Potential Sarasota Waterfront Condo Tear Down
Harbour East is teardown target
By MICHAEL POLLICK
michael.pollick@heraldtribune.com
Article from Sarasota Herald Tribune - October 8, 2005
SARASOTA -- Fresh from a successful takeover of a premier downtown waterfront property, Realtor Vicki Mann has set her sights on an even bigger target -- the one thousand feet of bayfront dirt underneath Sarasota Harbour East.
The plucky Brit says a developer is willing to pay $1 million to $1.3 million to the owners of all 84 condominiums, which sit behind a stretch of seawalls and offer a panoramic view of Sarasota Bay.
To make the numbers work, a developer would likely need to charge a minimum of $3 million per unit.Mann's move on Harbour East is another chapter in what is becoming a hot niche of the real estate market.
Running out of open space on which to build multimillion-dollar condos, developers are being irresistibly drawn to the city's older stock for redevelopment.The overall $102 million purchase price for Harbour East -- along Ringling Causeway between the bridge and St. Armands Key -- works out to $18.6 million per acre.
View the rest of th article here: http://www.sarasotaherald.com/apps/pbcs.dll/article?AID=/20051008/BUSINESS/510080466
Go here to see all Sarasota waterfront condos for sale.
By MICHAEL POLLICK
michael.pollick@heraldtribune.com
Article from Sarasota Herald Tribune - October 8, 2005
SARASOTA -- Fresh from a successful takeover of a premier downtown waterfront property, Realtor Vicki Mann has set her sights on an even bigger target -- the one thousand feet of bayfront dirt underneath Sarasota Harbour East.
The plucky Brit says a developer is willing to pay $1 million to $1.3 million to the owners of all 84 condominiums, which sit behind a stretch of seawalls and offer a panoramic view of Sarasota Bay.
To make the numbers work, a developer would likely need to charge a minimum of $3 million per unit.Mann's move on Harbour East is another chapter in what is becoming a hot niche of the real estate market.
Running out of open space on which to build multimillion-dollar condos, developers are being irresistibly drawn to the city's older stock for redevelopment.The overall $102 million purchase price for Harbour East -- along Ringling Causeway between the bridge and St. Armands Key -- works out to $18.6 million per acre.
View the rest of th article here: http://www.sarasotaherald.com/apps/pbcs.dll/article?AID=/20051008/BUSINESS/510080466
Go here to see all Sarasota waterfront condos for sale.
posted by Marc Rasmussen at
9:59 AM
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