SARASOTA, FLORIDA, June 27, 2017 – Prices of Sarasota condos for sale showed signs of softening in April, and this trend is likely to persist in the months ahead.
Less than a dozen residential properties are currently for sale at the historic Longbeach Village, but it would have an additional 12 soon at the former site of the Longboat Key Center of the Arts which was closed in May.
The sale of this 2.3-acre site has been completed, with Jim Clabaugh, the developer of Regent Place and Tangerine Bay in Longboat Key, paying $1.85 million to the Ringling College of Art and Design, the property’s former owner.
Clabaugh disclosed that he would build 12 single family homes on this prime real estate east of Longboat Drive corner Hibiscus Way. He said the residences would have a coastal-style design and constructed in harmony with the charming character of other homes in its Longbeach Village neighborhood.
The builds will likewise conform to existing local codes, and construction of the first house is expected to start in July. The only approval which the developer would need from the Town Commission is a permit to subdivide the site into individual home lots. The property is already zoned for residential use, and hence, Clabaugh’s project would not need an approval via a referendum amongst the town’s voters.
Clabaugh, a Longboat Key resident himself, said he expects to start demolition of the arts center this June. The two historic cottages in the property would be preserved and relocated to a yet undetermined site. The developer hopes to finish the entire project in 24–30 months.
Longboat Key homes for sale near this property include a three-bedroom, single-detached residence listed this June. Built in 2014 on quiet Cedar Street in Longbeach Village, it features a floor area of about 1,800 square feet and is on the market with an asking price just a shade under the $600s.
Other buying opportunities at this price point could be found at the Longbeach Village Condo. The multifamily units of this gulf-front complex are priced in the high $500s and are designed with two bedrooms and two baths within floor plans measuring 1,170 square feet.
Luxury single family homes priced in the $1-million range are also amongst current sales listings in Longbeach Village. These include residences with floor areas ranging from 2,700 to 3,300 square feet designed with four bedrooms and three baths.
Just outside of Longbeach Village, there is a sales-listed pre-construction home at the Reclinata Subdivision. This residence is planned for four bedrooms and three baths within a floor plan of 3,070 square feet. Priced at close to $1.5 million, this property’s listing looks timely.
Market demand appears robust for luxury homes in Longboat Key, particularly at the north end of town where several high-end listings were sold in May. One of these is a newly built four-bedroom residence at Tramonto Estates with a floor plan of 4,100 square feet and a tag price of close to $3.5 million.
For all of Sarasota, sales in the high-end market have notably been exhibiting strength in recent months. In April, sales of single family houses priced upwards of $1 million increased by 28 percent to 32 residences.
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>>