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Luxury Condo Market Levels Up Further On Entry of St. Regis, Rosewood Residences

There’s no other way but up for the luxury condo market in Sarasota.  Although Sarasota home sales dropped overall in September, high-end condo projects coming out of the pipeline keep the market excited.

 

In Longboat Key, the construction of St. Regis Residences & Hotel again drew headlines with its groundbreaking this October. Earlier in the month, Longboat’s town commissioners unanimously approved this $600-million project in the block of 1620 Gulf of Mexico Drive.

 

The St. Regis development takes over the 17.6-acre former site of the Colony Beach & Tennis Resort that was closed in 2010. This project is set for 67 residential condos in three, five-story buildings. Named Armand, Bateau, and Champagne, these buildings are rising on the south side of the property bordering the Players Club condominium.

 

Private Resort Access

 

There are 13 floor plans to choose from in St. Regis Residences. These condos range in size from 1,553 to 5,895 square feet in one- to two-bedroom layouts.

 

Each of the three residential condo buildings has its exclusive entrance and access to the resort facilities of St. Regis. These amenities include a clubhouse, wellness center, pool, and spa. The condo residents also have a full-time and dedicated concierge service.

 

The hotel building of the St. Regis complex will occupy the north end of the property adjacent to the Aquarius Club condominium. The hotel features 166 guest rooms, two restaurants, three bars, and a beach brill. It will also have a ballroom, six meeting rooms, and two board rooms.

 

The target completion of the hotel and condominium complex of St. Regis is 2024.

 

Rosewood Residences in Lido Key

 

Meanwhile, project timelines, floor plans, and amenities are being finalized for the

Rosewood Residences in Lido Key. This new project that also brings tailwinds to the Sarasota condo market is set on a 3.5-acre Lido beachfront parcel.

 

Notably, our Judy Kepecz-Hays Team co-partnered in the sale of this property to the developer of the Rosewoods Residences. This new condominium will replace the Gulf Beach Resort Motel at this parcel on 930 Benjamin Franklin Drive.

 

Envisioned to be completed in 2025, Rosewood Residences is planned for 65 condo residences. Their floor plans will range from 3,300 to 4,900 square feet, with initial pricing estimated at between $5 million and $14 million.

 

The planned amenities in Rosewood Residences include:

  • A private restaurant and chef services
  • Outdoor pools
  • World-class fitness center
  • Massage rooms
  • A lounge with a library and game room
  • Private guest suites with housekeeping service
  • 24-hour valet & concierge

 

This Lido Key condominium is the first exclusively residential property under the Rosewood global brand. Rosewood operates 28 luxury hotels in 16 countries, with six in the U.S.

 

Boost for Luxury Condo Supply

 

Significantly, the marketing salvos for Rosewood and St. Regis overshadowed the 22.3 percent drop in Sarasota condo sales in September. These two new condominium developments also constitute a welcome boost for the inventory of luxury condos in Sarasota.

 

In September, the inventory of Sarasota condos priced at $1 million and over stood at just 76 units, down 48.3 percent from a year earlier. Demand is notably strong in this high-end segment with closed sales of 29 condos for the month up by 26.1 percent.

 

Amid this vibrant market scenario, the Judy Kepecz-Hays Team can help sellers and buyers of luxury condos. Call or e-mail us to explore the Sarasota condo market for the best possible deal.