Score
0Sarasota, FL
111 S Pineapple Ave #708
1.8M
2 beds
3 baths
1,557 sqft
2 bd • 3 ba • 1,557 sf
This analysis was generated 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
$1,150
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
Property History
Price History
Ownership Timeline
Property Taxes
$0
2024 Tax Assessment
Assessed Value$986,674
Tax Rate0.00%
Sunlight Analysis
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Sunlight Analysis
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Schools
Nearby school quality by education level
Elementary
10.0/10
ExcellentMiddle
3.0/10
Below AverageHigh
4.0/10
AverageFinancials
Monthly Costs
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$1,790,000
Price/sqft
$1,150
Layout
2 bd•3 ba
Days on market
13 daysat time of analysis
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$1,455,000
23.0%
Your price is 23.0% above average
Median Price
$1,610,000
11.2%
Based on 6 recent sales
Price per Sq.Ft
$909
26.5%
Your price is 26.5% above average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 1255 N GULFSTREAM AVENUE #1105, SARASOTA, FL 34236 | $1,775,000 | 1,656 | 3 | 3 | $1,0726.8% | 12/12/2024 |
| 1155 N GULFSTREAM AVENUE #1507, SARASOTA, FL 34236 | $2,200,000 | 1,580 | 2 | 3 | $1,39221.1% | 11/1/2024 |
| 508 HOWARD COURT, SARASOTA, FL 34236 | $711,000 | 1,496 | 2 | 3 | $47558.7% | 10/24/2024 |
| 111 S PINEAPPLE AVENUE #903, SARASOTA, FL 34236 | $1,379,000 | 1,600 | 2 | 3 | $86225.0% | 10/2/2024 |
| 301 QUAY COMMONS #1605, SARASOTA, FL 34236 | $1,610,000 | 1,752 | 2 | 3 | $91920.1% | 10/25/2024 |
| 635 S ORANGE AVENUE #402, SARASOTA, FL 34236 | $1,055,000 | 1,442 | 3 | 3 | $73236.4% | 10/4/2024 |
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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