On Siesta Key, where waterfront living rules, opulence has found a new address—or two. These luxury listings aren’t just homes—they're statement-makers. And with each carrying a price tag that flirts with the $30 million mark, they know it.

'Crystal Waters' Estate Listed for $31.5 Million

Leading the luxury parade is the Crystal Waters estate, an 11,606-square-foot testament to lavish living spanning 2.7 acres at 8501 Midnight Pass Road. Listed at a cool $31.5 million, amenities include a 1,600-square-foot guesthouse, a gym to work off those gourmet meals prepared on the kitchen's La Cornue range, and an infinity pool that seems to pour right into the Little Sarasota Bay. For the nautically inclined, there's a 90-foot dock. It's the most expensive listing in Sarasota County—and it even caught the eye of the Wall Street Journal.

3990 Higel Avenue Listed at $29,995,000

Not to be outdone, another palatial project roughly 6 miles north of Crystal Waters is rising on Siesta Key. It's slated for completion in October and is on the market for $29,995,000.

The 13,035-square-foot home at 3990 Higel Ave. sits on 1.18 acres of Gulf-front property. Designed by DSDG Architects and built by Nutter Construction, the home has a total of seven bedrooms, eight full bathrooms and three half-bathrooms. There's a separate two-bedroom, two-bath guest house, infinity-edge pool, multiple terraces, firepit area and a private, deeded boat lift with a 20,000-lb. capacity.

"We wanted to make it a destination," says Charles Lomangino, the home's owner and developer. "It was really to be used as an at-home vacation spot."

Lomangino, the former CEO of Southwest Waste and current president of Coastal Waste and Recycling, initially intended to make the Gulf-front home his primary residence. But "a merger took me to Boca Raton, so we decided to sell," he says.

Lomangino purchased the land in 2021 for $3.9 million. The design, a collaboration with architect Mark Sultana, founder of DSDG Architects, is coastal and contemporary. Highlights include a main bedroom spanning the entire upstairs north wing, a club room with retractable windows opening to the pool, and a wine room—a nod to Lomangino's passion for wine.

"We spared no expense," he says. "I don’t think there’s a place like it on the key." His previous Jupiter home, which has similar amenities, sold for $10.6 million in 2021.

Despite the lofty prices, interest in these properties is strong. Lomangino noted significant attention within the first week of listing, including a verbal offer near the asking price.

Has Sarasota Entered a New Echelon of Pricing? 

"Five years ago, if you wanted three acres of bayfront new construction in Sarasota, it just didn’t exist," says Roger Pettingell of Coldwell Banker Realty, who is representing the sellers of Crystal Waters. "The market has evolved. Forty years ago, it was all two-bedroom condos. It’s a chicken-or-egg situation—places like Naples grew because the housing this type of buyer wanted was already there. Sarasota always had the potential; we just didn’t have the housing stock to meet that demand. When we did, it was often end-users buying a $4 million home just to tear it down and build a $15 million one for themselves."

“Land and construction costs have soared, and people increasingly value their time," he says. "Even if you find the perfect site, building can be a four-year process. If you’re in the market for a $30 million home, you probably don’t want to spend four years on construction." 

"And let’s not ignore the stock market—it’s doubled over the past four years, giving a lot of people the liquidity to make these purchases," he continues. "Compared to Naples or Palm Beach, Sarasota is almost affordable. You’re seeing properties with scale—like three-acre estates with tennis courts and seven-car garages—coming to market because there’s now a buyer base that can support it."

But it's one thing to list eye-popping price points and quite another to get them. The most expensive home sale in both counties to date—a double condo at the St. Regis on Longboat Key for $21,244,000 million—was recorded last year and shared many of the same elements: waterfront address, amenities galore, private beach access, ultra-luxe finishes and tons of square footage.

In 2023, another home was listed for just under $34 million in Harbor Acres. It eventually sold for $20 million. Still pricy, but quite a drop. 

Something both these current listings have in common? They're brand new.

"People on the key want a newer product," Lomangino says, referencing the quick sale of another newer home he owned on Siesta Cove Drive that sold in five days for a comparatively humble $5 million.

While the broader Sarasota real estate market has softened, the luxury segment remains strong. In the second quarter of 2024, sales of ultra-luxury properties—those priced over $5 million—surged by a whopping 90 percent compared to the same period in 2023. Right now, two other Sarasota County homes are listed at more than $24 million–one on Lido Key, the other in Oyster Bay Estates.

These listings underscore a burgeoning trend: Sarasota's transformation from a tranquil coastal town to a hotspot for high-end real estate. As demand for luxury homes surges, so do the price tags. Whether this escalation reflects genuine market growth or a competitive game of one-upmanship among the affluent is up for debate. But one thing's certain: In Sarasota, luxury living is reaching new heights—both in square footage and in cost.

Interested in 3990 Higel Ave.? Contact Adnan Dedic of Compass Realty at (941) 726-2917. Interested in 8501 Midnight Pass Road? Contact Roger Pettingell of Coldwell Banker Realty at (941) 387-1840.