- November 14, 2022
A furnished bayfront home on Siesta Key is set for public auction this month with plans to sell to the highest bidder with no reserve.
But don't plan on participating without a hefty cashier's check in your briefcase.
The auction for the property at 8347 Midnight Pass Road, on the south end of the island, begins at 11 a.m. Saturday, Sept. 24. Previews of the property are planned from 1-4 p.m. Saturday and Sunday, Sept. 17-18, and a final opportunity takes place on Sept. 23.
Randy Haddaway, the CEO of Elite Auctions of Naples, said luxury homes like the Siesta Key property are in unprecedented demand, which has driven prices to new heights.
“This home is exactly what those buyers are looking for,” he said. “It exemplifies the kind of property that’s in high demand right now, but in short supply.”
Indeed, the median sales price for single-family homes in Sarasota County reached $525,000 in July, more than a 30% increase from 12 months previous. 2022 started with a median price of $464,500. Average prices too are soaring, indicating a luxury-leaning market in Sarasota. Between January and July of 2022, average prices have climbed from about $680,000 to $717,000.
A home not far away on Siesta Key is under construction with an asking price of $17 million.
The sale of a Harbor Acres home in July broke the single-property record in Manatee and Sarasota County at $17.5 million, a record that had stood since late 2020.
The property to be auctioned according to public-facing real estate listings, is on the market at $7.9 million. It sold in June of 2021 for $6.5 million and in 2012 for $4.075 million.
To be eligible to participate as a bidder, the registration process requires bringing a cashier’s check for $100,000 on the day of the auction. The winning bidder will have until According to the auction terms and conditions, closing must take place within 30 days.
The home covers 6,512 square feet across three floors. The half-acre property includes a boat dock with lift, a private kayak launch and views of Little Sarasota Bay. There are four bedrooms and five full baths and one half bath. The garage can accommodate eight cars.