The highest priced residential sale for July in the Sarasota market, out of 361 closed sales, was a Casey Key property located at 1716 Casey Key Road (GMAP). With a list price of $4,285,000, and 158 days on the market, the home sold on July 26 for $3,800,000.

Casey Key has seen 8 sales since the beginning of 2007, including the May 10th sale of 24 N. Casey Key Road (GMAP) to authors and part-time Casey Key residents Stephen and Tabitha King, for $2,200,000. Last listed price on the property was $2,495,000.

The Kings also own another home on the barrier island located at 1600 N. Casey Key Road (GMAP) approximately two miles away from the newly-purchased bayfront property. The new property features 3 bedrooms/3 baths in 2,457 square feet.

The high sale for the year so far on Casey Key was 2635 Casey Key Road (GMAP) for $6,900,000. Last listed price on this property was $7,500,000.

While Palm Beach gets all the press, Sarasota (with its own nipped-and-tucked elite party season rivaling that of PB) is fast becoming the luxury Florida real estate market to watch.

What will $20,000,000 get you?

With author Stephen King as a seasonal neighbor, and the current highest listed price in the local MLS, this gulf-to-bay island estate, at 712 N. Casey Key Rd., owned by a retired technology executive, boasts over 15,000 square feet, views in all rooms of the gulf and bay, a gourmet kitchen with dual cooking centers, billiard room, gym with indoor lap pool, wine room and tennis court.