Believe it or not, Longboat Key does have new condominium inventory — or at least “never used.”
Built in 2008, just one of the 14 units at Grand Mariner have sold, and four are under contract.
“It’s the newest condo on Longboat Key,” said Reid Murphy, of Developers Realty Co., who is the sales agent for the project.
But the project faces yet another hurdle in its nearly 10-year history: the possibility of a cellular tower being placed on the nearby Longboat Island Chapel property. Currently, the town does not have an application on file for a tower at that location.
“It has had a huge impact,” said Sheri Trine who, with her husband, Ralph, bought the property for $9.5 million in April 2011 from Bank of America.
Trine said she “is not pushing sales until the issue gets resolved” — meaning a decision on whether the property will hold a tower.
The condominium is located at the site of the old Buccaneer Inn.
Dream Island LLC received approval from the town to build the project in January 2003 but was hit with four separate lawsuits from Dream Island Road residents Accursio Sclafani and Doreen Erickson, who claimed the project violated the town’s ordinances and Comprehensive Plan and that the building would loom over their residence and take away their privacy.
Sclafani and Erickson withdrew their final lawsuit in August 2007, and the project was finished in early 2008.
Then, Bank of America filed a foreclosure suit in August 2008, claiming that Dream Island LLC defaulted on $22.5 million in loans.
The next year, Bank of America received a $26 million foreclosure judgment. The Trines paid just a fraction of what was owed on the property when they purchased it nearly two years ago.
Since then, one unit has sold for $1,317,500 in April 2012, according to the Manatee County Property Appraiser’s website, manateepao.com.
Units are currently priced between $1.7 million and $2.4 million. Each unit is fully furnished with three bedrooms and three bedrooms and has between 3,200 and 3,400 square feet of living space.
Plus, it has other features that could be a draw to buyers, including a fenced-in pet area and dog run, along with 20 deep-water boat slips.
“It’s very difficult to find a condo and a home that is animal-friendly,” Trine said. “It’s also difficult to find condos that are that spacious and with a boat slip that can accommodate a boat of 50 to 80 feet.”
Other amenities include a swimming pool, tennis courts, Jacuzzi, boat-launch ramp and common area with a large gathering room that overlooks the lagoon.
Sales agent Reid Murphy will hold an open house at Grand Mariner, 595 Dream Island Road, from 1 to 3 p.m. Saturday, March 30, and Sunday, March 31. Contact Murphy at 232-3304.
Pirate back at sea
The pirate statue that once greeted guests at the Buccaneer Inn and watched over Dream Island Road has a new home.
Grand Mariner owners Ralph and Sheri Trine moved the pirate to the area outside the swimming pool overlooking the water. The pirate also got a makeover, including a repainting and new nose.
“He’s a happy pirate,” sales agent Reid Murphy said. “He’s back on the water, where a pirate wants to be.”