Upbeat Mood Prevails on Sarasota Condo Market


Indications continue to mount that market activity in upscale Sarasota condos for sale will further intensify in coming months, with the recent upsurge not only in sales but also in new listings and new building projects.

Between late September and early October of 2014, ownership of several luxury condos changed hands, with two recorded at Ritz-Carlton’s The Beach Residences on Lido Key. Both deals closed to the tune of nearly $3 million and involved units with floor spaces in the vicinity of 4,500 square feet. In Longboat Key, a 2,369-square-foot unit in the Grand Bay condominium complex was also sold recently in an $865,000 deal.

Discounted prices

Upbeat Mood Prevails on Sarasota Condo Market

Quite encouraging for prospective buyers, some of the recent luxury Sarasota condo sales were closed at a discount from their original purchase price. In Siesta Key, a unit at Summer Cove bought in 2007 for $1.01 million was sold for $1 million recently. At the Sarasota downtown, a unit in the Broadway Promenade bought for $424,900 in 2007 was reported sold early October for $330,000.

With the assistance of a seasoned real estate agent, buyers of Sarasota condos for sale are in a position to avail of such great deals. Listings of condo units have been reported increasing in recent months, particularly in luxury condominium complexes.

In the three-month period ending July 2014, some 29 condos priced $1 million and over were reportedly added to listings of Sarasota condos for sale, up 38% from a year ago. At all condo price points, a 6.1 months of supply was estimated in the end-July period, up 2% from a year earlier, according to this analysis based on Trendgraphix and My Florida Regional MLS.

New choices coming

Dramatic changes in Sarasota’s downtown skyline brought about by new condominium projects portend even more choices for aspiring buyers of Sarasota condos for sale. In September 2014, ground was broken for the construction of The Vue at the corner of Gulfstream Avenue and U.S. 41. It is set for a pair of 18-story towers which will house 141 condos adjacent to a Westin Hotel.

Its units’ floor plans start at about 1,700 square feet, and these smaller condos are marketed for under $1 million. The bigger ones with floor areas starting from about 2,000 square feet up to 3,400 square feet have tag prices of between $1.3 million and $3.4 million.

The Jewel at Main Street is another star rising among Sarasota downtown condos. Only one unit is available here, per the condo’s website—a 10th floor unit with a tag price of nearly $3.3 million. The amenities in this 17-story condominium include a pool and a gym.

Aqua project revived

Proponents of the luxury condo project Aqua at Golden Gate Point, earlier shelved due to “unforeseen zoning challenges,” was also reported being revived. Its original plan was said to be up for replacement with a building having a trapezoidal design in order to conform to the 25-foot setback requirement.

Aqua will still have eight units but these will be smaller by as much as 20% from the original designs of 3,780 to 6,620 square feet. These units were originally priced from $3.3 million to $5.7 million.