Gold Coast Condo Boom Echoes in Sarasota


SARASOTA, FLORIDA, November 22nd, 2013 – Southwest Florida appears riding on the same tailwinds that have boosted new condominium construction southeast at the Gold Coast, Sarasota Bay Real Estate reports. In particular, the full service realty firm notes that Sarasota and Longboat Key seem getting echoes from the spate of current condo building projects in the coastal Miami-Dade, Palm Beach and Broward area where construction of over 20 high-rise condominiums is in full swing.

Added downtown gems

new condo

For Sarasota, the Kolter Group based in West Palm Beach has a $100-million project in the pipeline. Called the “Sarasota Gulfstream,” this proposed development looms as one of the most visible in the city’s downtown. Located at the northwest corner of Gulfstream Avenue and U.S. 41, this project calls for the construction of two high-rise buildings.

One of the towers will house 144 luxury condo units to be marketed at the $700,000–$1 million price range. The other high rise will be built as a 250-room hotel under the Westin banner.

The planned Sarasota Gulfstream is adjacent to the Ritz-Carlton which hosts 130 residential condo units. One-bedroom units here start at around the $800s, while prices approaching the $4-million mark can be quoted for spacious suites or penthouses.

A short distance southeast of the Kolter project, another condo construction was launched this July. Named “The Jewel,” this is a mixed-use development planned for 17 stories housing 18 luxury residential condos and six ground floor commercial spaces.

Townhouses in the mix

East in the city center, Jebco Ventures based in Atlanta, GA, also started in July the development of its “Q” urban lofts. This development is composed of a cluster of eight low-rise townhouse buildings.

Its target market consists of young urban professionals, retirees, and those aspiring for affordable vacation homes. The prices of the units here start at the high $300s.

Building out in Longboat Key

Meanwhile, a 5-acre site at 2251 Gulf of Mexico Drive in Longboat Key is also being considered for a 16-unit, luxury condominium complex. This development is proposed for five stories on one of last available buildable lots at the southern end of the barrier island. Its developer anticipates gross sales of $60 million from this condo development.

The historic estate Villa Am Meer is one of its major selling points in addition to proximity to Gulf Coast beach attractions. This 6,099-sqare-foot estate will be the centerpiece of the community and plans call for its renovation into a clubhouse and support facilities.

Welcome supply replenishment

These Sarasota and Longboat Key projects come at a time when condo inventory is dwindling fast in the Southwest Florida market. In August, the inventory of Sarasota condos for sale stood at a 4-month supply, down from 4.2 months in July and 5.2 months in August 2012. Reflecting this thinning condo availability, the median Sarasota condo price as of this August rose to $161,000 from $150,000 a year ago and $160,200 in July.

The same trend on declining inventory and rising prices were observed in Manatee this August. Condo inventory in this county dropped to 3.8 months supply from 7.1 months a year earlier. The average median price of Manatee condos for sale in August rose to $117,000 from $97,000 in the same month last year.