Cash is king as Manatee real estate sets records

sfrater@bradenton.comFebruary 19, 2013 

BRADENTON -- Two unusual sales may signal something positive in Manatee County's real estate market.

Within a week of one another two Manatee County homes sold for more than $3 million cash.

Premier Sotheby's International Realtors sold both properties.

Anna Maria-resident, Realtor Shellie Young, says she focuses on Manatee County properties and it paid off big last week when she closed on a $3.8 million compound, featuring a house and guest house at 7012 Riverview Boulevard. It was the highest priced sale in Manatee County since 2011, according to Premier. The largest previous sale in Manatee County, was a $4.8 million sale on Longboat Key.

Another Premier Sotheby's agent, Cheryl Loeffler, represented the seller in the Feb. 7 $3.425 million cash deal for an 11,400 square foot home at 102 Mangrove Ave. on one-third of an acre on Anna Maria Island. Premier said the sale was the most expensive on Anna Maria Island since 2008.

Young, who represented both the buyer and seller in the Feb. 13 sale, noted that "my last five sales were all-cash deals," highlighting the importance of being able to move quickly in today's challenging mortgage environment. The real estate agents also have to be flexible.

"Typically when one agent handles both sides of a deal, the seller negotiates a more advantageous fee." Young said, but declined to get into specifics on her commission on the $3.8 million sale.

The Riverview compound Young sold is situated on nearly five acres. It features a main residence, second home and guest house. The "4 bed, 4.2 bath" main estate is comprised of 7,676 square feet of interior living space and was built in 2007. The interior includes four grand fireplaces with mantles imported from Europe, a 1,000-bottle wine cellar, two staircases and an air-conditioned, four-car garage. Other features include an expansive gourmet chef's kitchen, media room, and private library.

The 4,271-square-foot second home on the property features three bedrooms and 3.5 baths, and an additional 1,000-bottle wine cellar.

A riverfront guest cottage that was built in 1921 and recently renovated also sits on the property. The estate, with lush grounds filled with mature trees and gardens, offered amenities including a salt water pool and spa, basketball court, outdoor fireplace and a 22-foot dock with a boat lift.

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