June 22, 2022

For Sale: A Luxury Condo in Downtown Sarasota

It has all the bells and whistles buyers would want in a luxury waterfront condo in downtown Sarasota: stunning views of the John Ringling Bridge, Longboat, and Lido Keys; a massive terrace; lots of glass; a private dock with elevator; spa-like bathrooms; an ultra-modern design that somehow seems perpetually flawless; as well as a life without maintenance and without conveniences.

It was all Don Patterson needed when, in 2017, he moved into one of two residences on the first floor of the five-story One88 building on Golden Gate Point. At the time, the condo was brand new construction and cost him $2.25 million. It was a shell at the time, he says, and he added “a nice butler’s pantry, changed the main bathroom to a better layout” and “upgraded everything” in the 3,024 space. square feet.

A transplant from Sonoma, Calif., it’s no surprise that one of those upgrades includes the addition of a 500-bottle temperature-controlled wine cellar. Perhaps that’s one of the reasons why the listing price five years later is more than doubling – well, that and a real estate market that’s on a relentless upward spiral.

With all these improvements, why leave such a coveted address so soon? When he bought the place, Patterson thought he would live there longer. But like many of us, life for Patterson, the founder and CEO of Ascend Wireless Networks, has changed during the pandemic.

“Before the pandemic, my condo was a fraction of my life. I traveled a lot and had business everywhere. Now I like not to travel too much,” he explains. “I want to stay close to home, but I need a bigger place. I work from home now, and I think I’m in line with anyone changing location to fit their lifestyle.

For him, this lifestyle requires more space. He bought a new waterfront home in San Remo that’s nearly 2,000 square feet larger than One88’s condo. The new address means he doesn’t have to pay to store his toys, which include boats, jet skis, paddle boards and four cars, including a Ferrari, an Aston Martin and two motorbikes.

However, what it will miss is being the go-to downtown venue for events. As Chairman of the Board of Big Brothers Big Sisters of the Suncoast, he often hosted up to 100 volunteers, philanthropists and guests who loved the view of Sarasota Bay. Also missing is the view of the 4th of July and New Year’s Eve fireworks from the rooftop of the condo. But those same things will soon be cherished by someone new. In 2020, one of One88’s condos sold in just five days for $3.5 million, cash. Last year, another fourth-floor unit sold for $5.85 million after just two months on the market.

Interested? Call Joel Schemmel at (941) 308-6497 or Moriah Taliaferro at (941) 504-9910, both at Premier Sotheby’s International Realty.