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Although it doesn’t have the glamour of Miami or Palm Beach, Sarasota, FL, is a premier location for waterfront living. The city is a nice size, full of artsy things to do and within relatively close proximity to Tampa and Orlando.
And the luxe life is available to those who can afford it. In downtown Sarasota, there are luxury condos without the traffic or hype of Miami.
One fine example is the 18th-floor penthouse in the Beau Ciel building. Now on the market for $6 million, Apartment 1800 offers enviable bay views from a perch overlooking the city skyline. The 8,111-square-foot unit takes up the entire floor and has 2,600 square feet of balcony space.
In 2013, the unit went through an extensive and expensive renovation. Hurricane-grade glass was added throughout the residence as well as granite flooring and specialty lighting.
Fun fact: This penthouse is also the only unit on the market with its own private hot tub—in all of Sarasota.
It debuted on the market in June 2018 for $7.95 million, but the price has since dropped steadily.
So why isn’t this gorgeous property selling? I traipsed to the top of the building in search of answers.
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Nicole Slaughter Graham
The thrill of the new
Sarasota is a growing city, and it’s growing up.
“There are four new buildings going up within a 1,000-yard radius of this one,” says listing agent Kim Ogilvie.
As with any area experiencing an influx of new construction, potential buyers gravitate toward the shiny and new.
When buyers can come in and pick the design and finishes they desire, it can be harder to sell a unit that’s already complete. Buyers might be willing to compromise on spectacular views for a chance to score something brand-new and customized to their tastes.
Nicole Slaughter Graham
Nicole Slaughter Graham
realtor.com
Nicole Slaughter Graham
One of the new high-rises boasts beautiful bay views, but once construction is finished, those water views will likely be blocked by another building. The Beau Ciel building sits right on the water—so potential buyers of the penthouse unit needn’t worry about obscured views in the future.
However, there’s also a slight issue of location—the factor agents always remind buyers to keep in mind.
Sarasota’s popular Arts District is across a major road—U.S. Highway 41. The city is becoming more walkable, and many of the new buildings going up are within walking distance to the district, but Beau Ciel is on the other side of the busy road.
Dated design
When the penthouse was renovated in 2013, the design and features were on-trend. The granite flooring is neutral, making it easy to match furnishings.
The cabinetry in the dining room, in the kitchen, and at the bar is rich cherry wood, and the countertops are dark charcoal with flecks of silver. This aesthetic follows through the master bathroom and one of the offices.
Six years later, the design choices look dated. Dark and foreboding is out. Clean, bright, minimalist design is in.
Nicole Slaughter Graham
Nicole Slaughter Graham
Factor in the penthouse’s price tag and buyers are likely to look elsewhere for something newer and on-trend. This unit will require sizable renovations to bring it in line with today’s style.
“Most of the [buyer] pushback is that it would take too long to accomplish these renovations,” says Ogilvie.
To help potential buyers look beyond the current aesthetic of the penthouse, Ogilvie and her team are showing what the property would look like with a fresh design.
They’ve transformed one of the bedrooms into a design studio with renderings set up by a professional designer.
Nicole Slaughter Graham
Nicole Slaughter Graham
Nicole Slaughter Graham
On the bright side
The penthouse is beautiful. Of course, it could benefit from some cosmetic updates, but I was sold at the hurricane-ready glass. And we’re not talking Category 1 or 2. The windows and glass in this condo can withstand a Category 4 storm.
And who wouldn’t want their own private hot tub to soak in these jaw-dropping views?
But that’s just one woman’s opinion. For cold hard facts, the numbers and a few underlying factors make an intriguing argument in favor of this purchase.
Downtown Sarasota is in a current state of flux, with construction underway everywhere. The issue of the Arts District not being walkable from the Beau Ciel building will be a remnant of the past as city planners strive to make the entire downtown area walkable.
Nicole Slaughter Graham
Nicole Slaughter Graham
Nicole Slaughter Graham
And right next door to Beau Ciel, the city recently approved plans to build out The Bay, which will include a waterfront walk, green space, children’s park, and new amphitheater.
As for the sky-high asking price, it makes sense when you survey the nearby high-rise landscape. The average price for a comparable unit in one of the buildings under construction nearby will be around $10 million, or $1,250 per square foot, according to Ogilvie and Jen Horvat, chief marketing officer of Micheal Saunders & Co. The penthouse at Beau Ciel currently comes in at $739 per square foot.
But remember, those new buildings are still under construction.
“The Ritz-Carlton Sarasota residences started their sales process two years ago,” says Horvat. “There is still inventory left, and it will be another six to 12 months before owners can start moving in.”
Even if a buyer took cues from Ogilvie’s design recommendations and did a complete renovation on the Beau Ciel penthouse, it would take about three months. And by choosing the finishes and details the design studio has already picked out, a buyer could come in way under $1,250 per square foot after renovations were completed.
So you can move in faster, pick your finishes, and still come in under the neighboring new builds when it comes to price. Now that’s a sunny outlook for a savvy buyer.
The post Why Won’t Anyone Buy This Gorgeous $6M Sarasota Penthouse? appeared first on Real Estate News & Insights | realtor.com®.
source https://www.realtor.com/news/unique-homes/why-wont-anyone-buy-this-gorgeous-sarasota-penthouse/
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