Today I am standing on the pier in front of 800 feet of pristine waterfront on Longboat Key that will soon be home to the newest St. Regis Luxury Resort and Residences. There will be just 69 residences on this historical location.
The Legacy of The Colony meets the Prestige of The St. Regis
This land was first developed as The Colony in 1952 by local developer Herb Field. In the late 1960s Merv Klauber, an orthodontist from Buffalo, expanded the development. The Colony Beach & Tennis Resort introduced multiple generations of families to Longboat Key. Having grown up on Longboat Key myself, I fondly remember the decadent Sunday Brunch Buffet with the dining room sitting right on the sand.
John Astor, an inventor and entrepreneur, developed the original St. Regis in New York in 1904. He named it for a 17th century monk who was well known for providing great hospitality to travelers. Now the next in the St. Regis collection- one of only 46 around the world- is due to be completed here in late 2023.
St. Regis Longboat Key
Set on 800 feet of expansive white-sand beach. The Residences at The St. Regis Longboat Key Resort offer exemplary private living at an idyllic address on the Gulf of Mexico. Here, you’ll experience flawless St. Regis service, providing you an unparalleled bespoke lifestyle. Modern yet refined, meticulous yet relaxed. The Residences brings a revered best-in-class legacy to the shores of Longboat Key.
The Q3 sales numbers and their bearing on The St. Regis
So, will our community be ready for a property of this stature? I want to take a look at this quarter’s numbers for some insight into what’s going on in our market.
There have been HUGE gains in our market when comparing the 3rd quarter of 2019 to this same period in 2019. Part of the gain is a result of pent up demand with transactions being deferred 1-3 months due to the pause in our market this past spring. Another part of the growth is that Sarasota offers the remote worker, the 2nd home buyer, and the earlier-than-anticipated retiree the ability to start enjoying life immediately especially in today’s climate.
Let’s review the numbers and put them in context:
- Total sales have increased 21.7% from the Q3 of 2019 to the Q3 of 2020. For the 3rd quarter of 2020 the median price was $288,898, a gain of 9%. To provide a wider context, 86.77% of our market is under $500,000.
- The distressed market tumbled 44.6%. This great news. However, we don’t know if this is a function of a stoppage in foreclosure proceedings or if values rose enough to bring more equity to homeowners and thus getting them above water.
- The statistic I find most intriguing is the luxury market (properties listed for $1M or more) which has been really phenomenal for last several quarters. It increased by 108%. That is more than double!
It is this last indicator which makes me believe that the St. Regis- with its marquee location and phenomenal setting- will do very, very well. In fact, of the 69 residences, over half of the units are already sold. Our market still has very few, truly distinctive developments with settings that can’t be replicated.
Already 50% sold! Request a virtual or in-person presentation @ 941.587.0740.
So, if you want to be part of this great beachfront community, then it is time to ACT! The property will be completed in late 2023. When you are ready for a virtual or in-person presentation about the lifestyle you will enjoy here please give me a call and we will arrange it immediately.
Looking forward to being on the beach with you soon!