feet of water frontage, this property offers both privacy and easy access to boating opportunities.

3990 Higel Avenue: A Gulf-Front Gem at $29,995,000

Overview:

• Location: 3990 Higel Avenue
• Size: 13,035 square feet
• Lot Size: 1.18 acres of Gulf-front property
• Price: $29,995,000

Layout and Amenities:

• Bedrooms: 7
• Bathrooms: 8 full, 3 half
• Guest House: 2 bedrooms, 2 baths
• Outdoor Features:
  • Infinity-edge pool
  • Multiple terraces
  • Firepit area
  • Private boat lift (20,000 lbs capacity)

Designed by acclaimed architect Mark Sultana, the property blends coastal aesthetics with contemporary features, providing an idyllic escape.

Owner’s Insight

Charles Lomangino, the owner and developer, aimed to create a ‘destination’ home. Originally intended as his primary residence, plans changed due to a career move.

"We wanted to make it a destination," says Lomangino. "It was really to be used as an at-home vacation spot."

Insights into the Market Shift

A Changing Real Estate Landscape

The luxury real estate market in Sarasota is evolving rapidly. Roger Pettingell of Coldwell Banker Realty highlighted the significant changes:

• Historical Growth: Just five years ago, large, luxury properties were rare.
• Market Demand: As demand increases, listings for properties with extravagant amenities—such as tennis courts and expansive waterfront views—are becoming more common.

Economic Influences

Factors such as rising land costs and a surge in financial liquidity among affluent buyers are contributing to the spike in property values.

Recent Trends:

• Ultra-luxury properties (over $5 million) saw a 90% increase in sales in Q2 2024 compared to 2023.

Conclusion: A New Echelon in Luxury Living

Sarasota is transforming from a quiet beach town to a dynamic player in the ultra-luxury real estate market. As more high-end properties emerge, the question remains: Are these price hikes a natural market evolution or a result of competitive bidding?

Whether searching for waterfront views or contemporary designs, potential homeowners can find unparalleled luxury on Siesta Key.

Interested in Luxury Properties?

• For 3990 Higel Ave, contact Adnan Dedic of Compass Realty.
• For the Crystal Waters estate at 8501 Midnight Pass Road, contact Roger Pettingell of Coldwell Banker Realty.

Explore the latest trends in luxury real estate in Sarasota.