By Tom Vaught
sun staff writer
BRADENTON BEACH While the real estate market
seems to have leveled off somewhat on Anna Maria Island,
there is one unique area where the only thing holding
back sales is a lack of availability.
Over the past three months, all 23 units of the final
phase of Tortuga Inn in Bradenton Beach have sold. Developer
David Teitelbaum is closing on approximately $8 million,
the last of the newly-built units, this week.
These sales wont show up on a lot of reports regarding
the real estate market because many of those reports are
based on the number of homes listed and sold through the
Multi List Service of Manatee and Sarasota counties. Teitelbaum
sold these units without listing them, and he attributes
their unique position in the market to their popularity.
"They are unique because their land use is multi-family
and are not sold as rentals," he said. "We sell
to people who live there.
"In addition, they also have a land use designation
for seasonal rentals," he added. "People can
live in them part of the year and rent them the rest of
Teitelbaum said Resort Quest manages the rentals and affiliated
services such as maid service. He manages the sales.
In addition to amenities typical of an upscale condominium
such as swimming pools, lush landscaping and deluxe interior
appointments, Tortuga also offers amenities some would
associate with upscale rental units such as free long
distance, HBO and wireless Internet.
Teitelbaum said another part of the successful formula
has been price.
"These units were priced right, they can be used
as residences and they can be rented," he said.
Teitelbaum spoke recently at the Florida Symposium on
Financing, Developing and Operating Condo Hotels and he
said it is becoming the latest trend. He said sales from
the final phase of Tortuga will total almost $16 million
and the ongoing rental business will pay for itself.
"The hotel use and the residential use compliment
each other," he said.
In addition to the fair pricing and the beach to bay location,
Teitelbaum said there is another attraction that helped
sell the units.
"We have space for 14 boats out back (on the bay),"
he said. "Were drawing boaters in from Tampa
and other areas to rent units."
In addition to Tortuga Inn, Teitelbaum developed the Tradewinds
Beach Resort, also in Bradenton Beach. Those units are
also privately owned and professionally managed as rental
units when owners are not there.
After developing these two properties, Teitelbaum has
stayed on to manage the real estate end of the business.
He has also joined the WAVES committee, a group that works
to facilitate Bradenton Beachs new designation as
a Waterfront Florida community.