Downtown Sarasota Luxury Condo Glut?
There was an article in the Sarasota Herald Tribune recently (read it here) about a new 18 story luxury condo tower will be built next to the Ritz Carlton in downtown Sarasota. The new project will be called The Grande. For those Realtors selling in the mid 2000's, The Grande was a condo project planned to built where The Vue is now sitting. The project was scrapped when the Sarasota real estate market popped.
The Kolter Group plans on building 86 residences that will offer services managed by the Ritz-Carlton. Prices for 3 and 4 bedroom units will run from $2,000,000 to $5,000,000. The new tower will be built east of the hotel over the support facilities.
Is there a downtown Sarasota luxury condo glut on the way?
How Many $2,000,000+ Condos Have Sold in Downtown Sarasota?
|Downtown Condos $2m+||5||15||9||5||9||8||5||2||16||12||16||17||9||0||100|
So, in 14 years there were 100 sales of condos in the downtown Sarasota area with a price tag of $2,000,000 or more.
How Many $2,000,000+ Condos Failed to Sale in Downtown Sarasota?
|Downtown Condos $2m+||10||14||17||11||16||14||28||22||26||47||48||78||56||26||413
It is important to note that the above numbers represent listings. A condo could have been listed then expired, relisted and then expired. That would count as two listings. But it was only one condo.
As you can see, over the last 14 years far more condos have failed to sell in downtown Sarasota than those that have sold.
How Many Luxury Downtown Condos Are Currently For Sale?
Currently, there are 29 condos for sale in the downtown area that have an asking price of $2,000,000 or more. They are found in these buildings - Allure, Aqua, Demarcay, Echelon on Palm, La Bellasara, Marina Tower, One88, Plaza at Five Points, Sansara, Grande Riviera, Ritz Carlton and The Vue.
If you average the sales of 2013-2015 about 10 luxury condos sell a year.
What will happen when 86 new condos are added to the inventory?
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