Longboat Key, Florida | February 13th, 2018 – More is yet to come in our region’s condominium trade, so if you’re planning to sell or buy, now looks the right time to engage the market.
In downtown Sarasota, a new luxury condominium is expected to break ground during this first quarter, a project which should help further drive market attention to properties at the city center. Further spicing it up, a permit has also been filed to demolish an old bayfront condominium to pave the way for the construction of a new one.
The condo project set for groundbreaking soon is BLVD Sarasota for which preselling activity has already started. Four of its residences are listed in the MLS of Sarasota condos for sale as of February, and according to reports from its developer, over 50 percent of the project’s condos have been reserved.
BLVD Sarasota is a project of the Wichita, Kansas-based Core Development which is also behind the construction of the downtown’s Ritz-Carlton hotel and The Concession, a golf and country club community in Bradenton.
BLVD Sarasota occupies a prime location as it sits on the southeastern corner of the Boulevard of the Arts and North Tamiami Trail. This site is on the eastern flank of another major downtown project, the Quay, which will also feature condo residences as well as commercial spaces.
Notably, the Grande condominium project for 73 condos in an 18-story building erstwhile planned at the Ritz-Carlton complex is moving to the Quay property.
Palm Avenue Epicenter
BLVD Sarasota too is planned as an 18-story high rise but only with just 49 condos. A Naples-based custom builder, BCBE Construction is the general contractor for this condominium project. Like Core Development, BCBE’s credentials is quite impressive, as its previous projects included the high-end Echelon condo on South Palm Avenue.
As it stands now, the southern corridor of Palm Avenue and its parallel Gulfstream Avenue is a downtown hotspot for Sarasota condos for sale. The condominium building earlier mentioned filed for demolition, the Versailles, is located on the southern stretch of Gulfstream Avenue.
Like BLVD Sarasota and the Grande, the condominium being planned here is an 18-story building exclusively for just 29 residences. The developer of this property is Sarasota-based Seaward Development which has announced that in March, it will start marketing of this condominium as well.
Vibrant Condo Sales
All these preselling activities of downtown Sarasota condos for sale should further pep up the local market which has been quite upbeat since December. Condo sale for this month, realtor data show, rose by 9 percent, while the median price increased by 15.2 percent to $250,000.
If the trend continues, sellers can also expect that their listing will move quicker on the market. In December, the median time to contract declined significantly to 36 days which was 18.2 percent below a year earlier. This pace was the fastest recorded for 2017, an uptick that was observed since September last year.
If a sale or a purchase of a Sarasota condo is in your road map for 2018, contact our Judy Kepecz-Hays team. Let our in-depth view of the current market be your partner in clinching the best deals available in our ever-lively market.