SARASOTA, FLORIDA, October 1st, 2015 – A downtown Sarasota luxury condominium—DeMarcay—has started pre-selling units recently, and the timing of their market entry couldn’t be better. Overall inventory of condos in Sarasota as of July 2015 ebbed to a 3.8-month supply, an 11.8 percent decline from a year earlier. This drop sent the stock of Sarasota condos for sale well under the 6-month market equilibrium wherein neither seller nor buyer has the pricing advantage.
What’s even more telling, the market segment of the most upscale among DeMarcay condo units appears heating up. Days on market (DOM) for luxury condos or units priced from $1 million upwards have been mostly on the decline for the first seven months of 2015, figures from Florida Realtors indicate.
In July 2015, DOM for luxury condos in Sarasota was estimated at 61 days, down by close to 60 percent compared with the same month in 2014. DOM for this upper-end market segment ebbed to 46 days in February, almost a 75 percent drop from the estimate a year ago.
Clearly indicating warm market reception, DeMarcay immediately tallied 10 reservations within six weeks of its units’ listing in the MLS of Sarasota condos for sale sometime in mid-2015. As encouraging, the grand opening of its Palm Avenue sales center in August saw over 300 guests in attendance.
Interest in this condominium, market observers say, cuts across varying consumer segments, which include not only retirees and empty nesters but also young professionals and families with children. Its universal appeal appears driven by its ideal downtown location and DeMarcay’s strong affinity with Sarasota’s history.
The condominium, in fact, took the name of the historic DeMarcay hotel which partly occupied the condo’s building site at 33 South Palm Avenue. The condo complex also extends to the location of a former cigar factory, one of the pioneering businesses in Sarasota which set up shop adjacent to the old hotel. Mementos from these historical structures will grace the lobby of the condominium.
With city approval for a building permit now being finalized, DeMarcay construction is expected to start in early 2016, and its completion is estimated from 14 to 16 months. The condominium building is planned for 18 stories with 39 units ranging from 1,144 to 3,106 square feet. The condos’ design allows for flexibility, such that units may be combined for a larger square footage.
A penthouse in this condo thus can be expanded up to 6,000 square feet and earn bragging rights as among the largest in Sarasota. The price points of DeMarcay units start at $500,000 and top towards the $3 million range.
To maximize the property’s great location near the bayfront, the amenities level of DeMarcay is set for its topmost floor. Its features will include a resort-style pool whose stunning design promises to match the spectacular views of Sarasota Bay and the Gulf of Mexico. In addition, the condominium’s rooftop will house a club room and a fitness center. Combined with the condominium’s valet service and elevator-accessed parking levels, DeMarcay indeed got all what it takes to pull off a hot start in the luxury Sarasota condo market.
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>>