tomo logo

$5,500,000

Beds
5
Baths
3.0
sq ft
3,086

608 N Casey Key Rd, Osprey, FL 34229

608 N Casey Key Rd

OSPREY, FL 34229

  • 227 days on market
    • Price drop $1,000,000↓
REDUCED $1,000,000. Rarely available Gulf to Bay estate size property with 175 feet of Gulf frontage, 175 feet of Bay frontage and encompassing 1.5 acres is located on the exclusive North End of Casey Key. Casey Key, distinguished for its absence of high-rises, traffic congestion, and private beaches, is one of the most esteemed barrier islands of Sarasota and Florida’s Gulf Coast. Positioned amidst exclusivity and privacy, this property presents a prime canvas for luxurious coastal living. Opportunity to build a spectacular new residence with no barriers to removing the current structure; or embrace “Old Florida” and restore the original house built in 1916. This building is the first and oldest structure built on Casey Key and was utilized as a “Fishing Lodge”. Uniquely the front of the house is oriented to Little Sarasota Bay because when it was built there were no bridges and the guests arrived and departed on boats from the mainland! Numerous infrastructure items have been completed facilitating a seamless progression for prospective owners. Most noteworthy is the successful approval and issuance of the permit by the State of Florida Department of Environmental Protection Agency to build west of the coastal construction line, which allows for a 6600+ square foot two-story single-family residence, a 1600+ square foot one-story detached accessory structure with bonus suite, swimming pool, and a reflecting pond at the entrance of the main residence. This is significant because the State EPA permit is the most difficult permit to obtain; also, the Sarasota County building permits are currently in process. The impressive new dock is constructed with premium composite decking and sturdy pilings, which accommodates various vessel sizes, including a 40,000-pound boat lift for vessels over 40 feet, a 17,000-pound lift for boats ranging from 25 to 37 feet, plus a double wave runner lift. Extending 162 feet into the bay, the dock offers power and water access throughout its length, alongside amenities like a fish cleaning station and other conveniences. Additionally, the newly drilled 4-inch and 400-foot-deep irrigation well assures that the estate grounds will be a lush and tropical environment. Embracing the island lifestyle, residents relish the warm Gulf breezes by day and breathtaking sunsets at dusk. A favorite transportation choice by residents is often Golf Carts with easy access to nearby tiki bars, restaurants, grocery store, pharmacy and more. The property's strategic location just north of the historic Blackburn Point bridge facilitates excellent proximity to the mainland with top-rated schools, fine dining establishments, Downtown Sarasota, St Armand’s Circle, The Island of Venice, and world-class medical facilities. Notably, Casey Key is the ONLY barrier island in the region with an expressway from Tamiami Trail to I75 creating easy access to all area international airports, plus private air travel options within ten minutes. The allure of this locale is undeniable, as Casey Key Road was recently acclaimed as the most impressive street nationwide, underscoring the unparalleled status of this magical barrier island.

Details

Property type

Single Family Residence

Est. home value

$5,051,672

Lot size

1.58 acres

Price per sq ft

$1,783

Year built

1916

Annual property taxes

$37,227.24

HOA

No

Price History

11/20/2024
StellarMLS

StellarMLS #N6132859

Price change
$5,500,000
-15.38%
05/10/2024
StellarMLS

StellarMLS #N6132859

Listed
$6,500,000
+149.04%
04/22/2021
StellarMLS

StellarMLS #A4127758

Sold
$2,610,000

Schools & Community

Elementary school: 

Laurel Nokomis Elementary

Middle school: 

Laurel Nokomis Middle

High school: 

Venice Senior High

Negotiation Insights

Before you make an offer, understand who you are negotiating with so you can tailor your negotiation strategy to their situation.

Seller could get up to

$3,258,055
Asking price
$5,500,000
Closing costs (~8% of asking)
-$440,000
Est. remaining loan balance
-$1,801,945
Cash to seller
$3,258,055

This is an estimate of how much the seller could receive at closing after paying off the outstanding mortgage.

Seller’s Loan History

Lender

First Guaranty Mortgage Corp

Loan start date

April 2021

Original loan amount

$1,957,500

Est. remaining balance

$1,801,945

Interest rate

3.02%

Loan type

New Conventional, 30 year

Seller

Nathan D Ayala and Paula Tatiana Ayala

Source: Public records data

If you're the owner, you can request to remove loan details. Email listingsupport@tomo.com

How insights can help you

Interest rate

If the seller has a low interest rate, they may be tempted to rent the property out if they can't get the price they have in mind.

Motivation

If the seller already got a job in a different city, they may feel pressure to sell quickly to free up cash for a new home.

Equity

If the seller stands to receive a large amount of cash when they sell the property, they might be willing to negotiate on the offer price.

Interested in learning more?

Similar Homes Nearby

Price drop
StellarMLS
$4,999,500
4 bd
|
3.5 ba
|
3,762 sq ft
|
House

1172 Horizon View Dr, Sarasota, FL 34242

Status: Active

Tomo last checked: 12/23/2024 at 4:50 AM

Listing updated: 11/19/2024 at 8:39 PM

Listed by: Kelley Ann Ayers, AYERS AND ASSOCIATES REAL ESTATE Phone #: (941) 837-2778

MLS: StellarMLS #N6132859

StellarMLS logo

Recently listed in OSPREY

$249,900|2 bd|2.0 ba|Condo
$240,000|2 bd|2.0 ba|Condo
$1,795,000|5 bd|5.5 ba|House
$650,000|2 bd|2.0 ba|House
$795,000|3 bd|3.0 ba|House
$1,150,000|3 bd|2.0 ba|House
$2,425,000|4 bd|3.0 ba|House