No stranger to high-end luxury housing, the emergence of Sarasota's ultra-luxury housing market is a relatively new phenomenon.
Similar to Florida's high-end, high-profile coastal enclaves of Boca Raton, Naples, and the Emerald Coast, Sarasota and its outlying keys boast sugar-sand beaches and sweeping gulf views. But little of the notoriety.
The region's priciest homes occupied the sought-after barrier islands—Longboat Key to the north, Siesta Key to the south, and Lido Key and Bird Key immediately west of Downtown Sarasota. But even with endless water views and some of Florida's best beaches, the end of the previous decade saw fewer than three Sarasota area homes priced above the ultra-luxury threshold of $10 million.
To be sure, plenty of opulent properties existed, both inland and along the waterfront. Add to that the premier coastal location, numerous outdoor activities and high-end amenities and a cultural landscape on par with cities twice its size; the market was undervalued entering 2020.
Sarasota's luxury homes and condos had yet to generate the massive demand that usually drives appreciation and the speculative development of pricier marketplaces.
Three years later, Sarasota's time in the ultra-luxe spotlight has finally arrived.
A market on the rise
So why the change?
How does a city go from a sleepy, under-the-radar gem known for its low-key luxury and artist's enclave vibe to a sought-after landing spot for ultra-wealthy homeowners?
From counting on the one hand the number of properties priced at or above $10 million to an inventory that fluctuates between 30 to 40 properties totaling more than half a billion dollars at the midway point of 2023?
Amidst a pandemic where people were on the move and heading en masse for Florida, the world finally took notice of Sarasota. In each of the past three years, the city was named a top 10 city to live in and among the 10 safest cities in the U.S., according to U.S. News & World Report. Rating site Niche.com lists Sarasota County as the top county in the U.S. for retirees and places it in the top 1% of counties nationwide for best public schools and top 5% of counties for health, outdoor activities, and best counties to live in.
The exclamation point came when TripAdvisor ranked Siesta Key's namesake beach the second-best beach in the country, and the 11th-best beach in the world.
Sarasota's place among Florida's ultra-luxury market
Sarasota's ultra-luxury market is a straightforward affair. The market's 33 listings of over $10 million include current homes and those under construction or early development. To see where Sarasota's current ultra-luxury market measures up, below are the current numbers for active, non-pending single-family and condo listings for select coastal cities in Florida:
- Emerald Coast: 21 (homes and condos listed above $10 million)
- Sarasota & Barrier Island Keys: 33
- Fort Lauderdale: 38
- Boca Raton: 40
- Miami: 58
- Palm Beach: 68
- Naples:105
- Miami Beach, Surfside, Bal Harbour: 134
Sarasota's big-money real estate is outpacing the Emerald Coast along the far western shores of Florida's panhandle and on par with Fort Lauderdale and Boca Raton. Of course, when linking the full scope of the Atlantic Coast from Fort Lauderdale to West Palm Beach, the ultra-luxury properties near 200.
Reflecting the consistency of this niche market, an average of 10 homes per year over the prior three years have been above the $10 million threshold. And with inventory on the way, you can expect that number to increase.
Where to buy
Unsurprisingly, Sarasota's current stock of ultra-luxury homes is located exclusively along the city's two major waterfronts—Sarasota Bay and the Gulf of Mexico.
What is surprising is the majority of the availability is with single-family homes. Of the 16 homes that make up this portion of the $10 million-plus inventor, all but three are located on the keys:
- Four massive estates on Casey Key
- Five homes on Siesta Key, including a genuine beach bungalow and a palatial $22 million estate on Bay Island
- Three more occupy the Lido Shores neighborhood on Lido Key
- The final home is on Longboat Key
The three mainland homes are all bay-front properties—one in South Sarasota and the other two in the Indian Beach neighborhood.
Of the five condos currently available, three are on Longboat Key, one is on Lido Key, and the last is in the Rosemary District, just across the street from Sarasota's new Bay Park.
Coming soon to Sarasota's ultra-luxury landscape
The big news in Sarasota's ultra-luxury market isn't currently available; it's what's on the way. Currently in the midst of a condo building boom, Sarasota's skyline and the barrier island beachfront are rapidly changing. Between now and the end of 2025, the city will see 10 new mid and high-rise condos add roughly 1,700 units to the city's inventory.
While most of these new buildings will see prices between $800,000 and $5 million, a few will aim for the ultra-luxe crowd. They include:
- One Park: Currently under construction, the 18-story, 123-unit One Park will serve as one of the anchors of Quay development at the corner of N Tamiami Trail and the Boulevard of the Arts. The One Park Penthouse is currently asking $13,694,000.
- The Quay Commons: Also part of the Quay development, the Quay Commons will overlook both downtown and Sarasota Bay and feature 78 luxurious condos. The building has begun taking reservations, with a current top price of $11,499,000.
- The Rosewood Residences Lido Key: Currently in pre-construction, the 11-story Rosewood Residence will feature 65 private residents overlooking the Gulf of Mexico on Lido Key. Representing the height of the lavish beachfront lifestyle more associated with places like Naples, the Rosewood development will provide a huge leap forward for Sarasotas's ultra-luxury marketplace. Prices start at $10 million, and seven units are already pending at an average price of $12.7 million.
A trusted real estate partner
Are you seeking a trusted team of real estate professionals to help position your ultra-luxury Southwest Florida home for a domestic or international market of high-end buyers? Or perhaps you're ready to make your own multi-million dollar investment and want guidance on where to find Sarasota's top luxury markets and trophy homes, including those properties for sale in Lido Key or luxury estates in Lakewood Ranch?
Contact The Fox Leiter Team today to start your home-selling or buying journey. Allow the team's experience and expertise to be your guide to Southwest Florida's stellar real estate market.
