While home sales in the Sarasota, Bradenton and surrounding areas have cooled in recent months, the luxury market has remained strong.
Home sales declined by 8 percent earlier this year and sales of single-family homes and condominiums failed to keep pace with the prior year.
However, in the Sarasota luxury housing market — properties priced over $1 million — single-family sales actually rose 34.6 percent compared to last year, and condominium sales saw a 20 percent increase.
The bulk of new listings in the Sarasota real estate market last month were in the $300,000-$600,000 set, though luxury properties have also seen a flow of new properties. With the completion of several luxury condominium projects over the next six months as described in our previous blogs it is increasingly apparent that we will be seeing a sales and inventory growth through the end of the year.
Newly built luxury properties which are represented by Norton Hammersley are also selling very well. One of Sarasota’s latest luxury condominium tower developments, SanSara is currently selling very well. Many of the SanSara units have been sold at an average of $1.9 million per unit.
Sansara consists of 17 luxury condominium units for those who seek a sophisticated living experience in a boutique residence within a comfortable walking distance of Sarasota’s attractive shopping, dining and entertainment venues.
Another project represented by Norton Hammersley is the Risdon on 5th project which is poised to become the heart and soul of Sarasota’s Rosemary District. A sophisticated, artfully-designed mixed-use condominium development with cutting-edge architecture by award-winning architects of Halflants and Pichette.
This gated and secure chic boutique Trop-Urban community includes 28 units, an intoxicating rooftop pool with breathtaking views of Sarasota Bay, a lush and vibrant courtyard, ample parking, and immediate access to Downtown Sarasota’s shops, restaurants, and attractions.
It is a very exciting time for Sarasota construction workers, business owners and those of us interested in the many new real estate opportunities.
Norton Hammersley’s real-estate practice group provides comprehensive legal representation to individual and corporate clients in the acquisition, development and sale of residential and commercial real property, leasing and financing of single-family homes, multi-family projects, residential subdivisions, hotels, office buildings, condominiums, shopping centers and other real-property developments throughout Florida.
The firm is well positioned to assist its clients with real-estate transactions, including closings, tax-deferred exchanges, construction development and land-use matters, mortgage transactions, and serve as agent for several state and national title-insurance underwriters.
If you need any advice in these matters
Please contact us at 941-954-4691 for more information