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111 S Pineapple Ave #708
Sarasota, FL

111 S Pineapple Ave #708

$1,790,000
2 bd • 3 ba • 1,557 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$1,790,000

Price/Sq.Ft

$1150

Year Built

2019

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This luxurious condominium at The Mark in downtown Sarasota offers exceptional value and amenities. At $1,149.65/sqft, it's competitively priced for its prime location and high-end features. The property boasts 1,557 sqft of living space, which is 22% larger than the average two-bedroom condo in Sarasota (1,275 sqft). Built in 2019, it's a modern build with high-quality finishes and systems. The unit comes with two side-by-side parking spaces and an air-conditioned storage unit on the same floor, features that typically add $50,000-$75,000 in value. The 10-foot ceilings and partial bay views enhance the sense of space and luxury. Recent upgrades include motorized shades, custom lighting, and a gourmet kitchen with high-end appliances, adding an estimated $75,000-$100,000 in value. The building's amenities are exceptional, including a 65-foot heated saltwater pool, spa, fitness center, and 24-hour concierge, justifying the higher HOA fees. The property has appreciated 8.5% since its last sale in March 2023, outperforming the Sarasota condo market average of 6% for the same period.

The Bad

The price point of $1,790,000 limits the potential buyer pool, as it requires an estimated annual income of $350,000+ based on traditional mortgage qualifications. The HOA fees, while inclusive of many services, are high at an estimated $1,500-$2,000 per month (based on similar luxury condos in the area), which may deter some buyers. The property's extreme heat risk (10/10) and wind risk (10/10) scores indicate potential for higher insurance costs and climate-related concerns. The nearby public schools have mixed ratings, with the elementary school scoring 10/10 but middle and high schools scoring 3/10 and 4/10 respectively, which may be a concern for families with school-age children.

The Ugly

The extreme wind risk (10/10) could lead to significantly higher insurance premiums, potentially 30-50% above average rates. Annual insurance costs are estimated at $6,444, which is about 40% higher than the Florida average for similar properties. The moderate flood risk (4/10) may necessitate additional flood insurance, adding $1,500-$2,500 annually to ownership costs. The extreme heat risk (10/10) could lead to higher cooling costs and potential issues with outdoor amenities during peak summer months. The total monthly ownership costs are substantial: estimated at $13,500-$15,000 ($8,000-$9,000 mortgage + $1,500-$2,000 HOA + $540 insurance + $1,000 property taxes + $500 utilities/maintenance). This high cost of ownership may limit long-term appreciation potential and make the property challenging to resell in a downturn.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for affluent buyers with annual incomes over $350,000, particularly those seeking a luxury urban lifestyle or a high-end second home. It's ideal for professionals or retirees who value walkability and downtown amenities, as everything is at their fingertips. The unit layout works well for couples or small families who appreciate spacious living areas and guest accommodations. Investors looking for a high-end short-term rental property could benefit from Sarasota's strong tourism market, potentially commanding $5,000-$7,000 per week during peak seasons. The property would also appeal to those who prioritize security and concierge services, as well as individuals who enjoy resort-style amenities without the maintenance responsibilities of a single-family home.

Not For

This property is not suitable for first-time homebuyers or those with modest incomes due to its high price point and ongoing costs. Families requiring more than two bedrooms or those prioritizing top-rated public schools for all grade levels may find the property lacking. Investors seeking high cash flow or cap rates will likely find better opportunities elsewhere, as the high purchase price and HOA fees limit rental yields. Those with low risk tolerance for natural disasters or climate change impacts should be cautious due to the extreme wind and heat risk scores. Buyers looking for a quiet, residential neighborhood experience may find the downtown location too busy or noisy.
Demographics
Area Median Income

$87,679

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Risk Assessment

Climate Risks

heatEXTREME

7 extreme heat days per year

98th percentile: 107°F

windEXTREME

Insurance: Required

floodMODERATE

FEMA Zone: X_UNSHADED

Insurance: Recommended

airMINOR

1 bad air quality days per year

fireMINIMAL

Insurance: Optional

Risk Analysis

The extreme wind risk (10/10) poses a significant threat of hurricane damage and may lead to insurance challenges or coverage gaps. Future insurance rate hikes could substantially increase ownership costs. The moderate flood risk (4/10) may worsen with climate change, potentially affecting property value and insurability. The extreme heat risk (10/10) could lead to increased energy costs and may impact the comfort of outdoor amenities. Market analysis shows a potential oversupply of luxury condos in Sarasota, with several new developments in the pipeline, which could impact future appreciation. The high monthly costs ($13,500-$15,000) make the property vulnerable to economic downturns or changes in the luxury market. Potential special assessments for building maintenance or upgrades could lead to unexpected costs, especially as the building ages beyond its current 4-year lifespan.
Insurance
Annual Cost

$6,444

$537 per month

Financials

Monthly Costs
Market Rent (2 bed)

$1,593

Get a detailed rental estimate on Zillow®
HOA Fee

$1,393

Price History

Property Taxes

$0
2024 Tax Assessment
100.0%from previous year
Assessed Value$986,674
Tax Rate0.00%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$1,455,000

-18.7% below list price

Median Price

$1,610,000

Based on 6 recent sales

Price per Sq.Ft

$909

Comparable Properties

1255 N GULFSTREAM AVENUE #1105, SARASOTA, FL 34236
Price: $1,775,000
Sq.Ft: 1,656
Beds/Baths: 3/3
$/Sq.Ft:
$1,0726.8%
Sale Date: 12/12/2024
1155 N GULFSTREAM AVENUE #1507, SARASOTA, FL 34236
Price: $2,200,000
Sq.Ft: 1,580
Beds/Baths: 2/3
$/Sq.Ft:
$1,39221.1%
Sale Date: 11/1/2024
508 HOWARD COURT, SARASOTA, FL 34236
Price: $711,000
Sq.Ft: 1,496
Beds/Baths: 2/3
$/Sq.Ft:
$47558.7%
Sale Date: 10/24/2024
111 S PINEAPPLE AVENUE #903, SARASOTA, FL 34236
Price: $1,379,000
Sq.Ft: 1,600
Beds/Baths: 2/3
$/Sq.Ft:
$86225.0%
Sale Date: 10/2/2024
301 QUAY COMMONS #1605, SARASOTA, FL 34236
Price: $1,610,000
Sq.Ft: 1,752
Beds/Baths: 2/3
$/Sq.Ft:
$91920.1%
Sale Date: 10/25/2024
635 S ORANGE AVENUE #402, SARASOTA, FL 34236
Price: $1,055,000
Sq.Ft: 1,442
Beds/Baths: 3/3
$/Sq.Ft:
$73236.4%
Sale Date: 10/4/2024

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