Sarasota’s Current Real Estate Market in 5 Words

First let me take a moment to acknowledge the “Season of Sharing” in Sarasota, our community safety net. More than $34,000,000 has been distributed to 44,000 households as a hand-up. At Investments In Sarasota, our giving occurs year-round with a donation in the name of our clients to the charity of their choice. Philanthropy remains one of the pillars of our community.

This month, I want to use 5 words that describe Sarasota’s real estate for me at the moment:

1. HOT. The Rosewood Residences on Lido Key are beginning to pick up momentum. With permits in hand, they are getting very close to breaking ground and starting construction. I do believe this is going to set the bar even higher in terms of the most luxurious branded residence in our community.
2. NEW. The second, next-generation Ritz Carlton Residences Sarasota Bay has been announced in The Quay. There will be 78 residences and three categories of living: Ultra Luxury, The Estates, and the Penthouse Collection. Not your parents Ritz Carlton, these residences are in the reservation phase and will probably start construction late spring 2023.
3. POPULAR. Bird Key, the exclusive residential island between mainland Sarasota and Coon key, continues to hold its financial and lifestyle value as there are only 2 properties for sale in a community of 511 residences.
4. SURPRISING. The real estate market on Longboat Key continues to amaze. Properties that are well-priced are selling under 30 days and many for full-price or over asking. Last week we were involved in a multiple offer situation. The Town of Longboat Key is not resting on their laurels as the Town continues to work arduously to raise the bar on the quality of life for their residents. I think the arrival of the St. Regis is going to put even more upward pressure on pricing as it moves closer and closer to completion.
5. VIBRANT. Sarasota is rocking. Downtown is vibrant with the arts and restaurants bustling even on the weekdays. There is lots of live music and culture. It is fun to see all of the people out having a good time.

All of this energy trickles down to our real estate market which continues to be stable — yes there will be hiccups — but over the long term I am very bullish on Sarasota and our community. It is a great place to find your happy.

For any information on ANYTHING related to real estate here in Sarasota, give me a call @ 941.587.0740.

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