MADEIRA BEACH, FL – May 26, 2022 – Engel & Völkers Florida announced the record-breaking sale of Sunset Inn & Cottages, located at 7925 W Gulf Blvd. Evan Pedone, an advisor with Engel & Völkers Madeira Beach, represented both the buyer and seller, who wish to remain anonymous. The $5.5-million transaction set a new record as the most expensive sale in Treasure Island for overall price and price per square foot at $834 per square foot.
“This was a special property to represent,” said Pedone. “The historical significance of the cottages, the beach breezes and relaxing retro Florida design are just a few reasons this property will forever hold a place in my heart. The number of parcels and acreage the property occupies was rare and played a significant role in the value. You don’t find beachfront opportunities like these often. I have sold ten of these income property hotels and have been able to get record prices for them.”
Located in the idyllic community of Sunset Beach, the Sunset Inn & Cottages features 13 classic hotel rooms and small cottages as guest quarters; all of which have been renovated to a high standard, with luxurious finishes. The $5.5-million price tag crowns it as the most expensive property sold in Treasure Island — beating the previous record-holder by $1.2-million. The typical price for a property in Treasure Island is $618,822 US dollars, where prices have risen by 36-percent over the past year.
“Our area has been ‘discovered’ as one of the last remaining beach communities that still represents a good value for investors,” said Michael Wyckoff, Managing Broker of Engel & Völkers Madeira Beach. “This beautiful property stands out as an example of the quaint character of the area and is a haven for visitors to become immersed in the idyllic nature of Treasure Island. Evan did a stellar job in presenting this property to the market and has become a top advisor by capturing the essence of the properties that he represents, consistently setting records for obtaining the highest value for his clients.”
Pedone has become the go-to real estate advisor for notable clients in his market thanks to his successful representation of professional athletes, celebrities and business executives. In the last two years alone, he’s facilitated 21 transactions totaling more than $31-million.
“Evan is a shining example of our advisors who leverage the Engel & Völkers brand and utilize our systems and tools to gain listings and clients that they otherwise could not with other companies,” said Peter Giese, CEO Engel & Völkers Florida. “We look forward to supporting him to continue setting new sales records as a top real estate advisor in the Tampa Bay area.”
About Engel & Völkers
Tampa Bay area Engel & Völkers shops ranked as a Top Workplace, four years in a row, by the Tampa Bay Times. Engel & Völkers is one of the world’s leading service companies specializing in the brokerage of premium residential property, commercial real estate, and yachts. Engel & Völkers offers both private and institutional clients a professionally tailored range of services. To learn more about Engel & Völkers South Tampa and its team of advisors, visit www.southtampa.evrealestate.com. To learn more about Engel & Völkers Madeira Beach and its team of advisors, visit ww.madeirabeach.evrealestate.com. To learn more about Engel & Völkers Belleair and its team of advisors, visit www.belleair.evrealestate.com.