Monday, November 12, 2018
Real Estate

Davis Islands home sells for $6.2 million as Tampa Bay luxury market booms

TAMPA — Tampa Bay’s luxury-home market is poised to become even stronger than last year’s as another mega sale closed Friday.

A bayfront estate on Davis Islands sold for $6.2 million, the third highest price ever paid for a home in the island community near downtown Tampa. But it was the seventh bay area sale this year of $5 million or more compared to six in all of last year.

"I am pleased with the luxury market performance in Tampa Bay," said Jennifer Zales, a Coldwell Banker agent who has been involved in two of the area’s top sales since January. "In general, luxury homes that are priced right to start, or that take price reductions until they eventually meet the buyers’ opinion of price, are selling. Buyers are very savvy these days as there is a lot of information available to them online."

RELATED COVERAGE: Who bought Tampa Bay’s priciest homes in 2017?

Overlooking Hillsborough Bay, the 7,284-square-foot house on Davis Islands’ Martinique Avenue first hit the market almost two years ago for $7.5 million. The price was dropped five times, most recently in March to just under $6 million.

The five-bedroom, seven-bath home was custom-built in 2001. It underwent a major renovation in 2007 that included structural reinforcements, repositioning of the pool and the addition of a cabana with bathroom and bar.

Other amenities include a 900-bottle wine cellar, a gym, a billiard room and a theater with 10 recliners.

"The southernmost section of Martinique is the most unique of all of the Davis Islands waterfront with its wide open long views," said Julie Lux, the Smith & Associate agent who represented the sellers, a New Jersey couple. "Only a few original homes remain in this most sought after street."

Zales represented the buyers. Their identity is not yet known because the deed had not been recorded as of Friday.

Zales was the only agent involved in the priciest transaction so far this year, the $9.5 million sale in March of the historic Stovall-Lee estate on Tampa’s Bayshore Boulevard.

The second biggest sale was $7.25 million in early June for a gulf-front estate in Redington Beach. That was the most ever paid for a home on the Pinellas County beaches.

As a luxury market, Tampa Bay has historically lagged Sarasota and Manatee Counties with their hundreds of multi-million dollar homes and condos on Longboat Key, Bird Key, Siesta Key and Casey Key. But the bay area has gained in price and popularity among high-end buyers looking for a wide range of urban amenities and proximity to a major airport

As of Friday, eight homes in Sarasota and Manatee had sold for at least $5 million this year though none for as much as the Redington Beach house.

Contact Susan Taylor Martin at [email protected] or (727) 893-8642. Follow @susanskate

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