Sarasota Real Estate Update by the Numbers
Posted on August 6, 2021
The numbers are in, and the results show an impressive demand for Sarasota real estate. According to the most recent data released by Florida REALTORS®, the market for our beautiful, coastal lifestyle is strong.
For the first quarter of 2021, Sarasota saw significant increases in volume of real estate purchases throughout the area. Although single-family home closings increased by 32.2%, an even larger increase was demonstrated in Sarasota condo sales closing which increased by an enormous 45.8%. The average time to contract for move-in ready residences shrunk to just 26 days, a 43.5% reduction over the previous year, leaving just 1 month’s supply over inventory on the market. High demand, low inventory and rising construction costs are also leading to rising prices throughout the region.
For the second quarter of 2021, demand for condos in Sarasota is still very high. High-end condos are experiencing strong demand at all price points with both new and resale condos over $2.5 million selling at an unprecedented pace. There were significantly fewer listings of condos in Q2 than in Q1. Condos listed “for sale” were under contract within 2 weeks, giving buyers fewer options. Simply said, there is not enough supply to meet the demand.
For savvy buyers, it’s time to think long-term when securing their place on Florida’s cultural coast. Presales of newly released condominiums are also seeing high sales volume, and Bayso Sarasota is leading the way. With delivery anticipated for late 2023, homebuyers are filled with anticipation for the walkable downtown lifestyle and contemporary residence design. Bayso’s ideal location provides a unique blend of urban sophistication while residents continue enjoy the natural beauty of the Bayfront shoreline.
Downtown Sarasota has become a revolutionary city with a trending arts and cultural scene. Bayso will be the newest luxury address to be added to this highly sought-after destination. With fine dining, world-class spas, upscale shopping, and recreation all just steps away, residents will have the luxury of parking their car and enjoying all that Sarasota has to offer.
Bayso provides a wide selection of luxury residences to fit every lifestyle with eleven exclusive floorplans and seven exceptional penthouses that define luxury urban living. Each residence offer chic design with floor-to-ceiling windows and doors, expansive terraces, and glass railings that will showcase the vibrant city and bayfront. Open great rooms and 10′ ceilings provide an abundance of natural light. Residents will enjoy designer kitchens with quartz countertops, European cabinetry, and premium appliances. Floorplans range from 2 bedrooms, a den, 2.5 bathrooms with 1,589 sf of living area to 3 bedrooms, a den, 3.5 bathrooms with 2,485 sf of living area. Penthouse floorplans range from 2 bedrooms, a den, 3 bathrooms with 2,699 sf of living area to 3 bedrooms, a den, 4 bathrooms with 2,492 sf of living space.
Bayso provides residents with a variety of resort-style amenities. Relaxing at home will come naturally at the elevated pool deck featuring a Resort-Style Pool, Fire Pit, and Splash Lounge. The Fitness Center and Movement Studio will provide state-of-the-art equipment to keep up with wellness goals. Residents can easily entertaining guest with the Club Room and Entertainment Areas. An innovative co-working space, HomeWork, and a private Board Room will allow residences a place to work and host private meetings without having to leave the building or take up space in their residence for a home office.
Bayso residents will have a desirable choice of panoramic vistas. Some residences offer long-range bay views, providing a tranquil look at the barrier islands. Others Showcase the spirited Downtown Sarasota and its impressive skyline. These views give residents a chance to take in all the colors of the vibrant city. Some residences offer a combination of both bayfront and cityscape horizons. No matter the choice, Bayso residences offers the most stunning views that capture the best of Sarasota.
New Area Developments- Along with its extraordinary white-sand beaches, Sarasota is known for its remarkable arts scene. Timing for new developments such as Bayso could not be more perfect as the city grows into a luxury and culturally defined residential destination. Take a look at Sarasota’s new area developments that will allow residents to enjoy the all the benefits their community has to offer.
The Quay– With a vision for a new luxury community, Quay Sarasota will be home to the finest restaurants, upscale retail, and extravagant residence in the heart of Sarasota’s Bayfront District. The Quay is becoming the most sought-after district to live in.
The Bay Sarasota– The Bay Park conservancy is a not-for-profit organization implementing a long-term master plan for 53-acres of city-owned land along Sarasota Bay. The bayfront will be an iconic, public destination that incorporates Sarasota’s cultural heritage, diversity, and natural assets. With phase one in commission visitors can now enjoy the Fountain Garden and Mangrove Bayou Trail and future developments include a Living Shoreline, Sunset Boardwalk, and the Lawns, an open area for social activities.
Bayso was designed by the renowned SB Architects, with its global headquarters in San Francisco. Construction on the highly anticipated tower is now underway, with expected completion by late 2023.
Priced from $1M, these residences are the perfect place to find a new Florida home. Bayso’s Sales Gallery is located within Premier Sotheby’s Downtown office at 50 Central Ave, Suite 110. To learn more, visit Bayso.com, check our virtual tour or call 941.220.0828.