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LONGBOAT KEY — The developers of Sage Longboat Key Residences have reported that the 16-unit mid-island condominium complex is sold out.
Demolition of the former Sea ‘n’ Sun Resort at 4651 Gulf of Mexico Drive began in the spring, in preparation for construction of the new building. Four penthouses sold for between $5.8 million and $6.3 million each. Lower-floor unit prices range from mid-$4 million to about $5.5 million. Sales were being handled by Premier Sotheby's International. News of the sellout was reported in the Longboat Observer, sister paper of the Business Observer.
“It has been incredibly rewarding to be a part of the success of Sage Longboat Key and shepherd the velocity of its sellout,” says John Gleeson, senior VP of Development Services, Premier Sotheby’s International Realty. “During a pandemic, our buyers sought the personal space of a single family home experience, matched with the elite condo services, stunning design and amenities. Sage Longboat Key is delivering that sense of exclusivity and privacy.”
Construction is expected to be completed in late 2022. Sales began in October, during a period of growth in the condominium sector. Manatee County condo sales in May increased by 112.7% year-over-year and Sarasota County increased by 123.6% year-over-year.
In addition to the residential units, the four-level gated development offers an array of premier amenities and services, including a gulf-front lap pool, full-service beach club, expansive fitness center and yoga studio, and concierge services.
National developer PMG is teaming up with Sarasota company Floridays Development to bring the project to reality. Buyers are from Virginia Beach, Boston, the United Kingdom, Michigan and other out of state locations.
“PMG is thrilled to reach this sellout milestone as construction commences,” says Dan Kaplan, managing partner of PMG. “We have been bullish on the West Coast of Florida for years, and it’s encouraging to see Sage Longboat Key Residences be so eagerly received in the market. We feel confident the residential new development business will continue to meet strong demand all over the state.”
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