The ultra-luxury home sale market is booming, according to a report from Sarasota Real Estate Broker Michael Saunders & Company president Drayton Saunders.
But just how hot is it?
A basement price point of $5 million defines the ultra-luxury market. Mere luxury starts at $3 million, though some quarters drop that figure to a pedestrian $1 million. During the first six months of this year, 41 homes sold above the $3 million threshold. Last year, that number was 56.
While the number of luxury sales is down year over year, average prices are 5% higher and time on the market is shorter than the previous year. This could be down to the federal tax overhaul that’s sending the ultra-wealthy in California, New York, New Jersey, Connecticut and Illinois to low-tax Florida.
In the Sarasota-Manatee-Charlotte region, ultra-luxury homes on the islands are an especially hot commodity.
Siesta and Casey keys are particularly popular, with seven sales on Siesta and five on Casey, both figures up from 2018′s first two quarters. Longboat Key, with a whole lot more pricey properties, claimed nine sales, down two from 2018.
This doesn’t even include other downtown projects like The Collection Condominium on Second Street, where pre-sales are starting at mid-$1 million; The Mark—under construction and taking up a huge chunk of property in the heart of downtown—or The DeMarcay, set to begin rising within the next year on South Palm Avenue. Prices at both start in the upper hundreds of thousands. And across the bridge on Longboat Key, The Residences on Longboat Key has been announced for the site of The Colony tennis resort; prices range from the $4 millions.
Norton Hammersley can help guide you through the legal process of acquiring new property. Our real-estate practice group provides comprehensive legal representation to individual and corporate clients in the acquisition, development and sale of residential and commercial real property, leasing and financing of single-family homes, multi-family projects, residential subdivisions, hotels, office buildings, condominiums, shopping centers and other real-property developments throughout Sarasota and Florida.