A Neoclassical home on Longboat Key called Villa Sena just sold for $10.15 million cash yesterday, stoking the flames of the already hot luxury real estate market.

“We haven't had the availability of such a parcel in quite a while. But now there's a lot of demand for estate-sized properties,” explains Roger Pettingell, the Coldwell Banker Realty agent and broker who represented the seller. Joel Schemmel, a real estate professional with Premier Sotheby's International Realty, represented the buyer.

According to Schemmel, the buyer owns another home on Longboat Key and looked at homes on Casey and Siesta Key, too. Still, Longboat Key was the first preference for "the right beach home," Schemmel says. The buyer plans to renovate the home since "it feels a little too Mediterranean for them. They want to make it simpler and more beachy."

The home was listed for sale with another agent in 2017, for $14.75 million, but the current market is moving luxury homes fast.

"We’ll see more sales in the $10 million-plus market," Schemmel says. "A lot of people from the northeast and California are looking at Florida and Naples, West Palm Beach and Boca Raton. Sarasota is a relatively good value—this home in Naples would cost $20 to $30 million."

Located at 5965 Gulf of Mexico Drive, it was custom-built in 2007 by Metrix Design & Build and sits on nearly two acres with 150 feet of beach frontage on the Gulf of Mexico. The residence, which has more than 10,000 square feet of living space, boasts seven bedrooms and six-and-a-half bathrooms. Architectural features include arched clerestory windows, cathedral ceilings, theater balconies and marble and wood flooring. It also has two kitchens (a chef’s kitchen and a smaller one), a sunroom, breakfast area with aquarium glass wall overlooking the Gulf, a fitness center, butler’s pantry, laundry rooms on all three floors, and an elevator. There's a two-story library styled after the Biltmore Hotel, motorized chandeliers, Bisazza glass mosaics, granite baths and a double mahogany staircase. It has a pool and spa with underwater seating and a summer kitchen. Out front is a gated entrance with a circular motor court and an underpass to the guest house and garage.

“We have buyers. We just need more inventory at this price,'' Pettingell says.