Condo Demand Up If Land Available
With most of the units in the building already sold, construction on the Aqua luxury condominium development at Golden Gate Point is now underway. Real estate experts say there is still demand in the market for more luxury units, so long as there remain places to build.
Developers Jonathan McCague and Michael Adams announced Aqua is moving along in the construction phase. The eight-story development is made up of full-floor residences with 360-degree water views. Construction is projected to be completed by July 2016. Joel Schemmel, a real estate agent with Premier Sotheby’s International Realty, said five of the units have already been sold, but the second, fourth and fifth floors are still up for grabs, ranging in price from $2.995 million to $3.995 million. “We’ll beat a number of other projects to the finish line,” Schemmel said.
And there are plenty of projects out there, both in urban venues like downtown Sarasota or waterfront locales like Longboat Key. Michael Moulton, a Realtor with Michael Saunders and Company specializing in luxury properties, said high-end properties look like they will continue selling for the foreseeable future. “I do think there will be a continuation, based on available ‘A’ location sites,” he said. “There is only so much waterfront property.”
Moulton said projects like Aqua, which have a small number of units and therefore don’t require intense density, could grow in popularity; he said he has a piece of sale on the Gulf on Longboat Key that could house four condominiums if an owner wanted to build them. Whether land can meet demand or not, demand does exist, especially as many buyers want new units and the Great Recession saw an almost complete stoppage in condo construction.