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Longboat Key Wednesday, Dec. 16, 2009 8 years ago

Longboat Key - Key sales jump to 21 first week in December

by: Kent Chetlain

After two weeks each of eight lackluster sales on the keys, the first week of December exploded with a resounding 21 realty transactions. This is the highest number of weekly sales on the keys since June 2008.

As impressive as this total is, perhaps just as significant is the magnitude of these transactions. Nine of the 21 were for $1 million or more. In fact, those nine accounted for $14,035,000 of the week’s sales total of $19,673,000.

Although the largest individual transaction was the sale of a Bird Key home for $2,225,000, an Icelandic bank, operating through each of its three Florida limited-liability companies, also purchased two St. Armands homes and a vacant waterfront lot in Country Club Shores for $4.86 million total, or $1.62 million for each property.

Islandic bank buys key parcels
In an effort to eliminate the legal tangle and delays of foreclosure, the NBI bank, of Reykjavik, Iceland, bought three properties on St. Armands and in Country Club Shores through its Florida subsidiaries, using warranty deeds “in lieu of foreclosure.” The Icelandic bank paid a total $4.86 million for both canal-front homes on St. Armands and the vacant waterfront lot in Country Club Shores.

The larger of the two St. Armands homes acquired was the four-year-old, 3,097-square-foot residence at 323 S. Washington Drive. Technically, the residence was purchased by NBI Sarasota Holdings Two LLC, the bank’s Florida subsidiary, which has a local address in University Park, for $1.62 million.

The three-bedroom, two-and-a-half-bath home with a swimming pool was originally sold for $2,275,000 in June 2006.

St. Armands
In the second St. Armands sale, NBI Sarasota Holdings One, LLC, acquired another four-year-old canal-front home nearby at 315 S. Washington Drive for $1.62 million. The three-bedroom, two-and-a-half-bath home has a swimming pool and 2,650 square feet of living space. The property originally sold for $2.1 million in 2006.

The vacant lot on Sarasota Bay in Country Club Shores Unit V, at 601 Golf Links Lane, originally sold for $2,449,600 in June 2005. It was bought by NBI Sarasota Holdings Three LLC for $1.62 million.

Bird Key
Morris Halpern sold his Bird Key home at 445 Meadow Lark Drive to John and Rachel Jakes, of Sarasota, for $2,225,000. Halpern bought the home for $1,075,000 in November 1996. The 4,159-square-foot home was constructed in 1960 with four bedrooms, four baths and a swimming pool.

In another Bird Key transaction, Karin Jones, of 111 S. Warbler Lane, paid $475,000 to James Bennington and Robert Clarke, co-trustees of the William Bennington Trust Agreement, c/o Robert Johnson, of Sarasota, for their home at 268 Robin Drive.

The 49-year-old home is one of the original Bird Key residences. It has three bedrooms and two baths with a total 1,577 square feet of living area.

Country Club Shores
Cardwell Hill House Farm, in Pemberton, England, purchased a waterfront lot in Country Club Shores Unit V, at 601 Birdie Lane, from Comerica Bank, of Detroit, and Thomas Johnson, as successor trustees for the late Peggy R. Johnson Trust, of Dallas, for $1.8 million.

Anthony Sarandes, of Ocala, sold his Unit IV home at 551 Bowsprit Lane to Shirlie and Stuart Ramsdell for $625,000. The three-bedroom, two-bath home was constructed in 1970 with a swimming pool and 2,374 square feet of air-conditioned living space.

Bay Isles
Marilyn and Gerald Pasternak sold their 6,601-square-foot home with five bedrooms, five-and-a-half baths and a swimming pool at 3441 Bayou Sound Court for $1.8 million to Rebecca and Nicholas Cazana, of Knoxville, Tenn.

The home, built in 1997, has a total of more than 10,000 square feet under roof.

Sanctuary IV
Ann and Gregory Jones, of Lake Forest, Ill., bought Unit B-604 in Sanctuary IV from Valborg Henry, of Highland, N.Y., for $1.15 million. The three-bedroom, two-and-a-half-bath condo at 535 Sanctuary Drive was constructed in 1990 and has 2,590 square feet of living area.

The Pierre
Janet Strobeck, of Wheaton, Ill., sold her Unit 305 at the 67-unit Pierre condominium to Thomas O’Flynn (50% interest) and Cheryl Barr (50% interest), of Summit, N.J., for $1,125,000. The condominium was constructed in 1990 with three bedrooms, three-and-a-half baths and 2,880 square feet of living area. Strobeck bought the condo for $1,055,000 in May 1999.

Tangerine Bay
Sharon and Larry Hollar, from Boyce, Va., bought Unit 236 at the 90-unit Tangerine Bay Club, 350 Gulf of Mexico Drive, from Ronald Pantello and his wife, Pat Connolly Pantello, 560 Hornblower Lane, for $1,075,000. The three-bedroom, four-bath condo was built in 1992 with 2,581 square feet of living area.

The Pantellos paid $775,000 for the condo in December 2000.

The Nierenberg Family LLC, managed by Meredith Nierenberg, sold their condominium Unit 812 at the 112-unit Promenade at 1211 Gulf of Mexico Drive to Radhika Hookway, of London, for $975,000. The three-bedroom, three-bath condo was built in 1985 with 2,273 square feet of living area. The condo last sold for $650,000 in 1996.

Queens Harbour
Roone Arledge Jr., the son of ABC television’s former sports director and president and chairman of ABC News, the late Roone Arledge, has purchased a home in Queens Harbour along with his wife, Christina.

They bought their home at 3526 Fair Oaks Lane from Kimberly and Bruce Stapleton for $775,000.

The Arledges have been residing in Pleasant Valley, N.Y. Built in 1996, the Queens Harbour home has three bedrooms, two baths, a swimming pool and 2,634 square feet of living space.
The Stapletons purchased the home new for $880,000 in July 2003.

Tarawitt Drive
David Maskewitz and Donna Ortelli, of Dover, Del., sold their north-Key home at 799 Tarawitt Drive to Emily and Timothy Durdin, from Peoria, Ill., for $760,000. The two-bedroom, two-bath home was built in 2003 with 2,518 square feet of living space. Maskewitz and Ortelli bought the property for $244,000 in June 2001 and constructed the house in 2003.

Banyan Bay Club
Valerie Pickar, from Milwaukee, bought Unit 404 at the 44-unit Banyan Bay Club, 5260 Gulf of Mexico Drive, from Thomas Burgum and his wife, Mary Cohen, of Sarasota, for $390,000. Built in 1974, the condo has three bedrooms and two baths with 1,453 square feet of living space. The Burgums purchased the apartment for $285,000 in May 2000.

Harbour Villa Club
There was one transaction at the 38-unit Harbour Villa Club, 615 Dream Island Road, in which Douglas Gowan, successor trustee of the William Gowan Trust, of Okemos, Mich., sold Unit 305 and Dock Slip 9 to a trio from Sheffield, United Kingdom, for $377,500. The buyers were Andrew and Sheila Maynard and Brian Lock. The condo was built in 1985 and has two bedrooms, two baths and 1,293 square feet of living area.

Seaplace IV
Wendy and Scott Johnson, from Madison, Wis., bought Unit G6-103 at Seaplace IV from John Waskom, as personal representative of the estate of Lenore Kaplan Finkelstein, of Sarasota, for $365,000. The two-bedroom, two-bath condo was constructed in 1978 with 1,401 square feet of living area.

Privateer South
Wanda MacKenzie sold her Unit 204 at The Privateer South, 1000 Longboat Club Road, through her attorney-in-fact, Marsha MacKenzie, for $325,000 to the following Canadian investors: 1434320 Ontario Inc., Fonthill, Ontario (27.5%); Braelau Holdings, St. Catherine’s, Ontario (27.5%); 695835 Ontario, Ltd., Fonthill (27.5%); and to Lazer Capital Corp., Niagara Falls, N.Y (17.5%).

Built in 1972, the condominium has two bedrooms and two baths with 1,409 square feet of living area.

Pelican Harbour & Beach Club
Karen and Cameron Elliott, from Akron, Ohio, bought Unit W-1 at the Pelican Beach & Harbour Club from James Murray, individually and as successor trustee of the Suzanne Meloche revocable trust, of La Crosse, Wis., for $263,000. The 1,150-square-foot apartment at 4234 Gulf of Mexico Drive was built in 1978 and has two bedrooms and one bath.

Beach Harbor Club
There were two transactions at the 133-unit Beach Harbor Club, 3806 Gulf of Mexico Drive. Lillian Bahrich, of Arlington, Va., sold her Unit C-108 to Darlene and James Reynolds for $160,000. The two-bedroom, two-bath condo was built in 1970 with 1,501 square feet of living area.

In January 2006, Suzanne and Ivan Vasic, from River Forest, Ill., bought Unit C-208 at Beach Harbor Club for $350,000. They sold for $147,500 to James Knab, of Cincinnati. The condo, built back in 1970 has one bedroom, one bath and 712 square feet of living space.

Kent Chetlain is a veteran Florida journalist and historian, a former Manatee County commissioner and a holder of a Florida real-estate license. He has chronicled real-estate activity in this area since 1957.

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