Sarasota Real Estate Market Update 2026: Buyers Gain Power as Two Major Downtown Luxury Towers Rise

2021 and 2022 was the seller’s time to get fast offers over asking price–but since 2023, it’s the buyer’s turn to dilly-dally and give a low-ball offer. Welcome to the Sarasota area real estate market in 2026.

The market is starting to percolate, but still many sellers want to believe the price-spike after the pandemic hasn’t gone away.  It has. It was only temporary.  That’s why it’s called a ‘spike.’ The power has shifted, the pendulum has swung and buyers now hold the cards.

A lot of people bought a few years ago or refinanced their homes and locked into mortgage rates as low as 2%. So, they’re not moving.  Factor in that Florida is not as red-hot as it was: Consumers are more spooked by gulf coast hurricanes, insurance rates, homeowner association fees and even political uncertainty. But people still have reasons to buy or sell—for example, a job change, a divorce or a passing.

Personally I have five condo listings in the downtown area right now, all under $500,000. Let me know if you want more information.

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There’s a segment of the market that is immune to the vicissitudes of mortgage rates: Cash buyers, particularly high-end.  I recently attended two different presentations for major construction projects in downtown Sarasota:

*If you’ve been down Main Street, you may have noticed the drab 1970s Zenith building at Five Points across from First Watch?  Developers are going to build the 18-story Waldorf Astoria Residences Sarasota.  You’ll start to see some activity there this summer with the opening scheduled for 2029.  Prices start at $2.2 million.

*Around the corner on South Palm Avenue, around where Caragiulos restaurant was located for years, will be the new Mira Mar Residences. Two 18-story towers with prices starting at $4.1 million.  That project is also expected to be finished in 2029. Developers are “flirting” with a local chain restaurant for the ground level.

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If I can help you, let me know.  I’ve been fortunate enough to help dozens of buyers and sellers reach their real estate dreams over the past six years–worth nearly $80 million, including $5 million already this year.

Ray Collins is a former TV news anchor, elected official and travel writer. He’s been published 250 times. www.RayCollinsMedia.com/articles

Photos supplied by Ray Collins