Another monster listing strikes the Siesta Key luxury market

By Jane Bartnett

Siesta Key has joined the luxury real estate marketplace.

Joel Schemmel of Premier Sotheby’s International Realty has witnessed the rapid evolution firsthand. He is the listing broker for a $22 million single-family Siesta Key home at 3799 Flamingo Ave. -- the highest-priced resale property currently on the market in all of Sarasota County.

Found on the north end of the island, the home (according to Realtor.com) is an 8,138-square-foot, four-bed property with four-and-one-half-plus baths that boasts more than 700 feet of gulf-front footage.

Built in 2016, the property last sold in 2019 for $10.5 million. At the time of that sale, it was the second-highest-selling Siesta Key home on record. If the property now sells at the asking price, it would be the highest-selling single-family home in island history.

In 2021, a property named “Aquadisia” in the Sanderling Club, at 7760 Sanderling Rd. at the southern end of the Key, sold for $14 million. It holds the current record.

An outdoor seating area at the Flamingo Avenue home features a fire pit recessed into the infinity edge pool, a large koi pond with foot bridges, a swim-up bar, dining pavilion, and boat dock with a paddle board and canoe launch. The interior includes a home theater, game room, and fitness area. Furnishings are included with the sale price; however, art work and other specific items are not.

Speaking about the evolution of the Siesta Key luxury market, Schemmel said that there has been a recent sea change. “The last three years have drastically impacted prices across the board in Sarasota and specifically for the luxury market on Siesta Key,” he said.

Buyers, he said, are gravitating to Siesta Key and Sarasota in part due to pricing. He has also seen a geographic shift in from where buyers are coming. “We have seen a very significant increase of buyers from the Northeast. There are many reasons including tax savings, workplace mobility, and Sarasota’s recognition nationally, and internally, to name a few,” he said.

He added that there has also been a “significant number of sales to people from California.”

Buyers, said Schemmel, are also migrating to the region from Naples. Although international buyers are only beginning to regain their footing after COVID-19, he believes that will change.

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