Sansara Developer Unloads Bradenton Condos


SARASOTA, FLORIDA, August 20th, 2015 – MK Equity Corporation, the Chicago-based boutique-style, real estate developer behind the Sansara condominium project in downtown Sarasota, sold in late July 2015 its 157 units at the Sanctuary of Bradenton for $9.8 million, further lending color to the vibrant real estate market in the region.

The buyer, Davie-based real estate company JB Howell, also acquired an additional nine units from two other owners in this rental and owner-occupied community located west of U.S. 41 in 26th Street West at the southern periphery of South Bradenton. All in all, JB Howell shelled out about $10.4 million in these transactions.

Conversion expert

Sansara Developer Unloads Bradenton Condos

MK Equity was among the big investors in apartment-to-condo conversion in Bradenton during the housing boom prior to the Great Recession. Around this time, the company bought and revamped over 1,100 units in five apartment complexes including the Saddle Creek which was converted into the Sanctuary of Bradenton. Prior to the Sanctuary deal in July 2015, it has already sold a pair of its conversions—Garden Walk and City Walk.

Still remaining with MK Equity is the 234-unit resort-style apartment complex Harbor Pointe in Bradenton located in 71st Street Westjust south of Cortez Road and northwest of the Sanctuary. The website of this Chicago company currently advertises Harbor Pointe units as rentals, but these eventually being sold too may not be a remote possibility, given the vibrant mood in the region’s residential property sector.

Impressive market gains

Consistent gains, in particular, have been posted in the condo market of Manatee County wherein sustained increases in median sales prices were posted since August 2014. For June 2015, the median sale price was estimated at $155,000, up year-over-year by nearly 5%. The price spikes were sharpest during this year’s first quarter at between 12% and 27%.

Similar advances in median condo prices have been recorded in Sarasota wherein a 7.7% increase to $210,000 was recorded for June. Sarasota’s condo market has been on the uptick for the first six months of 2015, highlighted by a 20% surge in the median price of condos sold in May.

Growth drivers

The upward push in residential property prices in the two-county region appears being driven by a lean market inventory. Month’s supply for condos is currently estimated at 4 months, and for single family homes, the figure is even lower at 3.5 months. These indicate that sellers retain the upper hand in setting prices as shown in the median sale price uptrend. Median days on market of sales-listed properties have been dropping as well, with 57 for condos and 43 for single family homes. These respectively compare to 66 and 55 days in June 2014.

Significantly, even luxury condos are moving fast in the market as shown in a unit with a listed price of about $1.2 million sold in June at the Rivo at Ringling after only just four days in the market. With this brisk condo market pace, MK Equity appears to have forthcoming deals as lucrative as those it closed in its Bradenton condo units. At this developer’s luxury Sansara condo development just a short distance west of the Rivo at Ringling, prices of units also start at around the $1.3 million level.