Friday, October 23, 2020

Record Sale Price for Condo at The Madeira


The Madeira is known as the last beachfront condominium ever to be built on Marco Island.

The Madeira Unit 1506, located at 350 S. Collier Boulevard, was listed at $6,849,000 by Bo Sorrentino of Engel & Voelkers. It was recently sold to buyer DMS, LLC for $6.2 million, at a record price of $1,212 per square foot.

According to Sorrentino, “It is one of the top four condos in the best building on the beach.” Rarely available, Unit 1506 is a hidden gem and is one of only four Estate residences at The Madeira.

The Madeira has 101 condos and these four “Estate” residences are about 5,000 square feet, have four bedrooms, four and a half baths, and a floor plan that flows.

According to Sorrentino, “Nothing on the island has appreciated or grown in value like The Madeira. It is simply the best. It is a Ferrari in a sea of Chevrolets.”

The Madeira is the newest building on Marco Island, featuring 24-hour security, two tennis courts, resort-style pool and grill area, all within steps to the beach. Its most impressive feature is its location – situated in the center of the coveted four-mile crescent beach. Panoramic sunsets can be seen year round.

The property just came on the market this season and lost a lot of selling time with Hurricane Irma. For the buyer, the selling point was its proximity to the JW Marriott. The buyer, a frequent visitor to Marriott hotels, asked the JW Marriott’s real estate people, “Where is the best building on the beach?” They said, “Next door.” Some people may say that being next to the JW Marriott is a negative factor. But the buyer wanted to be able to use all their amenities and also planned on playing golf at Marriott’s golf courses.

Everything is about to change because of the JW Marriott bringing more and more affluent clientele to Marco Island. With real estate inventory shrinking, The Madeira will always be the newest building on Marco Island’s beach. Twenty years from now, it will still be the newest building on the beach. Sorrentino says, from a financial point of view, The Madeira is second to none in appreciation.

Sorrentino represented the current sellers (Grodners of Liverpool, England) when they originally bought Unit 1506 in 2008 for $3.75 million. For Sorrentino, The Madeira is a very special building. He intimately knew all the aspects of the building and has sold several condos at The Madeira. When The Madeira was sold by the developer, the units were sold for $500 per square foot. These four “Estate residences” sold for slightly more than $600 per square foot. Twelve years later, those prices have doubled.

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