Suddenly There are New Hi-Rise Condos Being Built in Downtown Sarasota

  If you've wondered whether the stories we've written about how the Sarasota real estate market has come roaring back, here's news that will confirm the truth behind those stories.

  For the first time since the "Great Housing Bust" of 2007 and 2008, construction cranes are again becoming the "official bird of Sarasota." They are poised again above Downtown Sarasota. A furniture store and a sports bar have been torn down to make room for the first downtown Sarasota high-rise luxury condominium tower since the Florida real estate bust. The new condo tower will be built at Gulf Stream Avenue and Main Street joining The Queue townhomes on Ringling Boulevard and the Homes of Laurel Park, a new 26 home project as the first significant Downtown Sarasota residential developments since 2007.

  The Jewel Residences tower will include just 18 luxury dwellings with views of Sarasota Bay. Those distinctly upscale condominium units will sit above 6 shops and restaurants. These luxury units will range from two-story lofts to a full-floor penthouse. In advance of the start of construction, seventeen of the luxury condos and five of the storefront locations have been sold according to a recent article in the Sarasota Herald Tribune. Tom Mannausa, the developer reported, “we’ve attracted a number of affluent and still quite active, baby boomers who are very excited to move in.” This luxury property will include a fitness center, a 20-meter lap pool, spa, a yoga stretch room, a six-hole putting green and a platform tennis court.

  In addition to the new residential construction in Downtown Sarasota, builders are actively building in Lakewood Ranch, Bradenton and Osprey and on Longboat Key and Siesta Key.

  As I’ve reported recently, there has been steady growth in demand for Downtown Sarasota condos but fewer and fewer existing properties available. There were 733 Sarasota real estate sales in February (504 single-family homes and 229 condos), up 24% over sales a year ago in February, 2012. This followed a January year over year increase of 22%. While home and condo purchases continue to accelerate, the availability of properties for sale continues to decline.

  The inventory of Sarasota real estate properties for sale remains at its lowest level in over a decade; 17.4% lower than at this point last year. As of March 31st, there was less than a 5.0 month supply of homes for sale in Sarasota and a 5.6 month supply of condos available. One year ago, there was a 7.2 month supply of homes and a 9.1 month supply of condos. At the bottom of the recession in 2008, there was a 24 month supply of homes and a 41.7 month supply of condos on the market. Whenever the supply of residential properties on the market drops below a 6 month supply, the market is considered to be demand-driven, builders start building and prices begin to rise. There is little doubt that prices will be higher next year than they are right now as demand continues to outstrip the supply of Sarasota properties.

  If you're ready to move right now, there are a few Sarasota luxury condos available today in developments like Condo on the Bay and townhomes at Broadway Promenade, but fewer and fewer every day.

  If you have been planning to visit Sarasota, let me help you find that second or permanent Sarasota residence you've been wanting by showing you all the best values in Sarasota condos here in Downtown Sarasota. Whether your interests lie with the Arts and Cultural venues of Downtown Sarasota where the Jewel Residences is being built, the golf course country club lifestyle, or a waterfront home or condo where you can keep your yacht right behind your home, Sarasota has exactly what you seek

  If you would like to know more about the Sarasota, Bradenton and Lakewood Ranch real estate markets in general, or the cultural, shopping or recreational amenities of Sarasota, Contact Me today. For an even faster response, call me on my cellphone at 941-266-1799. I'd be happy to be of assistance.