Condo owners are grappling with rising fees due to stricter safety regulations introduced after the Surfside collapse in 2021. This shift has led to an increase in condo listings, creating a local buyer’s market. Despite this, new luxury developments remain highly desirable—like the record-breaking sales at the Residences at St. Regis on Longboat Key.

Now, a new project is underway at 625 S. Palm Ave. in downtown Sarasota called The Palm. The five-story mid-rise, designed by Hoyt Architects, will feature 12 exclusive residences starting at $2.5 million. Units range from 2,439 to 4,451 square feet, with private terraces, Italian cabinetry, and Wolf and Sub-Zero appliances. Amenities include a heated saltwater pool, rooftop fire pits, and a whole-building generator for storm resilience. Completion is expected in 18 months.The location offers walkability to the marina and bayfront, with easy access to the beach. Another similar project, The Point at Golden Gate Point, is set to break ground in 2025, continuing the trend of boutique luxury buildings that blend Sarasota’s culture, charm, and modern appeal.