• Thu. Feb 22nd, 2024

    New Record Set as Longboat Key Penthouse Sells for $11 Million

    ByJames Forsyth

    Feb 1, 2024
    New Record Set as Longboat Key Penthouse Sells for $11 Million

    A stunning penthouse in the renowned L’Ambiance building on Longboat Key has recently been sold for a staggering $11 million. This sale has set a new record for the highest-priced condominium ever sold on the barrier island, making a significant impact on the luxury real estate market.

    The sold penthouse spans an impressive 5,170 square feet and offers breathtaking views of the Gulf of Mexico, Sarasota Bay, and the captivating downtown Sarasota skyline. It is undeniably a remarkable property that combines luxury, elegance, and unparalleled vistas.

    Interestingly, this sale marks a notable shift in the sales pace for luxury properties in the Sarasota market. After a slower year in 2023, the start of 2024 brings a renewed energy and optimism. However, it is worth mentioning that the years 2021 and 2022 witnessed unprecedented sales activity and prices in the Sarasota market, setting records that had never been reached before.

    Renowned luxury specialist Roger Pettingell, associated with Coldwell Banker Realty, orchestrated this incredible sale. As a highly accomplished real estate agent, Pettingell has consistently ranked as the number one realtor in the local market for an impressive 14 consecutive years. Throughout his 40-year career, he has facilitated over $2.7 billion in real estate transactions, including a remarkable $113 million just last year.

    Although the identity of the new owner of the penthouse has not been disclosed, Pettingell did mention that it is an individual who already owns property in the region. The L’Ambiance condo complex, built in the early 1990s, underwent recent renovations by the previous owner, Paul A. Levinson.

    In reflecting on the growing trend of multimillion-dollar sales in Sarasota’s luxury real estate market, Pettingell expressed that it is not surprising. He highlighted the ongoing pattern of purchasing and renovating properties in breathtaking locations such as Siesta Key, Longboat Key, and Anna Maria Island. These updated properties, often larger and more extravagant, are cherished by their owners for years before even considering returning to the market.

    While eight-figure sales have become more common in Sarasota, Pettingell still finds it exhilarating to be part of these momentous transactions. He describes it as a symbol of growth, exceptional real estate, and undeniable success.

    In conclusion, the sale of the Longboat Key penthouse for $11 million has not only set a new record for luxury condos but has also revitalized the luxury real estate market in Sarasota. With Roger Pettingell’s expert guidance, the sale signifies growth and signals an optimistic outlook for the real estate industry in 2024.

    FAQ Section:

    1. What is the record-breaking sale in Sarasota’s luxury real estate market?
    – The record-breaking sale is a penthouse in the L’Ambiance building on Longboat Key, which was sold for $11 million.

    2. How large is the penthouse?
    – The penthouse spans an impressive 5,170 square feet.

    3. What are the views from the penthouse?
    – The penthouse offers breathtaking views of the Gulf of Mexico, Sarasota Bay, and the downtown Sarasota skyline.

    4. Who orchestrated the sale of the penthouse?
    – The sale was orchestrated by renowned luxury specialist Roger Pettingell, associated with Coldwell Banker Realty.

    5. How long has Roger Pettingell been the number one realtor in the local market?
    – Roger Pettingell has been the number one realtor in the local market for an impressive 14 consecutive years.

    6. Who is the new owner of the penthouse?
    – The identity of the new owner has not been disclosed, but it is mentioned that the individual already owns property in the region.

    7. What renovations were done to the L’Ambiance condo complex?
    – The L’Ambiance condo complex underwent recent renovations by the previous owner, Paul A. Levinson.

    8. What is the trend in multimillion-dollar sales in Sarasota’s luxury real estate market?
    – There is a growing trend of purchasing and renovating properties in breathtaking locations such as Siesta Key, Longboat Key, and Anna Maria Island.

    9. How does Roger Pettingell describe the significance of these high-value sales?
    – Roger Pettingell describes these high-value sales as a symbol of growth, exceptional real estate, and undeniable success.

    Definitions:
    – Luxury real estate: Properties that are considered high-end and offer premium amenities and features.
    – Barrier island: A narrow strip of land that separates a mainland coast from the ocean.
    – Condominium: A type of housing where individual units are owned by residents, and common areas are shared.
    – Realtor: A licensed real estate professional who represents buyers or sellers in real estate transactions.

    Suggested Related Links:
    Coldwell Banker Realty