Longboat Key, Florida | January 29th, 2019 – The vibrant Sarasota luxury residential segment shows no sign of cooling down, as our Judy Kepecz-Hays team moved on the order of business for this January. Quite apt for our market segment’s perky mood, we have already hosted open houses in January on several of our luxury listings. These included a $2.2 million Mediterranean estate at the St. Armands Division of the Ringling Estates that we listed in December.
It’s significant to note that Sarasota’s luxury residential market ended 2018 on an upbeat mood, with December sales of properties priced over $1 million up 3.3 percent. This gain came as a sharp contrast with the sales decline in all other segments which resulted in an overall drop of 17.5 percent of total residences sold in the county last month.
Picks Go Aplenty
As encouraging, for buyers especially, December inventory of available luxury Sarasota residences rose a robust 12.1 percent to 462 high-end houses for the picking. At the St. Armands stretch of Washington Drive alone where our listing is located, nine properties are currently listed on the MLS.
The hearty price growth of 19 percent exhibited recently by Sarasota’s luxury residences is encouraging many owners of high-end properties to engage the market. Interest on these buying opportunities, as per recent industry readings, is coming increasingly from northern buyers, such as those from Boston, New York, Connecticut, and Chicago. These prospective buyers, looking for more value for their money and shying away from pricier destinations, have been recently joined by equally interested bidders from California.
The improving national and local economies is providing confidence to our region’s property owners to strut the increasing value of their residences, one survey showed. Another confidence booster, according to this poll, is these properties’ coveted location, which is quite evident in properties like our St. Armands luxury listing.
Its street, Washington Boulevard, loops around St. Armands as part of a road network that conveniently links to the popular commercial hub of St. Armands Circle. This layout, in addition, allows quick and easy access to the points of interest in Lido Key to the north and downtown Sarasota to the east.
Blessings of St. Armands
Its Ringling Estates locale is also one fine example of the masterful planning that went into most of Sarasota’s top-tier communities. Many of St. Armands’ residences have direct water access and provide wonderful views of Sarasota Bay. The community has historical significance as well, having been developed during the 1920s no less by circus magnate John Ringling whose business acumen also brought other local real estate masterpieces.
Notably, Ringling’s imprint could be seen too at the equally historic and upscale community of Sapphire Shores north of Sarasota downtown. Here, our Judy Kepecz-Hays team has another luxury residential listing directly on the bayfront and is on the market for bidders at $2.45 million.
The spate of new real estate developments in and around Sarasota’s city center and the rich mix of residential types becoming available further drive market attention in the luxury segment of our market territory. Besides upscale single family residences, we’re seeing more and more leads for both buyers and sellers of high-end condo residences. Check with our Judy Kepecz-Hays team for more insights on these.
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