Siesta Key Property Sells For $5.6 Million
A waterfront home on Siesta Key sold on Thursday, May 5th for $5.6 million, making it the fourth highest selling residential property year-to-date in Sarasota, Manatee and Charlotte Counties.
With nearly three full acres, the estate property—located at 3975 Shell Road, on North Siesta Key—includes two large parcels fronting the Gulf of Mexico and Big Pass, a third that includes a boat dock; and a 5,000 square foot vintage Old Florida beach cottage.
CG Shell Siesta Key, LLC, whose managing partner is Crossgate Partners, was the buyer. Crossgate recently completed the construction and sale of Infinity on Longboat Key, a luxury Gulf-front condominium with 11 private residences.
On the market for the first time in 40 years, the property was listed for $6.25 million by Anne Mitchell, an agent with the Saint Armands Circle office of Michael Saunders & Company. The buyer was represented by Rinat Sikdar, of the firm’s Longboat Key South office.
The sale also created a moment of nostalgia for Michael Saunders, the founder and CEO of Michael Saunders & Company, which celebrates its 40th year in business this coming July. As it happens, Ms. Saunders represented the current sellers of 3975 Shell Road when they first purchased the property 40 years ago in one of her company’s earliest sales transactions.
Year-to-date in 2016, seven properties in Sarasota, Manatee and Charlotte Counties have sold for $5 million or above. All but one were listed by agents from Michael Saunders & Company; while four were sold to buyers represented by agents of Michael Saunders & Company.