HISTORIC BAY ISLAND
Often referred to as the “Gateway to Siesta Key,” the exclusive waterfront neighborhood of Bay Island offers an eclectic mix of multimillion-dollar estates and cozy cottages on some of the best boating water around. Residents catch fresh stone crabs from their docks while overlooking a panoramic view of the growing city skyline, and boaters can reach the Gulf in minutes. Back in 1911, the (now vanished) Bay Island Hotel was built on Norsota Way, complete with a boat basin and ferry that transported clients back and forth to the mainland. True island living, this neighborhood is home to old Sarasota along with newcomers seeking a tropical paradise.

Number of Bay Island properties: 230
Number of sales 11/2005 to 11/2006: 6
Range of sales prices 11/2005 to 11/2006: $1.65 million to $3,188,000
Average sales price: $2.25 million
Square footage: 1,414 to 4,605 square feet

Sample Listing
This Key West-style residence at 750 Freeling Drive is offered for sale at $4.5 million. Situated on a waterfront point with sweeping bay views and deep water dockage, the five-bedroom home settles nicely on a half-acre lot with lush tropical landscaping and fruit trees. The home has a separate children’s wing, guest area and extensive lower-level bonus space. A gorgeous swimming pool is surrounded by expansive outdoor decks. Lenore Treiman of Michael Saunders & Company is the listing agent.

Sample Sale
A newly renovated Old Florida home at 647 Norsota Way sold recently for $3,188,805 after a revised listing price of $3,725,000 and an original listing price of $3,995,000. The house, built in 1926, has 2,323 square feet of charming living space with three bedrooms and three baths. Considerable upgrades include new kitchen and baths. The property offers 116 feet of direct bayfront with magnificent views of downtown and the Ringling Causeway. A private dock with davits is already in place. Keith Whitfield of Coldwell Banker was the selling agent; Joyce Naegele of Michael Saunders & Company was the listing agent.

MLS statistics courtesy of Christy Neff of Michael Saunders & Company. MLS records transactions and listings by members of the Sarasota Board of Realtors Multiple Listing Service.

TOP OF THE MARKET
A contemporary brick-and-stone home at 21 N. Sandy Hook Road on Siesta Key captures top spot for recent real estate sales. The four-bedroom residence, on 163 feet of Gulf-front property, sold for $4,345,000 following a revised list price of $4,490,000 and an original price of $4.95 million. Built in 1970, the 5,506-square-foot house has an open patio with wide waterfront vistas, plus a cove with a boat lift that can accommodate a 10,000-pound vessel. “The first time we drove down the street, we saw a glimpse of Old Florida and felt we had entered a magical place,” the buyer, who wishes to remain anonymous, explains, “and then we fell madly in love with the architectural style of the house. We just knew this was the home we had been searching for.” Klaus Lang was the listing agent; Jeanne Ballock was the selling agent. Both are with Michael Saunders & Company.

Sales information provided by Kim Ogilvie of Michael Saunders & Company.

HIGHEST OF HIGH END Sarasota’s red-hot real estate market may have cooled, but several multimillion-dollar properties are attracting national notice. During the past year, 30 transactions for homes topping the $3 million mark closed in Sarasota, and buyers in the high-end $10-million-plus category are still shopping.
Consider, for example, author Stephen King’s Casey Key neighbor, whose custom-built compound sprawling across six Gulf-to-Bay acres is listed for sale for $23 million. This is a private, or “pocket” listing that will not be found on the MLS and most recently could only be accessed through Brandon Clark of Michael Saunders & Company. Also on Casey Key is another home for sale, reduced from its original $20 million price to $18.5 million.
Then there is the ultra-luxurious Longboat Key beachfront enclave of Regent Court, where Judy Kepecz-Hays of Coldwell Banker has a listing for $12.9 million. The eight-bedroom, nine-bath mansion is called Las Fuentes, or The Fountains. It has almost 8,000 square feet of living space with marble floors, French doors and high ceilings. And it’s situated directly on the beach, with views overlooking an infinity-edge pool that appears to empty directly into the Gulf of Mexico. An elevator, 12-car garage and outdoor rooftop living room are among its impressive features. While Las Fuentas would not set a residential sales record, it would come very close. The mark to beat is $13 million for a home that sold last spring at 1067 Westway Drive in Lido Shores.