High-end Condos Bounce amidst Pre-selling


SARASOTA, FLORIDA, May 11th, 2016 – The luxury condo market in Sarasota is one sector that most realtors would want to be specialized in these days as activity is on a strong uptick in this segment since the start of 2016. Sales of condominium units priced from $1 million and up registered sustained increases from January to March that year, totaling 32 for the three-month period. This contrasts with declines in closed sales for most of the first quarter in all price segments combined.

Inventory of luxury condos for sale in Sarasota, at 178 units as of end-March, has likewise been improving at a healthy clip with consistent double-digit percentage gains in the first quarter compared with a year earlier. Keeping the stock of available units relatively more stable, this has helped moderate price advances in the high-end condo market.

The Mark’s New Entries

High-end Condos Bounce amidst Pre-selling

An added stimulus to prospective buyers of upscale Sarasota condos for sale is the market entry of some pre-construction units and new condo projects put on the pipeline recently by the Kolter Group. In March 2016, the Palm Beach-based firm started pre-selling at its 12-story mixed-use project, The Mark. Rising on 1400 State Street between Lemon and Avenues Pineapple, this 157-unit condominium is just a block south of Main Street and will also feature 46,000 square feet of office and retail space.

One of the Mark’s prime listings is its 12th floor penthouse with a tag price of $1.85 million and a floor area of 2,636 square feet designed with three bedrooms and three and a half baths. The lower price points in this condominium eases under the $1 million mark for two-bedroom units with floor plans of between 1,570 and 1,800 square feet.

The Mark’s amenities are planned on its fifth level and will include a resort-style pool with fire pit lounge and private cabanas and. Other recreational areas, such as a fitness center and a Residents’ Club Room with a bar and catering kitchen, are also set in this property. Completion of the Mark is projected at end-2018.

The Grande on the Pipeline

But prior to this anticipated build-out, Kolter anticipates breaking ground in the spring of 2017 a new residential tower it named as The Grande. Located adjacent to the Ritz Carlton overlooking the waterfront in northern downtown, this condominium is planned for 18 stories. It will feature three- and four-bedroom units having floor plans ranging from about 2,300 to 3,100 square feet to be priced starting from $2 million up to over $5 million.

Kolter has commissioned the award-winning SB Architects based in San Francisco for this condo’s design which will revolve around a waterfront theme. The planned amenities in The Grande include a casual lounge, club room, a fitness center, and rooftop pool overlooking the bay. Deluxe services will be provided by a Ritz-Carlton staff to residents of this forthcoming addition to high-end Sarasota condominium.

This new project and the launch of Mark’s pre-selling appear apace with the current bouncy market on high-end Sarasota condos for sale. Sales generated by the Vue, another downtown condo development by Kolter, have been above expectations. Out of this property’s total of 242 units, only four residences are currently listed in the MLS of Sarasota condos for sale. Set for completion this year, the Vue condominium is located at Gulfstream Avenue and U.S. 41 and is being developed along with the 255-room Westin Hotel.