A condo at the Perennial comes with all kinds of perks. 

There’s a state-of-the-art gym, a lounge with billiards and a wet bar, and a rooftop fire pit with barbecue grills, plus an onsite salon and sushi restaurant. But the biggest perk, unquestionably, is the location: 30 Lake Avenue in downtown Saratoga Springs. 

“The location is what sets the Perennial apart,” says Jason Karadus, broker/owner of Corcoran Country Living, which is listing the condos for Aker Companies, the downstate commercial real estate investor that owns the complex. 

Opened in 2014 as the Pavilion Grand Hotel, the property was converted to apartments in 2020 and has now been reimagined once again as 48 luxury condos ranging in price from $400,000 for a studio to $1.5 million for a two-bedroom. The impetus for this latest transformation was demand for high-end condos in the heart of Saratoga Springs, but not enough properties to meet it. 

Indeed, despite the seemingly nonstop construction of condo buildings in Saratoga in recent years, there still seems to be a robust market for condos in the Spa City—even when, nationally, condo sales are on the decline.. Karadus says he’s optimistic that every unit in the Perennial will be sold by the end of the year.

The numbers back up the anecdotal evidence. According to the Albany Business Review, between 2016 and 2025, condo sales in Saratoga Springs rose 85 percent, from 40 in 2016 to 74 in 2025. Prices also jumped, from an average $327 per square foot in 2016 to $670 per square foot in 2025.

Clearly, there’s an appeal to living in Saratoga Springs. A dynamic and vibrant downtown, plus close proximity to Saratoga Race Course and the Saratoga Performing Arts Center, make the city attractive to all sorts of buyers: year-round residents and second-homers in addition to empty-nesters and horseracing enthusiasts.

“Those who decide to live in Saratoga have the unique opportunity to live like they are on vacation,” says Todd Shimkus, president of the Saratoga County Chamber of Commerce. “We’re a resort community with great schools, healthcare, parks and recreation opportunities, arts and entertainment, and so much more. The people I talk with who have moved here recently are from all over the place, but they share a love for this city because of all these amenities. More dense housing options, like condos, are one of the only ways to help us attract more people to live in our city.” Shimkus then notes that downtown residents boost the business of the bars, restaurants, and shops that enliven the city’s urban core.

This, of course, isn’t news to developer Sonny Bonacio, who’s eponymous construction company has been building condo developments in Saratoga since 2002, when the 135-unit Franklin Square Condominiums began welcoming buyers. Even back then, sales moved at a steady clip. “We’d get a contract every week to two weeks,” Bonacio remembers. 

Fast forward to now, and a similar story is playing out at Bonacio’s two new condo buildings—78 Church Street and The Waldorf, a converted school building located on Regent Street—as well as at The Residences at The Adelphi Hotel, the most luxurious of Saratoga’s recent condo developments. Comprised of 78 units ranging from a little under a million to $2.5 million, the elegant Adelphi Residences combine private living with upscale hotel services such as a doorman, concierge, housekeeping, and room service from two onsite restaurants: Salt & Char and Morrissey’s Lounge and Bistro. There’s also a state-of-the-art fitness and wellness center, library, game room, conference room, and more. 

“It’s not only a home—it’s a lifestyle,” says Michael Dubb, who co-owns The Adelphi with Larry Roth. As of February, all but 15 of the condos at The Residences had been sold.

But local condos aren’t just getting scooped up by the mega-rich. The Ridge, a new development at 182 Excelsior Avenue just outside of Downtown, has six condos located in a 19th century Gothic Revival–style home and carriage house that range in price from $600,000–$800,000: around the cost of an average home in Saratoga these days. Unlike splashier downtown properties that feel more stereotypically like city living—or even hotel living—The Ridge appeals to people who’d rather have a house than a resort-like experience.

“There’s a buyer for that product,” says Brian Green of Green Springs Capital Group, which spearheaded The Ridge project. “But our buyers are very different in that they want that home feel.” (The two condos in The Ridge’s carriage house, which went on sale this winter, both have three floors.)

With many options at many price points, Saratoga’s condominiums attract all sorts of buyers, but they’re especially popular, Bonacio says, with people who want to downsize while maintaining a strong quality of life. “People don’t want three cars,” he says. “They want to be able to take a walk, go to Caffè Lena, eat at a restaurant. It’s all about the 18-hour downtown.” (In contrast to NYC, the city that never sleeps, Saratoga operates more on a 6am–midnight schedule.) Bonacio’s own condos don’t come with a lot of bells and whistles. “The amenity,” he says, “is Saratoga.”  

A City for All

Amid big-time condo development, local leaders are stressing the need for affordable housing.

It’s tough to talk about the rise in luxury condos—and the affluent residents that come with them—without considering the flipside of the equation: Saratoga is still seriously lacking affordable housing. 

“This is a desirable area with a strong downtown,” says Katie Sicko, executive director of the Saratoga Springs Housing Authority, which in 2025 announced a 98-unit workforce housing development on Allen Drive. “We want the people who work here to have the ability to live here.” Those priced out of the market, she continues, include teachers, young families, and staff at Saratoga Hospital.  

Last fall, RISE Housing and Support Services purchased a 21-unit apartment building in Saratoga Springs to keep as affordable housing. Clients of RISE have rented units in this building for years, and the sale ensures that rents will remain low. The organization is also constructing a 71-unit affordable apartment complex on Finley Street for people with mental health issues or who need supportive and affordable housing. 

Though new projects like these are making a dent in the shortage, Saratoga County Chamber of Commerce President Todd Shimkus estimates that hundreds of new affordable units are still needed. “We cannot be a city just for the rich and wealthy,” Shimkus says. “That’s a recipe for disaster.”

Lindsey Connors, associate executive director at RISE, has already seen the disastrous fallout a lack of affordable housing brings. “We’ve seen an extensive increase in homelessness,” she says. “It’s directly related to the increase in the cost of living and the stagnation of wages.” 

To construct its new affordable apartment complex, RISE is working with Bonacio, a well-known construction company in the area that’s responsible for an outsized number of the condos in Saratoga today. “We can’t just build for one group,” CEO Sonny Bonacio says. “We want a well-rounded community.” 

—Sara Foss