New Condo Projects to Ease Inventory Squeeze


Echoes of the frenetic condominium construction pace in downtown Sarasota appear reverberating elsewhere in the region, promising to further help ease the tightening squeeze in available Sarasota-Manatee condos for sale.

In Sarasota, inventory has been on a consistent decline during the 2015 first quarter, dropping in March to 4.6 from 5 months supply a year earlier. In Manatee, the inventory level as of March was at 4.7 months, dropping below the 5-month supply generally regarded as the market equilibrium.

LWR units in the pipeline

New Condo Projects to Ease Inventory Squeeze

There are two new neighboring condo developments in Lakewood Ranch (LWR) which can somehow contribute in replenishing this dwindling supply of Manatee-Sarasota condos for sale. One of these is Waterfront at Main Street, a project of Homes by Towne, a homebuilder with presence not only in Florida’s east and west coast but also in Arizona, California, Texas and Wisconsin.

Rising just behind the cinemas of the Lakewood Ranch Film Society, this community is planned for three buildings of seven levels. It will have a total of 76 condo units which will afford commanding views of the nearby 160+-acre Lake Uihlein.

Three floor plans are in the pipeline for condos at LWR’s Waterfront at Main Street, all designed with two bedrooms and two baths within floor areas ranging from 1,414 to 1,648 square feet. The starting prices for these units are expected at around the mid-$300s. Anticipate higher price ranges for this development’s penthouses which will feature three bedrooms and two baths and a half within floor areas of 2,454 and 2,979 square feet. The condo’s amenities on the drawing boards include a clubhouse with a swimming pool/hot tub, fitness center and an outdoor kitchen.

Lakeshore joins condo derby

In addition to Waterfront at Main Street, prospective buyers of Lakewood Ranch condos for sale can look forward to units becoming available soon at the Lakeshore also to be developed adjacent to Lake Uihlein. This condominium is one of the components of the original plan already approved for LWR’s Main Street.

A project by the Realco Group, an Addison, New York-based real estate investment and development company, this condominium is programmed for two separate five-story buildings each with a level reserved exclusively for vehicle parking. Lakeshore condominium will house a total of 44 residences with typical units having floor areas of either 2,038 square feet or 2,385 square feet, all featuring two bedrooms and two baths and a half. Two and three-bedroom penthouses with floor plans of either 2,221 square feet or 4,317 square feet are likewise set for this new condo project.

Existing market options

Prices of Lakeshore units are yet to be set as of May 2015, but existing values at nearby condos also at LWR Main Street-Lake Uihlein area can provide a rough approximation. At the upscale, multi-story WaterCrest, for instance, Lakewood Ranch condos for sale are in the mid-$300s-$500s range for three-bedroom units built in 2005-2006 with floor plans of 1,916 up to 2,482 square feet.

Townhouse-type condos built early in the 2000s at another neighboring community, The Moorings of Edgewater Village, are typically sales-listed in the $300s for three-bedroom units with floor areas of 1,983 to 2,344 square feet. Other LWR condo communities include Boca Grove and Miramar where choices of existing Lakewood Ranch homes for sale are typically priced in the $200s for units having floor plans of between 1,400 and 1,800+ square feet.