Sarasota Outperforms in Luxury Home Segment


SARASOTA, FLORIDA, May 24th, 2016 – While the average price of luxury homes stalled in some major U.S. markets in the 2016 first quarter, hefty gains in the luxury category were posted in the Sarasota area, recent industry figures show.

During the first three months of the year 2016, it was estimated that prices of luxury Sarasota homes for sale rose 27.3 percent from a year earlier. This gain compares with year-over-year price drops of between 11 and 15 percent in such prime markets as Sandy Springs, Miami Beach, Austin, and Boston.

More Competitive Offerings

Notwithstanding the robust price appreciation of Sarasota homes for sale in the high-end segment, the pricing of luxury residences in the region remains relatively more attractive. For 2015, the median sales price for an upscale Sarasota dwelling was estimated at around the mid-$600s, a more affordable choice compared with other Florida markets, such as Palm Beach where the median price luxury homes for last year was reckoned at $3.15 million.

One reason that some analysts have advanced on this pronounced disparity is that prices of Sarasota homes for sale have not yet fully recovered from the housing market’s downturn in the mid-2000s. Moreover, local homebuilders in recent years have been trying to outdo each other feeding the market with new builds and the resulting competition thus helping temper price increases in the upscale home segment.

Wildgrass in the Fray

Sarasota Outperforms in Luxury Home Segment

At the estimated mid-$600s median price of upscale Sarasota homes for sale, luxury custom builds in half-acre lots were launched in 2015 at Wildgrass, a new development by Neal Signature Homes. This community is conveniently located east of Interstate 75 at the northeast corner of Clark and Coash Roads.

Wildgrass, which sits on a 36-acre parcel, is planned as gated, Mediterranean-style community with just 47 residences. Its developer is offering choices on six luxury custom home models in one or two-story designs, featuring floor areas ranging from 2,266 to 3,346 square feet good for three to four bedrooms. Attractions near this community include not only hubs for shopping and dining but also the Twin Lakes Park, the spring training camp of the Baltimore Orioles.

Brisk Sales at Ashton Oaks

Another custom home specialist, Heritage Builders, last year launched its Ashton Oaks community on McIntosh Road, a short distance south of Proctor Road. This too is a gated, private enclave, and it consists of just 20 home sites.

Heritage, which recently reported that 40 percent of Ashton Oaks has already been sold, offers three models of choice at this community. One of these options was featured in the 2016 Sarasota-Manatee Parade of Homes and was cited as best in architectural detail and master suite and best overall in landscaping. Built with three bedrooms and three baths within a floor area of 3,073 square feet, this winsome residence is currently sales-listed with a tag price in the $800s.

Like Neal Signature Homes, Ashton Oaks has a new home under construction at the $600s price range. This residence has a floor area of 2,761 square feet with three bedrooms and three baths. Its design is inspired by the traditional Coastal and Mediterranean styles that further drives the competitiveness of Sarasota homes for sale in the upscale segment.