A Lower Florida Keys estate with 120 feet of direct ocean frontage heads to auction next month.
The property at 1151 Ocean Drive in unincorporated Summerland Key, once listed for $8.9 million, is set to go to the highest bidder at 4 p.m. on Dec. 4. Platinum Luxury Auctions is handling the sale with listing agent Lisa Swanson of The Agency Florida.
The owner paid $4.9 million for the estate in 2021, public records show. An auction made sense "in the face of the now-slowing pace of general brokerage sales," Platinum founder and President Trayor Lesnock said in a statement emailed to Homes.com.
"He likes to move quickly and dislikes inaction," Lesnock said of the seller.
Auctions are appropriate in any kind of housing market, but they can be especially attractive to sellers when demand has softened and prices leveled out, industry observers say.
An expedited sale will bring more attention to a property and give prospective buyers a sense of urgency, according to South Florida real estate agents not involved with the Ocean Drive listing.
Still, while the Florida Keys are ideal for people who enjoy boating and fishing, the lifestyle isn't for everyone, said Gary Lanham of Coldwell Banker Realty.
Hurricanes are an annual threat, noted Terry Story of Keller Williams Realty, whose in-laws owned property on Summerland Key for about 20 years. There's only one road in and out, so evacuating during a storm can be slow and tedious, she said.
In addition, access is limited to healthcare and common conveniences such as malls and movie theaters.
"There's not a lot to do on rainy days," Story said in an interview.
Summerland Key, about 20 miles east of Key West and 120 miles south of Miami, is home to former Walt Disney CEO Bob Chapek, actress Sydney Sweeney and other celebrities, Platinum said in a news release. Summerland has its own airstrip to accommodate jet-setting residents who live on the island part-time, according to Platinum.
The single-story, 3,952-square-foot home, built in 2007, sits on a 0.86-acre lot. The property can accommodate a sixth bedroom and has four full bathrooms and two half baths, according to Platinum and the Homes.com listing. Estimated annual taxes total nearly $41,000.
The landscaped front yard features a private entry gate, while the backyard includes a pool and spa, as well as a sandy area for sports or other activities.
Other amenities include a concrete boat slip, a 200-foot dock with a fish-cleaning station, three boat lifts, a private beach and a desalination plant, according to Platinum and Homes.com.
"A series of underwater bubblers mitigate accumulation of seagrass within the boat slip," Platinum said in the release.
The auction will either be held at the home or a location in Miami, depending on the makeup of the pool of participants, Lesnock said. Typically, about half the bidders will be remote, and the entire bidding process usually takes no longer than about 20 minutes, he said.