The next generation of ultra luxury living is upon us here in Sarasota.
On August 21st of this year, the 166 room, 5 Star St Regis Resort Longboat Key will open for guests. Concurrent throughout the month of August, the 69 very fortunate residents who have been on a journey for three plus years will begin to take occupancy into their personal residences at this 18 acre, gulf-front enclave. We have been on site during these finishing stages and can provide more comprehensive insight on that property for clients that may have serious interest.
The second quarter of this year reveals some surprising numbers:
- The ultra luxury segment (properties over $5M) has been the strongest part of our real estate market here in Sarasota. Sales are up 90% compared to the same period a year ago (the second quarter of 2023, April-June) and they’re up 30% from the first quarter of 2024 (January, February, and March of this year). This is a lot of strength in our marketplace overall. In addition to the St Regis project, the Rosewood Residences on Lido Key will bring us another batch of incredible ultra luxury in 2025. There are some premium residences that are still available.
- The overall Sarasota real estate market was down a half a percent from the same period a year ago, the second quarter of 2023 to the second quarter of 2024. However, April and May had the highest sales per month since that same period in 2022, nearly two years ago. This is an extremely bright part of our market.
- The luxury market (properties of $1.5M or more) was up 20% from the same period a year ago, and they had the highest unit sales since 2021, nearly three years ago.
- The lower price points in our market are actually having a little bit of a price decline. This is great because it makes Sarasota a little bit more affordable for these entry level properties and brings people off of the sidelines.
I’m extraordinarily optimistic about our Sarasota real estate market and our community in general. As more and more people write larger and larger checks, it validates everything that’s going on in our community and brings more money in. And yet, at the same time, people at all price points are finding more inventory and choices.
When you’re ready to engage and be part of this incredible community, please give me a call @ 941.587.0740. Our expertise in navigating the market has benefited our clients by securing the best values possible in the current climate.
