Demand for Luxury Condominiums in Downtown Sarasota

By | May 14, 2013

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If you’ve wondered whether the stories we’ve been writing lately about how the Sarasota real estate market has come roaring back to life, here’s news that will confirm the truth behind those stories.

Downtown Sarasota CondosFor the first time since the “Great Housing Bust” began in 2007 – 2008, you are about to see construction cranes again in downtown Sarasota. A furniture store and a sports bar are now being torn down to make room for the first downtown Sarasota high-rise luxury condominium tower since the onset of the real estate bust. The new condo tower will be built at Gulf Stream Avenue and Main Street joining The Queue town homes on Ringling Boulevard and the Homes of Laurel Park, a new 26-home project as the first Downtown Sarasota residential developments since 2007.

The new Jewel Residences tower will include eighteen luxury dwellings with views of Sarasota Bay. Those distinctly upscale condominium units will sit above 6 shops and restaurants. The 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 collection of active, affluent baby boomers who are very excited to move in.” This luxury property will include a fitness center, a 20-meter lap pool, jacuzzi and 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 homes again in Lakewood Ranch, Bradenton and other parts of Sarasota. Taylor Morrison has just opened a sales office for its “Esplanade by Siesta Key” community in the southern part of Sarasota. This new development be an active lifestyle community with resort-style amenities. When complete, it is expected to contain 247 single-family homes in Sarasota within minutes of Siesta Key beaches.


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