Longboat Key, Florida | September 11th, 2019 – Sellers of million-dollar residences, take note. The needs and preferences of luxury real estate buyers are changing, industry pundits say.
One trend they now see emerging is the growing number of luxury buyers opting for smaller residential choices. Multi-acre mansions are now getting less buyers, it seems, as convenience and simplicity are becoming more dominant in the high-end buyers’ checklist.
Buyers who find delight in restoring or renovating iconic period properties now appear getting fewer. For a growing crop of buyers, opulence takes the backseat. What they favor rather are those residences which are relatively smaller and more manageable.
The top dollars look increasingly shifting to new, move-in-ready houses or condos that provide not only luxury amenities but also integrated smart technologies. Industry analysts are seeing these especially in the second-tier markets, cities where the residences most sought after are new downtown luxury condos. These residences are particularly appealing to buyers who prefer a live‒work‒play environment and to downsizing baby boomers who want to hold on to an active lifestyle in retirement.
Significantly, this trend is already quite apparent in downtown Sarasota where several luxury condominium projects are now lined up. A brief profile of some of these new condos provides a quick glance at how developers are addressing the new drift in luxury real estate. Let’s take a look.
Auteur: This condominium is an 18-story tower set on 1000 Boulevard of the Arts next to the Sarasota Hyatt. Its theme revolves around providing buyers the opportunity to bring in their own distinctive vision and lifestyle to their condo of choice. Open floor plans are set for these condos’ living areas of between 3,000 and 4,200 square feet designed with three bedrooms, three baths and a half-bath. Their pricing starts from $2 million and tops at the $4 million range.
BLVD Sarasota: Located on 500 North Tamiami Trail, BLVD Sarasota is also set for 18 floors good for a total of 49 high-end residences. Buyers can avail of a program called “Finishing Touches” enabling them to customize their condos precisely the way they want it. This condominium’s amenities include a rooftop zero-horizon swimming pool, cabanas, fitness center, and a dog park. The BLVD condos come in layouts measuring 3,300 square feet to 5,500 square feet, priced from $1.8 million to $6.4 million.
Epoch Sarasota: This condominium is rising on 605 South Gulfstream Avenue at the former site of the mid-rise bayfront condo Versailles. It is planned for 18 stories, too, with 24 customizable, full-floor condo and half-floor choices. Each condo is as spacious as a single family residence, as Epoch’s floor plans range from 3,689 square feet to 5,379 square feet. Epoch’s price points start from $3 million. The condominium’s perks include a residents’ club, a wellness center, a pool and spa.
Ritz-Carlton Residences at The Quay: Another 18-story tower, this condominium is set at the major Sarasota bayfront development The Quay. It was planned originally in the adjacent campus of the Ritz-Carlton Sarasota hotel, bringing in 73 luxury condos to its new address 200 Quay Commons. Its current sales listings feature floor areas of between 3,000 and 4,900 square feet designed with three to four bedrooms and priced from $2.5 million to $6.2 million.
Top-tier amenities in this condo include a club room, News & Sports coffee and TV lounge, 70-foot lap pool, private dog park and state-of-the-art fitness center. More life and leisure facilities are available at the condominium’s host Quay development and at the neighboring Ritz-Carlton hotel.
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