SARASOTA, FLORIDA, December 8th, 2016 – Turnover of luxury condominium has been notably strong in the barrier islands of Siesta and Longboat Keys this year, with some new property developments contributing a robust lift to sales.
In Siesta Key’s zip code 34242, MLS records indicated that some 25 condo units priced at over $1 million were sold since the beginning of 2016 for a total sale value of about $30 million.
Point O Rocks Terrace, a new complex of mid-rise condos at 1019‒1029 Crescent St., already had all but one of its units sold all at prices exceeding the $1-million mark. The last available unit in this complex is a free-standing condo with a floor area of 3,375 square feet designed with four bedrooms and four baths, and priced at close to $1.6 million. The amenities for residents in its complex include a clubhouse and a community pool.
Crossgate Partners is one developer which appears optimistic that the uptick in demand for new Siesta Key condos for sale shall continue. Sometime in July, this Suwanee, Georgia-based developer started pre-selling for this planned condominium slated in a gulf-front site at 4740 Ocean Blvd.
Its location is a long-vacant lot of close to an acre north of Siesta Village. The Oceane condominium is planned for just six high-end units, and its construction will begin when about half of these units are under contract.
The Oceane condos are planned two to a floor atop a ground-level parking garage. These units will have floor areas of between 4,426 and 4,574 square feet plus terraces of about 700 square feet facing the Gulf of Mexico. These condos are currently offered in the MLS of Siesta Key condos for sale at prices in the $3.8‒$4.3 million range.
The Oceane project appears a sound follow-up to another Crossgate Partners project—the Infinity in Longboat Key. All 11 units of this condominium at 4765 Gulf of Mexico Drive have already been sold this year.
Infinity and the Aria, another new condo development in Longboat Key, had combined sales of $88 million for the 23 units sold in their respective complexes during the 2016 first half. Only one Aria unit is left as of late November in the list of Longboat Key condos for sale. Priced at close to $5.8 million, this unit is the condominium’s largest penthouse. It flaunts four bedrooms and four baths plus two half baths within its floor area of 4,142 square feet.
Significantly, the first-half sales of Aria and Infinity have pushed median prices of luxury Longboat Key condos for sale to about $2 million, up 41 percent from last year. Excluding the Aria‒Infinity pair, luxury condo prices in the island town have risen by about 11 percent over 2015.
This healthy rise in Longboat luxury condo prices appears to have prodded some prospective sellers off the fence and now look forward to engaging buyers moving forward to 2017. Besides the Aria penthouse, seven other luxury units in other condos appeared this November in the list of Longboat Key condos for sale. Leading this batch is a three-bedroom, 2,820-square-foot condo at L’Ambiance offered at nearly $2.2 million for a grab at the rising tide of luxury condo sales in the barrier islands.
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>>