Marco Island beachfront lot sold for record $6 million
Buyers have scooped up the last available beachfront lot on Marco Island for a record price.
The lot, which sits in Marco's exclusive, gated Hideaway Beach community — the only place that offers a beachfront home on the island, fetched $6 million.
With the purchase, there's not one beachfront lot for sale in the island's Flex MLS, or multiple listing service.
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While there may be another empty lot or two on the beach, they're "definitely not for sale," said Cathy Rogers, with Premier Sotheby's International Realty.
She represented the seller in the deal, which closed May 2.
While she didn't disclose the name of her client, property records show the seller as Robert Porcelli.
Porcelli is president of Electronic Plating, a longtime manufacturer based in Cicero, Illinois.
According to property records, the company purchased the lot in 1988 for $450,000. Ownership transferred to Porcelli in 2000.
"He had been trying to sell that lot for a long time, and he had just been sticking to his price," Rogers said.
She had the listing for about nine months.
"There is not another beachfront property like that for a ways," Rogers said. "And if this was in Naples, this would have been a lot more. Marco Island just has good value."
The record sale reflects both the continuing strength of Southwest Florida's luxury real estate market — and the caliber of the property itself, she said.
"The listings are very scarce all over the place. It's not just Hideaway," Rogers said.
As a result, residential lots and homes continue to sell at a rapid pace, with many properties going under contract within a week of hitting the MLS.
"A lot of properties are being bid up now, with multiple offers, and some of them are not even making the MLS and getting sold," Rogers said.
In addition to its waterfront views, Hideaway's now-priciest lot affords the opportunity to build and live in an active, amenity-rich community with a private nine-hole executive golf course and a recently-renovated private clubhouse on the Gulf of Mexico, with multiple dining venues.
"It's got tennis, fitness, golf, pickleball, bocce ball, almost any kind of ball you want to play," Rogers said.
Located at 992 Royal Marco Way, the lot spans a little less than a half-acre, with roughly 95 feet of shoreline on Hideaway Beach.
Rebecca Sinatra, also with Premier Sotheby's, represented the buyers.
While she didn't share the name of her clients, she offered a bit of information about them. They're from Massachusetts and they plan to build a "spectacular" getaway that can accommodate their large family, including children and grandchildren, Sinatra said.
"I'm sure they will maximize every inch of the lot," she said.
The buyers used to own a home in Old Naples, but they sold it a few years ago, early into the COVID-19 pandemic, in more uncertain times. They started hunting for a replacement last year, Sinatra said.
"They have been looking in the area for over a year. And fell in love with Hideaway Beach because of the amenities, and also the crystal blue waters," she said.
While they considered buying a single-family home, they found limited choices, and they saw the potential to build exactly what they want, where they want it, Sinatra said.
"They had the vision of what they can do with it," she said.
Property records show the buyer as a limited liability company going under the name Jam Enterprises 2, with an address in Middleton, Massachusetts. Regina Monastiero is registered as the managing member.
According to an online search, the company is a business management consulting firm.
The lot sale beat the previous record on Hideaway by $500,000. That was a more than half-acre waterfront lot at 300 Seabreeze Drive, with 111 feet of shoreline on Hideaway Beach, which sold for $5.5 million in June 2020.
Longtime island Realtor Jim Prange, with Premier Sotheby's, said the record sale indeed claimed "the last beachfront lot available" on Marco.
"There are two vacant lots not built on, but they are part of the adjoining home," he said.
While one owner plans to build on his lot to expand his current home, the other doesn't have that option.
"The other vacant lot is part of a three-lot parcel," Prange explained. "The house sits on two lots. Because of that…the third lot cannot be built on."
In March, a rare, contemporary mansion in Hideaway sold for $11.875 million — an all-time high for the community and the island. That beat the $10.5 million paid for a new estate, also in Hideaway, that changed hands in 2020.
In April, a cobbled-together 4.32-acre plot brought $10.749 million — making it the highest-ever lot sale on the island, according to Premier Sotheby’s.
Technically, the sale involved two parcels, with the given address of 1771 Osceola Court.
The land offers 605 feet of direct frontage on the water, overlooking Caxambas Bay and the Gulf of Mexico, in the Estates area, at the southeast corner of the island.