With more than half of the units spoken for in the Sage Longboat Key condominium development and still more in the upcoming St. Regis residential project, sales and prices of condos on Longboat Key are surpassing some of the region's record gains made in 2020.
Demolition was approved last week at the site of the former Sea 'n' Sun Resort at 4651 Gulf of Mexico Drive, making way for a spring groundbreaking on Sage. The 16-unit luxury condominium is expected to be ready for occupancy in the fourth quarter of 2022.
And existing condos are selling, too, continuing a 2020 trend that drove Longboat Key's median condominium sales prices -- the point at which half sell for more and half sell for less -- up 7% to $545,000, according to data from the Realtor Association of Sarasota and Manatee. Median single-family home prices on Longboat rose as well, but not to the same degree: up 2.7% to $1.2 million.
Already in 2021, a penthouse in the Aria community (2251 Gulf of Mexico Drive) sold for $5.7 million and a beachfront townhouse in Bonaire (5005 GMD) sold for $7.13 million. For comparison, the highest-priced residential real estate to ever close in Manatee and Sarasota counties was a Regents Court home behind the gates of the Longboat Key Club for $16.9 million in 2020. A mainland Sarasota home took the second-place spot on that list earlier this year at $13.25 million.