Buying a New Construction Condo in Downtown Sarasota: The 2026 Guide
Darren Dowling
Real Estate
Darren Dowling
Real Estate
Quick answer: Buying a new construction condo in downtown Sarasota in 2026 means buying pre-construction from a developer, usually with a reservation deposit, a purchase contract with a 15-day cancellation right under Florida law, staged deposits of 10 to 20 percent or more, and a closing one to three years later when the building is complete. Prices for new downtown towers generally start around $1 million and run well past $3 million for penthouses. The newest option, Saravela at 430 N Tamiami Trail, is priced from the $900s and is the first new downtown high-rise to permit short-term rentals. Beyond Realty, a Sarasota luxury brokerage at 2170 Main Street, represents buyers in every downtown development at no cost to the buyer. Call or text (941) 467-3448.
Downtown Sarasota is a walkable, bayfront city center with a level of culture that is unusual for a city of about 57,000 residents: the Sarasota Opera, the Sarasota Ballet, Florida Studio Theatre, the Van Wezel Performing Arts Hall, the weekly Sarasota Farmers Market, Marina Jack on the waterfront, and The Bay, a 53-acre public park being built along the bayfront. Main Street and the Rosemary District hold most of the city's best restaurants. Lido Beach and St. Armands Circle are ten minutes across the Ringling Bridge, and Sarasota Bradenton International Airport is about 15 minutes north.
For buyers relocating from the Northeast, Midwest or California, the financial case is as strong as the lifestyle case. Florida has no state income tax, and homesteaded owners get a $50,000 exemption plus a 3 percent annual cap on assessed value increases. We break down the numbers in our Florida Tax Advantage Savings Calculator and our guide to moving from Michigan to Sarasota.
Downtown Sarasota has been in a high-rise cycle since 2021, with new towers along the bayfront, Main Street, Ringling Boulevard and the North Tamiami Trail corridor. Most deliver large residences at $2 million and up with long-term rental restrictions. We keep a running list of the projects we track, with pricing and status, on our New Construction page.
The project drawing the most attention from second-home and investment buyers in 2026 is Saravela, a 19-story tower by GSP Development at 430 N Tamiami Trail between the Rosemary District and the bayfront. It stands out for three reasons:
Full details, renderings, the floor plan table, the rental program and 12 more FAQs are on our Saravela page.
Many developers open with a reservation period: a refundable deposit, often $25,000 to $50,000, holds a specific residence and price while the developer finalizes the condominium documents. Reservation deposits are fully refundable until you sign a purchase contract.
When you sign a purchase agreement with a developer, Florida Statute 718.503 gives you 15 days after you receive the required condominium documents (prospectus, declaration, bylaws, estimated budget, floor plans) to cancel for any reason and get your deposit back. Resale condo buyers get only 3 days. This is the window in which we review the budget, the rental rules and the developer's reservations of rights with you.
Deposits are typically staged: 10 percent at contract, another 10 percent at groundbreaking or top-off, sometimes a third installment, with the balance at closing. Under Florida Statute 718.202, the first 10 percent must be held in escrow; amounts above 10 percent may be used by the developer for construction if the contract says so. Ask how your deposits are held and what happens if the project is delayed.
Expect 18 to 36 months from contract to closing for a high-rise. Your contract will contain an outside completion date. Mortgage pre-approval for a pre-construction purchase happens closer to closing, not at contract, so cash and jumbo-loan buyers should plan for rate exposure over the build period.
Every downtown condo carries a monthly association fee that covers building insurance, reserves, staff, amenities and, in a full-service tower, valet and concierge. New Florida law after the 2021 Surfside collapse requires structural reserve studies and fully funded reserves, which is a point in favor of new construction: a new building starts with a fresh reserve schedule and statutory developer warranties rather than a deferred-maintenance bill. Add property taxes (Sarasota County millage on the purchase price in year one, then homestead-capped if it is your primary residence), title and closing costs of roughly 1 to 2 percent, and, in a rental-program building like Saravela, the program's management split and cleaning fees. We build an ownership cost worksheet for every buyer before contract. See the Sarasota County Property Appraiser for homestead filing.
Rental policy is set by each condominium's declaration, not by the city, and it is the single biggest difference between buildings. Most new downtown towers restrict leases to 30, 90 or 180-day minimums, which rules out vacation rental income entirely. Saravela is the exception, permitting three-night minimums through an on-site program, subject to the association rules and City of Sarasota registration. If rental income is part of your plan, confirm the minimum lease term, the number of leases allowed per year, whether the association must approve tenants, and whether the developer can change the rules before turnover.
The sales gallery in every downtown tower works for the developer. Beyond Realty works for you, at no cost to you, and developers welcome broker participation. The one rule: your agent must register you before or at your first contact with a sales gallery for that agent to represent you, so contact us before you visit. We compare every project we track on price per square foot, fees, rental rules and view lines, negotiate on price, upgrades and closing credits, review the condominium documents with you inside the 15-day window, and handle the whole process remotely for out-of-state buyers. Broker-owner Darren Dowling has represented Sarasota luxury buyers since 2015, and Beyond Realty is ranked in the top 1.5 percent of brokerages nationwide. Learn more about buying with Beyond Realty.
Most new downtown Sarasota towers start well above $1 million and run past $5 million for penthouses. Saravela at 430 N Tamiami Trail is the current entry point, priced from the $900s, with MLS-listed residences from about $998,000 to $3,445,000 as of September 2026.
Saravela is the first new downtown Sarasota high-rise to permit short-term rentals, with a three-night minimum and an on-site, professionally managed rental program. Most other new downtown towers require 30-day or longer leases.
Yes. Under Florida Statute 718.503, a buyer purchasing from a developer may cancel within 15 days after signing the contract and receiving the required condominium documents, with a full refund of the deposit. Resale buyers have 3 days.
Typically 10 percent at contract and another 10 percent at a construction milestone, with some developers requiring 20 to 30 percent total before closing. The first 10 percent must be escrowed under Florida law; amounts above that may be used for construction if the contract allows.
Plan on 18 to 36 months from contract to closing for a downtown high-rise, depending on when you sign relative to groundbreaking. Your contract will state an outside completion date.
Most are delivered unfurnished with finish selections. Saravela is delivered turnkey and fully furnished by designer Steven G., which matters for rental-program owners and out-of-state buyers who do not want to furnish remotely.
Fees vary by building and residence size and are published in each developer's estimated operating budget. Full-service towers with valet, concierge and resort amenities carry higher monthly fees than boutique buildings. We provide the budget and a per-residence cost analysis for any project before you sign.
Yes. We recommend a pre-closing walkthrough with an independent inspector to document punch-list items before you close, even though new construction carries statutory warranties.
No. Developers price residences the same for represented and unrepresented buyers and welcome broker participation. Your agent must register you before or at your first contact with the sales gallery to represent you.
For buyers who want walkability, arts and dining, and a lock-and-leave building with concierge and valet, downtown Sarasota is the strongest option on Florida's Gulf Coast. Buyers who want a beach at the door look at Siesta Key, Lido Key or Longboat Key; buyers who want golf and space look at Lakewood Ranch.
Yes. There are no residency requirements to buy in Florida, and Beyond Realty handles video presentations, document review and remote closings for buyers in other states and countries.
Call or text Beyond Realty at (941) 467-3448, email [email protected], or use the form on our Saravela page. We send current inventory, pricing and the developer's documents the same day.
Beyond Realty (The Dowling Group)
2170 Main Street, Suite 103
Sarasota, FL 34237
Phone: (941) 467-3448
Email: [email protected]
Broker-Owner: Darren Dowling
Serving downtown Sarasota, Siesta Key, Lido Key, Longboat Key, Lakewood Ranch and the Gulf Coast.
Beyond Realty LLC is an independent brokerage and is not the developer or listing agent for any project named in this article. Project details are from the developers' published materials and public listings as of September 16, 2026 and are subject to change. This article is general information, not legal or tax advice; consult a Florida attorney or CPA for your situation. Article last updated September 16, 2026.
Who it is for, how the rental program works for owners, how it compares with other downtown towers, and the questions buyers ask
Deposits, the 15-day cancellation right, HOA fees, rental rules and why Saravela is the tower to watch
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