Co-owners Bart DeStefano and Marco Meola have exercised a $2 million option to buy the South Beach Bar & Grille beachfront property at 777 Gulf Blvd.
Doing business as South Beach 777 Restaurants LLC, the paid closed the deal Sept. 10, according to the latest Lee County property transfer listings.
DeStefano and Meola took over the property Jan. 1, 2008, with an option to buy.
"We've been working on this transaction for more than six months," DeStefano said.
Owning the property is preferable renting, he said, in a number of ways.
"We wanted our little piece of the beach on Boca Grande," he said. "We don't plan on going anywhere. With this mortgage we'll pay less than we were paying in rent and it will never go up."
Property of the Week
Brian Corcoran of The BRC Group LLC of Boca Grande lists a five-bedroom, 4-bath waterfront home at 13150 Joseffa Court in the exclusive gated Placida Bay Estates as the Property of the Week. Located on the Intracoastal Waterway minutes from Boca Grande and the Gulf of Mexico, this home has new wood floors in all bedrooms with 20-inch ceramic tile throughout living room, dining room and kitchen. Exterior is Key West architecture with low-maintenance vinyl siding and metal roof. Solid-body deck stain recently applied to all exterior decks. This two-living-level home includes a spacious ground level with parking for 4-plus cars and other toys. The living square footage is 3,574 under air and floor plan is open with windows in every room to maximize water views. Spacious pool and spa with salt water system and a deeded boat dock with 10,000-pound lift. Asking: $1.325 million.
The South Beach Bar & Grille, roughly 7 miles south of the toll bridge on the 7.5-mile island, is a hot spot for lunch, dinner and drinks. Since buying the business at the beginning of the Great Recession, renovations and consistent gourmet meals have kept the crowds coming.
"Business is pretty good," DeStefano said. "We've been up this year about 13 percent in gross revenues. We've been able to go up every year we've been here. It doesn't surprise me because at this point nobody on the island serves better food than we do."
Other big September sales on Boca Grande include:
n 517 Buttonwood Bay Drive, $1.7 million;
n 151 Palm Ave., $1.25 million;
n 157 Blackwall Court, $1.11 million; and
200 Pilot St., $725,000.
It's a good time to sell or buy as the market is heating. The August supply of homes on the market is down 40 percent from August 2011, indicating a dramatic reduction in inventory backlog, according to Florida Realtors.
Average home sales prices are up by 6.8 percent in August over August 2011, according to Florida Realtors.
The sales percolation heading into the fourth quarter dovetails with Florida housing starts rising 18.5 percent in August and median home prices increasing 5.8 percent over the year.
The following Lee County property transfer listings through Oct. 10 include date, property owner, type property, address, sale price and strap number, which is a 17-digit number that precisely identifies a piece of property and its location,
Sept. 7: WILLIAM and PENELOPE SIMS, single family residential, 157 Blackwall Court, $1.11 million, 23-43-20-24-00000.0580.
Sept. 10: SOUTH BEACH 777 LLC RESTAURANTS, cafeterias, 760 Gulf Blvd., $2 million, 26-43-20-00-00001.0030.
Sept. 12: MARY GLERUM, vacant residential, 151 Palm Ave., $1.25 million, 14-43-20-07-00000.0040.
Sept. 24: NED S and GLEE STANLEY, single family residential, 517 Buttonwood Bay Drive, $1.7 million, 23-43-20-26-00000.1320.
Sept. 25: ACHARLES GLES, single family residential, 200 Pilot St., $725,000, 23-43-20-03-00000.002C.
Sept. 12: ROBYN BARAS, single family residential, 53 Sandpiper Court, $590,000, 35-45-21-00-00005.0530.
Sept. 19: LAURENCE BOSSE, condo, 5228 BAYSIDE VILLAS $270,000, 26-45-21-30-0000B.2140.
Sept. 27: PETER DANIELS, condo, 2433 Beach Villas, $635,000, 26-45-21-28-0000E.3030.
Sept. 27: BRIAN WELLS, condo, 3120 Tennis Villas, $202,500, 26-45-21-27-0000A.2100.
Sept. 28: FELDHALL LLC FL STORES, one-story, 14970 Captiva Drive, $1.89 million, 26-45-21-02-00003.0280.
Aug. 23: GEORGE and DONNA SAPP, mobile home, 3835 Coconut Drive, $70,000, 02-46-22-10-00000.1620.
Aug. 30: ADVANTAIRA TRUST LLC, single family residential, 7698 Myrsine Circle, $197,000, 07-44-22-04-00000.0090.
Sept. 4: WILLIAM BURKE, single family residential, 12164 Boat Shell Driv, $135,000, 18-44-23-04-00001.0320.
Sept. 4: MATTHEW CARTER, vacant residential, 6225 Grove Ave., $6,000, 17-44-22-03-00002.0140.
Sept. 5: GARY and PATRICIA REKOWSKI, single family residential, 5190 Barrow Drive, $108,000, 04-45-22-05-0000D.0120.
Sept. 10: MICHAEL PILEGGI, single family residential, 2608 Bayshore Drive, $140,000 24-44-22-09-00000.1450.
Sept. 10: WILLIAM and CYNTHIA VAN HOOK, single family residential, 12196 Matlacha Blvd., $289,000, 18-44-23-03-00002.0140.
Sept. 12: VIRGINIA GRAFTON, mobile home, 4854 Sandpiper Drive, $50,000, 10-45-22-01-00000.0120.
Sept. 14: GREGORY GEBHARD, single family residential, 2595 Pine St., $82,000 ,24-44-22-05-00000.0010.
Sept. 14: LARRY LOPEX, single family residential, 7487 Georgianna Drive, $185,000, 06-44-22-03-00000.5810.
Sept. 20: GAETAN and GAIL DIGANGI , vacant residential, 7704 Myrsine Circle, $40,000, 07-44-22-04-00000.0100.
Sept. 21: JO ANN BOTTA, vacant residential, 7380 Cobb Road, $9,000, 31-43-22-01-00000.0110.
Sept. 27: NEW ISLAND PROPERTIES LLC, single family residential, 13860 Robert Road, $83,000, 07-44-22-03-00000.2590.
Sept. 27: RICHARD ALLEN and MARY ROANE, vacant residential, 5832 Samoa Drive, $10,000, 28-44-22-10-0000A.0080.
Sept. 28: STANLEY and LUCILLE ROKOSZ, single family residential, 11901 Princess Grace Court, $325,000, 20-44-23-01-0000A.1850.
Oct. 3: ROBERT and DENISE STITES, vacant residential, 11801 Royal Tee Court, $64,500, 20-44-23-01-0000A.2690.
Sept. 1: RICHARD and SUSAN KALLOK, condo, 1340 Middle Gulf Drive No. 8A, $450,000, 30-46-23-T4-03208.00A0.
Sept. 14: GARRY and BETH WEISS, single family residential, 2130 Sunset Circle, $451,000, 25-46-22-T1-00003.4050.
Sept. 17: ROBERT CAIN, single family residential, 613 Sea Oats Drive, $342,500, 28-46-22-T3-00800.0320.
Sept. 21: 21CAP LLC , vacant residential, 545 Rabbit Road, $176,000, 28-46-22-T3-00600.0160.
Sept. 24: SUSAN SHULTS, condo, 845 E. Gulf Drive No. 311, $427,000, 29-46-23-T1-00400.0311.
Sept. 27: DANIEL CHURCH, condo, 1299 Middle Gulf Drive No. 143, $970,000, 30-46-23-T3-0260A.1430.
Sept. 27: BRAD and MICHELE SOWERS, single family residential, 494 Surf Sound Court, $786,100, 28-46-22-T3-00600.0270.
Sept. 28: JEFFREY BEALE, condo, 5657 Baltrusol Court No. 2B, $584,500, 12-46-21-T1-00401.02B0.
Sept. 28: ALICE Hausmann, vacant residential, 4315 Gulf Pines Drive, $260,000, 20-46-22-T4-00100.0950.
Sept. 28: KOR ISLAND PROVISIONS LLC, single family residential, 1211 Periwinkle Way, $320,000, 19-46-23-T3-00014.004A.
Oct. 1: ROBERT and MEREDITH COGLIANO, single family residential, 2134 Egret Circle, $349,000, 25-46-22-T1-00600.0020.
Oct. 1: GARY and SUSAN KILBOURNE, single family residential, 1086 Sand Castle Road, $490,000, 19-46-23-T2-0100B.0520.
Oct. 1: GEORGEANN PETERS, single family residential, 999 E. Gulf Drive No. 103, $1.1 million, 30-46-23-T2-0080C.1030.
Oct. 1: SANIBEL LLC CO condo, 1401 Middle Gulf Drive No. 201Q, $445,000, 30-46-23-T4-02517.2010.
Oct. 2: ARMENIBEL LLC, condo, 2445 W. Gulf Drive No. 43C, $750,000, 35-46-22-T2-0130C.0430.
Oct. 5: SUZANNE BAKER, single family residential, 830 East Gulf Drive No. 3, $487,500, 29-46-23-T1-01000.0030.
Oct. 5: TODD and KATHLEEN LANDGRAVE, single family residential, 476 Las Tiendas Lane, $500,000, 20-46-23-T3-0330A.0030.
The following information through Oct. 25 may not include all listed expired, withdrawn, pending or sold properties from the My Florida Regional Multiple Listing Service.
NEW BOCA GRANDE LISTINGS
5outh Peekins Cove, $2.195 million
263 Harbor Drive, $1.485 million
855-1 Harborshore Drive, $1.35 million
4 Peekins Cove, lot 4, $1.249 million
450 Tarpon Ave., $1.15 million
772 Beach View Drive, $829,000
Village Home 47, $725,000
Gulf Dunes No. 1, $695,00
4077 Gasparilla Road, lot 3, $465,000
Boca Grande North No. 66, $415,000
Boca Grande Club Dunes Chalet, $395,000
Boca Grande North boat slip No. 37, $175,000
695 Boca Bay Drive
Boca Grande North No. 58
2731 Shore Lane, reduced $300,000 to $3.695 million
Gulf Dunes No. 6, reduced $14,000 to $785,000
Sea Oats 344, reduced $40,000 to $499,999
PLACIDA/CAPE HAZE LISTINGS
560 Green Dolphin Drive, $1.475 million
13030 Garfield Court, $1.225 million
30 N. Gulf Blvd., $599,000
Boca Vista C304, $329,000
213 Westwind Drive, $279,000
4265 Cape Haze Drive, $269,500
4 Seaward Circle, $238,000
575 Coral Creek Drive, lot 391, $95,000
585 Coral Creek Drive
10 Spyglass Alley
541 N. Gulf Blvd., reduced $304,000 to $1.695 million
Anglers Club Unit 110, reduced $10,000 to $386,000
Anglers Club Unit 108, reduced $20,000 to $349,900
Boca Vista B305, reduced $25,000 to $275,000
10091 Eagle Preserve Drive, reduced $10,000 to $249,000
Boca Vista 404C, listed at $279,900, sold for $245,000 Sept. 19