A nine-story luxury condo building with 10 residences will soon rise on a little more than half an acre in downtown Sarasota, right next to that terrifying construction knot on North Gulfstream Avenue at the base of the Ringling Bridge. It’s one of at least a dozen similar projects that are increasingly dotting the downtown Sarasota skyline amidst the high demand for convenient, amenity-rich living and expansive water views.
The plan is to break ground during the second quarter of next year. Of the 10 units, starting at $2,488,000, two have already sold since they were listed in July. Sarasota County condo sale prices have increased by 27 percent since October of last year. As for time to contract, the median time is now six days compared to 45 days in October of last year, according to the Realtor Association of Sarasota and Manatee.
Five smaller, two- to three-bedroom units on the first through third floors are roughly 2,050 square feet each and range from $2,488,000 to $2,788,000.
Floors four through seven, each their own residence, have identical floor plans. They’re 4,600 square feet each, have four bedrooms and four and a half bathrooms. The fourth-floor residence is priced at $5,888,000–tack on another million for each floor up from that until you hit the 6,000-plus-square-foot penthouse listed at $11,888,000 million.
Buyers get a "finishing allowance," which is divided into categories like appliances, countertops, flooring and plumbing fixtures to customize their space. Depending on the size of the residence, the allowances range from $222,000 to $485,000.
Jutting over Sarasota Bay with water views galore, residence balconies range from 270 square feet to more than 1,600 square feet on the penthouse rooftop. Although the development company Vandyk Properties is based in Toronto, Canada, the design is led by local architect Mark Sultana of DSDG Architects and is described as "coastal modern."
Dyrk Dahl, the Coldwell Banker Realty agent brokering SIX88 sales, says The Bay, the 53-acre public-private project on Sarasota Bay, is helping to spike prices for downtown luxury condos. SIX88 is scheduled for completion in late 2023.
So who's inquiring?
Dahl says he's hearing mostly from people looking for a second home where they can "winter." They're anywhere from their 40s to their mid-70s and come from New York City, the greater Boston area and Chicago. He's also seen interest from people in Houston, Dallas and Scottsdale, which is a newer market we haven't previously seen, he adds.