We've spoken a lot about the trends in Sarasota's residential home sales, and our recent closing at Bay Plaza is a perfect illustration of the high demand forces that are driving price and pace. This 9th floor condo is in a great location and has incredible Bay views, with a spacious open layout and tons of natural light. Interest in this listing was significant as soon as it was listed and we received multiple offers, ultimately accepting one that was MORE than $100K over the asking price.
The $103K over-ask closing price of this property and the pace of the transaction - going under contract in only 5 days - are very representative of the quality of the home and also the dynamics of Downtown Sarasota real estate. There are so many buyers, both full-time and seasonal, seeking this exact style of inventory that sellers who are listing now are seeing a lot of response from prospective bidders. The final sale price of $1,178,000 was a 9.6 percent premium over the asking price and a 43 percent increase from the home's last sale price in 2014.
As the high season continues through the winter months, we anticipate a continued increase in demand that will amplify the market value and price premiums our Bay Plaza seller enjoyed. Congratulations to our wonderful client and to the fortunate buyers who will enjoy their new Downtown condo! If you have questions about the current market trends or would like a consultation, please click here to let us know.