h1

Putting on the Ritz.

May 4, 2006

The Ritz Carlton condominiums in downtown Sarasota are actually two distinct properties; the Ritz Carlton Residences and the Ritz Carlton Tower Residences.

The Ritz Carlton Residences are those condominium units that are located in the Ritz Hotel building while the Ritz Carlton Tower Residences are entirely contained within thier own separate building adjacent to the hotel. In the picture to the left the hotel is located in the foreground and the tower residences are back and to the right. The physical address for the Ritz Carlton Tower Residences is 35 Watergate Drive. The physical address for the Ritz Carlton Residence in the hotel is 1111 Ritz Carton Drive.

Of the two, the Ritz Carlton Tower Residences are the most exclusive and decidedly private. The Ritz Carton Residences located in the hotel building do have their own secured elevators but the entrance to the building is shared by the hotel patrons.

Available properties in the hotel range in price from $1,149,000 to $4,650,000. The average price per square foot is $755. A bargain compared to the price per square foot for the finest of Longboat Key’s Gulf view condominiums. There are nine condominiums currently available. During the past twelve months six such units have sold at an average price of $1,430,000. The average price per square foot of those sold was $656.

There are currently 24 Ritz Carlton Tower Residences available at an average asking price of $2,710,344. The lowest price is $1,649,000 and the highest is $4,900,000 for a four bedroom unit of 4,704 square feet. The average price per square foot is $761. During the past twelve months, twelve units have sold at an average price of $2,253,083.

Currently the supply of the Ritz Carlton Towers residences stands at twenty four or two years worth while that of the hotel units are at just over one year. This fact may be irrelevant as the appeal is much more the incomparable lifestyle than the investment return or prospects for quick resale. The average time on the market for units sold is 453 days.

In addition to the Ritz Carlton in downtown Sarasota, Lido Key offers The Beach Residences. Currently there are seventeen available Ritz Carlton Beach Residences on Lido Key. Prices for these range from $1,495,000 to $5,375,000 for a three bedroom unit of 4189 square feet.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: