Guest column: JW a factor in condo’s record sale price
“It’s one of the top four condos in the best building on the beach,” according to Bo Sorrentino of Engel and Voelkers, who represented the sellers in the record price sale of a condo unit at the Madeira. 350 S. Collier Boulevard (The Madeira) Unit #1506 was sold in early May for a price of $1,212 per square foot. The buyer, DMS, LLC paid $6.2 million for four bedrooms, 4.5 baths, 5,000 square feet for an Estate Residence at the Madeira.
According to Sorrentino, “nothing on the island has appreciated or grown in value like the Madeira.” Unit 1506 is one of only four Estate residences at The Madeira. Though built in 2006, The Madeira is still the newest building on the beach featuring 24-hour security; two tennis courts, resort style pool and grill areas – all within steps to the beach. It’s most impressive feature is its location situated in the center of the most coveted four-mile crescent beach with panoramic sunset views.
Madeira’s proximity to the JW Marriott was the deciding factor for the buyer of Unit 1506 at the Madeira. He is a big user of JW hotels, and he asked the people at the hotel, “where’s the best building on the beach and they said, “next door.” Some people might view being next door to the JW as a negative factor. But this buyer wanted to be able to use all the hotel’s amenities and planned on playing golf at Marriott’s golf courses.
“Everything is about to change with the presence of the JW Marriott,” according to Sorrentino. The hotel is attracting a more affluent clientele who are looking for their second or third homes, and they are willing to buy the best units in the best buildings on the beach. The new buyers are in their 50s and early 60s.
When the Madeira was sold by the developer in 2006, the units sold for $500 per square foot. The four “Estate Residences” sold for slightly more than $600 per square foot. Twelve years later, those prices have doubled. Units were sold by lottery and each condo was sold “decorator ready” which meant that owners bought a shell. The kitchen and bathrooms were installed; walls were not painted; appliances and bathrooms were installed and each unit was customized by the buyers.
Bo Sorrentino of Engel and Voelkers represented the current sellers (Grodners of Liverpool, England) when they purchased Unit 1506 in 2008 for $3.75 million.