Sarasota Grows as Millionaires’ Hub


Another distinction is shaping for Sarasota which has established itself as Florida’s Cultural Coast with its enriching arts and culture legacy. Combined with Bradenton and North Port, Sarasota in recent years is carving a reputation as a millionaires’ hub after consistently coming out among the top U.S. metropolitan statistical areas (MSA) having the highest concentration of the wealthiest households.

As per the 2013 reading of Phoenix Marketing International, 5.3% of the 319,611 total households in the North Port-Sarasota-Bradenton MSA have investible assets of at least $1 million. This translates to approximately 17,000 millionaires in this area. It compares with over 9,900 in the smaller and more exclusive Naples area where 7.1% of its 138,629 total households are in the millionaires’ bracket, the top in terms of per capita among all Florida MSAs.

Inviting tax breaks

Sarasota Grows as Millionaires’ Hub

The liberal taxation policies enforced in the Sunshine State are foremost among the reasons why Sarasota and other Florida MSAs attract individuals and families with high net worth. As any U.S. financial adviser would tell their clients, Floridians aren’t burdened with tax on income, capital gains, estates, interest or dividends. There’s a homestead tax break too on primary homes, which can attract not only the well-heeled but also those average individuals eying a Florida retirement or a second home.

The opportunity to lead a low-profile lifestyle away from the limelight is likewise one attraction that drew many millionaires to Sarasota. It has many exclusive residential developments, ranging from golf and country clubs to luxury condominiums, which can provide this option. And should socializing come to mind, convenient venues are within easy reach.

Flexible lifestyle, attractive communities

The Founders Club, a 700-acre gated property development at Fruitville Road about two miles east of Interstate 75, is one of the thirty-plus Sarasota golf communities which is a showcase of a millionaires’ enclave. The luxurious amenities here can be best appreciated in the 24,000-square-foot Golf Hall in the community’s clubhouse. Also available to its residents are a fitness facility, tennis courts, sand volleyball and basketball courts, and a picnic pavilion.

Many of the built-up homes at The Founders Club are truly designed for the moneyed class. A four-bedroom executive home in this community was recently listed in the MLS of Sarasota homes for sale with an asking price approaching $1.5 million. Built in 2007, this residence has more than 5,100 square feet of living area, an oversized driveway, and landscaping with fountain feature.

Moving forward, the upscale condos currently under development in downtown Sarasota can further draw more millionaires to Sarasota. One of these new projects is the AQUA, a nine-story condo at the Golden Gate Point Peninsula composed of just eight units. Sales of these luxury residences opened in March 2014 at prices starting around the $4-million mark.

Also at Golden Gate Point, a new condo project called One88 was launched recently by the Toronto-based Vandyk group of companies. This condominium is also programmed for only eight units in its five-story building. Each unit will have a floor area of about 3,000 square feet with starting prices at around the mid-$2 million range.