Sarasota’s New Construction in Downtown Sarasota, Lido & Longboat
I want to first share striking visuals of what’s happened in the new construction realm of our Sarasota real estate market while you were away this summer:
St Regis Resort and Residences
First and foremost, the St. Regis Resort on Longboat Key, intended to be the first Forbes five star resort on the west coast of Florida, opened up with its 166 hotel rooms and 69 residences. Guests are already staying and residents are in the process of moving in.
The Rosewood Residences Lido Key
Over on Lido Beach, the Rosewood has begun to work on the inside of its property. They have completed the 11-story building, which in about a year from now will encompass 65 distinct residences.
The Quay Downtown Sarasota
Over on the mainland, The Quay in downtown Sarasota has seen an apartment building called the Cordelia come to conclusion and is now available for leasing. Ocean Prime is also well under way and will be an anchor for the Sarasota nightlife scene right in the middle of The Quay.
Downtown East Main
Further east on Main Street, we’ve seen Aster & Links come to completion. This includes an apartment building with 424 units and a Sprouts grocery store. There are about 400 Sprouts stores spread across the country and now we have one anchoring the east end of Main Street alongside the Hollywood 11 and Mediterraneo Italian restaurant.
What Happened with Sarasota’s Sales Numbers in the Third Quarter?
- In Q3 of this year (July through September) sales were down 8% from the same period a year ago
- The median price has dropped 4.5%
- The luxury market has stayed flat during this same period
The St Regis Residences has now closed 37 of the 69 residences. From the data reported thus far, the prices have ranged from 2.3 million to 21.2 million.
In the Wake of the Storms: What to Expect in the Fourth Quarter
The fourth quarter is typically our slowest time here in Sarasota in terms of real estate sales. As we move into this period, I feel there’s still downward pressure on the lower end of the market due to interest rates.
I’m curious about what’s going happen with those properties located in flood zones- specifically those homes that are built slab on grade. I think there may be a slight uptick in prices for the mainland and condo properties. The luxury and ultra luxury markets are very, very strong as Sarasota continues to be a desired location.
I believe the key trends can be encapsulated as the 3 “Ns” as follows:
- Newer. I believe this is two different groups. They are homes built after a 1980s code change which required elevated structures in areas where storm surge is a possibility, in addition to single family and condos that are just “new construction” in general.
- Neighborhood. I think there’s going to be a renewed emphasis on neighborhood. People want to know how these neighborhoods fared during the storms and how they live on a regular basis. There are properties in the Southside Village neighborhood (where Morton’s Market and Sarasota Memorial Hospital are located) that are at an elevation of 23 feet. That’s fantastic — and it’s slab on grade.
- Never Flooded. I think people are going to be looking at buildings and properties that haven’t had any water intrusion, whether it’s in the last few months or the last several decades.
If you are a buyer in our real estate market, I will teach you how to mitigate your risks against future weather events so that you can enjoy the Sarasota lifestyle with piece of mind. Give me a call @ 941.587.0740 with any questions.
