2023 Best Real Estate Deals
Smith & Associates Real Estate proudly announced a historic sale at 42 Ladoga Avenue for $17,850,000.
This monumental transaction of $1,975 per square foot now stands as the second-highest sale in Tampa's illustrious real estate history (#1 is Derek Jeter’s home sale in 2022). With 464 feet of waterfront footage, the significant property represented the most waterfrontage on Davis Islands to come to market in decades. The Davis Island home was co-listed by Mary Beth Byrd, Leslie Minder, and Dina Sierra Smith with Smith & Associates Real Estate
The estate property boasts a 9,038-square-foot home that was originally designed and built in 1928 and sits on three buildable lots. The total acreage of the property is 1.45 acres, larger than the parcel that Derek Jeter’s home sold for in 2022. Jeter’s home brought in a record-breaking sales price of 22 million.
With a deep appreciation for the storied legacy that has graced Davis Island’s waterside vista since the 1920s, the new owners are eager to embrace their role as guardians of history. Their unwavering commitment revolves around meticulously safeguarding the residence's heritage, ensuring that future generations will be able to enjoy the splendor that defines this estate.
The three lots at 42 Ladoga have direct water access to the Bay and the Gulf of Mexico. The grand estate has 7 bedrooms, 7 full and 2 half baths, along with a full gym, entertainment wing, wine cellar, and 2 executive offices. In addition, the property features a boat house with two lifts: one 55-foot 80,000-lb Neptune boat lift and a 13-foot 6000-lb multi-use lift. There is also a smaller boat lift with a separate Trex boat dock. This feature was attractive to the buyer who needed dockage for his 50-foot yacht. Homes of this price point compete with Florida cities like Miami and Fort Lauderdale. Luring a buyer to the Tampa Bay region for such a historic sale is a win for the entire region.
Our journey with this property is a testament to its unique story and the remarkable value attained from the sale. The seller originally purchased their home at 42 Ladoga, situated on Davis Island’s waterfront. Later, they expanded their holdings by acquiring the neighboring property, 34 Ladoga, and merged the two plots into one expansive 1.45-acre estate under the single tax ID number, 42 Ladoga.
On July 26, 2022, we listed the half-acre lot, 34 Ladoga, as a standalone parcel. This was the most fitting approach at the time, given market dynamics and the seller's initial intentions. However, as the real estate landscape evolved and the sellers made the pivotal decision to part with the main house, we adapted our strategy and withdrew the listing for 34 Ladoga from the market.
Instead, we re-listed the entire combined parcel, encompassing both 34 and 42 Ladoga, on January 31, 2023. This strategic shift was driven by the property's true potential, which was best realized as a whole.
Our strategy proved correct, as we had secured a contract by early June 2023, and the sale culminated on August 15, 2023. Notably, the price per square foot reached a remarkable $1975, nearly marking the highest ever recorded on Davis Island. This achievement underscores the property's intrinsic value and is also ranked as the second-highest residential real estate sale in Tampa Bay’s history. 42 Lagoda sold for $17,850,000.
Ultimately, this sale is more than a mere transaction; it is a testament to the vision, adaptability, and collaborative efforts that can unlock a property's full potential. The historic property stands as a living testament to timeless allure, now entrusted to the care of a dedicated family, and is a game changer in the real estate market for the entire region.
The Waterfront Estate at 42 Lagoda transcends the ordinary and stands out as a true Tampa Bay real estate masterpiece for several notable reasons:
1. Unparalleled Waterfront Location: Nestled along the pristine waterfront on Davis Island, 42 Ladoga boasts a second-to-none location. This exclusive address offers panoramic water views and direct access to the water, creating a rare opportunity for a luxurious waterfront lifestyle. The home can accommodate the owner’s 50-foot yacht with a state-of-the-art boat house and deep water access.
2. Architectural Grandeur: The estate's architectural design is a testament to creativity and craftsmanship. Its fusion of contemporary elegance with timeless charm sets it apart as an architectural gem. Every detail, from the grand entrance to the meticulously designed interiors, showcases unmatched sophistication.
3. Expansive Acreage and Privacy: With its expansive grounds, 42 Ladoga provides tranquility and privacy rarely found in waterfront properties. The vast acreage ensures seclusion while still being conveniently close to urban amenities.
4. Cutting-Edge Amenities: This project is at the forefront of modern living. Its advanced amenities and technology integration make daily life seamless and convenient. It redefines luxury living from the state-of-the-art kitchen to the smart home features.
5. Exceptional Outdoor Living: The estate's outdoor spaces feature beautifully landscaped gardens, a private dock with the capacity to hold a 50-foot yacht and multiple entertainment areas.
6. Tailored Lifestyle: Whether water-based activities, hosting events, or simply enjoying quality time with family, this property caters to diverse interests and desires.
7. Investment and Legacy: Owning the Ladoga Estate is an investment in both luxury living and legacy. Its uniqueness ensures lasting value, making it a prized possession for future generations.
The Ladoga Estate is a testament to what a home can achieve when it aspires to be more than just a property; it becomes a legacy.
This property presented a series of challenges that truly tested our expertise and determination. At its core, the property's value lay in the acreage, and there was a potential to sell three distinct lots. However, part of the property bordered a canal rather than the open bay, requiring a delicate balance to educate potential buyers about the unique advantages of the protection a canal offers rather than on open water.
While the promise of splitting the lots and selling the land was undeniable, it still left the challenge that the house needed renovations in select areas. The question of how best to market the sale of the parcel or parcels coupled with a market slowdown made selling this unique property or "properties" a formidable task. Thankfully, we had the unwavering cooperation of our exceptional sellers, granting us the freedom to employ innovative marketing strategies.
One consideration was to find three separate buyers for the lots. However, the grandeur of the estate steered us to list the entire parcel as a whole while still presenting an array of possibilities to prospective buyers. Our team devised some ingenious strategies to showcase the property's potential.
Whether a buyer envisioned a grand estate on the entire parcel or wished to explore subdivision options, we were prepared to cater our approach to all possibilities. The diversity of choices made this property an irresistible prospect, transcending the challenges it posed.
The Lagoda Waterfront Estate's sales journey was marked by challenges that our team transformed into opportunities. The land's potential, the canal and open water's unique appeal, and our creative marketing strategies converged to create an enticing offer for a diverse range of buyers.
Sales of such magnitude have ripple effects in the community. They not only spotlight the area, drawing more residents and investors, but also contribute to the metamorphosis of Tampa into a cosmopolitan city. This sale had a heartwarming subplot – the new owners' commitment to preserving the house. By choosing not to tear it down, they ensure that the estate's rich history remains intact, emphasizing the importance of heritage in modern developments.
The sale's magnitude highlights the area's desirability, attracting new residents and increasing investment. As more individuals recognize the potential and allure of our community, it further fuels our growth and development. We are witnessing the evolution of our neighborhood into a thriving urban center, and this sale plays a pivotal role in that transformation.
The new owners' commitment to preserving the historic house is a testament to their appreciation for heritage in modern developments. In an era where old structures often give way to new ones, their decision to retain the estate demonstrates a deep respect for the past. This preservation effort ensures that the property's rich history remains intact, allowing future generations to connect with history.
By safeguarding this piece of our community's history, the sale becomes more than a financial transaction; it symbolizes continuity and respect for our roots. It reinforces the idea that progress and preservation can go hand in hand, creating a harmonious blend of the old and the new.
The sale of 42 Lagoda's impact is multi-faceted. It shines a spotlight on our community, driving growth and investment while preserving our historical heritage. It is a testament to our collective commitment to progress, respect for our past, and the exciting journey toward an even brighter future for Tampa.
Posted by Smith & Associates Real Estate on