The phrase up and coming gets thrown around a lot, especially in the world of real estate. But when a wood frame tear down is purchased for less than $150,000 and sells for nearly 4 times that amount in the same year, we should all take notice.

That’s what is happening in Park East, a downtown Sarasota neighborhood that offers an excellent mix of location, convenience, and value—for now.

Park East: A Hidden Gem in Downtown Sarasota

As the name implies, Park East is located just East of Washington Boulevard, between 12th Street (on the North side) and Fruitville Road (on the South). Writing for Sarasota Magazine, Kim Doleatto puts it perfectly: Park East might just be the last frontier when it comes to affordable home ownership in the Downtown Sarasota area.

At the time of this writing, there are a handful of residential listings that start at $150,000 and climb to $534,000. The neighborhood is mostly comprised of homeowners, though investment properties and new multi-family developments may be on the horizon.

Park East is perhaps most appealing to young professionals whose main preference is for location and convenience. For these buyers, location and convenience tend to take precedence over other considerations, like amenities and neighborhood aesthetics. That’s according to Jason Picciano and Jeff Livingston, two developers who have recently purchased, renovated, and flipped several bungalows in the neighborhood.

The Future of Park East

Park East Is likely to see the development of more than just single-family and townhomes, however. The area is located within what is called edge zoning, meaning it’s designated use can include commercial and multi-family apartments.

Local attorney Steven Wittmer has practiced law in the Park East neighborhood for 20 years, and he sees opportunity for additional development in the near future. Among his plans are 40 multi-family residential units, the first phase of which could be designated affordable housing, according to Sarasota Magazine. Such a designation would cap rents at about $1.50 to $1.75 per square foot, as per requirements by the City of Sarasota.

And that’s good news, especially for longtime residents who have slowly been priced out of other newly redeveloped neighborhoods near Downtown Sarasota, like Rosemary District and Gillespie Park.

Get to Know the Neighborhood

Visit our guide to learn more about Sarasota neighborhoods!