Longboat Key, Florida | September 3rd, 2019 – Moving into the last week of August, the Judy Kepecz-Hays Team listed a $2.9 million condo at the Ritz-Carlton-managed Beach Residences in Lido Key. Sellers putting high-end condominium properties on the market indeed currently makes sense, even as the summer selling season is winding down.
Statistics from the Florida Realtors for July indicate that it is a seller’s market for condos both in the Sarasota and Manatee area. Month supply of inventory for condominiums stood at a 4.9-month supply in Sarasota and at a 3.7-month supply in Manatee County. These levels are notably still notches below the 5.5-month supply which benchmarks a balanced market favoring neither seller nor buyer in pricing.
Fewer Listings Compete
There were fewer sellers though, particularly in Sarasota, who were drawn by the market imbalance to their favor in July. New listings of condos in the county slipped overall by 18 percent to 225 properties compared with a year earlier. In particular, sellers of luxury condos were quite timid, unlike our new client at the Beach Residences. Just 19 residences priced at $1 million-plus were listed on the market during the month, nearly 30 percent less from the new listings in July last year.
Be that as it may, the condo sellers’ retreat in July is no cause for alarm. For one thing, record-high prices in sales of luxury residential properties have been posted in recent months.
Market momentum is also expected to be driven in the coming months by several real estate projects reshaping downtown Sarasota and sending more potential buyers to our market. One of these ventures, the mixed-use condominium The Mark, has sold out nearly all its condos and expects its first residents to move in this fall.
A New Downtown Magnet
The completion of The Mark brings more besides helping light up Sarasota on the radar screen of wealthy condo buyers. The condominium is likewise making its site straddling Lemon Avenue and Pineapple Avenue as a vibrant, new downtown destination.
The condominium’s emergence as a downtown jewel is but to be expected. The West Palm Beach-based Kolter, the Mark’s developer, after all allotted $70 million for The Mark, one of the top-budgeted real estate development projects in Sarasota.
Soon, we’d be seeing this condominium as a downtown landmark, as work is already in progress for a new mural on its 12-story structure—the condominium’s contribution to the city’s public art. Called “Flora Urbana,” this artwork is being rendered by noted Miami, Florida artist Danny Doya.
What’s even more, The Mark is bringing in a commercial component that promises to further enrich the downtown experience. This adjunct of the condominium is called the Promenade and is set on 35,000 square feet spread on The Mark’s ground level. This area also incorporates a pedestrian-friendly streetscape designed for a casual outdoor experience.
Significantly, Kolter has tapped CASTO, an Ohio-based real estate powerhouse, to oversee tenant leasing at The Mark’s Promenade. CASTO is no stranger to our city, having brought to the Shoppes at Sarasota Row the popular Whole Foods grocery store chain. CASTO was likewise instrumental in building up Winter Park Village in Central Florida as an upscale shopping, dining, and nightlife destination.
The Mark’s imprint in downtown Sarasota is but one indicator that there’s still more excitement coming to our property market. Call or e-mail our team to be updated on local real estate developments and opportunities, be it in selling or in buying residences.
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