Longboat condo sells for $4.2 million

mjohnson@bradenton.comApril 2, 2014 

LONGBOAT KEY -- A penthouse condo on the shores of the Gulf of Mexico has sold for $4.2 million in the second-largest condominium sale of the year in Manatee and Sarasota counties.

The 4,800-square-foot La Firenza condo at 4125 Gulf of Mexico Drive, unit 301, is one of just two condos in the two counties to crack $4 million in 2014.

Despite the sale price, owners Michael and Christina Reeder sold the three-bedroom condo for a small loss Tuesday. They had owned the unit since buying it in 2007 for $4.34 million, according to Sarasota County records. They had initially listed the property for $4.495 million.

Roger Pettingell, a real estate agent with Coldwell Banker's Longboat Key office, represented the Reeders in the transaction. Steve Harris of Michael Saunders & Co. represented the buyers.

Pettingell said the condo went on the market last summer, but saw increased buyer interest in February and March. About 20 buyers had showings at the property.

The sale is part of a winter and spring rush to buy multimillion-dollar condos. According to statistics provided by Michael Saunders & Co., a dozen condos priced at $2 million and above have sold in the two-county area since the start of the year. The top price paid this year was $4.25 million for a condo at 464 Golden Gate Point in Sarasota.

Pettingell said the condominium side of the real estate business is booming.

"For Gulf-front condominiums, it's been a great year," he said.

The La Firenza property sold for a premium price, Pettingell said, because of its 180-degree Gulf view and for the fact that it is so new the buyer won't need to update it. The unit comes with a three-car garage, elevator, wet bar, three bedrooms and three bathrooms.

Pettingell comes into 2014 having sold $61 million in property in 2013. That sales number ranked him as Coldwell Banker's top single-agent seller, according to his website.

Michael Saunders & Co. is also having an active year in the condo business. In addition to handling one side of the La Firenza transaction, Michael Saunders agent Terri Derr was the listing agent at the Golden Gate sale.

Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027, or on Twitter@MattAtBradenton.

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