May Park East Be Downtown’s Subsequent Scorching Neighborhood?


This modern home pictured on the left on East Avenue in Park East sold for $575,000 last month and hints at the diamond-in-the-rough nature of the downtown Sarasota neighborhood where the median listing price for a home there is just less than $170,000.

With actual property costs on the rise, “West of Washington Boulevard” is changing into the brand new “West of Path.” Simply west of Washington Boulevard, Gillespie Park and Rosemary District dwelling costs are ballooning. Park East, simply east of Washington Boulevard, stands out as the metropolis’s final close-to-downtown reasonably priced frontier for a lot of who dwell and work in Sarasota.

West of Washington Boulevard (aka U.S. 301) in downtown Sarasota took off final decade as an actual property scorching spot with gentrifying neighborhoods like Gillespie Park and the Rosemary District. Now Park East, a longtime working-class neighborhood east of U.S. 301, has some actual property watchers questioning if it could be the following coveted downtown place to dwell.

“It is the following up-and-coming neighborhood,” says Brandi Furlan of Keller Williams Basic Group.

Furlan not too long ago offered a two-level, three-bedroom, two-bathroom, virtually 2,000-square-foot dwelling in Park East for $575,000. Model-new, the home has stylish parts like polished concrete flooring, quartz kitchen counter tops, a big walk-in bathe and a non-public balcony.

“Once I first noticed the sellers wished to checklist it for $600,000, I nearly fell out of my chair,” she says. “However we offered for practically that in 122 days.”

Fetching that worth level is uncommon in Park East, a neighborhood the place consumers can nonetheless land a two-bedroom dwelling, albeit in want of some updates, for lower than $200,000. The median itemizing worth for a house there may be simply lower than $170,000, and on common sells after 62 days available on the market, in keeping with March actual property knowledge.

Solely a two-minute drive from Gillespie Park, Park East is a neighborhood of single-family properties and duplexes and is made up of a mixture of investor-owned leases and home-owners. It’s simply north of Fruitville Street, south of twelfth Road, west of Lime Avenue and east of Washington Boulevard. Many properties may use a coat of recent paint, and it is commonplace to see chairs and vehicles crowd the entrance yards, turning lawns into sandy driveways punctuated with cookout areas. An industrial district between the railroad tracks and Lime Avenue borders the residential part. The neighborhood additionally has Shenandoah Park and a humble church on Eighth Road.

“It is owners and on a regular basis working folks. You see households and other people strolling canine on daily basis,” Furlan says.

Gillespie Park and the Rosemary District had been as soon as related in pricing, however now properties in these neighborhoods are frequently listed upwards of $500,000. Final month, a two-bedroom, one-bath tear-down situated at 1698 Sixth St. offered for greater than $250,000; a three-bedroom, two-bath dwelling at 1775 Seventh St. offered for $750,000; and a single empty lot on Fourth Road, in Gillespie Park, was not too long ago listed for greater than $600,000.

So how did the house that fetched $575,000 make its means onto the Park East grid? The realm’s mature oaks and handy location caught the eye of the Pelican Group builders, who began constructing there in 2019.

Pelican Group companions Jason Picciano and Jeff Livingston have now constructed three fashionable, two-story properties, together with the one which Furlan offered, among the many wood-frame bungalows. The group purchased a wood-frame tear-down dwelling in Park East in 2019, and constructed two, three-bedroom, two-bathroom properties on the location, at 2111 and 2015 Fourth Road. Every house is 1,865 sq. ft and was offered to an funding group for $425,000 that very same 12 months, when Sarasota housing costs had been slightly tamer.

Picciano and Livingston knew there have been consumers who would worth location over neighborhood esthetics. “It has attracted younger professionals and principally {couples} with out youngsters, and other people shifting from a giant metropolis the place they do not also have a yard. For them, this life feels slightly extra related,” Picciano says.

For 20 years, lawyer Steven Wittmer has owned his observe at 2014 Fourth St. in Park East close to Washington Boulevard, and he plans to construct on a ten,000-square-foot vacant lot subsequent door. Though he hasn’t but utilized for permits, he and Picciano have plans to develop virtually 40 residential items there. Because of what’s generally known as “downtown edge zoning,” the lot permits for single-family or multi-family properties and mixed-use buildings that present live-work alternatives.

Wittmer says he intends to kick off the primary part with eight residing items and maintain them in an reasonably priced worth vary–from $1.5 to $1.75 per sq. foot to hire, and from $250 to $290 per sq. foot to promote.

Within the present vendor’s market, each Picciano and Furlan suppose finally extra Park East properties will come available on the market, and the neighborhood will observe the identical path as Gillespie Park and the Rosemary District. However many Park East owners are staying put. “We’ve got very low housing stock. Plus, in case you are residing there, the place can you progress to? Even Bradenton is changing into unaffordable,” says Furlan.

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