Home Sales Cool Off, But Guess Whose Smiles Remain


SARASOTA, FLORIDA, August 10th, 2016 – Home sales overall have cooled down in the Sarasota area during the 2016 first half, but players in the high-end condo market segment feel they still got plenty of reasons to be cheery these days.

The number of deals closed on Sarasota condos for sale priced $1 million and higher were on the upswing since January 2016 except for a lull in June 2016 when the 14 luxury units sold were unchanged from 2015. This uptrend contrasts with the decline of nearly 4 percent in the total number of existing homes and condos sold in Sarasota, Manatee and Charlotte counties during the 2016 first half.

Sarasota Matches Stride with Leaders

Home Sales Cool Off, But Guess Whose Smiles Remain

While this overall sales pullback is expected following the record market run in 2014 and 2015, some realtors believe that there is still much gas left in Sarasota’s luxury condos which in 2015 already saw a 16 percent spike in sales. One strong driver they gave to Sarasota is its growing stature as a competitive, value-for-money choice over other luxury condo buying destinations such as Naples, Palm Beach and Miami.

Builders are also quick to pounce on the opportunities presented by affluent condo buyers seeking new properties in localities like Sarasota that fit their lifestyle interests. The West Palm Beach-based Kolter Group is one of these market-savvy developers, having launched in succession early in 2016 pre-construction selling for two projects: The Mark in downtown Sarasota and The Grande at Ritz-Carlton Residences.

What a Million Can Buy

The Mark, rising on a prime site off State Street between Pineapple and Lemon Avenues, offers two- to three-bedroom units within floor plans of between 1,571 and 2,636 square feet. Their pricing in the current MLS of Sarasota condos for sale starts at the $900s and tops at the $1.8 million level, indeed looking winsome compared with square footages and price points in other Florida markets.

Unit listings of The Grande at Ritz-Carlton Residences are at prices ranging from $1.9 million to $5.8 million. These condos feature floor plans ranging from 2,752 square feet up to nearly 5,500 square feet designed with three to four bedrooms.

The Grande is slated to break ground in the spring of 2017 in a site adjacent to the Vue, another Kolter condo project riding on the market upswing of high-end Sarasota condos for sale. Out of the Vue’s 242 units, only a few choices are left. These include high-end three-bedroom condos with floor plans of between 2,615 and 3,415 square feet priced from $2.4 million to $3.4 million.

Winsome Options at the Keys

Market absorption of luxury condos outside of Sarasota’s downtown is as brisk. All the pre-construction units of Points O Rocks Terrace on Crescent Street in Siesta Key, for instance, have been sold as well as those of the 11-unit Infinity in Longboat Key.

No doubt inspired by the upbeat mood in the luxury condo market, Infinity’s developer, Crossgate Partners, is now planning to launch Oceane, a six-unit condominium to be built at 4740 Ocean Blvd. This Siesta Key property flaunts 347 feet of prime gulf front which should be a perfect setting for Oceane’s envisioned coastal contemporary theme.

This project’s blueprint features resort-style vacation condos with luxurious floor spaces of 4,500 square feet. For the condominium’s design, Crossgate has again tapped architect Mark Sultana of DSDG Inc., the architect who was also behind Infinity’s renderings that surely drew smiles of approval in the market.