Maureen Kelly & Scott McDonough Of Tarte Cosmetics Acquire Longboat Key SFR For $9.45M
6877 Gulf of Mexico Drive
$9,450,000
$1,960/SF
Building Size
4,820 SF
Asset Type
Single Family Residence
Closing
Aug 18, 2023
AI
A single-family home in Longboat Key closed at $9.45 million, marking the highest sale price for a residential property in the area in 2023. Located at 6877 Gulf of Mexico Drive, this three-story house spans 4,820 square feet and underwent extensive renovations. Some of the notable improvements include a gourmet kitchen, hurricane-impact glass, and a new pool. The successful sale of this property during the pandemic can be attributed to strategic marketing efforts.
Summary of transaction details
- Property Type: Single-family home
- Transaction Amount: $9,450,000
- Address: 6877 Gulf of Mexico Drive
- Market: Longboat Key
The buyer of this property is Maureen Kelly & Scott McDonough, who are affiliated with Tarte Cosmetics. Represented by Adam Cuffaro of Michael Saunders & Company, the buyers ensured the acquisition of this sought-after residence. On the other hand, Todd Lee Borck acted as the seller for the transaction. David Liberatore from Better Homes and Gardens Real Estate represented the seller's interests throughout the deal.
Players
Longboat Key Single Family Residence Market Snapshot
Boundary boundary · Single Family Residence · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.68%
Cash-on-Cash
-0.48%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93