Rosy Prospects Seen for Luxury Real Estate in 2017


SARASOTA, FLORIDA, March 8th, 2017 – Closed deals on luxury Sarasota homes for sale dropped 7.7 percent to 275 transactions in 2016, but a robust sales improvement could be on the horizon this year. Recent sales data and industry forecasts indicate upward sales momentum is building up for residential properties priced at $1 million and over.

This January, sales of single family homes at this price range in Sarasota gained nearly 6 percent compared to a year earlier, a marked contrast to the monthly declines for nearly all of 2016. Industry analysts expect increased consumer confidence and rising inventory to push luxury home sales to higher territory this year. They also expect that the abundance of available options in the upscale home market segment would put sellers under pressure to trim their prices particularly in the $1 million‒$5 million range.

Healthy Inventory Buildup

Rosy Prospects Seen for Luxury Real Estate in 2017

The stock of Sarasota homes for sale priced from $1 million upwards showed a healthy buildup in 2016, ending the year at 470, higher by 12.4 percent compared with the 2015 level. Inventory in this segment stayed on an uptick at the start of 2017, posting an 11.2 percent gain in January to a month’s total of 507 luxury Sarasota homes for sale.

Moving forward to this spring selling season, this inventory buildup on luxury homes has brought several new listings at Siesta Key. Topping these recent offerings is a five-bedroom residence at Midnight Pass Road, which was sales-listed just this February with a tag price of nearly $5 million.

Three luxury properties in Siesta Beach have recently been sales-listed as well, offered at between $1.2 million and $3.2 million. These residences come in choices of either three or four bedrooms within floor plans ranging from 1,850 up to about 3,400 square feet. All have boat access to Roberts Bay through the Grand Canal, a 10-mile network of canals dredged to create an expansive waterfront residential community at Siesta Key.

Gem at Sanderling

Currently, the most expensive residential sales listing in Siesta Key is the Aquidisia, a modern and private estate within the exclusive Sanderling Club on Siesta Key. Priced at slightly under $17 million, it nestles on nearly four acres of a gulf-to-lagoon property that merits having its own market logo: Aquidisia.

This Siesta Key gem was put on the market early last year, tempting prospective buyers with its promise of exquisite beachfront living. Aquidisia features a living area of over 11,000 square feet, designed with nine bedrooms, nine baths and two half-baths.

The Priciest on the Market

Longboat Key, however, owns the current bragging rights for having the most expensive sales listing in the Sarasota‒Manatee area. Sales-listed this March was the “Serenissima,” a classic estate of Venetian inspiration with a price tag of $26.5 million, the highest price quote ever for a single family home in the region.

This property is located at the Regent Court, an exclusive domain of just eight luxury residences within the gates of The Resort of Longboat Key Club. Another property in this enclave, the Villa de Sogno has also been put on the market last year with a price tag of close to $18.5 million and an early omen to the resurgence in the Sarasota luxury home market.