A New Level of Luxury in Sarasota

We are halfway through the year and the trend we identified in December's blog, "The Changing Price-Scape of Sarasota," has stayed in place, just as we thought it would! The most remarkable thing about our market right now is the way the price ceiling just keeps getting higher. Luxury has always been a part of the market, but the pricing we are seeing now is unprecedented. What we see now is a level of luxury that apparently knows no bounds: More homes are more expensive than ever. Ultra-Luxury (like so many of us reformed Northerners) has found its home in Sarasota and it is here to stay!

Then vs. Now

Wayyyy back in the pre-pandemic days of 2019, the highest sale in the books was a beachfront home on Longboat Key, which sold for $11.4 million. Coincidentally, that is also the most expensive that has sold in our market in 2024 -- for well over $19 million! It was one of only 2 properties in our entire market that sold for over $10 million. So far this year, remembering that we are only halfway through 2024, there have already been 9 sales over $10 million, with the area's most expensive being a waterfront West of Trail home in Harbor Acres, which sold at the end of March for a whopping $20 million. Not only have we nearly doubled the highest sold price in a mere 5 years, we also have drastically increased the volume of homes selling in the ultra-luxe price range. We are proud that our colleague here Douglas Elliman, Lisa Rooks Morris, broke the downtown condo sales record with her recent sale of the condo below from Epoch!

Record-Setting Sales in the Past 30 Days

The hot hot heat of May did not deter luxury home buyers from purchasing their dream properties in Sarasota over the last month. Check out some of the highest-priced sales of the last 30 days!

Undisclosed Address at the north end of Longboat Key - $19,750,000

• 7 bedrooms
• 10 bathrooms
• 9622 sq'
• 2.69 acres

8218 Sanderling Road | Sanderling Club | SIESTA KEY - $14,500,000

• 6 bedrooms
• 8 bathrooms
• 10,624 sq'
• 4.45 acre lot

1325 Westway Drive | Lido Shores | LIDO KEY - $12,800,000

• 5 bedrooms
• 8 bathrooms
• 6,590 sq'
• 0.41 acre lot

605 S Gulfstream Avenue #17 | Epoch | DOWNTOWN SARASOTA - $11,350,000

• 4 bedrooms
• 5 bathrooms
• 5,855 sq'

What Now?

Just like most things, the only constant in real estate is change. This is an exciting time for Sarasota; the amount of wealth moving to our area is unprecedented. As always, we are your resource for understanding the ever-evolving market and are here for you if you are ready to make a change in your own life!

If you or someone you know is interested in making paradise home, give us a call today!