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Larry Johns' Blog

By Larry Johns and Jill Johns | Agent in Sarasota, FL

Sarasota Lifestyle: Downtown Luxury Living At

Downtown Sarasota developer Tom Mannausa is proceeding with his plans to build a new luxury highrise condominium on the corner of Main Street and Gulfstream Avenue, the first building of its kind to rise since Sarasota's housing collapse nearly seven years ago. To quench any doubt about his decision, Mannausa has announced that he has nearly $2million of pre-construction deposits from buyers, all paying cash.
His confidence stems from the uniqueness of The Jewel, the timing, and the type of product he is offering. The Jewel will feature 19 luxury condos each with views of Sarasota Bay and each with opulent, high-end finishes and features. Amenities will include a clubhouse, tennis court, nine-hole putting green and lap pool. The building's location is highly desirable, with stunning views and within walking distance to an abundance of Sarasota's boutiques, cafes, shops, gourmet restaurants, theatres, the Selby Library, Selby Gardens, the Sarasota Opera House, the spectacular bay front and marina.
Buyers for The Jewel are coming from New York City and Massachusetts and are predominantly affluent baby boomers. Said Jack McCabe, real estate industry expert and consultant, "The rich are buying real estate right now, and nothing new has come out of the ground in downtown(Sarasota) for the last five or six years. Sarasota is definitely attracting affluent baby boomers."
Nationally, downtown neighborhoods and downtown living keeps gaining in popularity, especially among baby boomers and young professionals, both market segments that are looming large in the Sarasota housing marketplace as consumers.  (Info from the Herald Tribune, Business Section, 4/22/13)  

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