Sarasota's $26 Million Dream Home: Luxury Living at Lido Shores!
Explore the luxury real estate market in Manatee County, highlighting notable sales and high-end listings, including a $26M Sarasota estate.
Sarasota's $26 Million Dream Home: Luxury Living at Lido Shores!
The Sarasota luxury real estate scene is heating up, defining the town as a coveted paradise for affluent buyers. The latest spotlight shines on a magnificent estate for sale at 1209 Westway Drive, listed for a staggering $26 million. According to the Herald-Tribune, the property is nestled near the charming St. Armand’s Circle, with the listing being handled by Gordon Menninger of Engel & Volkers.
This elegantly designed home, completed in 1987, offers an impressive 6,800 square feet of living space that accommodates five bedrooms and six bathrooms, as well as two half-bathrooms. There’s a captivating pool and over 200 feet of waterfront, providing seamless access to both the Gulf and Intracoastal waterways. These amenities are complemented by vaulted ceilings, a substantial butler’s kitchen with a La Cornue range, and not one, but two offices. For those who enjoy relaxation and wellness, there’s a traditional sauna and an infrared light therapy room. Notably, the property was crafted by architect Clifford M. Scholz, whose designs are well-respected in the area.
Significant Market Movements
The luxury market in Sarasota is not just about one stunning property. The region has seen a robust demand in high-end real estate, with notable sales including a home on Longboat Key fetching $30.3 million and a historic property in the John Ringling Estates listed at $17.5 million. As reported by The Real Schafers, while some national markets are cooling down, Sarasota maintains its appeal thanks to its enviable climate, lifestyle perks, and tax advantages. The average sale price for luxury homes rose by about 8% in 2023, with waterfront properties seeing even higher increases.
Buyers are attracted to the unique charm of the Sarasota area, combined with a 15% increase in the speed of luxury home sales. The inventory tightened at the beginning of the year, but by mid-2023, there was a welcomed 5% uptick in luxury listings. Notably, younger professionals are entering the market, making up a 20% increase in buyers, drawn to the area’s beautiful beaches and rich culture.
The Attraction of Downtown Sarasota
As noted in the analysis by BAYSO Sarasota Condos, there’s a striking demand for new condominiums downtown, with developments focusing on luxury amenities and walkability. Neighborhoods like Lido Key and Longboat Key provide beachfront properties that have become increasingly sought after. Buyers are responding to the limited new condo inventory and the array of options available for high-end living.
The market is shaping up to be diverse, catering not only to local affluent buyers but also attracting international interest, particularly from Canada and Europe. As buying preferences shift toward eco-friendly features and smart home capabilities, the Sarasota luxury market continues to evolve, drawing in a wide range of buyers with its rich offerings.
As we look forward to what’s next, it’s clear that the Sarasota luxury real estate market is not only surviving but thriving, offering a unique blend of lifestyle, value, and opportunity.