Longboat Key’s luxury sales trends are getting even stronger with the addition of premium new construction like Sage LBK. More than half of these to-be-built luxury units are already spoken for even though the project just broke ground. It’s a similar story with the nearby St. Regis development. The demand for ultra-luxury is particularly high, but the prices are going up for existing inventory too. The median condo price on Longboat Key rose 7 percent year-over-year, exposing the high-demand conditions that are showing up across Sarasota’s market.
New development caters to luxury clientele with enhanced privacy and security features that reflect pandemic-era preferences for multi-functional homes that offer every amenity onsite. While the added luxury and options to customize are highly appealing, the wait can feel long for some buyers. Existing inventory offers a more immediate and more price-advantageous option.
Read a little more about the LBK specifics in this update from the Observer.
