'Before its time' mansion on Marco Island fetches record price of nearly $12 million
Marco Island has a new record home sale.
Property records show a rare, contemporary mansion in the exclusive Hideaway Beach community fetched $11.875 million.
The sale closed March 22, beating the previous record of $10.5 million, set in 2020, for a new estate, also in Hideaway.
The affluent community includes a private nine-hole executive golf course and clubhouse, with two miles of beach sitting directly on the Gulf of Mexico.
The eye-popping sale reflects the continuing strength of Collier County's luxury market — and the patience of the seller.
Without naming the seller or disclosing the price, Cathy Rogers, with Premier Sotheby’s International Realty, shared that her client firmly held out for the best offer in a hot market.
"She was not going to give the property away," said Rogers, the exclusive listing agent. "She actually built the property herself and was very intimate with the property — and she knew what she had. So we just waited."
In case you missed it:Rare, contemporary mansion could be Marco Island's next record sale
Meet the buyers: Finding home in Hideaway
Property records show the buyers as Dexter and Jaime Lanigan.
Dexter is a former Marine and the owner of New Age Development Group, a general contractor and construction management firm based in Pennsylvania.
According to its website, the company has developed more than 18 million square feet of space across the country, specializing in high-end residential, commercial and government projects. It has about 30 employees.
A service-disabled veteran, Dexter started the company at the age of 25 in 2002, after working as a carpenter, following his tour in the Marines. With a hands-on approach and a focus on building strong client relationships, he's grown his company by leaps and bounds as its sole owner.
"We have a real nice niche of clients and types of work that we do, and a big part of our company is built around the government contracts," he said.
As for his decision to purchase a home on Marco, Dexter said he wanted to trade a getaway in New Jersey for one in Florida that his family could use and enjoy more often, rather than just as a summer spot.
"We started looking in the Sarasota area, and kind of really just worked our way down south. We had in our minds what we were looking for. We wanted something in a private community," he said.
Also, Dexter and his wife, who are in their early 40s and have four girls, sought a family-friendly place. They were surprised to learn Marco Island wasn't just a retirement community — and about what it offered for young families.
Their search only lasted about two weeks.
"We really felt that the Marco Island area wasn't very congested," Dexter said. "But there was also a lot of stuff to do."
The mansion in Hideaway checked two of the most important boxes, location and size, Dexter said.
"Before we put an offer in, we did talk to a lot of the neighbors. We did talk to a lot of people just walking in the community," he said.
The distinctive property hit the market last May at $14.25 million. That made it the highest-priced residential listing on Marco Island since 2005 — before a real estate boom went bust in Southwest Florida.
In describing the home, Rogers struggled to find the right words to do it justice.
"It's just drop-dead gorgeous," she said. "I don't even know what else to say about it."
On Marco, there's only one place where you can have a home directly on the beach — Hideaway Beach — and the expansive home sits on a double lot, with 180 feet of beach frontage, Rogers said.
The property brought "phenomenal" interest, with calls from interested buyers and their agents rolling in within days of listing the property, Rogers said.
The interest came mostly from out-of-towners looking to flee high-tax states in the Northeast and Midwest.
The COVID outbreak has also attracted more buyers here from northern states, where residents and businesses faced greater restrictions and more difficulty in trying to social distance during the height of the pandemic.
While restrictions have eased along with the pandemic, remote work remains hugely popular, giving Americans more freedom to choose where they live — another factor that continues to drive more residential sales and construction in quiet, quaint Marco Island.
"They can work on the beach," Rogers said.
'Before its time' kind of mansion
For this kind of prized, record-setting mansion, she said, there are "no open houses."
The three-story, custom estate — at 202 S. Beach Drive — spans 9,505 square feet, under air. It has five bedrooms and eight bathrooms, including three half-baths, or powder rooms.
Although it was built in 2005, Rogers describes it as "ultra-contemporary" and "before its time."
Contemporary features include a 30-foot high foyer and a majestic staircase with glass, stainless steel railings and marble floors.
Walls of windows throughout the home offer views of the waterfront — and sunsets.
There's a lot more to brag about, including a master suite with a spa-like bath, stone fireplace and 10-foot sliding glass doors that open to a private outdoor living room.
Outdoors, there's a saltwater pool, a party room with a kitchen and a poolside gathering spot with a fireplace. Five terraces overlook the estate.
While the mansion is modern, Dexter said it's not exactly his style, so he plans some interior renovations. He also hinted it could become a primary residence in the not-to-distant future.
Southwest Florida housing market has sizzled
On Marco, like elsewhere in the region, the housing market has sizzled.
The high-end market, in particular, continues to perform well on the island and across Southwest Florida.
Both Lee and Collier counties saw all-time high home prices shattered last year. A sprawling compound in Port Royal fetched $52 million, while an island estate on Captiva brought $17.15 million, beating its own record.
About a month before the record sale in Hideaway Beach, Jim Prange, another Realtor for Premier Sotheby's on Marco, sold a neighboring home on one lot for $9.7 million. That's a record price on the island for a beachfront home on a single lot, he said.
Real estate in Collier:How hot is the real estate market in Collier County? Home prices rose year over year
Big mansions and sprawling estate homes aren't the only real estate that's in high demand and low supply on Marco, he said.
"We are still having a hard time trying to find condo inventory," Prange said. "Over the last six weeks, as soon as a condo hits the market, it’s gone. Most of the time over asking (price) with multiple buyers."
It's "last call" on the island, he said, with "no more condos coming up and no new subdivisions being released."
A condo on Marco used to be like a collector car, Prange said, purchased in a good year and sold in a bad one.
"It's changed," he said. "People are making Marco Island home. You don't sell your home."
In February, the collective inventory of single-family homes, condos and vacant lots on the island fell 69% from a year ago, according to the Marco Island Area Association of Realtors.
Currently, Prange estimates there are about 200 residential properties for sale in total.
"We used to think $30 million was a good year for sales. We are over $100 million so far this year. Crazy," the longtime Realtor said.
Home prices have surged on Marco, as they have elsewhere in the region.
The Realtor association reported that the median sales price for a single-family home on the island rose to $1.1 million in February, up 44% from a year ago. For condos, it grew by 27% to $557,500.
The median is the price at which half the homes sell for more and half for less.
"As far as values, we were flatline for 13-plus years," Prange said. "A lot of our appreciation was overdue and justified."