Pier 550 is a quaint bunch of one- and two-story apartments occupying a 2.5-acre site at the scenic southeastern side of the Golden Gate Point Peninsula. It sits on the block of 522‒632 Golden Gate Point, the circular lone road of the 22-acre peninsula, and is flanked north by the condominium Harbor View and by La Bellasara to the south.
Pier 550 is one of the last remaining vintage buildings in Golden Gate Point. Its first residences trace back to the 1940s when some buildings and motels in the peninsula were converted into apartment housing that eventually evolved as a wellspring for Sarasota condos for sale near the downtown district.
The first apartment building at Pier 550, the Monterey, is in fact the former Seashore Motel. Three more residential buildings were added to Pier 550 during the 1950s. One is the Bermuda built in 1951, followed by Nassau in 1952 and the last, Orleans in 1958. Altogether, this condominium complex accounts for 51 residences, all with strong potential for value appreciation.
Attempts have been made during the early 2000s to redevelop Pier 550. The bids of developers to buy out the Pier 550 homeowners, however, failed despite total offers reaching a reported high of $46 million.
Gains from Peninsula Makeover
Nevertheless, a string of new condominium developments proceeded at Golden Gate Point Peninsula in that early 2000s period, reshaping this area as a luxury market for Sarasota condos for sale. These projects included the construction of the condominium Phoenix in 2004, Golden Bay in 2002, Majestic Bay and Vista Bay Point in 2004. Grande Riviera, a conversion of the original 1940s Riviera Apartments followed in 2005, while Pier 550s neighbor, La Bellasara, was built in 2006.
Significantly, the construction of these condominium buildings was complemented by various improvements at Golden Gate Point Peninsula, which in turn also helped boost values of Pier 550 condos for sale. The peninsula’s makeover included enhancements of the community’s landscaping, brick road construction, and new streetlights.
Sidewalks were also built on both sides of the peninsula’s road, with benches and trash baskets added as well. New electric facilities, plus new cables, water and sewer utilities, and irrigation water were likewise installed as part of the upgrades at Golden Gate Point.
Magnet for Investors
Given all these superior features, Pier 550 condos for sale are magnets to prospective buyers, more so that these residences are typically priced just right for rental property investors. This property too is on a prime acreage, and its potential for redevelopment makes Pier 550 condos feasible as speculative holdings.
Price quotes of Pier 550 condos for sale can start in the high $200s up to the $400s for a one-bedroom residence with a living area of about 500 square feet. Be sure to act quickly once a condo in this community is sales-listed, it would usually be grabbed fast by a smart buyer.
Keeping a condo at Pier 550 as a seasonal vacation home is worthwhile too, aside from its potential investment value. The condominium provides boat docks and a heated swimming pool amongst its amenities. Living in this condominium also puts its residents just a short distance from some of the major points of interest not only in downtown Sarasota but also those in St. Armands Circle and Lido Beach.