The beaches, restaurants, and traffic have been quieter than usual here in Sarasota this summer as residents and visitors have spent their time in other places.
What you may have missed while you’ve been away- or while you’re still away. I think one of the most significant things that’s going on is the airport expansion. It’s going from 13 to 18 gates. That’s an expansion of about 40% and will enable the airport to have even more direct flights than the 55 currently going in and out of Sarasota.
What’s been happening on the real estate development front?
- Golden Gate Point has five active construction projects. I want to touch on two. Evolution is back underway. They’ve switched builders and they’re moving towards completion hopefully late this year or maybe early next year. The Peninsula has come out of the ground. There are going to be 23 residences between two different buildings.
- The Quay. Over at the Quay, which is our densest development, I want to highlight two projects in particular. The much anticipated Bayso is going to begin closings in October and they expect to finish those closings before the end of the year. Lennar has a multifamily project with 240 residences and 13,000 sq ft of retail going up. It is about halfway out of the ground with roughly 6 of its 12 story limit constructed.
- The Rosemary District. Over in the Rosemary District, which is eclectic and full of little boutique opportunities, Villa Ballada — brought to you by the same developers who did Zahrada and Zahrada 2 — has come out of the ground. They expect to be finished about a year from now.
My predictions about the real estate market going into the fall?
I think there are going to be more options for buyers in certain neighborhoods. We are actually seeing inventory beginning to increase and that’s good for buyers. So those that are willing to pull the trigger may have more options and some negotiating power.
One final tidbit for foodies- I think it’s exciting that there are rumors that Sarasota is going to potentially get its first Michelin star restaurant in the not-too-distant future.
Sarasota continues to be at the top or near the top of multiple lists as “A Great Place to Live.” When you’re ready to discuss your sale or purchase please give me a call @ 941.587.0740.
