Southwest Florida's Gulf Coast is one of the state's most spectacular locations to live, work, and play. At its heart are the city of Sarasota, its neighboring key islands, scenic coastlines, and pristine white-sand beaches.
For many years, Sarasota was an unheralded destination popular with those seeking a laid-back beach resort experience, an alternative to the lavish Naples further south along the coast. The city has established its brand of elegance and sophistication along the shores of Sarasota Bay and the Gulf of Mexico. Sarasota is a premier vacation destination and one of the nation’s most desirable places to call home.
The opportunity to call Sarasota home means jumping into a unique luxury real estate market. Featuring a broad selection of homes, home types, and neighborhoods, buyers can find plenty of homes to satisfy their wants and needs.
But how best to identify and acquire that perfect beach, Bay, or inland estate home? Let's look closer at finding your dream home with our ultimate guide to buying a luxury home in Sarasota.
Partner with an experienced, local buyers' agent
Any number of real estate agents can help you find a home. But finding the right home that matches your needs and fits your definition of a luxury lifestyle is a far more challenging proposition, particularly in the hyper-competitive marketplace of waterfront residences.
Finding the best luxury homes means tapping into a marketplace where not every current listing is online and not every new development — condo or single-family house — is openly advertised. To ensure access to these desirable homes and the opportunity to act upon one you might love, retain a seasoned local agent who's plugged in and well-respected within Sarasota's upscale home market.
You'll see more doors opened and have access to many of the area's top industry experts to help you before, during, and after the homebuying process.
Establish your ownership goals before starting your search
Declaring a list of goals is standard when beginning any home search. And in Sarasota's unique luxury housing market, the exercise is one of the most critical steps in the buying process.
Unlike most luxury markets, where the most desirable homes are concentrated in a few sought-after neighborhoods, Sarasota's luxury housing map (including portions of southern Manatee County) features high-end properties in 40 communities. And that's counting the planned Lakewood Ranch community as a single neighborhood instead of counting its 33 unique luxury villages individually.
To set the tone for an exciting yet daunting search, establish a list of absolute must-haves — for your new home and the surrounding neighborhood. It's also helpful to create a wishlist of features and amenities you'd enjoy having but are willing to compromise in favor of an ideal home.
Your “needs” and “nice-to-haves” lists will help focus your early search efforts. Among your initial considerations:
- Single-family home or condo (more on that below)
- Location — near the beach or water, downtown, an area further inland
- Neighborhood or community — boating community with private docks, beach club access, or country club or golf course community
- Size of home, including the number of bedrooms and bathrooms
- Architectural style, custom accents, features, or finish outs, specialty rooms or flex spaces, specific views
- Amenities, including those offered as part of a single-family neighborhood association or features as part of a condo development
- Proximity to schools, shopping, dining, and entertainment
- Access to recreational activities or other lifestyle activities
You don't need 100% certainty on every last item. But given the amount of choice and variety in Sarasota's luxury market — all within a 10-mile radius from the heart of downtown — your ownership goals and housing wishes will provide much-needed guidance and clarity amid an impressive collection of homes.
Single-family home, condo, or Lakewood Ranch?
In most markets, there is a clear distinction between mid- and high-rise luxury condos and more traditional detached homes. That's not the case in Sarasota.
With such a broad selection of homes centrally located around the city's core, most of it a short walk to either the Bay or the Gulf, home options can quickly blur into a single entity. Nowhere is this more apparent than considering whether a condo or single-family home should be your next luxury property purchase.
Except for Lakewood Ranch, which we cover below, most of Sarasota's luxury real estate is concentrated within a five-mile radius of Sarasota Bay. That territory includes the region's four island keys between the Bay and the Gulf of Mexico and a thin strip of mainland Sarasota hugging the Bay's eastern coastline. This dense yet wonderfully vibrant and highly livable setup gives the entire area an unmistakable island vibe.
With the singular exception of Bird Key (exclusively single-family homes), Lido Key, Longboat Key, Siesta Key, and Sarasota blend their houses and condos seamlessly. Depending on your preferred location, you can find spectacular single-family homes that live like condos and opulent condos that live like single-family homes.
What about Lakewood Ranch? The resulting award-winning planned community spans 33,000 acres (a third of which is devoted to lakes) and is home to 60,000 residents across 33 distinct village communities. The neighborhood amenities are among the state's best: nine golf courses, 12 parks, 150 miles of trails, a 140-acre sports campus, countless pools, tennis courts galore, and the Sarasota Polo Club.
Effectively a self-contained city, Lakewood Ranch offers a bucolic yet thriving suburban alternative to the homes and condos situated around Sarasota Bay. Homes here are very much in line with others throughout the region, with luxury options starting from $1.5 million and on up to estates priced at more than $6.5 million.
Determine your initial budget and start the preapproval process
Once you determine the type and general location of a Sarasota luxury home suited to your needs, begin laying out a budget. Again, you're not trying to account for every last dollar of income or expense. Instead, you identify a general price tag on what you can afford. It allows you to narrow or expand the homes within your range and reevaluate your list of goals and home-buying priorities.
In establishing your initial budget, make sure you allow for the following:
- Insurance
- Property taxes
- PMI (if applicable)
- HOA dues or condo association or amenity fees (if applicable)
- Home maintenance: landscaping, pest control, HVAC
- Immediate or eventual updates or renovations
Given Sarasota's vast array of luxury homes across various prices, be honest about the type of home you want. More importantly, be honest about how much you're willing to pay for it.
The home search
The home search is one of the most enjoyable aspects of the purchase process. Below is a list of five of Sarasota's best upscale communities to give you an idea of what awaits.
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Downtown Sarasota: the heart of the city overlooking Sarasota Bay features the thriving arts district, historic homes, and glittering new condo towers
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Harbor Acres: gorgeous bayfront community with plenty of Old Florida Charm featuring luxury estates on dual peninsulas jutting out into Sarasota Bay
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Longboat Key: 11-mile long barrier island between the Gulf of Mexico and Sarasota Bay includes oceanfront compounds, beach bungalows, resort condo towers overlooking the Gulf, and two golf courses
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Siesta Key: affluent, laid-back barrier island that is the epitome of coastal cool with majestic homes, spacious condos, and one of the country's and the world's top-rated beaches
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West of Trail: a beautiful collection of walkable neighborhoods between Sarasota Bay and Tamiami Trail features an eclectic mix of historic homes, bungalows, and waterfront estates beneath a lush green canopy
The most important aspect of buying a luxury home is visiting different neighborhoods and properties in Sarasota to get a feel for the area and determine if it aligns with your preferences. Pay attention to the quality of construction, finishes, and the overall condition of the homes.
Closing your Sarasota luxury home
Once you find a home, the buying process moves into its final stages and is reasonably straightforward. A few of the finer points of closing your luxury Sarasota home include:
- Make an offer and negotiate the final pre-inspection price
- Agree to terms
- Enter the due diligence phase
- Order home inspection
- Negotiate repairs, concessions, or discounts as necessary
- Meet lender appraisal
- Finalize insurance and mortgage
- Conduct final walkthrough
- Sign on the dotted line
- Close your Sarasota luxury home
As Florida requires a real estate attorney for property transactions, between their legal expertise and guidance and your real estate agent's help navigating you through the negotiations and final inspections, much of the heavy lifting is done for you.
A trusted real estate partner
Are you seeking a trusted team of real estate professionals to help you acquire a luxury home in Sarasota? Or are you ready to fulfill the promise of a lucrative return in one of Sarasota's top luxury markets, including those properties for sale in Lido Key or luxury estates in Lakewood Ranch?
Contact The Fox Leiter Team today to start your homebuying or selling journey. Allow the team's experience and expertise to be your guide to Southwest Florida's stellar real estate market.
*Header photo courtesy of Shutterstock
