Longboat Key, Florida | March 5th, 2019 – The Sarasota luxury condo market experienced a banner year in 2018, with closed sales the highest posted in the last 10 years. While it may be difficult to top this 2019 the total 4,150 Sarasota condos sold last year, we could expect a substantial increase in sales this year in the luxury segment or those condo residences prized over $1 million.
Our expectation is based on the sheer number of new luxury condominium projects either in the pipeline or under construction. In the Sarasota downtown alone, there are at least a dozen projects now poised to add further excitement in our market territory via the condos that they’re already pre-selling now on the market.
Ritz-Carlton Continues to Weave Magic
The luxury brand of Ritz-Carlton, a condo franchise that our Judy Kepecz-Hays team has sold the most in downtown Sarasota and Lido Key, is notably among the new picks drawing buyers’ attention to our market territory. The marketing efforts for a new Ritz-Carlton condominium rising on 200 Quay Commons, along with similar campaigns from nearby condo construction projects, should greatly help in calling buyers’ attention to alternative local resale properties.
This early in the season, our team is glad to already have sold at the Ritz-Carlton managed Beach Residences on Lido Key. The condo was priced at close to $2.5 million and featured a living area of 3,300 square feet designed with three bedrooms and two baths.
Picks from Our Market Standouts
All the marketing mileage that Sarasota is now getting as a result of its luxury condo construction boom should help bring buying attention to our two Lido Key listings in the Beach Residences. One is priced at $5.2 million and offers a floor area of 5,254 square feet good for three bedrooms and five baths. The other has an asking price approaching $1.5 million and comes with two bedrooms and two baths within a living area measuring nearly 2,200 square feet.
In the Sarasota downtown area, our sales listing of the penthouse at the top of the Ritz-Carlton Hotel now likewise should look brighter on luxury condo hunters’ radar screen. This should follow, given all the news of how local and national developers are optimistic of drawing more upper-class condo buyers to our home grounds.
Notably, our downtown Ritz-Carlton listing is one of the prized condos in town and could match the features of those currently on the pre-selling list of luxury Sarasota condos for sale. Priced at close to $3.3 million, this condo has a floor area of close to 5,000 square feet and is designed with three bedrooms and three baths.
This penthouse provides all the bells and whistles of a Ritz-Carlton residence. It flaunts a grand lounge overlooking the bay, pool, fitness center, and spa. The condominium’s perks moreover include a full-time concierge, valet parking, and in-house gourmet dining. More amenities are available too with a membership at the Ritz-Carlton Beach & Golf Club.
These are indeed opportune times for selling or buying luxury condo properties on the Sarasota real estate market. Choices are abundant and comparables are many for both existing and new condominiums. Call us or e-mail our Judy Kepecz-Hays team to get in the groove of all these exciting selections and market opportunities.
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