SARASOTA, FLORIDA, August 22, 2018 – The plan to develop the Allure boutique condominium at the Golden Gate Point peninsula has been radically redrawn in one of the latest property development moves to tap opportunities in the resurgent Sarasota condo market.
Allure was launched in 2016 by Sarasota-based Jebco Ventures as a four-level townhouse complex with 10 units priced starting from $2.1 million. Its construction, however, never got off the ground, though Jebco have since completed at Ringling Boulevard the Q condos with a similar urban flair as the planned Allure.
In July, another developer, WB Golden Point LLC, applied with the city for a project it named the Evolution at the 35,916-square-foot, earlier-planned site of the Allure at 111 Golden Gate Point. The new application calls for the construction of a nine-story, 20-unit condominium. It will feature eight levels of residences built above first-story parking.
Evolution’s design is by the Sarasota-based, award-winning firm DSDG Architects. The living areas of the condos will go from 2,071 square feet up to 3,519 square feet in the penthouses.
Each condo unit will be built with floor-to-ceiling windows and large terraces, as well as provided with a private garage. The developer has announced pricing of the units starting from $1.3 million and upwards of $3 million for the penthouses. Inquiries on these pre-construction Sarasota condos for sale will be entertained in an on-site sales office set to open by the end of 2018.
This imminent entry of Evolution amongst other limited choices of Sarasota condos for sale looks well-timed, as months’ supply of inventory on the local market has been on the retreat since July last year. Notably, new market listings of Sarasota condos were down 3.7 percent to 338 residences in June 2018. Sarasota’s estimated condo stock for the month was at a 4.5 months’ supply, down 6.3 percent from a year ago. At this level, available condos on the market are a full month below the industry benchmark for balanced market at 5.5 months advantageous neither to seller nor buyer.
Recent data likewise indicates a continuing strong demand for Sarasota condos for sale. During this year’s first half of the year, a total of 2,380 condo units were sold, a 12.6 percent jump from the first half of 2017.
Encouraging for prospective sellers, the median price of Sarasota condos for sale continue to advance at a robust clip. In this year’s first half, the median condo rose 4 percent to $224,000 from last year.
Still, the market uptrend doesn’t appear to bother buyers with the relatively brisk pace of the market. The June report of the Realtors Association of Sarasota and Manatee indicated that the median time to contract for the month showed a 13.4 percent drop to 58 days. For the whole of this year’s first six months the median time to contract was estimated at 55 days down 1.8 percent from 2017.
What could be a blessing for buyers is that the median price uptrend has slowed down substantially to just a 2.7 percent increase in June to $221,250. This increase is comparatively tamer than the peak 9.3 percent median price advance to $235,000 recorded in April this year, a healthy sign that augurs well for the upcoming entry of Evolution condos for sale.
SARASOTA, FLORIDA, October 7, 2019 – Property values of communities in the Sarasota-Manatee region now face lesser threat from neighborhood eyesores brought about by abandoned, foreclosed homes. Known in the real estate trade as zombie foreclosures, these properties have shrunk significantly in the region. According to an August report of ATTOM Data Solutions, abandoned […] more>>