Ritz Mania - Spring 2001

At $550-plus per square foot, prices for residential condominiums associated with the Ritz-Carlton have everyone seeing stars. These awesome prices and the Ritz name seem to be elevating expectations of both property owners and real estate professionals.  Certainly there will be a wonderful domino effect from the Ritz, but keep your feet on the ground. The City of Sarasota’s demographics are not changing much, and demographics are the driving force behind market prices. Population and income per capita remain about the same, and we have not seen an all-important influx of major employers to downtown.  While a few corporate headquarters have relocated to downtown, several have moved out. This factor alone will moderate any increases in office and retail rental rates. What a difference a corporate headquarters like Tropicana would have made!