Sarasota/St. Petersburg Real Estate Blog by Corcoran DwellingsRecently posted or modified blog postshttps://www.sarasotafloridarealestate.com/blog/Copyright SarasotaFloridaRealEstate.com2022-04-20T11:01:03-07:00tag:sarasotafloridarealestate.com,2012-09-20:25676Corcoran Expands Florida Footprint to Sarasota and St. PetersburgNEW YORK, NY – January 12, 2022 -
Corcoran Group, LLC today announced its continued expansion in Florida by welcoming its newest affiliate in Sarasota and St. Petersburg, Corcoran Dwellings, led by Liane Jamason and Marc Rasmussen. The announcement, made by Pamela Liebman, President and CEO of The Corcoran Group, is the firm’s first affiliate launch of the new year.
<img src="https://assets.site-static.com/userfiles/547/image/Downtown/Downtown_Sarasota2.JPG" width="300" height="200" style="float: right;" />From the broad beaches of its barrier islands to the vibrant cultural landscape of its downtown core, Sarasota offers an unparalleled array of opportunities for residents and visitors alike. Just recently, U.S. News and World Report named Sarasota as the best place to retire in 2022. Comparably, St. Petersburg is the 5th largest city in Florida known for its youthful atmosphere, historic homes, and a strong focus on community. ‘St. Pete’, as it’s called among locals, has also been nicknamed the Sunshine City – thanks in part to a Guinness World Record it holds for the longest stretch of sunshine in the country. For all of this and more, both areas are an ideal fit for Corcoran’s ever-expanding Florida presence, one of the firm’s two home states through brokerage-owned operations.
“I couldn’t be happier to kick off this year by welcoming another fantastic firm to grow our presence in Florida—a place near and dear to so many of us at Corcoran,” said Liebman. “Sarasota and St. Pete have so much to offer, and now we get to offer our inimitable brand and expertise to clients in the region. Liane and Marc have built something really special together, and I’m pleased that they’re continuing that work as Corcoran Dwellings.”
Established in 2011, the firm formerly known as Dwell Real Estate was founded in Sarasota by Marc Rasmussen, a veteran Realtor® who had a goal of building a boutique experience for buyers and sellers alike. After successfully recruiting numerous top-of-the-line agents, the firm later opened its second office in late 2016, in St. Petersburg. Three years later, Marc then joined forces with Liane Jamason, who to date has had more than $147 million in lifetime sales. Together, they’ve crafted an environment based around the utmost agent support and professionalism – one that has resulted in them setting several sales price records in the region. And just last March, Liane closed on the sale of former Tampa Bay Rays pitcher Blake Snell’s home.
“We prioritize each client by making them feel like they’re our only client with a focus on superior market knowledge, thorough client communication and ethical client advocacy,” said Marc Rasmussen, founder and co-owner of Corcoran Dwellings. “We also always want to give our affiliated agents the best resources to take their business to the next level and we prioritize working with like-minded individuals. With a focus on lead generation and technology, our goals align perfectly with the Corcoran brand, and we look forward to being part of the broader Corcoran family.”
<a href="https://www.corcoran.com/about-us">Read the Corcoran Story</a>2022-01-16T12:02:00-07:002022-04-20T11:01:03-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:22773Should I Waive My Home Inspection in a Competitive Market?
<img src="https://www.dwellingwell.com/uploads/shared/images/Blog%20Images/Black%20mold.jpg" alt="" width="576" height="768" />
My sister and brother-in-law are trying to buy a home here in St. Petersburg, Florida or surrounding cities like Largo or Seminole, but like many other buyers in 2021, are getting frustrated. They’ve put in several offers on homes they like under $400,000, but keep getting outbid by cash buyers and institutional buyers paying way over asking price in most cases. It’s a tough situation to be in when you need to get a mortgage.
Finally, we made an offer on one that got accepted – yay! We did a short inspection period and did our inspection on day 1 of the contract. Turns out, the inspector found mold. And lots of it, along with many other items of concern. You see the home was a flip. It looks fantastic on the inside! But one thing the inspector immediately noticed was that there were 2 AC units and the house was only 1,300 square feet. Odd, right? Turns out it was because the cathedral roof line meant there was no attic – so the prior owner apparently did an AC unit on each side of the home because there was nowhere to bring ductwork across the top of the house.
Now normally I wouldn’t think of too much AC being a bad thing…but apparently it can be! If you have oversized AC tonnage for the size of your home, it continually is pushing cool air and there’s nowhere for humidity to escape to, which results in – you guessed it – MOLD. Both AC units were from 2006 too and on their last legs, and full of mold, as well as we could see streaks of mold all over the garage walls.
So what’s my point?
I am seeing crazy things in contracts right now in this competitive Tampa Bay real estate market. Buyer’s waiving appraisal contingencies, waiving inspections, throwing in their first born child…you name it. I am here to say – please don’t waive your inspection contingency.
Had we done that with my sister’s house – we could have been stuck with a moldy house that could cost upwards of $30-50K between needing not one but TWO new AC units, new electrical panel and mold remediation done on the home and ductwork. I’d even go so far as to recommend that it’s not a bad idea to have a regular home inspection PLUS, if your inspector is not super well versed in AC systems, to have an AC guy evaluate the system. Just like if an inspector finds some cracked roof tiles, I’d immediately call a roofer to come take a look too while we are still in our inspection window. The more expertise we can find with eyes on the potentially largest investment you’ll ever make, the better.
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What you can do to make your offer more attractive to a seller is limit your inspection period to say, 3 to 7 days (just make sure your inspector is readily available in advance). I’d never recommend forgoing a home inspection unless your spouse or significant other is a certified general contractor or something along those lines who can recognize such issues. Otherwise, it’s just too big a risk.
In this case, my sister cancelled the contract rather than ask the seller to do repairs because, at this point, she doesn’t trust them to actually remediate the situation properly, nor does she care to deal with doing the repairs on her end post-closing. I would’ve done the same thing. It was pretty obvious there was lots of mold in the garage which she missed at her first showing because it was late in the day and lights were dim in the garage.
Long story short – hang in there mortgage-needing buyers. Your future home is out there. Don’t settle and don’t forget to have it inspected early, and by more than one professional if need be. And contact our team of professional real estate agents here in Pinellas County (and beyond!) if we can help you find the one.
<img src="https://www.dwellingwell.com/uploads/shared/images/Agents/Hi-Res-Print-revised.jpg" alt="" width="300" height="420" />2021-08-06T06:54:00-07:002021-08-06T07:00:18-07:00Liane Jamasontag:sarasotafloridarealestate.com,2012-09-20:16879Sarasota and Manatee County Market Statistics - May 2021May 2021 Sarasota County Real Estate Market Update
May 2021 was a Seller's market! The number of for sale listings was down 77.1% from one year earlier and down 9.1% from the previous month. The number of sold listings increased 90.1% year over year and decreased 13.3% month over month. The number of under contract listings was down 4.5% compared to previous month and up 28.6% compared to previous year. The Months of Inventory based on Closed Sales is 0.6, down 87.4% from the previous year.
The Average Sold Price per Square Footage was down 0.9% compared to previous month and up 55.7% compared to last year. The Median Sold Price increased by 4.3% from last month. The Average Sold Price also decreased by 3% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Appreciating".
The Average Days on Market showed a downward trend, a decrease of 48.4% compared to previous year. The ratio of Sold Price vs. Original List Price is 98%, an increase of 6.5% compared to previous year.
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2021 May Sarasota County Home & Condo Statistics
May 2021
Change from May 2020
Average single family home sales price
$597,000
+51.5%
Average condominium sales price
$580,000
+85.3%
List to Sale Price Difference
99%
+4
Average Days on Market
33
-31
Months of Inventory
0.6
-87.4%
Properties For Sale
872
-77.1%
Pending Properties
1,544
+28.6%
Sold Properties
1,580
+90.1%
May 2021 Manatee County Real Estate Market Update
May 2021 was a Seller's market! The number of for sale listings was down 76% from one year earlier and up 8.6% from the previous month. The number of sold listings increased 74.1% year over year and decreased 19.4% month over month. The number of under contract listings was down 2.3% compared to previous month and up 11% compared to previous year. The Months of Inventory based on Closed Sales is 0.5, down 86% from the previous year.
The Average Sold Price per Square Footage was up 2.8% compared to previous month and up 32.3% compared to last year. The Median Sold Price increased by 1.2% from last month. The Average Sold Price also increased by 2.6% from last month. Based on the 6 month trend, the Average Sold Price trend is "Appreciating" and the Median Sold Price trend is "Appreciating".
The Average Days on Market showed a downward trend, a decrease of 56.7% compared to previous year. The ratio of Sold Price vs. Original List Price is 99%, an increase of 5.3% compared to previous year.
<img src="https://assets.site-static.com/userfiles/547/image/Blog_Images/Market_Stats/Manatee_DWELL_Market_Stats_May_2021.gif" alt="May 2021 Manatee County Real Estate Market Statistics" width="600" height="600" />
May 2021 Manatee County Home & Condo Statistics
May 2021
Change from May 2020
Average single family home sales price
$582,000
+42.6%
Average condominium sales price
$305,000
+16.9%
List to Sale Price Difference
99%
+2
Days on Market
29
-38
Months of Inventory
0.5
-79.4%
Properties For Sale
621
-76%
Pending Properties
1,066
+11%
Sold Properties
1,074
+74.1%
2021-06-30T09:00:00-07:002021-07-02T09:50:02-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:22130How Are Sellers in the Current Market REALLY Doing?<img src="https://assets.site-static.com/userfiles/547/image/Blog_Images/Sellers_DWELL.png" width="350" height="350" style="float: right;" />How Are Sellers in the Current Market REALLY Doing? With a low supply of homes for sale, sellers find sales happen quickly and fetch higher and higher offers. According to a new survey conducted with 1,600 homeowners, here are some statistics to showcase how the real estate market, nationally, is doing.
In the past six months, 82% of listings, or 8 out of 10 properties, sold for list price or higher. Plus 1 in 10 had no showings before contract signing, and 1 in 4 had 5 showings or less.
What’s more, homes are selling faster too: 25% of home sellers said they had 5 or fewer showings before finding a buyer. 26% had between 6 and 10 showings before selling. Nearly 10% say they had no in-person showings at all and still sold their home due in part to the uptick in virtual tours that have been increased during the pandemic.<br /><br />In April, almost 9 out of 10 homes sold were on the market for less than a month, according to the National Association of Realtors®.<br /><br />27% of sellers surveyed say they accepted offers $10,000 or even $20,000 higher than their requested sales price, according to the same seller survey.<br /><br />Sellers expect more than just the best price from offers lately. Many sellers in the survey said they refused to consider offers with any contingencies or other strings-attached: 28% required all-cash payments, no contingencies, and 30 days or less to close, and 14% opted to sell their home “as is.”
<br /><br />Source: “How Are Sellers in the Current Market REALLY Doing?” Homes .com 2021-06-24T07:00:00-07:002021-06-24T07:03:57-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:18621How Long Will the Housing Shortage Last? Years — Here's WhyThinking optimistically and knowing a little about US homebuilders and American ingenuity, builders might create an average of 2M homes annually and achieve a supply-demand balance in about 6 years.
Courtesy of <a href="https://www.inman.com/2021/05/12/how-long-will-the-housing-shortage-last-years-heres-why/">Inman News</a>. Written by <a href="https://www.inman.com/author/ben-caballero/">BEN CABALLERO</a>
May 12, 2021
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Beginning in 1959, the US Census Bureau started to <a href="https://www.census.gov/construction/nrc/historical_data/index.html">record housing starts</a>. During the 48 years between 1959 and 2006, builders completed 52,941,000 homes for an average of 1,102,938 homes per year.
For the 14 years between 2007 to 2020, builders started 9,914,600 homes or 708,186 homes per year, which is 394,752 fewer starts per year than the historical average. This annual shortfall totals 5,526,525 homes during those years. In 2020, builders started 990,500 homes, still below the historical average of 1.1 million annual starts.
<img src="https://assets.site-static.com/userfiles/547/image/Blog_Images/Annual_US_Housing_Stats.png" width="422" height="114" />
Homebuyers are now paying the price for the need for homes continued, intensified by a combination of new developments that increased housing demand. Included are the COVID-19 lockdowns that forced many to work, teach and learn remotely, a population that continued to live longer, preventing their homes from being recycled.
Millennials began reaching the homebuying age. Institutional investors entered the market in force. Local, state and federal restrictions and mandates increased, and interest rates decreased to record levels bringing in more buyers.
The population shift to states like <a href="https://www.bankrate.com/real-estate/states-growing-most-during-pandemic/">Florida, Texas, Arizona</a> and other states added to housing demand. And as if that were not enough, the immigration crisis at our border will further exacerbate our national housing demand.
The homebuilding industry was devastated and <a href="https://www.prnewswire.com/news-releases/new-report-construction-industrys-worker-shortage-hurts-housing-affordability-and-supply-301272714.html">still suffers</a> from the disintermediation of labor and manufacturing that <a href="https://www.wsj.com/articles/BL-REB-34267">began in 2006 and continued until 2012</a>. Production then made a weak advance after housing starts dipped as low as 430,600 in 2011. That’s a drop of 75 percent or 1,288,200 starts, below the 2005 starts of 1,715,800 homes, according to <a href="https://www.census.gov/construction/nrc/xls/starts_cust.xls">the U.S. Census data</a>.
Everyone is asking, “Are we in a Bubble?” Whatever we call it, the question on everyone’s mind is: How long will the shortage last? The table above shows that between 2007 and 2020, America had a shortfall of 5,526,525 housing starts.
The question “How long will the shortage last?” can be answered with simple math. Statistics show we have a 5,526,525 housing starts shortfall. Assuming the historical annual home starts of 1.1 million homes per year as adequate — and that builders could build 1.5 million homes a year — the national home inventory would gain 400,000 starts per year to apply to the shortfall.
Here is the math: 5,526,525 by 400,000 equals 13.8 years. That’s not good news for homebuyers.
Thinking optimistically and knowing a little about U.S. homebuilders and American ingenuity, builders might create an average of 2 million homes annually and achieve a supply-demand balance in about six years.
What has caused the demand-supply imbalance?
Except for the 1973 OPEC Oil Embargo, market downturns since 1959 were caused by changes in federal legislation or policies that affected interest rates or tax policy. Federal action is not driving the market today, but its policies are responsible for damaging builder production.
For those who do not know or remember, in the early 2000s, the <a href="https://www.govinfo.gov/content/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf">federal government</a> wanted as many people as possible to own a home. To make that happen, lenders encouraged (if not coerced) to abandon established lending practices, making risky subprime loans.
Home loans were originated without regard to credit, employment or down payment. Circumvention of established lending guidelines was facilitated by the unprecedented policies of FHA, FNMA and FMAC that allowed sellers to gift down payments and closing costs to buyers through third parties.
These policies allowed unqualified borrowers to buy homes they could not afford and resulted in rampant mortgage fraud. What followed was an avalanche of foreclosures that triggered the severe decline in housing values, causing a 75 percent decline in housing starts — the longest and most severe decline since 1959 when the U.S. Census Bureau began recording that data.
Not only was the housing market damaged, but some may recall the U.S. government insured many of those failed mortgages. Loans were packaged and sold as low-risk investments because FHA, FNMA and FRMC backed them.
When the foreclosures made the loans worthless, FHA, FNMA and FRMC had to absorb the losses. The losses were so enormous they put the entire U.S. financial system on the verge of collapse. The solution was simple but expensive — a governmental bailout rescued the nation from the disaster the government created as it has done several times before.
Unfortunately, the U.S. housing supply will remain underserved for several years. However, it could take longer if the government intercedes.
Writer’s note: Factors not considered include apartment production, changing housing preferences, U.S. immigration policy, interest rate changes, federal tax rates and policy, and population growth. The average starts of 1.1 million from 1959 to 2007 does not account for population growth.
Ben Caballero is the president of Texas-based <a href="https://www.homesusa.com/" target="_blank" rel="nofollow noopener">HomesUSA.com</a> and America’s No. 1 Realtor for the past five years2021-05-20T07:24:00-07:002021-05-20T07:33:08-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:18131Statistics Show April is the Best Month of the Year to Sell a Home<img src="https://assets.site-static.com/userfiles/547/image/Blog_Images/North_Siesta_Aerial.jpg" width="376" height="251" style="float: right;" />In today’s market, it seems as if it’s always a good time to sell a home because they’re selling fast, often sight unseen. However, this month, depending on the city, may be the best time of the best times to sell a home, according to realtor.com’s 2021 Best Time to List analysis.
From April 18-24, debuting home sellers should see more buyer interest, less competition from other sellers, a faster sale and a higher listing price, the study suggests.
To determine the optimum time to list, the study considered competition from other sellers, median listing prices, time it takes to sell, likelihood of price reductions and interest from buyers measured by views per property on realtor.com’s website. Because of COVID’s disruption in 2020, the analysis included 2018-2019 listing data.
“Unlike 2020 when COVID upended the spring home-buying season and pushed buyer interest to later in the year, this year’s housing market is following more typical seasonal trends,” says realtor.com Chief Economist Danielle Hale. “With half as many homes available for sale this year than last, sellers are well positioned for a quick sale at top dollar. However, for most sellers, listing sooner rather than later could really pay off with less competition from other sellers and potentially a higher sale price. They’ll also avoid some big unknowns lurking later in the year, namely another possible surge in COVID cases, rising interest rates and the potential for more sellers to enter the market.”
However, while that April sweet spot for listing a home may be true for most Florida metro areas, it’s not so consistent in South Florida. According to realtor.com’s analysis, the best day of the year for a seller to list a home in a major Florida metro is:
Jacksonville: April 4
Miami-Fort Lauderdale-West Palm Beach: July 4
Orlando-Kissimmee-Sanford: April 25
Tampa-St. Petersburg-Clearwater, Fla.: April 25
What makes the week of April 18 stand out?
Higher price: Homes listed next week typically sell 2% higher than the average week and 10.4% higher than at the start of the year. If 2021 follows the typical seasonal trend, a median priced home listed next week could sell for $7,500 above the average week and $36,000 more than it would have in early January.
Strong buyer demand: Homes typically get 11% more views on realtor.com than the average week throughout the year.
Less competition: Homeowners who listed during the week of April 18 in 2018 and 2019 saw 5% fewer sellers on the market compared to the average week throughout the year.
Faster sale: Historically, homes listed during this week sold 14.1% faster than the average week. In 2021 terms, this would translate to selling in just 59 days – eight days faster than homes listed in other weeks, on average.
A downside to waiting?
While waiting a few months to list a home may be fine, some potential housing market shifts could lessen homeowners’ current advantage. Rising mortgage rates, which realtor.com forecasts will reach 3.4% by the end of the year, could dampen buyer demand later in the home-buying season.
In addition, improved vaccination rates could also bring more competition if an uptick in homeowners decides that it’s now safe to make a move.
“It’s a seller’s market right now, but you still need to ensure your home makes a great first impression, especially if you want to get the best price for your place,” says Rachel Stults, deputy editor for realtor.com. “The key is zeroing in on what buyers want. In the wake of the COVID-19 pandemic, buyers are looking for more space – or flexible space they can transform into what they need.”
Original Article: <a href="https://www.floridarealtors.org/news-media/news-articles/2021/04/may-be-best-month-ever-sell-home">FloridaRealtors.org This May Be the Best Month Ever to Sell a Home By Kerry Smith</a>2021-04-22T08:37:00-07:002021-04-22T08:45:24-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:17907Historic Belle Haven in Downtown Sarasota Listed For Sale<img src="https://assets.site-static.com/userfiles/547/image/Blog_Images/Belle_Haven_Sarasota.png" width="400" height="270" style="float: right;" />Perched between the 10-floor Hyatt Regency and the gleaming new 18-story Ritz-Carlton condo tower on 15 bayfront acres being developed under the umbrella of the <a href="https://www.sarasotafloridarealestate.com/blog/quay-sarasota-plans-start-taking-shape/">Quay Sarasota</a>, the Mediterranean Revival apartment building opened in 1926 and just hit the market for $12.5 million.
The three-story Belle Haven has kept its good looks. Designed by architect Dwight James Baum, Belle Haven was originally known as Broadway Apartments and was one of the buildings in the Broadway Development that also included the Baum-designed John Ringling Towers and the headquarters of the Sarasota Times newspaper–now the upscale restaurant and bar Sage. After Belle Haven was completed, developer Owen Burns bought the building for $250,000 and named it El Vernona Apartments. When real estate crashed in the late ’20s, Sarasota resident Elmer Whittle took it over and renamed it Belle Haven.
“It is the last of the historic buildings that were once on that site,” says Tony Souza of the Sarasota Alliance for Historic Preservation. “By 1935, no further development had occurred in the area and all the other historic buildings on the Quay site were demolished.”
<img src="https://assets.site-static.com/userfiles/547/image/Blog_Images/Historic_Belle_Haven.png" width="400" height="266" style="float: left;" />When it opened, Belle Haven had 20 furnished apartments. Residents had maid and janitorial services, a roof garden, kitchenettes with electric ranges, linens, silverware and dumbwaiters in each apartment. Boasting “modern day living,” its restrictions forbid cattle, horses and poultry. “Furnished by Gimbels in New York, it was considered a very swanky building for people coming in the wintertime, and it attracted a lot of women because it was a safe place to be,” Souza says.
By the 1970s, it was an affordable apartment building and in 1984, Belle Haven was listed on the National Register of Historic Places and was converted into 1,700- to 2,000-square-foot offices.
A previous owner, Irish American Management Services, headed by Patrick Kelly, in 2004 announced plans for a $1 billion commercial and residential development on the site that included Belle Haven and Sarasota Quay, a massive pink multiuse development of upscale restaurants, retail, offices and a popular nightclub that was built in the 1980s. Kelly demolished Sarasota Quay in 2006 and said he would move and preserve Belle Haven. The real estate collapse during the Great Recession halted the project and led to foreclosure in 2013. Current owner GreenPointe Communities bought the entire Quay property the next year for $27 million.
During the transition, Belle Haven stood forlorn, vacant and boarded up, an odd sight for what may be one of the most coveted pieces of real estate in the county. It even made its way onto a national list of haunted places, where one site contributor described capturing “many pictures of orbs” and a “body apparition.”
No matter how it will eventually be used, Belle Haven is still beautiful. GreenPointe Communities rehabilitated it, and its stucco and cast stone exterior, barrel tile roof and iconic cupola stand strong. The 20,605-square-foot interior has been stripped down to what’s known in the industry as a “gray shell,” allowing a new owner the flexibility to build it out as they choose. The doors, interior light well in the center of the building, pecky cypress ceiling beams on the first floor and the internal stairwells have been preserved.
And it’s still located along a coveted stretch of waterfront in <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/">downtown Sarasota</a>, with 475 feet of frontage along the lagoon next to Sarasota Bay, and close proximity to theaters, shopping, parks and St. Armands Circle. Zoned “downtown bayfront,” Belle Haven could be permitted for anything from a restaurant to retail to a private residence.
Original Article from Sarasota Magazine: <a href="https://www.sarasotamagazine.com/home-and-real-estate/2021/03/belle-haven-apartments-sarasota">The Historic Belle Haven Building Hits the Market</a>2021-04-07T10:48:00-07:002021-04-07T10:55:55-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:17760Tampa Bay Housing Market with Liane Jamason
Josh Sidorowicz (anchor):
It has been one of the interesting paradoxes of this pandemic.
On the one hand, as we report so often, so many people are struggling with unemployment to pay their rent and their bills. On the other hand, this Realtor say it's unlike anything they've ever seen. Prices are soaring in houses. They aren't selling in days. They are selling within hours.
I spoke with bay area realtor Liane Jamason. She's been doing this for 15 years. She knows her stuff and she told me that at the rate we are going if no new homes were to come onto the market this area would essentially run out in less than a month. So, here's some of her advice if you're looking or if you're thinking about listing.
Liane Jamason (St. Petersburg Realtor):
Literally right now we have 27 days of homes left in Pinellas county and Hillsborough and Pasco are about the same. We're just at the lowest inventory we've had in 25 years. It's a crazy market.
Josh Sidorowicz (anchor):
Why is it so crazy? There's a number of factors and the pandemic is one of them right?
Liane Jamason (St. Petersburg Realtor):
Correct the pandemic is part of it. We saw a lot of sellers not wanting to put their homes on the market because they were afraid of having sick strangers coming into their homes, coupled with really low interest rates and coupled with people that are working from home now. And you know maybe both spouses need a home office or something like that and decided that they really need more space or they want that pool if they're going to be you know at home more and quarantining
Josh Sidorowicz (anchor):
Yeah, classic supply and demand now. You've got all these people interested in getting it and not enough to do it. And full disclosure here too for people who are at home I am like up to my eyeballs in this stuff right now. I am trying to find a home myself here. Liane is not my Realtor but you come highly regarded from who I am working with and it's a good time for buyers like you said because interest rates are so low but I feel like that's where the advantages end. If I'm a buyer, so what should buyers be doing? Especially first-time home buyers in a market like this right now.
Liane Jamason (St. Petersburg Realtor):
It's tough because you're up against investors out there too that are trying to take advantage. So you know it sounds crazy, but make cash offers if you possibly can.
If you can, you basically need to get out there and see a home that hits the market this morning, You need to go see it this morning or it's going to be gone.
You want to limit contingencies in your contract. Make your inspection period as short as possible.
Some people, I'm seeing, are eliminating an appraisal contingency so they're actually willing to pay over appraisal value.
You can also write a warm letter to the sellers in hopes that they will pick yours, but I think a lot of people are doing that right now.
Maybe put a little bit more money in escrow, it doesn't hurt either.
Josh Sidorowicz (anchor):
Yea. I'm like going to check…check…can confirm we've tried all of this.
So, what about someone who's already got a home? What do you tell them right now?
Liane Jamason (St. Petersburg Realtor):
If you can sell…sell it. Now is the time.
I think that when the foreclosure and eviction moratoriums end we're going to see more homes come in the market. I
I've had some people ask me, are we going to see another crash? No, I don't think so. Inventory is so low that if some of these people that have not been paying their mortgages are forced to sell, a lot of them actually have equity. It's not like it was in 2007/2008. So, those homes could come on the market and level the market out a little bit.
If you're wanting to sell, now is the time you're probably going to get multiple offers. I'm telling sellers list your house on a Friday, prepare to have an all-day open house Saturday and
Sunday and you'll probably have multiple offers by Monday.
I just had one of my listings get an off for $150,000 over asking.
Josh Sidorowicz (anchor):
Wow..wow..wow..wow. Yeah, medium home prices are up big time across all of Tampa Bay up 18 percent year over year in Pinellas to $330,000 is the median sale price right now. Similar story in Pasco and for the first-time median home prices for single-family homes in Hillsborough have cracked the $300,000 mark.
Now, as for those moratoriums that you heard or mentioned, they do end soon. Specifically, the nationwide order preventing evictions for unpaid rent that ends on Wednesday with the end of the month here President Biden extended that deadline once already since taking office for homeowners the moratorium on unpaid mortgages that goes until the end of June.
2021-03-30T11:15:00-07:002021-03-30T11:31:24-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:175206 Gulf Front Communities to Generate Rental Income<img style="float: right; margin-left: 5px; margin-right: 5px;" src="https://assets.site-static.com/userfiles/547/image/Casa_Del_Mar/Casa-del-Mar_2.jpg" width="300" height="236" />Some would say living the Florida dream would be having a residence near the beach that you can stay at whenever you want. Others would argue the ultimate Florida dream is to own a place near the beach you can use AND rent to make some passive income. We work with a number of clients that have an expressed interest in finding property that has the potential to generate rental income. Whether it's used by seasonal tenants or for vacation guests, here are a few condo communities worth checking out if you want to invest on the Gulf to produce some serious spending money.
<a href="https://www.sarasotafloridarealestate.com/siesta-key/">Siesta Key</a>
<a href="https://www.sarasotafloridarealestate.com/siesta-key/el-presidente/">El Presidente</a>: <img style="font-size: 12px; float: right;" src="https://assets.site-static.com/userfiles/547/image/El_Presidente/El-Presidente_1.jpg" width="300" height="200" />A gated condominium community situated near the south bridge entrance to the key, guests will love vacationing within El Presidente and owners will love the income potential. An ideal location to reach the mainland for everyday conveniences and far enough south to enjoy the direct beach frontage away from the public access points. El Presidente is a smaller, single building with lots of perks including a community pool and spa, club house and tennis courts. There is an on-site rental management company should you prefer the assistance of a property managers, plus owners are allotted 1 week rentals that can be rented 52 times a year.
<a href="https://www.sarasotafloridarealestate.com/siesta-key/sarasota-surf-racquet/">Sarasota Surf and Racquet</a>: <img style="float: right;" src="https://assets.site-static.com/userfiles/547/image/Sarasota_Surf__Racquet/sarasotasurfracquetsiestakeyDWELL.png" width="300" height="200" />A beautiful beach front community with lots to boast about. Sarasota Surf and Racquet is a gated condominium with perfectly manicured landscaping, har-tru tennis courts, fitness facility, community gathering room, 2 heated pools, grilling area, an on-site rental management team, and of course direct beach access. The location is superb to mingle and enjoy all the action in The Village or to jump onto the main land for life off the island. The rental program allows owners to lease their units for 1 week minimums all 52 weeks of the year.
<img style="float: right;" src="https://assets.site-static.com/userfiles/547/image/Crescent_Royale/Crescent-Royale_5.jpg" width="300" height="202" /><a href="https://www.sarasotafloridarealestate.com/siesta-key/crescent-royale/">Crescent Royale</a>: A location hard to beat when you're considering a place to buy or stay on Siesta Key. While not on the beach, this charming condominium is directly across the street from the main public access point for Siesta Key Beach. Gated for added security, residents also have access to the community pool and fitness center, but the main draw is the easy access to the beach. A great location to enjoy all the food, shopping and fun in The Village while staying close to home. Owners have the option to add their condo to the onsite rental program where units can be rented for a 1 week minimum stay all 52 weeks of the year.
<a href="https://www.sarasotafloridarealestate.com/lido-key/">Lido</a>
<img style="font-size: 12px; float: right;" src="http://www.dwellingwell.com/images/blog_listings/lido_dorset_400.jpeg" alt="" width="300" height="175" /><a href="https://www.sarasotafloridarealestate.com/idx/results/?searchtype=2&searchid=1393316">Lido Dorset</a>: Built in the 1960's, the Lido Dorset maintains its retro charm and its prime location on Lido Key. Situated directly across the street from Lido Beach and just down the street from St. Armands Circle, this is a community well worth investing in. Amenities and features are minimal, with just the community pool, but vacation visitors will be more interested in the buildings accessibility to the beach and all prime shops and restaurants within walking distance at the circle. Lido Dorset allows 1 week rentals that can be utilized all 52 weeks of the year.
<a href="https://www.sarasotafloridarealestate.com/longboat-key/">Longboat Key</a>
<a href="https://www.sarasotafloridarealestate.com/longboat-key/casa-del-mar/">Casa Del Mar</a>: <img style="font-size: 12px; float: right;" src="https://assets.site-static.com/userfiles/547/image/Casa_Del_Mar/Casa-del-Mar_10.jpg" width="300" height="200" />Own a little place of your own on the highly coveted barrier island of Longboat Key in Casa Del Mar. A gulf front community where owners and tenants alike can enjoy the private beach stocked with umbrellas and lounge chairs, the community gulf front pool, tennis courts, basketball court, pickle ball and open deck area with BBQ grills and picnic tables for outdoor fun. No usage restriction with year round income potential through the weekly rental program handled by the site management team.
<img style="font-size: 12px; float: right;" src="https://assets.site-static.com/userfiles/547/image/Sand_Cay/Sand-Cay_14.jpg" width="300" height="199" />
<a href="https://www.sarasotafloridarealestate.com/longboat-key/sand-cay/">Sand Cay</a>: The beautifully maintained community of Sand Cay on Longboat Key is a perfect spot in paradise to claim as your own and utilize as a rental income generator. Enjoy being steps away from the beach as well as the plethora of amenities such as the community tennis courts, shuffleboard, heated pool, basketball, and barbecue area. Owners can take full advantage of the full time on-site manager and in-house rental program to maintain your weekly rental needs.
For more information on these communities or other communities with rental income opportunities, contact us directly at 941.200.HOME or info@DWELLsarasota.com2021-03-12T12:59:00-07:002021-03-29T11:27:57-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:17383Bidding War Tips to Make Your Offer Competitive
<img src="https://assets.site-static.com/userfiles/547/image/Blog_Images/bidding_war.png" alt="Bidding War Tips DWELL Real Estate" width="400" height="335" style="float: right;" />These are crazy times for our local real estate market. Inventory is at record lows, demand is sky high, prices are climbing... it's a tough time for buyers trying to secure their dream home. We came across a great article in <a href="https://www.forbes.com/advisor/mortgages/bidding-war/">Forbes</a> discussing how to navigate through a multiple offer situation and ways to put yourself in a better scenario to win a bidding war.
In a hot housing market, it’s often not enough to quickly make an offer on a house you just discovered. You’ll likely face competition from at least one other buyer (if not more), and it will be up to the seller to decide who can best close the deal.
To improve your odds of winning a bidding war, you’ll need to plan your approach days or weeks in advance. Here’s how you can get an edge on the competition.
What Is a Bidding War?
A bidding war is when at least two prospective buyers have made legitimate offers for a home and the seller needs to determine which one is best. It could be an easy decision for the seller, especially if one prospective buyer has a much more attractive offer than others.
The bidding war could also turn into a drawn-out process if the purchase offers are very similar, such as prospective buyers who are preapproved, made an offer of a similar amount and are both flexible on contingencies. That’s when a seller is in the driver’s seat and can sit back and watch while the buyers try to outbid each other on money, terms or both.
Bidding wars are common—in most of 2020, over half of home offers written by Redfin agents faced competitive bids, according to the company’s study. Although historically low interest rates have sparked buying activity recently, some neighborhoods are always sought-after and attract multiple offers whenever a home comes up for sale.
6 Steps to Winning a Bidding War
Preparing a strategy is vital because you might have just a few hours to respond during a back-and-forth negotiation with the seller. Here are five steps you can take to prepare for a bidding war.
1. Get Pre-approved
Pre-approval is a step most buyers will take anyway, but it’s absolutely essential for anyone in a competitive bidding situation. Pre-qualification is not enough, as it doesn’t show that the lender conducted the same amount of due diligence—such as checking your earnings and doing a hard credit check—that a pre-approval would require.
Although a pre-approval takes longer than a pre-qualification and might even require that you fill out a mortgage application, it’s worth it.
2. Work with a Realtor
Your Realtor, or real estate agent, is your most important ally in a bidding war. Your success might hinge on their ability to get the information you need to make a strong bid, find out about any other bids that come in and hopefully convince the sellers and their Realtor to accept your bid. You’ll want to have a strong relationship with your Realtor so they will know your goals, understand how far you can go in negotiations and be available when discussions are at their height.
It can be frustrating to engage in a bidding war because no one wants to lose the home of their dreams or have to pay more for it than they expected. But if you plan ahead with your Realtor, you might have just the right combination of money and advantageous terms to close the deal.
3. Know Your Financial Limits
When you’re preparing for a bidding war, think of it like an auction—you need to know how much house you can afford before you actually bid. There are three primary financial tactics you can use to get a financial edge on other bidders.
Include an Escalation Clause
Once you know the maximum amount you’re willing to bid, you can include an escalation clause in your purchase offer to ensure you can instantly counteract any other bid. An escalation clause lets you increase your bid to avoid being outbid by another buyer up to a specified amount.
For example, if a home is priced at $300,000 and you know you’re in or may face a competitive bidding situation, you could offer $305,000 and agree that you’ll beat any other bids by $5,000 up to $330,000, if that’s your limit. It will be up to the seller to accept this clause, but it shows that you’re serious about closing the deal.
Provide More Earnest Money
Buyers typically provide 1% to 5% of the purchase price as earnest money—a form of a security deposit—in a purchase contract, which gives sellers the assurance that you will follow through with the purchase. If you bail out on the contract without citing a contingency, you will likely lose the earnest money. If you put down more than the typical earnest money amount, it will tell the seller that you’re determined to follow through to the closing.
Offer to Pay in Cash
If you have the ability to offer an all-cash bid, you gain a distinct advantage because you eliminate the possibility of a mortgage falling through before closing. Buying with cash will make the process go quicker because you won’t need to go through the approval process with a lender, who would also request an appraisal.
If you can’t cover the entire purchase price in cash, you could agree to a larger down payment on the house, which increases your approval odds and might make your bid more attractive.
4. Remove Some or All Contingencies
When you make an offer to purchase a house, you know the deal could fall through for numerous reasons, and you don’t want to lose your earnest money because of it. That’s why you include contingencies in the purchase contract; if the home inspection uncovers major problems or you can’t sell your current home in time to close on the new one, you can get out of the contract without penalty.
But if you’re in an intense bidding war, you can get an edge by removing all or most contingencies. The seller would likely prefer fewer potential roadblocks, so this might slide your bid to the top of the list. However, there are problems with this approach: you could be stuck with a badly flawed house or be forced to forfeit several thousand dollars in earnest money if you can’t afford to buy the new home while your current one is still on the market. (This is a tactic we strongly suggests you talk with your Realtor about to see if it's the right strategy for your offer)
5. Be Flexible on the Move-in Date
First-time homebuyers and those who have already sold their previous home might be in a position to be flexible with the sellers on their move-in date. A seller might ask for more time if they have concerns about potential delays for a new home build. In this case, they could go through the closing and then rent the home back from you for a few weeks or a month. This flexibility could be as valuable—if not more valuable—than a higher bid on the house.
6. Write a Personal Note
Home sellers, especially ones who have lived in a home for a long period of time, can sometimes be swayed by a personal note that explains why you believe this is the home of your dreams. For example, you might know that the current owner raised a family in the home, and you can discuss how you hope to do the same. It might seem a bit over the top, but it’s certainly worth a try when not much separates your offer from others. And yes—sometimes it works.
Original Article - Win A Bidding War: How To Get The House You Want by Bob Musinski and Jordan Tarver
https://www.forbes.com/advisor/mortgages/bidding-war/
2021-03-05T09:10:00-07:002021-03-05T09:20:07-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:17076Where are the Listings? Why Homeowners are Staying Put<img src="https://assets.site-static.com/userfiles/547/image/Blog_Images/LidoShores3.JPG" width="400" height="267" style="float: right;" />Housing market inventory remains tight as homeowners hold onto their homes longer. The typical homeowner in 2020 had remained in place for 13 years, up slightly from 12.8 years in 2019 – but well ahead of 2010’s reading of 8.7 years, according to an analysis by Redfin.
About 1 in 4 U.S. homeowners has lived in the same home for more than 20 years, the study found. Still, even with the pandemic, home sales raged in 2020, pushing activity and sales prices to new heights.
However, homeowners who decided not to sell did so because of pandemic concerns and concerns about finding a new house in a competitive market. Many also enjoyed ultralow interest rates after a refinance on their current home that made it more advantageous to stay put.
A drop in sellers as owners stay in a current home longer forces the real estate markets to tighten, including the Sarasota and Manatee County areas.
Inventory sank to its lowest level in decades. This past December, Sarasota County had 2,394 active listings which was 43.3% fewer properties than December 2019. Manatee County had 1,552 active listing, down 46.1%. At the current sales pace, there was a record-low 2 months’ supply of homes on the market in December for Sarasota County (down 47.4% from December 2019) and 1.7 months' for Manatee County (down 51.4% from December 2019). See our <a href="https://www.sarasotafloridarealestate.com/blog/market-stats-december2020/">Market Statistics</a> for a break down of the market.
The market’s home shortage and low borrowing rates have pushed up prices and increased buyer competition, Median Sale Price in December 2019 reached $278,200 in Sarasota County and $288,000 in Manatee County. Fast Forward to December 2020, it stood at $320,000 in Sarasota County (up 15% in one year), and $317,500 in Manatee County (up 10.2% in one year). The charts below provide a great visual to see how things have changed for our market over the last two years.
<img src="https://assets.site-static.com/userfiles/547/image/Blog_Images/Months_of_Inventory_SRQ_Manatee.png" width="982" height="473" />
<img src="https://assets.site-static.com/userfiles/547/image/Blog_Images/Active_listing_SRQ_and_Manatee.png" width="984" height="475" />
<img src="https://assets.site-static.com/userfiles/547/image/Blog_Images/Median_Sale_Price_SRQ_and_Manatee.png" width="980" height="472" />
Original Article: Why Aren’t Homeowners Selling? Lots of Good Reasons | Wall Street Journal (01/21/21) Friedman, Nicole
Graphs and Data sourced from SunStats / FloridaRealtors.org 2021-02-11T12:21:00-07:002021-02-11T12:35:04-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:16995Quay Sarasota Plans Start Taking ShapePlans are starting to fall into place for Quay Sarasota! GreenPointe Developers, and real estate investment firm Cross Lake Partners have laid out a vision for the 14-acre waterfront district at the end of Fruitville Road in <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/">Downtown Sarasota</a>. Luxury residences, upscale retail, boutique hotel, state-of-the-art office space bordering the bay, and now builders, Lennar Multifamily Communities (LMC) and Kolter Urban, are committed to bringing part of the vision to life. In a news release shared by the Quay Sarasota, these builders, collectively, closed on nearly 3 acres of land and have announced plans for a luxury condominium and a luxury high-rise apartment complex. “We are pleased to achieve this milestone at Quay Sarasota,” Ed Burr, president and CEO of GreenPointe Holdings, said of the closings with Lennar and Kolter.
<img src="https://www.dwellingwell.com/uploads/shared/images/Downtown%20Sarasota/Quay%20Sarasota/quay-lmc.jpg" alt="" width="500" height="281" align="left" />
Lennar Multifamily Communities (LMC) acquired 1.65 acres to build its first apartment community in the Sarasota market. The 12-story project will have 240 luxury multifamily units with over 13,000 square feet of retail space on the ground floor. Amenities in the community will feature a top-floor wine lounge, catering kitchen, cybercafe, resident lounge, golf simulator, business center, meeting rooms and a fitness center. Residents will also be able to enjoy the resort-style swimming pool, outdoor cabanas with a bar and grill, dog park and bike repair shop. Lennar is setting out to begin construction in May 2021, and estimates its first units will be finished in September 2023. LMC has designed and built multifamily developments all over the county, with 5 projects in Miami and 1 in Orlando. “Our community will be the premier rental destination at the Sarasota waterfront,” said McCarley Davis, LMC’s city president for Florida. “Once completed, LMC’s Sarasota development will be one of the most unique and sought-after rental communities on Florida’s West Coast.
<img src="https://www.dwellingwell.com/uploads/shared/images/Downtown%20Sarasota/Bayso%20Rendering.jpg" alt="" width="536" height="414" align="right" />Kolter Urban officially owns 1.15 acres at the Quay and has already begun advertising units for sale in their project; Bayso Sarasota. The 18-level condominium project will consist of 149 luxury residences with 11 floor plans to choose from, options that include two or three bedrooms plus den layouts ranging from 2,500 to 4,000 square feet. Pricing starts in the low $800,000’s. Construction is tentatively scheduled for the second quarter of 2021, with completion expected in fall 2023. “Bayso residents will enjoy living in a vibrant waterfront district with the best dining, entertainment and the arts lifestyle that Sarasota has to offer,” said Brian Van Slyke, regional vice president of Kolter Urban. Amenities in Bayso will include an elevated resort-style pool and spa deck with cabanas, entertainment areas and an outdoor kitchen, a fitness center, a personal training/flex studio and a residents’ club room with catering kitchen and club bar as well as lobby staff providing concierge services to residents. Kolter Urban is also developing The Ritz-Carlton Residences adjacent to Bayso, with completion projected for later this year.
<br /><br />
**Information and Quotes sourced from Sarasota Herald Tribune**: <a href="https://www.heraldtribune.com/story/business/real-estate/2020/12/29/two-builders-announced-plans-high-rise-luxury-apartment-complex-and-luxury-condominium-project-quay/4074744001/">Read article here.</a>
Photos courtesy of Kolter Urban and Quay Sarasota2021-02-04T11:16:00-07:002021-02-05T09:49:41-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:16781Finding a Sarasota Beach HomeAs Realtors, we often hear, "I am looking for a place on the beach." We used to hear this more frequently years ago when real estate information wasn't as prevalent as it is now. It's easy to jump on the internet and get a sense of what properties on the beach cost. Since living on the water is in such high demand waterfront homes and condos are usually the most expensive real estate.
Sarasota Beach Home Prices - 2020 Sales
I will show you prices of single family homes that are on a walkable beach like the one below (Lido Key beach).
<img src="https://assets.site-static.com/userfiles/547/image/LidoKeyBeach.png" width="750" height="550" />
Not a 50 to 100 foot private beach like the one pictured below.
<img src="https://assets.site-static.com/userfiles/547/image/SmallBeach.jpg" width="750" height="550" />
The homes below are not across the street from the beach but directly on it.
<img src="https://assets.site-static.com/userfiles/547/image/2020BeachSales.jpg" width="1255" height="1415" />
The above sales are beach front single family homes sold in Sarasota and Manatee counties in 2020. They range in price from $1,600,000 to $16,500,000. The average price was $4,124,845 and median price was $3,350,000.
Island
Number of Sales
Average Sales Price
Manasota Key
18
$2,433,389
Venice Island
3
$2,156,666
Casey Key
11
$3,757,727
Siesta Key
5
$5,832,000
Lido Key
0
$0
Longboat Key
11
$7,254,546
Anna Maria Island
7
$3,446,429
Holmes Beach
3
$4,850,000
As you can see from the table above, most of the beach home sales in Sarasota and Manatee counties were on Manasota Key. Casey Key, Longboat Key, Anna Maria Island/Holmes Beach had roughly the same number of sales on the beach. The most expensive average beach home price went to Longboat Key because there are several $10m+ sales in 2020. Lido Key is a smaller island with not many homes on the beach.
Where to Look For a Beach Home in Sarasota
If you are looking to stay in the Sarasota area then you want to focus on <a href="https://www.sarasotafloridarealestate.com/lido-key">Lido Key</a>, <a href="https://www.sarasotafloridarealestate.com/siesta-key/">Siesta Key</a>, <a href="https://www.sarasotafloridarealestate.com/casey-key">Casey Key</a> and <a href="https://www.sarasotafloridarealestate.com/longboat-key/">Longboat Key</a>. The other islands can be a little far depending on traffic.
Casey Key Beach Homes
<img title="caseykeymap_746" src="http://www.dwellingwell.com/images/caseykeymap_746.png" alt="Casey Key Map of Beachfront Homes" width="565" height="363" style="float: right; margin: 10px;" />Casey Key is the island located just south of Siesta Key. You won’t find any large condo towers here as most of the island is made up of single family homes. Most of the area's beach homes are located on Casey Key. The island is narrow so it offers not only the luxuries of the beach in the front of the house but also the benefits of the bay in the back. Here you could live both the boating and beach lifestyle very easily.
The <a href="https://www.sarasotafloridarealestate.com/casey-key/">Casey Key beach homes</a> on the north end of the island are generally more expensive than homes on the south end primarily because of convenience. Residents of the north end have easier access and a shorter drive to all of the amenities of Sarasota. As a result the values are higher.
Siesta Key Beach Homes
Moving north up the coast from Casey the next island is <a href="https://www.sarasotafloridarealestate.com/siesta-key/">Siesta Key</a>. This is home to the world famous Siesta Key beach. This beach consistently ranks as one of the prettiest beaches in the world. Here you will find an abundance of condo options. As far as single family homes go you have a few options but not nearly as many as Casey Key.
<img title="southsiestakey_718" src="http://www.dwellingwell.com/images/southsiestakey_718.png" alt="Location of Siesta Key Beach Homes" width="565" height="375" style="margin: 10px;" />
Blind Pass
On the very south end of the island you will find Bind Pass. There are several Siesta Key beach homes in this community. To get to Blind Pass you have to go through the Turtle Beach public parking lot as well as the Fisherman Cove condo parking lot. After you do this you will find a Blind Pass road which will take you to a small enclave of homes on the beach or across the street from it.
Horizon View Drive
Just north of Blind Pass is Turtle Beach and Horizon View Drive. This is a very short street where the homes on the west side of street are on Turtle Beach.
<img title="sanderling-club_1_640" src="http://www.dwellingwell.com/images/sanderling-club_1_640.jpg" alt="Sanderling Club Siesta Key" width="360" height="240" style="float: right; margin: 10px;" />
Sanderling Club
The <a title="Sanderling Club Siesta Key" href="https://www.sarasotafloridarealestate.com/siesta-key/sanderling-club/">Sanderling Club</a> is just north of this location and is home to some of the most amazing beachfront homes. The community has a manned guard gate and offers tennis courts, boat docks and beach cabanas for the residents. The homes on the beach sit on spacious lots offering ample space from the neighbors. You definitely can have that beach front estate feel.
Point of Rocks
Moving north on the island you will find <a href="https://www.sarasotafloridarealestate.com/siesta-key/point-of-rocks/">Point of Rocks</a>. This is located just south of Crescent beach where you will find large limestone rocks on the beach. It is great for snorkeling but not for long walks.
Siesta Key and Crescent Beach
Just north of Point of Rocks on Siesta Key is Crescent Beach and Siesta Key beach. This is where you will find mostly <a href="https://www.sarasotafloridarealestate.com/siesta-key/">Siesta Key condos</a>. The land in this area is super desirable and thus super expensive. This beach is where you will find the coveted white sand made up of quartz. It truly is one of the prettiest beaches that you will ever see. You won't find a bunch of single family homes here. At any given time there may be just a couple for sale.
<img title="northsiestakeybeachhomes_725" src="http://www.dwellingwell.com/images/northsiestakeybeachhomes_725.png" alt="North Siesta Key Beach Homes" width="565" height="385" style="float: left; margin: 10px;" />
Sandy Hook
<a title="Sandy Hook Siesta Key" href="https://www.sarasotafloridarealestate.com/siesta-key/sandy-hook">Sandy Hook</a> is a community located just north of the Siesta Key village. There are a few homes here that offer beach front living. The entire community has deeded access to a gorgeous beach. Most of the homes have rip rap (large rocks) protecting the homes from the Gulf of Mexico.
As you move beyond Big Pass you will find a number of waterfront homes on Higel Avenue. These homes have a private beach that does not touch the main part of Siesta Key beach. So you can enjoy your own little beach you won't however have access to miles of miles of walking beach.
Solymar
The next spot is Shell Beach which is a very small public beach. <a href="https://www.sarasotafloridarealestate.com/siesta-key/solymar/">Solymar</a> is a small enclave of newer homes that have easy access to Shell Beach. A few of the homes sit right on the beach and have wonderful views of Big Pass and south Lido Key.
Bayou Louise
As you move further in the Sarasota bay and away from the Gulf of Mexico you have the <a href="https://www.sarasotafloridarealestate.com/siesta-key/bayou-louise/">Bayou Louise</a> and <a href="https://www.sarasotafloridarealestate.com/siesta-key/gulfmead-estates/">Gulfmead Estates</a> communities. Both of these neighborhoods have waterfront homes that may offer small, private beaches to enjoy. Again, these don't offer access to long walking beaches but if you want to sit in the sand and enjoy the water you can do that very easily.
Lido Key Beach Homes
<img title="lidokeybeachhomes_654" src="http://www.dwellingwell.com/images/lidokeybeachhomes_654.png" alt="Lido Key Beach Homes" width="565" height="385" style="margin: 10px; float: left;" />
The photo is of <a href="https://www.sarasotafloridarealestate.com/lido-key/">Lido Key</a> and St. Armands Circle. You will find very few Lido Key beach homes as the island is very small. Most of the beach is made up of public beach and condominiums. Just outside of St. Armands Circle there is North Polk Drive. There are three side streets - Bryant Drive, Whittier Drive and Emerson Drive. At the end of the these streets are some beach homes. These residents are fortunate to have such easy access to Lido Key beach as well as all of the fun on St. Armands Circle.
Lido Shores
On the north end of Lido Key you will find the exclusive neighborhood of <a title="Lido Shores Sarasota" href="https://www.sarasotafloridarealestate.com/lido-key/lido-shores/">Lido Shores</a>. This is home to some of the most amazing beachfront homes in Sarasota, Florida. All of Lido Shores has a deeded beach access. This is a fabulous place to call home if you desire beachfront or waterfront living and easy access to all of the luxuries of downtown Sarasota and St. Armands Circle. As a resident of Lido Shores you can walk to gorgeous white sands of Lido Key beach as well as the delicious restaurants around the world famous St. Armands Circle.
Longboat Key Beach Homes
<a href="https://www.sarasotafloridarealestate.com/longboat-key/">Longboat Key</a> is a very long island of roughly 11 miles and just north of Lido Key. The south end of the island is in Sarasota county while the north end is in Manatee county. Most of the island is made up of condominiums on the beach however there are a handful of locations that offer beach living in a single family home.
<img title="southlongboatkeybeachhomes_743" src="http://www.dwellingwell.com/images/southlongboatkeybeachhomes_743.png" alt="South Longboat Key Beach Homes" width="565" height="385" style="float: left; margin: 10px;" />
Lighthouse Point
As you cross over the New Pass bridge entering Longboat Key you will see a small enclave of homes on the lagoon. These homes have a small private beach to enjoy as well as boat docks. The homes of <a href="https://www.sarasotafloridarealestate.com/longboat-key/lighthouse-point/">Lighthouse Point</a> rarely come on the market but when they do they get plenty of attention.
Moving a little farther north but still behind the gates of the Longboat Key Club and along Longboat Key Club road you will find 8 luxurious mansion on the beach. You cannot miss them if you are driving along Gulf of Mexico Drive. They are luxurious mansions that most people admire and just say, "Wow".
Condominiums take up most of the beach as you move north until you hit the shopping destination of the Avenue of the Flowers. Just beyond this area you will find some beach homes. Some of them are small, cozy beach cottages while others are grandiose recently built homes with the latest hurricane building codes.
As you drive north on Gulf of Mexico drive most of the beach is made up of either condominiums, hotels or public beach access. Once you hit roughly the 5000 block you will start to see a single family home intermixed with the condominiums. At the 6000 block you start to see a bunch of Longboat Key beach homes. They are usually found on spacious lots with plenty of beach frontage. You will see a good mix of recently built newer homes and some "Old Florida" beach cottages.
<img title="longboatkeybeachhomes_842" src="http://www.dwellingwell.com/images/longboatkeybeachhomes_842.png" alt="Longboat Key Beach Homes" width="565" height="385" style="float: left; margin: 10px;" />
Gulfside Road runs parallel to Gulf of Mexico Drive and is home to several more Longboat Key beach homes. If you are looking to purchase a beach home make sure you look here as it offers some of the more affordable options. Getting back on to Gulf of Mexico drive there are a few more homes on the beach before you reach the end of Longboat Key. As you can see there are only a handful of places to find some single family homes on the beach.
Key Take-Aways
Single family homes on the beach is the most expensive segment of the residential real estate market.
Expect to pay a minimum of $2.5m, if not $3m, if you want a beach home on Siesta Key, Lido Key, Casey Key or Longboat Key.
Siesta Key, Lido Key, Longboat Key beach home prices have the highest prices than other islands in Sarasota & Manatee counties.
Casey Key has the best selection of homes on the beach if you want to be within close proximity to Sarasota.
Manasota Key has a good selection of homes on the beach and are less expensive than the islands off Sarasota.
A walkable beach is more expensive than a small, unwalkable beach.
If you don't need to live on the "sand" and don't want to pay the minimum price then you should explore other <a href="https://www.sarasotafloridarealestate.com/lifestyles/waterfront/">waterfront</a> options.
<a href="https://www.sarasotafloridarealestate.com/contact/">Contact me</a> if you are looking to buy or sell a waterfront home in Sarasota. ;-)
<img src="https://assets.site-static.com/userfiles/547/image/MarcRasmussenLogo-black2x.png" width="273" height="153" />
<a href="https://www.dwellingwell.com/blog/finding-a-sarasota-beach-house.html">Finding a Beach Home in Sarasota</a>
2021-01-21T08:22:00-07:002021-01-25T18:17:16-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:1670Inventory Up 30% - Will Prices Drop?Typically, when you see consistent demand and a large increase in supply there is downward pressure on price. This doesn't necessarily mean Sarasota home and condo prices will decline. It is too early to for that. It does mean home buyers have more options and sellers have more competition.
Tracking Supply and Demand
The number of Sarasota county listings for sale was up 30.9% from one year earlier and up 4.2% from the previous month. The number of sold listings in Sarasota county decreased 2% year over year and increased 11.2% month over month. The number of under contract listings was up 0.3% compared to the previous month and up 9.9% compared to the previous year. The Months of Inventory based on Closed Sales is 5, up 31.9% from the previous year.
The Average Sold Price per Square Footage was up 1.1% compared to the previous month and up 1.1% compared to last year. The Median Sold Price increased by 2.1% from last month. The Average Sold Price also increased by 3.4% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Appreciating".
The Average Days on Market showed a neutral trend, an increase of 11.1% compared to the previous year. The ratio of Sold Price vs. Original List Price is 92%, a decrease of 1.1% compared to the previous year.
<img src="https://assets.site-static.com/userfiles/547/image/TGChartImage_9.png" width="800" height="667" alt="December 2016 Sarasota Real Estate Sales Statistics" title="December 2016 Sarasota Real Estate Sales Statistics" />
Property Sales (Sold)<br />December property sales were 936, down 2% from 955 in December of 2015 and 11.2% higher than the 842 sales last month.
Current Inventory (For Sale)<br />Versus last year, the total number of properties available this month is higher by 1109 units of 30.9%. This year's bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inventory is up 4.2% compared to the previous month.
Property Under Contract (Pended)<br />There was an increase of 0.3% in the pended properties in December,with 863 properties versus 860 last month. This month's pendedproperty sales were 9.9% higher than at this time last year.
What now?
Keep monitoring the number of properties for sale, pended and sold (supply and demand).
Sellers need to objectively compare their properties with the competition. Being objective is really hard for some sellers. Sellers need to know that they are also competing with builders. Most builder inventories are not included in the numbers above.
Buyers have more homes and condos to choose from. Make sure your Realtor is aware of this. These numbers can be useful in negotiating a better price.
Do you need a Realtor?
This will most likely be your biggest purchase or sale. Do you want to work with a professional, full time agent? If so, <a href="https://www.sarasotafloridarealestate.com/contact/">contact us</a>.
2017-01-24T18:31:00-07:002017-01-25T10:02:12-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:1506Within 100 Yards of Main StreetLooking to enjoy the downtown lifestyle in Sarasota, Florida. I don't blame you. That is a lifestyle many people seek. Just take a look at the number of construction cranes littered around downtown and that shows the demand for <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota">condos in downtown Sarasota</a>. We get inquiries daily from people who want to purchase in the downtown area.
Today's article is about the downtown condos that are within footsteps of Main Street. We didn't actually measure out 100 yards to each condo community but I am sure we are pretty close. These condos are for those people that simply want to be in the middle of the action. While the <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/renaissance/">Renaissance condo</a> building is a great place to live it is definitely a far walk to Main street on a hot Florida day.
<a href="https://www.sarasotafloridarealestate.com/#downtownintroduction">1. Introduction to Downtown Sarasota</a>
<a href="https://www.sarasotafloridarealestate.com/#downtownvideo">1.1 Video of Downtown Sarasota</a>
<a href="https://www.sarasotafloridarealestate.com/#dronevideo">1.2 Drone Video of Downtown Sarasota</a>
<a href="https://www.sarasotafloridarealestate.com/#downtowncondos">2. Downtown Condos Near Main Street</a>
<a href="https://www.sarasotafloridarealestate.com/#100central">2.1 100 Central</a>
<a href="https://www.sarasotafloridarealestate.com/#1350main">2.2 1350 Main</a>
<a href="https://www.sarasotafloridarealestate.com/#bayplaza">2.3 Bay Plaza</a>
<a href="https://www.sarasotafloridarealestate.com/#cityscape">2.4 Cityscape</a>
<a href="https://www.sarasotafloridarealestate.com/#dolphintower">2.5 Dolphin Tower</a>
<a href="https://www.sarasotafloridarealestate.com/#gulfstreamtowers">2.6 Gulfstream Towers</a>
<a href="https://www.sarasotafloridarealestate.com/#librarymews">2.7 Library Mews</a>
<a href="https://www.sarasotafloridarealestate.com/#marinatower">2.8 Marina Tower</a>
<a href="https://www.sarasotafloridarealestate.com/#orangeblossomtower">2.9 Orange Blossom Tower</a>
<a href="https://www.sarasotafloridarealestate.com/#plazaatfivepoints">2.10 Plaza at Five Points</a>
<a href="https://www.sarasotafloridarealestate.com/#rivoonringling">2.11 Rivo on Ringling</a>
<a href="https://www.sarasotafloridarealestate.com/#thejewel">2.12 The Jewel</a>
<a href="https://www.sarasotafloridarealestate.com/#theq">2.13 The Q</a>
<a href="https://www.sarasotafloridarealestate.com/#marketstats">3. Downtown Condo Market Statistics</a>
<a href="https://www.sarasotafloridarealestate.com/#salesstats2years">3.1 Zip Code 34236 Sales Statistics - Last 2 Years</a>
<a href="https://www.sarasotafloridarealestate.com/#sarasotacountystats">3.2 Sarasota County Sales Statistics - Last 2 Years</a>
<a href="https://www.sarasotafloridarealestate.com/#howmuchtospend">3.3 How Much Do You Need to Spend?</a>
<a href="https://www.sarasotafloridarealestate.com/#currentpriceranges">3.4 Current Price Ranges</a>
<a href="https://www.sarasotafloridarealestate.com/#downtowncondosunderconstruction">4. Downtown Condos Under Construction</a>
<a href="https://www.sarasotafloridarealestate.com/#allure">4.1 Allure</a>
<a href="https://www.sarasotafloridarealestate.com/#aqua">4.2 Aqua </a>
<a href="https://www.sarasotafloridarealestate.com/#azureonpalm">4.3 Azure on Palm </a>
<a href="https://www.sarasotafloridarealestate.com/#sansara">4.4 Sansara</a>
<a href="https://www.sarasotafloridarealestate.com/#theartisanonmain">4.5 The Artisan on Main</a>
<a href="https://www.sarasotafloridarealestate.com/#thevue">4.6 The Vue</a>
<a href="https://www.sarasotafloridarealestate.com/#valenciaatrosemaryplace">4.7 Valencia at Rosemary Place</a>
<a href="https://www.sarasotafloridarealestate.com/#vanguardlofts">4.8 Vanguard Lofts</a>
<a href="https://www.sarasotafloridarealestate.com/#placestodine">5. Places to Dine</a>
<a href="https://www.sarasotafloridarealestate.com/#distancetolidokeybeach">6. Distance to Lido Key Beach</a>
Introduction to Downtown Sarasota
Downtown Sarasota may be the only small city in Florida where you can boat, dine on world-class cuisine, enjoy the opera, stroll in a botanical garden, shop for gourmet sustenance at Whole Foods, or take in some jazz at the Gator Club, all within walking distance of your home. Downtown Sarasota enjoys a variety of condominium options and the options continue to grow. Just take a drive through downtown and you will see all of the construction cranes building new and wonderful places to live. The demand is high for the downtown lifestyle and these condos are being snapped up by former barrier island dwellers, new empty nesters and young professionals looking for urban vibrancy.
Downtown Sarasota Video
Drone Video of Downtown Sarasota
Downtown Sarasota Condos Near Main Street
Main Street is not where all of the action happens but there are plenty of shops, restaurants, bars and entertainment to enjoy. Some condos like <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/alinari/">Alinari</a> or <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/essex-house/">Essex House</a> might be considered downtown condos but you probably will stop jump into the car to visit the fun in the heart of the city.
Below are a myriad of condos that are within footsteps of Main Street.
100 Central
<img src="https://assets.site-static.com/userfiles/547/image/100_Central/100-Central_25.jpg" width="800" height="500" />
Address:
100 Central Avenue, Sarasota, FL 34236
Year built:
2005
Units:
95
2016 Prices:
$415,000 - $835,000
Current Inventory:
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/100-central/">100 Central Condos For Sale</a>
1350 Main
<img src="https://assets.site-static.com/userfiles/547/image/1350_Main/1350-101.jpg" width="800" height="500" />
Address:
1350 Main Street, Sarasota, FL 34236
Year built:
2007
Units:
138
2016 Prices:
$437,500 - $2,275,000
Current Inventory:
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/1350-main/">1350 Main Condos For Sale</a>
Bay Plaza
<img src="https://assets.site-static.com/userfiles/547/image/Bay_Plaza/DSCN0022.jpg" width="800" height="500" />
Address:
1255 Gulfstream Avenue, Sarasota, FL 34236
Year built:
1982
Units:
102
2016 Prices:
$325,000 - $950,000
Current Inventory:
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/bay-plaza/">Bay Plaza Condos For Sale</a>
Cityscape
<img src="https://assets.site-static.com/userfiles/547/image/Cityscape/Cityscape-at-Courthouse_12.jpg" width="800" height="500" />
Address:
1990 Main Street, Sarasota, FL 34236
Year built:
2005
Units:
19
2016 Prices:
$319,500 - $415,000
Current Inventory:
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/cityscape/">Cityscape Condos For Sale</a>
Dolphin Tower
<img src="https://assets.site-static.com/userfiles/547/image/Dolphin_Towers/Dolphin-Towers_10.jpg" width="800" height="500" />
Address:
101 Gulfstream Avenue, Sarasota, FL 34236
Year built:
1974
Units:
116
2016 Prices:
$243,600 - $480,000
Current Inventory:
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/dolphin-tower/">Dolphin Tower Condos For Sale</a>
Gulfstream Towers
<img src="https://assets.site-static.com/userfiles/547/image/Gulfstream_Towers/Gulfstream_Towers.jpg" width="800" height="500" />
Address:
33 S. Gulfstream Avenue, Sarasota, FL 34236
Year Built:
1964
Units:
72
2016 Prices:
$310,000 - $335,500
Current Inventory:
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/gulfstream-towers/">Gulfstream Towers Condos For Sale</a>
Library Mews
<img src="https://assets.site-static.com/userfiles/547/image/librarymewscondossarasota.png" width="800" height="500" />
Address:
200 Cocoanut Avenue, Sarasota, FL 34236
Year built:
2000
Units:
11
2016 Prices:
No Sales
Current Inventory:
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/library-mews/">Library Mews Condos For Sale</a>
Marina Tower
<img src="https://assets.site-static.com/userfiles/547/image/Marina_Tower/Marina-Tower_1.jpg" width="800" height="500" />
Address:
1233 Gulfstream Avenue, Sarasota, FL 34236
Year built:
2001
# of units:
40
2016 Prices:
$1,010,000
Current Inventory:
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/marina-tower/">Marina Tower Condos For Sale</a>
Orange Blossom Tower
<img src="https://assets.site-static.com/userfiles/547/image/orangeblossomtowersarasota.jpg" width="800" height="500" />
Address:
1330 Main Street, Sarasota, FL 34236
Year built:
1926
# of units:
7
2016 Prices:
No sales
Current Inventory:
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/orange-blossom-tower/">Orange Blossom Tower Condos For Sale</a>
Plaza at Five Point
<img src="https://assets.site-static.com/userfiles/547/image/Plaza_at_Five_Points/50-Central-Five-Points_21.jpg" width="800" height="500" />
Address:
50 Central Avenue, Sarasota, FL 34236
Year built:
2006
# of units:
52
2016 Prices:
$847,500 - $1,300,000
Current Inventory:
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/plaza-at-five-points/">Plaza at Five Points Condos For Sale</a>
Rivo on Ringling
<img src="https://assets.site-static.com/userfiles/547/image/Rivo_on_Ringling/Rivo_41.jpg" width="800" height="500" />
Address:
1771 Ringling Blvd., Sarasota, FL 34236
Year built:
2006
# of units:
106
2016 Prices:
$490,000 - $537,000
Current Inventory:
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/rivo-on-ringling/">Rivo on Ringling Condos For Sale</a>
The Jewel<img src="https://assets.site-static.com/userfiles/547/image/jewelsarasota.jpg" width="800" height="500" />
Address:
1301 Main Street, Sarasota, FL 34236
Year built:
2016
Units:
19
Current Inventory:
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/the-jewel/">The Jewel on Main Condos For Sale</a>
The Q
<img src="https://assets.site-static.com/userfiles/547/image/TheQ.jpg" width="800" height="500" />
Address:
1750 Ringling Blvd., Sarasota, FL 34236
Year built:
2015-2016
Units:
40
Current Inventory:
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/the-q/">The Q Condos For Sale</a>
Downtown Condo Market Statistics
Below is a quarterly chart going back 12 years for the downtown condominiums referenced above. The light green bars are the inventory. Dark green displays the number of closed transactions and the red line are pending transactions. You can see the craziness we went through 12 years ago in the 2004 and 2005 time period. Notice the huge spike in inventory which ultimately led to the bubble. I am glad to see that our inventory levels are no where near what they were at the end of 2005 when sellers rushed to the market to capture the high prices.
Zip Code 34236 Sales Statistics - Last 2 Years
The charts below shows sales, pending sales and inventory levels for all of zip code 34236. This includes both downtown, <a href="https://www.sarasotafloridarealestate.com/bird-key">Bird Key</a> and <a href="https://www.sarasotafloridarealestate.com/lido-key">Lido Key</a>.
As you can see there has been an upward trend in inventory. This is pretty normal when prices have escalated. Some home owners have decided to sell to profit from the higher real estate prices.
Sarasota County Sales Statistics - Last 2 Years
Below are sales, pending sales and inventory levels for homes and condos in all of Sarasota county. It is wise to look at the overall market because it may have some influence over the <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/">downtown Sarasota condo</a> market. If inventories skyrocket on a county wide level it might cause buyers of downtown condos to take a pause.
How Much Do You Need to Spend?
It simply is not cheap to live in downtown Sarasota. This is a relatively expensive market when compared to other areas of Florida. So the question many have is what do I need to spend to live in a condo near Main Street in downtown Sarasota?
The starting price for such a condo will be in the $300,000 range. We have a foreclosure listed in <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/gulfstream-towers/">Gulfstream Towers</a> that is listed for $279,900. However, we currently have 2 offers on the property. You can read more about it <a href="https://www.sarasotafloridarealestate.com/blog/priced-reduced-downtown-foreclosure/">here</a>.
You can expect to find a fixer upper here and there between $250,000 and $300,000. However, the majority of your condo options near the heart of the city will exceed $300,000. <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/dolphin-tower/">Dolphin Tower</a> will be one of the less expensive condo options.
Current Price Ranges
Below is a break down of today's prices in the above downtown condo buildings. As you can see, roughly, 68% of the condos are pried between $300,000 and $750,000.
<$250k
$300,001 - $500k
$500,001 - $750k
$750,001 - $1m
$1m - $1.5m
$1.5m+
Condos For Sale
1
20
10
7
3
3
2%
45%
23%
16%
7%
7%
Downtown Condos Under Construction
Allure
<img src="https://assets.site-static.com/userfiles/547/image/allurecondossarasota.jpg" width="600" height="361" />
These four story luxury home investments at <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/">Sarasota downtown</a> that are currently rocking the real estate world. These buildings are planned to be completed in the year 2017 when their glam will be fully ripe. The buildings are built at Golden Gate Point, a place in Sarasota that brags of high aesthetic value than any other place under the sky.
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/allure/">View Allure Condos For Sale</a>
Aqua
<img src="https://assets.site-static.com/userfiles/547/image/aquacondossarasota.jpg" width="600" height="423" />
Aqua is an ultra-luxury condo development on Golden Gate Point. These spacious units offer amazing views of the Sarasota bay and John Ringling Bridge.
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/aqua/">View Aqua Condos For Sale</a>
Azure on Palm
<img src="https://assets.site-static.com/userfiles/547/image/azureonpalm.jpg" width="600" height="450" />
Located on South Palm Avenue, Azure on Palm is downtown's most coveted address for a select few. Just steps from Sarasota's bustling bayfront and marina, in the heart of downtown Sarasota on a tranquil, residential street, Azure on Palm fuses modern innovation and luxury with timeless quality and style. This condominium community, designed by the award-winning team of DSDG Architects, is just five stories tall with 16 residences.
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/azure-on-palm/">View Azure on Palm Condos For Sale</a>
Sansara
<img src="https://assets.site-static.com/userfiles/547/image/sansaracondos.jpg" width="600" height="678" />
Sansara is a new addition to the downtown Sarasota condo scene. It is scheduled to be completed at the end of 2016. It resides at the corner of Ringling Blvd. and S. Pineapple Avenue. Residents of Sansara will have a relatively short walk to the action found on Main Street.
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/sansara/">View Sansara Condos For Sale</a>
The Artisan on Main
<img src="https://assets.site-static.com/userfiles/547/image/Artisan_on_Main/ArtisanCondosSarasota2.png" width="600" height="341" />
These thirty seven townhouses will have private rooftop terrace and range in size from 1,857 to 2,690 square feet. Residents will be within a bike ride to all of the amenities of downtown Sarasota. They can also just meander over to Payne Park and enjoy a stroll through the park.
<a href="https://www.sarasotafloridarealestate.com/blog/the-artisan-on-main/">View Artisan on Main Condos For Sale</a>
The Vue
<img src="https://assets.site-static.com/userfiles/547/image/TheVue.jpg" width="600" height="338" />
The Vue is the largest new condo development under construction in downtown Sarasota. It will reside at the corner of Gulfstream Avenue and U.S. 41. If you have been in Sarasota long enough you may remember the old Holiday Inn hotel and Denny's restaurant that used to sit at that corner. It is a fabulous location if you are looking to be within walking distance to all of the amenities that downtown Sarasota has to offer.
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/the-vue-sarasota-bay/">View The Vue Condos For Sale</a>
Valencia at Rosemary Place
<img src="https://assets.site-static.com/userfiles/547/image/valenciaatrosemary2.jpg" width="600" height="324" />
Brand new townhomes that were designed by BDG Architects and are being built by Peregrine Homes are scheduled for completion this Fall of 2016! The prime location on Boulevard of the Arts and Coconut Avenue puts owners in the vibrant and exciting lifestyle of the <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/">Downtown Sarasota</a> Rosemary District.
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/valencia-rosemary-place-townhomes/">View Valencia at Rosemary Place Condos For Sale</a>
Vanguard Lofts
<img src="https://assets.site-static.com/userfiles/547/image/vanguardlofts.jpg" width="600" height="334" />
Every unit in the Vanguard Lofts has a balcony or patio where residents can enjoy their morning coffee or a glass of wine after a long day at work. The Historic District of Rosemary District offers an excellent place to shop and explore for those that are interested in the old-world charm of the city.
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/vanguard-lofts/">View Vanguard Lofts Condos For Sale</a>
Places to Dine
Where you normally dine will depend on where you are located in town. The condos on the west side of Main street are 1350 Main, 100 Central, Plaza at Five Points, Bay Plaza, Dolphin Tower, Gulfstream Tower, Orange Blossom Tower, Marina Tower, Library Mews and The Jewel. These condos will frequent places like Classico, Epicure, Two Senoritas, Selva Grill, Cafe Amici, First Watch, Caragiulos, Louie Modern and Mozaic.
The condos on the east side of Main Street are Rivo on Ringling, Cityscape and Courthouse Centre and The Q. Owners in these buildings will be closer restaurants like El Greco, Pho Cali, Drunken Poet, The Wing House, World of Beer, Sake House, Mediterraneo, Utamuro, Made, Michelle's Brown Bag, Beulah and Fast and Fresh.
Distance to Lido Key Beach
A common question from downtown condo buyers is "how far from the beach?". Lido Key is the closest beach to the city. Below details the distance each condo is from Lido Key public beach.
Distance to the Beach
Estimated Time to the Beach
100 Central
3.3 miles
12 minutes
1350 Main
3.2 miles
11 minutes
Bay Plaza
3.1 miles
11 minutes
Cityscape
4 miles
15 minutes
Dolphin Tower
3.2 miles
12 minutes
Gulfstream Tower
3.1 miles
12 minutes
Library Mews
3.2 miles
12 minutes
Marina Tower
3 miles
10 minutes
Orange Blossom Tower
3.1 miles
11 minutes
Plaza at Five Points
3.3 miles
12 minutes
Rivo on Ringling
3.7 miles
13 minutes
The Jewel
3.1 miles
11 minutes
The Q
4.5 miles
15 miles
If we can assist you buying or selling a downtown Sarasota condo please call us at 941.822.0708 or <a href="https://www.sarasotafloridarealestate.com/contact/">Contact us</a>.
<img src="https://assets.site-static.com/userfiles/547/image/marc_signature.jpg_141.png" width="100" height="67" />2016-07-29T16:19:00-07:002016-07-31T08:47:34-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:1338Redevelopment Opportunity near Downtown Sarasota
<img src="https://assets.site-static.com/userfiles/547/image/ringlingpark.jpg" width="400" height="274" alt="Ringling Park Homes Sarasota" title="Ringling Park Homes Sarasota" style="border: 1px solid black; float: right; margin: 10px;" />
Looking for a great place to build a home near <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota">downtown Sarasota</a>?
For many, living in a condo is not appealing. Yet, many love the downtown lifestyle. There are a handful of single family home neighborhoods within a 5 minute drive to downtown Sarasota.
1) <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/laurel-park/">Laurel Park</a>
2) <a href="https://www.sarasotafloridarealestate.com/west-of-trail/">West of Trail</a>
3) <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/ringling-park-homes-sarasota/">Ringling Park</a>
4) <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/gillespie-park/">Gillespie Park</a>
The above neighborhoods are a great place to look if you are seeking a single family home near the city.
On our sister website DwellingWell.com I wrote about redevelopment opportunities in Ringling Park. You can read about it here - <a href="https://www.dwellingwell.com/blog/ringling-park-so-close-to-downtown-without-the-big-prices.html">Ringling Park - So Close to Downtown Without the Big Prices</a>.
Ringling Park Redevelopment
If you drive through Ringling Park you are starting to see some changes. People are drawn to this area because of quick and easy access to downtown yet don't have to pay the prices of the West of Trail neighborhoods. Homes in Ringling Park can be as much as half the price of a comparable home West of Trail or in Laurel Park.
The owners of the lot below have started construction of a large home on a 13,900 square foot directly on Ringling Blvd.
<img src="https://dwellingwell-realestatewebmas.netdna-ssl.com/r/4.3.6221/images/0608160744a_1000.jpg" alt="" width="800" height="400" />
Just next door to the above property is a sign for a new home to be built on this 13,500 square foot lot. It recently sold for $130,000 and was purchased by a local builder hoping to build a home for the next owner. It is currently on the market for $997,000.
<img src="https://dwellingwell-realestatewebmas.netdna-ssl.com/r/4.3.6221/images/0608160747a_1000.jpg" alt="" width="800" height="400" />
Just around the corner from the above two lots is the property below on Colorado street. The home below sits on a 16,663 lush, corner lot. The structure is scheduled to be removed and replaced with a brand new home.
<img src="https://dwellingwell-realestatewebmas.netdna-ssl.com/r/4.3.6221/images/0404161638a_1000.jpg" alt="Ringling Park Home" width="800" height="400" />
Thinking of Building? This Might Work.
If the idea of building a home near downtown intrigues you then you will need a lot. This foreclosure at <a href="https://www.sarasotafloridarealestate.com/idx/435-pelican-drive-sarasota-fl-34237/11328644_spid/" style="line-height: 1.42857;">435 Pelican Drive, Sarasota</a> might be a good opportunity. Look how close it is to the city. The lot is 8,700+ square feet and is priced at $145,000.
<img src="https://assets.site-static.com/userfiles/547/image/ringlingpark2.png" width="387" height="238" />
Give us a call at 941.822.0708 if we can help you.
<img src="https://assets.site-static.com/userfiles/547/image/marc_signature.jpg_141.png" width="141" height="95" />
Marc Rasmussen
Broker/Owner of DWELL Real Estate
2016-06-18T04:44:00-07:002016-06-18T05:18:16-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:1327Most Walkable Downtown Sarasota CondosDo you love walking to shopping, dining and entertainment? We get many inquiries from people seeking a walkable neighborhood in Sarasota. There are only a handful of neighborhoods in Sarasota where cars are not needed on a daily basis and you can walk to your basic needs and wants. Below are the most walkable areas in Sarasota.
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/">Downtown Sarasota</a>
<a href="https://www.sarasotafloridarealestate.com/lido-key/">St. Armands Circle</a>
<a href="https://www.sarasotafloridarealestate.com/siesta-key/">Siesta Key Village</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/southside-village-west-of-trail-sarasota/">Southside Village</a>
Walkable Condos in Sarasota
Below are some of the most walkable condos in downtown Sarasota. These condos allow residents to walk out your front door and have shopping, restaurants and other fun things to do within footsteps. They rank well according to <a href="https://www.walkscore.com/">Walkscore.com</a>.
100 Central
<img src="https://assets.site-static.com/userfiles/547/image/100_Central/100-Central_25.jpg" width="600" height="400" alt="100 Central condos Sarasota" title="100 Central condos Sarasota" style="border: 1px solid black;" />
100 Central is the perfect building to call home. This condo building was constructed in 2005, and it features 95 residences. Each resident has their own private parking spaces, valet, a concierge, and use of the meeting and fitness rooms. The pool is large and perfect for entertaining your out-of-town guests. <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/100-central/">View all condos for sale in 100 Central</a>.
1350 Main
<img src="https://assets.site-static.com/userfiles/547/image/1350_Main/1350-101.jpg" width="600" height="400" alt="1350 Main condos Sarasota" title="1350 Main condos Sarasota" style="border: 1px solid black;" />
This is one of the most desirable residences in all of Sarasota. This high-rise building offers condos with tray ceilings, marble floors, granite kitchens and baths, and 24-hour security. A private concierge can make life easy. The heated pool makes life enjoyable. The fitness center, business center, and spa mean you can relax as soon as you're finished working. Built in 2007, there are 138 units. Each is walking distance from downtown Sarasota and the bay views are to die for. <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/1350-main/">View all condos for sale in 1350 Main</a>.
Bay Plaza
<img src="https://assets.site-static.com/userfiles/547/image/Bay_Plaza/DSCN0022.jpg" width="600" height="400" alt="Bay Plaza condos Sarasota" title="Bay Plaza condos Sarasota" />
Built in 1982, this lovely old building has managed to maintain its unobstructed views of the Sarasota Bay and marina. This means you won’t have any trouble keeping your eye on your boat when it’s docked. If you’re going to live the Sarasota lifestyle, you will need a boat and a convertible. <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/bay-plaza/">View all condos for sale in Bay Plaza</a>.
Demarcay
<img src="https://assets.site-static.com/userfiles/547/image/demarcaycondossarasota.jpg" width="600" height="848" alt="Demarcay condos Sarasota" title="Demarcay condos Sarasota" style="border: 1px solid black;" />
The Demarcay is not built yet. Construction is scheduled to start in the middle to late 2016. It is located just south of 1350 Main so only the higher floors will have water views over the Gulfstream Towers condos. <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/demarcay/">View all condos for sale in Demarcay</a>.
Gulfstream Towers
<img src="https://assets.site-static.com/userfiles/547/image/Gulfstream_Towers/Gulfstream_Towers.jpg" width="600" height="400" alt="Gulfstream Towers condos Sarasota" title="Gulfstream Towers condos Sarasota" />
The high-rise building has 10 levels and is located near the heart of downtown. Units on the higher floors have wonderful views of the Sarasota bay and Marina Jacks. This is going to be one of the more affordable downtown walkable condo. <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/gulfstream-towers/">View all condos for sale in Gulfstream Towers</a>.
Kanaya
<img src="https://assets.site-static.com/userfiles/547/image/Kanaya/PIX_5831_Pix360.jpg" width="600" height="400" alt="Kanaya condos Sarasota" title="Kanaya condos Sarasota" />
Those searching for fine condominium buildings in Sarasota, Florida may be captivated by Kanaya, a development that was constructed back in 2006. Kanaya has 35 residential units available. Although this 505 South Orange Avenue building is so close to downtown Sarasota<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/"></a>, it still manages to retain its secluded and tranquil appeal. <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/kanaya/">View all condos for sale in Kanaya</a>.
Library Mews
<img src="https://assets.site-static.com/userfiles/547/image/librarymewscondossarasota.png" width="600" height="400" alt="Library Mews condos Sarasota" title="Library Mews condos Sarasota" />
Library Mews is a hidden gem located in the heart of downtown Sarasota, steps from some of the trendiest, most fabulous restaurants, art galleries, theaters, and shopping in all of the area. Built in 2000 and featuring only 11 units, this is the hidden gem you’ve been looking for. Since there are only 11 units you typically will not find one for sale. <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/library-mews/">View all condos for sale in Library Mews</a>.
Marquee en Ville
<img src="https://assets.site-static.com/userfiles/547/image/marquee_en_ville/235-100.jpg" width="600" height="400" alt="Marquee en Ville condos Sarasota" title="Marquee en Ville condos Sarasota" />
Marquee en Ville is one of the few townhouse style condos you will find in downtown Sarasota. These units were built in 2006 and features 29 units. Each condo has access to the rooftop pavilion with its summer kitchen. Where else can you get a 2 car garage and over 2,000 square feet in the downtown area? <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/marquee-en-ville/">View all condos for sale in Marquee en Ville</a>.
Plaza at Five Points
<img src="https://assets.site-static.com/userfiles/547/image/Plaza_at_Five_Points/50-Central-Five-Points_8.jpg" width="600" height="400" alt="Plaza at Five Points condos Sarasota" title="Plaza at Five Points condos Sarasota" />
Plaza at Five Points is located right in the middle of downtown adjacent to Five Point Park. There are a myriad of coffee shops, restaurants and shopping within a short walk. Consisting of 16 stories of luxury, the Plaza offers upscale residences averaging 2,000 square feet or penthouse suites of 4,500 square feet. <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/plaza-at-five-points/">View all condos for sale in Plaza at Five Points</a>.
Rivo on Ringling
<img src="https://assets.site-static.com/userfiles/547/image/Rivo_on_Ringling/Rivo_34.jpg" width="600" height="400" alt="Rivo on Ringling condos Sarasota" title="Rivo on Ringling condos Sarasota" />
Rivo on Ringling is one of the premiere condos in Sarasota. This luxury high-rise is situated in the middle of downtown. Built in 2006, this building has 92 two-bedroom and three-bedroom units starting at more than 1,500 square feet. Rivo on Ringling also has 14 penthouse condos with more than 3,000 square feet of living space. <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/rivo-on-ringling/">View all condos for sale in Rivo on Ringling</a>.
The Q
<img src="https://assets.site-static.com/userfiles/547/image/TheQ.jpg" width="600" height="400" alt="The Q condos Sarasota" title="The Q condos Sarasota" />
The Q is one of the newest additions to downtown Sarasota condo scene. Located on Ringling avenue it is only one block from Main Street. The ultimate in convenience and design, The Q is a unique living experience only minutes away from some of the best shopping, dining, and recreation options in Sarasota. <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/the-q/">View all condos for sale in The Q</a>.
We work, love and play in downtown Sarasota. Let us know if we can help you live here.
<img src="https://assets.site-static.com/userfiles/547/image/marc_signature.jpg_141.png" width="141" height="95" />2016-06-01T05:32:00-07:002016-06-01T08:29:28-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:1321Want a Home in Downtown Sarasota? <br /><img src="https://assets.site-static.com/userfiles/547/image/laurelparkhome.jpg" width="400" height="250" alt="Laurel Park homes Sarasota" title="Laurel Park homes Sarasota" style="float: right; border: 1px solid black; margin: 5px;" />Spending the day relaxing under the palms while the breezes blow softly across the way seems impossible, but not for those who choose to make sunny <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/laurel-park/">Laurel Park</a> their home. Living in the Laurel Park community provides tons of convenient access to local restaurants, festive events, and plenty of diverse entertainment. The neighborhood is a diverse area that is full of places to peruse with some time off from work. The area is listed on the National Register of Historic places because of the older buildings, but there are many new homes and more recent construction in the area as well. Homes in the community are just as diverse as the residents with a mix of beach homes, duplexes, single family homes, cottages, and more to enjoy. Residents often pay between a quarter of a million to more than a million dollars for their home or condo depending on the style and exact location they choose. <br /><br />Whether spending time with a loved one and a bit of fresh seafood is just the thing, or a day out shopping with the girls is a better idea, Laurel Park residents can do it all. Boating, cycling, beach volleyball, surfing, sailing, fishing, and swimming are just a few of the things that people living in the community enjoy doing in their spare time. Residents can grab a cup of coffee at a nearby cafe while catching up with an old friend. A picnic at Island Park is always a fun activity and gives people the chance to enjoy the sunshine and fresh air when they are not at the beach. There are several museums nearby for people who are interested in the fine arts and the local culture. For a bit of downtime, some relaxation at one of the local resorts or spas is an excellent way to unwind and get rid of the stresses of work and everyday life. <br /><br />Living in Laurel Park has many benefits including access to historic architecture that lends itself to beautiful photo opportunities. Access to the <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/">Downtown Sarasota</a> area is one of the best benefits of living in the area. Locals can easily walk to any of dozens of restaurants, shops, and entertainment venues. There are also several grocery stores for the daily necessities. Convenient access to State Routes 41 and 301 make it easy to travel to the keys or outside of the city if necessary.<br />2016-05-19T11:59:00-07:002016-05-19T12:00:56-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:1314Will You Make Money Buying Pre-Construction Condos?<img src="https://assets.site-static.com/userfiles/547/image/thevueconstruction_454.jpg" width="363" height="454" alt="Pre-construction condos in Sarasota" title="Pre-construction condos in Sarasota" style="border: 1px solid black; float: right; margin: 10px;" />Have you ever thought about buying a pre-construction condo for investment purposes? This is a game many people want to play and it is usually only played by the wealthy because of the high prices that new <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/">downtown Sarasota condos</a> typically sell for.
There can be a mad rush to buy when a new condo building is released. Early buyers will typically buy at lower price levels because the developer will eventually raise prices as more and more condos are sold. Do these investors make any money doing this?
Below you will find a variety of condo buildings in downtown Sarasota. I pulled sales data from when the units were purchased and then sold. It typically takes 24 months to build a condo. The purchase date is when they closed on the property. In most cases the units were sold well before the closing date. For example, unit 1101 in the <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/ritz-carlton-residences/">Ritz Carlton</a> was closed in November 2001 for $1,260,000 but the price was established up to 2 years prior to that when they released the units (pre-construction).
Gain and loss figures do not include Realtor fees as well as the ongoing carrying costs of a condo - association fees, contents insurance, maintenance and property taxes. The figures are purely just sales price.
Ritz Carlton Residences
Purchased
Purchase Price
Sold
Sold Price
Hold Time
Gain/Loss
1111 Ritz Carlton Dr #1101
11/2001
$1,260,000
5/2015
$1,350,000
13.5 years
+$90,000
35 Watergate Dr #1504
12/2003
$1,424,700
7/2004
$1,840,000
7 months
+$415,300
35 Watergate Dr #801
7/2004
$2,000,000
1/2006
$2,175,000
18 months
+$175,000
35 Watergate Dr #905
6/2003
$2,100,000
6/2005
$1,680,000
2 years
-$420,000
1111 Ritz Carlton Dr #1105
11/2001
$990,000
12/2004
$1,264,000
3 years
+$274,000
It is interesting see that a unit sold in 2001 sold for only $90,000 more 13.5 years later. For the most part it seems like the original purchasers in the <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/ritz-carlton-residences/">Ritz Carlton</a> condo towers made money.
La Bellasara
Purchased
Purchase Price
Sold
Sold Price
Hold Time
Gain/Loss
464 Golden Gate Pt #401
5/2006
$1,750,000
7/2007
$2,250,000
14 months
+$500,000
464 Golden Gate Pt #604
5/2006
$2,200,000
10/2008
$2,250,000
2.5 years
+$50,000
464 Golden Gate Pt #601
5/2006
$1,875,000
11/2010
$2,275,000
4.5 years
+$400,000
464 Golden Gate Pt #504
4/2006
$2,200,000
5/2013
$2,100,000
7 years
-$100,000
There was some good money made in the <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/la-bellasara/">La Bellasara</a> condo building on Golden Gate Point. Interesting to see that the owner who held it the longest at 7 years ended up losing money whereas the others sold their units for more.
Beau Ciel
Purchased
Purchase Price
Sold
Sold Price
Hold Time
Gain/Loss
990 Blvd Of The Arts #803
10/2003
$870,500
8/2004
$975,000
10 months
+$104,500
990 Blvd Of The Arts #403
10/2003
$712,500
1/2005
$925,000
15 months
+$212,500
990 Blvd Of The Arts #702
10/2003
$782,000
2/2005
$1,000,000
16 months
+$218,000
The three <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/beau-ciel/">Beau Ciel </a>buyers above did well on their condos with a short hold time. If they closed in 2003 that means they probably established their sales price in 2001 and then sold the units near the top of the market in 2005. Timing can be everything.
Alinari
Purchased
Purchase Price
Sold
Sold Price
Hold Time
Gain/Loss
800 N Tamiami Trl #912
2/2007
$445,500
7/2007
$395,000
5 months
-$50,500
800 N Tamiami Trl #1011
1/2007
$709,000
10/2015
$515,000
8.5 years
-$194,000
800 N Tamiami Trl #415
1/2007
$599,000
8/2014
$410,000
7.5 years
-$189,000
800 N Tamiami Trl #1103
1/2007
$530,000
4/2009
$410,000
2.25 years
-$120,000
800 N Tamiami Trl #508
1/2007
$509,000
12/2008
$399,000
2 years
-$110,000
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/alinari/">Alinari</a> buyers didn't do as well. In the above five sales they closed in 2007 when the building was finished. They established their sales price somewhere in 2005 which was the top of the <a href="https://www.sarasotafloridarealestate.com/">Sarasota Florida real estate</a> market in terms of prices. So, they paid at the top and then sold in a tougher real estate market. Ultimately, all five of the above buyers lost money.
Rivo on Ringling
Purchased
Purchase Price
Sold
Sold Price
Hold Time
Gain/Loss
1771 Ringling Blvd #801
11/2006
$488,400
3/2007
$565,000
5 months
+$76,600
1771 Ringling Blvd #608
11/2006
$400,200
5/2007
$405,000
6 months
+$4,800
1771 Ringling Blvd #PH205
11/2006
$1,000,700
6/2007
$900,000
7 months
-$100,700
The <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/rivo-on-ringling/">Rivo on Ringling</a> owners were mixed. One of them made money but the other two lost money when you factor in carrying costs and Realtor fees.
Kanaya
Purchased
Purchase Price
Sold
Sold Price
Hold Time
Gain/Loss
505 S Orange Ave #402
2/2007
$600,000
11/2012
$655,000
5.75 years
+$55,000
505 S Orange Ave #503
4/2007
$795,000
2/2013
$720,000
6 years
-$75,000
505 S Orange Ave #403
3/2007
$716,500
9/2010
$322,000
3.5 years
-$394,500
<a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/kanaya/">Kanaya</a> buyers were in the same boat. When you factor in carrying costs and Realtor fees it looks like two of them lost money and the other was close to break even. If they purchased in 2007 the prices were most likely established in 2005 when property prices were inflated.
Observations and Take Aways
You can make money buying condos before they are built.
You can lose money buying condos before they are built.
What seems to be the most important factor in whether you make or lose money is the timing. Are you buying in a good or bad market? Are you selling in a good or bad market?
<img src="https://assets.site-static.com/userfiles/547/image/cycle_of_market-emotions2.jpg" width="483" height="460" style="display: block; margin-left: auto; margin-right: auto;" />
The people who lost money bought near the Point of Maximum Financial Risk (2005/2006) and sold later when prices were falling.
The people who made money most likely bought in the Optimism/Excitement phase in the wave displayed above and sold in the Euphoria zone.
If your Realtor tells you that you will always make money buying a pre-construction condo they are wrong.
The best reason to buy pre-construction is because you like the community, want to live there and making money is secondary.
<img src="https://assets.site-static.com/userfiles/547/image/marc_signature.jpg_141.png" width="100" height="60" />
2016-05-11T11:32:00-07:002016-05-11T14:51:28-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:1282Downtown Sarasota Luxury Condo Glut?<img src="https://assets.site-static.com/userfiles/547/image/Downtown/downtown_sarasota_real_estate.JPG" width="360" height="197" alt="Downtown Sarasota Luxury Condos Glut?" title="Downtown Sarasota Luxury Condos Glut?" style="border: 1px solid black; float: right;" />
There was an article in the Sarasota Herald Tribune recently (<a href="http://www.heraldtribune.com/article/20160415/article/160419731">read it here</a>) about a new 18 story luxury condo tower will be built next to the Ritz Carlton in downtown Sarasota. The new project will be called The Grande. For those Realtors selling in the mid 2000's, The Grande was a condo project planned to built where <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/the-vue-sarasota-bay/">The Vue</a> is now sitting. The project was scrapped when the <a href="https://www.sarasotafloridarealestate.com/" style="line-height: 1.42857;">Sarasota real estate</a> market popped.
The Kolter Group plans on building 86 residences that will offer services managed by the Ritz-Carlton. Prices for 3 and 4 bedroom units will run from $2,000,000 to $5,000,000. The new tower will be built east of the hotel over the support facilities.
Is there a <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/">downtown Sarasota</a> luxury condo glut on the way?
How Many $2,000,000+ Condos Have Sold in Downtown Sarasota?
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
Total
Downtown Condos $2m+
5
15
9
5
9
8
5
2
16
12
16
17
9
0
100
So, in 14 years there were 100 sales of condos in the downtown Sarasota area with a price tag of $2,000,000 or more.
How Many $2,000,000+ Condos Failed to Sale in Downtown Sarasota?
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
Total
Downtown Condos $2m+
10
14
17
11
16
14
28
22
26
47
48
78
56
26
413<br />
It is important to note that the above numbers represent listings. A condo could have been listed then expired, relisted and then expired. That would count as two listings. But it was only one condo.
As you can see, over the last 14 years far more condos have failed to sell in downtown Sarasota than those that have sold.
How Many Luxury Downtown Condos Are Currently For Sale?
29
Currently, there are 29 condos for sale in the downtown area that have an asking price of $2,000,000 or more. They are found in these buildings - <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/allure/">Allure</a>, <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/aqua/">Aqua</a>, <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/demarcay/">Demarcay</a>, Echelon on Palm, <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/la-bellasara/">La Bellasara</a>, <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/marina-tower/">Marina Tower</a>, <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/one88/">One88</a>, <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/plaza-at-five-points/">Plaza at Five Points</a>, Sansara, <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/grande-riveria/">Grande Riviera</a>, <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/ritz-carlton-residences/">Ritz Carlton</a> and <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/the-vue-sarasota-bay/">The Vue</a>.
If you average the sales of 2013-2015 about 10 <a href="https://www.sarasotafloridarealestate.com/lifestyles/luxury-properties/">luxury</a> condos sell a year.
What will happen when 86 new condos are added to the inventory?
<img src="https://assets.site-static.com/userfiles/547/image/marc_signature.jpg_141.png" width="100" height="67" alt="Marc Rasmussen signature" title="Marc Rasmussen signature" />2016-04-20T09:22:00-07:002016-04-22T06:34:41-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:1275Lakewood Ranch Inventory ExplosionAre you considering a purchase or sale in <a href="https://www.sarasotafloridarealestate.com/lakewood-ranch/">Lakewood Ranch</a>? The charts below may assist in your decision.
5 Years of Lakewood Ranch Activity
<img src="https://assets.site-static.com/userfiles/547/image/Trendgraphix/TGChartImage_8a.jpg" width="900" height="750" alt="5 Years of Home Sales in Lakewood Ranch" title="5 Years of Home Sales in Lakewood Ranch" style="border: 1px solid black;" />
If you remember back in economics class prices are primarily dictated by supply and demand. Obviously, with an increase in the number of <a href="https://www.sarasotafloridarealestate.com/lakewood-ranch/">homes for sale in Lakewood Ranch</a> there will be downward pressure on price. That does not mean prices will decline. If demand stays strong prices could stay the same or continue to rise.
Recent Sales Activity in Lakewood Ranch
Below is a chart of sold, pended sales and active listings for the last 18 months in Lakewood Ranch.
<img src="https://assets.site-static.com/userfiles/547/image/Trendgraphix/TGChartImage_32.png" width="900" height="750" alt="Homes sales Lakewood Ranch" title="Homes sales Lakewood Ranch" />
Months of Inventory in Lakewood Ranch
In the last three months Lakewood Ranch's months of inventory rose and is hovering between 6 and 8 months. Prior to January inventory was hovering around 4 months. That is a pretty substantial increase. This is something to definitely keep in mind if you are currently trying to sell your home.
<img src="https://assets.site-static.com/userfiles/547/image/Trendgraphix/TGChartImage_33.png" width="900" height="750" alt="Months of Home Inventory in Lakewood Ranch" title="Months of Home Inventory in Lakewood Ranch" />
What Should Sellers Do?
If your <a href="https://www.sarasotafloridarealestate.com/lakewood-ranch/">Lakewood Ranch home</a> is currently listed then you should reassess your position in the market. Here are some questions to ask yourself and agent:
How is my house priced compared to relevant competition?
How is my house priced compared to recently sold relevant properties?
Has my house been on the market a long time?
Am I still getting showings?
What is the feedback from people who viewed my home?
Do I really want to sell?
What Should Buyers do?
Are you looking to purchase <a href="https://www.sarasotafloridarealestate.com/lakewood-ranch/">property in Lakewood Ranch</a>? Here are a few things you want to consider:
As a buyer, you don't have all of the leverage in the negotiations. But, you have more than you did 4 months ago.
The market is still good. 124 properties went under contract last month.
Sellers generally like to ignore signs that the market has slowed down. This can lead to a tough negotiation.
If you can't find common ground with a seller in terms of price then consider looking at other homes.
Lakewood Ranch Opportunities
<a href="https://www.sarasotafloridarealestate.com/idx/7230-ashland-glen-lakewood-ranch-fl-34202/11225261_spid/?searchid=85420&detoffset=1&sortby=m.Price%20DESC&recs=12&src=5">7230 Ashland Circle | 3 bedrooms | 4 bathrooms </a><a href="https://www.sarasotafloridarealestate.com/idx/7230-ashland-glen-lakewood-ranch-fl-34202/11225261_spid/?searchid=85420&detoffset=1&sortby=m.Price%20DESC&recs=12&src=5">| 4,149 sq. ft. </a>
<a href="https://www.sarasotafloridarealestate.com/idx/14438-sundial-place-lakewood-ranch-fl-34202/11198270_spid/?searchid=85420&detoffset=2&sortby=m.Price%20DESC&recs=12&src=5">14438 Sundial Place | 4 bedrooms | 4 bathrooms | 3,253 sq. ft. </a>
<a href="https://www.sarasotafloridarealestate.com/idx/15103-sundial-place-lakewood-ranch-fl-34202/11056593_spid/?searchid=85420&detoffset=3&sortby=m.Price%20DESC&recs=12&src=5">15103 Sundial Place | 4 bedrooms | 3 bathrooms | 2,578 sq. ft.</a>
<a href="https://www.sarasotafloridarealestate.com/idx/6304-blackberry-lane-lakewood-ranch-fl-34202/11222424_spid/?searchid=85420&detoffset=8&sortby=m.Price%20DESC&recs=12&src=5">6304 Blackberry Lane | 2 bedrooms | 2 bathrooms | 1,240 sq. ft.</a>
<a href="https://www.sarasotafloridarealestate.com/lakewood-ranch/foreclosures/" style="line-height: 1.42857;">More opportunities</a>
Give us a call at 941.822.0708 if we can assist you with Lakewood Ranch real estate.2016-04-07T03:09:00-07:002016-04-12T11:04:21-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:1272Sarasota Attractions<img src="https://assets.site-static.com/userfiles/547/image/jewelsarasota.jpg" width="300" height="200" alt="Sarasota attractions" title="Sarasota attractions" style="border: 1px solid black; float: right; margin: 5px;" />Sarasota County booms with arts and culture and is celebrated as Florida’s “Cultural Coast” and renders endless opportunity to amplify and support community development through the performing arts. No wonder that Sarasota is ranked No.3 as one of the 100 Best Art Towns in America.
The dynamic cultural scene distinguishes Sarasota as a refined hub for business and tourism. It is undisputable that arts, culture and humanities can be inspiring in the development of any successful community.
Below are some of the fun activities you can enjoy in Sarasota, Florida.
Circus Museum
The Circus Museum that was founded in 1948 commemorates the affluent history of the American family circus and its rapport with Sarasota. Visitors can experience a narrated circus and all its brilliance in sequined costumes, baggage wagons, colossal parades and side show banner lines. John Ringling as the Circus King is epitomized in relics and memorabilia in the museum that harks back to the greatest circus movie ever, The Greatest Show on Earth that was filmed in Sarasota.
The private rail car of Mable and John Ringling, The Wisconsin that was built in 1905 during the golden age of the rail is on display in the museum. The Wisconsin gives visitors a matchless insight into the journeys of John and Mable around the country on business and with the circus.
A major attraction in the museum is the Tibbals Learning Center with a myriad of posters that were used to broadcast that the circus was coming to town. The key attribute in the museum is The Howard Bros. Circus Model, the world’s largest miniature circus created by the master model builder and philanthropist, Howard Tibbals; a task that took him 50 years to finish to perfection. Not only does The Tibbals display commemorates to celebrate former circus performers but also affords visitors of all ages the thrill of sensing the center ring.
<a href="https://www.ringling.org/circus-museum">Circus Museum website</a>
<br />Sarasota Classic Car Museum
<img src="https://assets.site-static.com/userfiles/547/image/sarasotaclassiccar.jpg" width="220" height="115" alt="Sarasota classic car museum" title="Sarasota classic car museum" style="border: 1px solid black; margin: 5px; float: right;" />One of the best attraction values in Sarasota is the Sarasota Classic Car Museum distinguished as the second oldest operating antique car museum in the country. This is the mecca of man’s automotive genius with rotating exhibits of antique, classic and European automobile collections throughout the Museum. Alfa Romeo, Bentley, Cadillac, DeLorean, Edsel and Ferrari features as some of the foremost automobile manufacturers with their craftsmanship on display in the museum. Visitors have the privilege to admire collectors items such as a dragster belonging to Don Garlits, Paul McCartney’s adored Mini Cooper and John Lennon’s 1965 Mercedes Benz.
<a href="http://www.sarasotacarmuseum.org/">Sarasota Classic Car Museum website</a>
Crowley Museum
The museum is a 190 acre wildlife sanctuary which introduces visitors to the old Myakka area and the notable Crowley family. It serves as an educational facility and promotes environmental awareness with 5 native Florida habitats. Pioneer history buildings from the 18th century and a museum with historic objects on exhibition are some of the focal attractions. Very popular is the restored Tatum House, the pioneer cabin, the blacksmith shop and the working sugar cane mill.
941-322-1000
<a href="http://www.cmncfl.org/">Crowley Museum and Nature Center website</a>
Florida Railroad Museum
<img src="https://assets.site-static.com/userfiles/547/image/florida_railroad_museum.jpg" width="300" height="199" alt="Florida railroad museum" title="Florida railroad museum" style="border: 1px solid black; margin: 5px; float: right;" />The Florida Railroad Museum has achieved their goal and that is to let visitors “Ride The Exhibits” by the keeping of distinctive examples of railroad rolling stock which served Florida and its railroads in the 1940’s and 50’s. Visitors can take pleasure in real live operations of trains, collected locomotives and cars at the museum. Themed train rides are scheduled throughout the year and the caboose is available for chartering for large corporate events or smaller parties. Operations take place from the train station in Parrish where artifacts, memorabilia and exhibits of historic value are on display.
877-869-0800
<a href="http://www.fgcrrm.org/">Florida Railroad Museum website</a>
Historic Spanish Point
Discover a fascinating 30-acre historical, archaeological and environmental museum. Experience prehistory by stepping inside “A Window to the Past,” an archaeology exhibition about the gulf coast region’s earliest people.
941-966-5214
<a href="http://www.historicspanishpoint.org/">Historic Spanish Point website</a>
John and Mable Ringling Museum
<img src="https://assets.site-static.com/userfiles/547/image/ringling_musuem.jpg" width="300" height="169" alt="Ringling Museum" title="Ringling Museum" style="border: 1px solid black; margin: 5px; float: right;" />On the vanguard of cultural development was John Ringling, the prominent circus magnate who spent many of his winters in Sarasota and who established art and culture in this area when he built the John and Mable Ringling Museum to exhibit a personal collection of masterpieces. The museum was lodged on a former estate on the shore of Sarasota Bay owned by John. Today the museum attributes sculptures and paintings by the great Old Masters showing off Gainsborough, El Greco, Veronese, Tintoretto, Titian, Veláquez, Van Dyck and Rubens. It is a bastion of treasures with Asian, American and European works of genius.
It was in 1925 when John involved architect John H. Phillips to design the museum. Construction of the museum was hurdled by the collapse of Florida’s land boom and Wall Street Stock Market crash around 1927. The passing away of John’s beloved wife, Mable and the financial hardship however did not impede John’s dream and he borrowed money to complete the museum to prolong the memory of his darling Mable.
“The John and Mable Ringling Museum of Art” was officially opened to the public in October of 1931. Mable and John found delight in sharing and cultivating their interest in travel, art and culture; especially there love of things Italian. Today Sarasota can be fortunate that the couple chose to build here two monuments to their fascination and interest; The John and Mable Ringling Museum of Art and the couple’s first project, The Cá d’Zan (“House of John”), their splendid Venetian Gothic mansion.
The Courtyard of the Museum of Art is awe-inspiring with casts of original renaissance sculptures and antiquities. The soaring David by Michelangelo stands out as a testimony. Two imposing fountains, The Fountain of Tortoises and The Oceanus Fountain salute visitors. A combined collection gift, building and donation n 2006 from the prominent Asian art collector, Dr. Helga Wall-Apelt boasts the Asian art initiative of the Ringling Museum and acknowledges the museum as a key venue in Florida for the study of Asian Art. The Ulla R. and Arthur F. Searing Wing opened in 2007 and contribute special exhibitions and expansive exhibit space for major traveling shows.
In 2011 Ringling’s Museum was boosted by a $2,9 million Skyspace, the largest one of only two Skyscape installations on the East Coast of the United States. In December 2011 Selby’s Courtyard was crested with a concrete and steel canopy to frame a 24 ft. by 24 ft. aperture to the sky. Artist James Turrell and his team was the master architects behind this spectacular Skyspace creation. 56 Viewers at a time can view from tilted benches beyond the large oculus and marvel at the changing Florida skies. The structure’s lighting system with a uniquely fused chain of colored LED lights is supported by a central colonnade. The words of Matthew McLendon, curator of Ringling’s modern and contemporary art describes it all: “It’s a space that distills and concentrates experience”.
941-359-5700
<a href="http://www.ringling.org/">John and Mable Ringling Museum website</a>
Selby Gardens
The Marie Selby Botanical Gardens is a not-for-profit institution fostering understanding and appreciation of tropical plants through programs of research, conservation, education and display. It is perhaps best known for its living collection of more than 6,000 orchids. The 9.5-acre bayfront property is an open-air and under-glass museum of more than 20,000 colorful plants.
941-366-5731
<a href="http://selby.org/">Selby Gardens</a>
Mote Marine
Mote Marine specializes in marine life research, education, aquaculture and marine mammal and sea turtle rescue and rehabilitation. It also has an aquarium, displaying mostly native Floridian marine life from a variety of environments. My kids really love Mote Marine, especially the sharks.
941-388-4441
<a href="http://www.mote.org/">Mote Marine Laboratory website</a>
Myakka River State Park
<img src="https://assets.site-static.com/userfiles/547/image/myakkariverstatepark.jpg" width="300" height="143" alt="Myakka River State Park" title="Myakka River State Park" style="border: 1px solid black; margin: 5px; float: right;" />One of the oldest and largest state parks, Myakka protects one of the state´s most diverse natural areas. The Myakka River, designated as a Florida Wild and Scenic River, flows through 58 square miles of wetlands, prairies, hammocks, and pinelands. Visitors can enjoy wildlife viewing from a boardwalk that stretches out over the Upper Myakka Lake, then take to the treetops with a stroll along the canopy walkway.
<a href="http://www.floridastateparks.org/myakkariver/">Myakka River State Park website</a>
Powel Crosley Estate
Powel Crosley Estate appears on the National Register of Historic Places and was built in 1929 for Powel Crosley’s wife, Gwendolyn. This elaborate mansion features a circular tower and an adjacent carriage house in a Mediterranean revival-style structure that sits on 16 acres on Sarasota Bay. With 21 rooms and 10 baths the estate encompasses modern amenities for the comfortable hosting of meetings, weddings and diverse social events.
Powell Crosley is notorious for his innovation and transforming skills in the industrial world and was responsible for many inventions such as the first automobile, push-button and most powerful radio station, the Shelvador refrigerator, 35mm cameras, the first 4-wheel disc brakes and the first mass produced small economy car.
<a href="http://www.bradentongulfislands.com/crosley-estate/">Powel Crosley Estate website</a>
Sarasota Jungle Gardens
Sarasota Jungle Gardens features 10 acres of lush tropical vegetation, winding jungle trails and entertaining, educational bird and reptile shows twice daily. It is one of the oldest continuously operating attractions in the State of Florida. Open to the public in December of 1940, the “Gardens” has retained its old Florida charm and very little has changed over the past sixty-eight years.
<a href="http://www.sarasotajunglegardens.com/">Sarasota Jungle Gardens website</a>
Beaches
<img src="https://assets.site-static.com/userfiles/547/image/Players-Club_2011_17.jpg" width="300" height="199" alt="Sarasota beaches" title="Sarasota beaches" style="border: 1px solid black; margin: 5px; float: right;" />Siesta Key is the most popular beach in Sarasota, Florida. It is consistently rated as one of the prettiest beaches in the world. The sand is quartz and has a powdery texture that feels nice and cool under your feet. On its busiest weekends you'll find more than 15,000 people there. Amenities include a concession stand, restrooms, volleyball nets, tennis courts and year-round lifeguards. Pine trees shade an area for picnicking, with grills for cooking out and a playground for the children. This sparkling white beach is also within walking distance to Siesta Village, a shopping and dining mecca with an island flair.
The beaches in Sarasota, Florida attract people from all over the world. Sarasota and Manatee counties offer roughly 35 miles of beach. Some of the beaches include Anna Maria Bayfront Park, Siesta Key, Lido Key, Longboat Key, Cortez, Coquina, Casperson, Manasota, Venice and Nokomis.
South Florida Science Museum
The South Florida Science Museum is the biggest cultural and natural history museum on the Gulf Coast of Florida. The museum construes the era from the Pleistocene to the present and visitors can relive this era with exhibits of life-sized casts of Ice Age mammals and fossils. The museum is also house to the popular Bishop Planetarium that presents daily shows on a diverse range of scientific topics. Laser concerts are one of the popular rendezvous in the planetarium. The planetarium boasts one of the most sophisticated projection systems in the world which introduces visitors to a remarkable astronomy education and engaging voyages to the far ends of the universe. The Parker Manatee Aquarium in the facility is a favorite attraction and is home to Snooty, the manatee, the very famed resident of Manatee County. The aquarium works closely with US Fish and Wildlife and critical care hospitals to offer rehabilitation and treatment for manatees before they are released back into the wild.
941-746-4131
<a href="http://www.southfloridamuseum.org/">South Florida Museum and Bishop Planetarium website</a>2016-04-05T04:06:00-07:002016-04-05T04:26:01-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:1270Rising Inventories - Market Shifting in Sarasota?Is this the end of a boom cycle in the real estate market? It is too early to tell but some believe so. Below I provided graphs of inventories levels in <a href="https://www.sarasotafloridarealestate.com/sarasota/sarasota-homes-for-sale/">Sarasota</a>, <a href="https://www.sarasotafloridarealestate.com/manatee-county/">Manatee</a>, <a href="https://www.sarasotafloridarealestate.com/longboat-key">Longboat Key</a>, <a href="https://www.sarasotafloridarealestate.com/siesta-key">Siesta Key</a>, <a href="https://www.sarasotafloridarealestate.com/lakewood-ranch/">Lakewood Ranch</a> and the <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota">downtown</a> area.
What We Don't Want
It is part of our job to monitor real estate market stats like inventory levels, sold properties and pending transactions. We just don't want to see this happen again:
<img src="https://assets.site-static.com/userfiles/547/image/Trendgraphix/TGChartImage_7.png" width="900" height="750" />
The above graph shows January 2004 to January 2006 inventories. They went from a low of 5,002 in September 2004 to 17,457 in January 2006. That is a 349% increase in inventories which ultimately caused the real estate bubble to burst.
Personally, I don't see this happening. There are several differences between these two markets. Many of the buyers today paid cash which creates a stronger market. Lending guidelines did tighten so most people who bought had to prove income and the ability to repay their loan. Prices escalated but not as quickly as they did from 2003 to 2005.
We will keep watching and reporting what we see. Stay tuned.
Sarasota & Manatee Counties Combined - Inventories up 6.3%
<img src="https://assets.site-static.com/userfiles/547/image/Trendgraphix/TGChartImage_6.png" width="900" height="750" />
Sarasota County - Inventories up 5.6%
<img src="https://assets.site-static.com/userfiles/547/image/Trendgraphix/TGChartImage.png" width="900" height="750" />
Manatee County - Inventories up 7.3%
<img src="https://assets.site-static.com/userfiles/547/image/Trendgraphix/TGChartImage_1.png" width="900" height="750" />
Longboat Key - Inventories up 2.4%
<img src="https://assets.site-static.com/userfiles/547/image/Trendgraphix/TGChartImage_3.png" width="900" height="750" />
Siesta Key - Inventories down 13.2%
<img src="https://assets.site-static.com/userfiles/547/image/Trendgraphix/TGChartImage_2.png" width="900" height="750" />
Lakewood Ranch - Inventories up 35.4%
<img src="https://assets.site-static.com/userfiles/547/image/Trendgraphix/TGChartImage_4.png" width="900" height="750" />
Downtown Sarasota, Bird Key & Lido Key - Inventories up 20.6%
<img src="https://assets.site-static.com/userfiles/547/image/Trendgraphix/TGChartImage_5.png" width="900" height="750" />
What do you think?
Is the market shifting? Post a comment below and let us know what you think.
<img src="https://assets.site-static.com/userfiles/547/image/marc_signature.jpg_141.png" width="141" height="95" />
2016-04-03T06:17:00-07:002016-04-03T14:36:51-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:1266Season Update - What is Happening in Sarasota?The post below is from our other blog at DwellingWell.com. You can read it here - <a href="https://www.dwellingwell.com/blog/jan-feb-2015-vs-jan-feb-2016-season-update.html">Season Update - How is the Sarasota Market?</a>
Last month we were one of the first brokerages to start talking about the slow down in the Sarasota real estate market. After I wrote the blog post I received phone calls from many area Realtors confirming the slow down. Some real estate professionals will only talk about a slow down behind closed doors but are afraid to discuss it publicly. The Sarasota Herald Tribune decided to write about it as well - <a href="http://www.heraldtribune.com/article/20160321/ARTICLE/160329940/2107/BUSINESS?Title=Southwest-Florida-home-sales-slow-prices-rise">Read here</a>. Here is my original post talking about how January 2016 had fewer home sales than January 2015 - <a href="https://www.dwellingwell.com/blog/january-2015-vs-2016-how-is-this-season-starting-off.html">January 2015 vs January 2016</a>.
Below you will find data showing sales stats comparing February 2015 to February 2016 as well as comparisons over a longer time period of both January + February of each year. If you want to skip all of the gritty details and just see the conclusions <a href="https://www.dwellingwell.com/blog/jan-feb-2015-vs-jan-feb-2016-season-update.html#conclusion">click here</a>.
Sarasota County
Below is a chart showing sold, pended and properties for sale in Sarasota county. Compared to February 2015, Sarasota county has 5.6% more homes and condos for sale, 7.8% fewer sales and roughly the same number of properties pended this year.
<img src="https://dwellingwell-realestatewebmas.netdna-ssl.com/r/4.3.6221/images/tgchartimage_29_1200_01.png" alt="" width="900" height="600" />
<img src="https://dwellingwell-realestatewebmas.netdna-ssl.com/r/4.3.6221/images/sarasotafebruary2016_665.jpg" alt="" width="665" height="141" />
One interesting statistic to point out is the average sold price difference from February of 2016 to the same period as last year. It went from $276,000 to $351,000. That is a 27% increase! Perhaps that is why inventories have increased. Sellers might be thinking this is a great time to cash out or downsize.
February 2015
February 2016
% Change
Months of Inventory (closed sales)
4.8
5.5
+14%
Average Sold Price
$276,000
$351,000
+27%
Median Sold Price
$190,000
$225,000
+18%
Days on Market
76
66
-13%
Jan/Feb 2015 vs. Jan/Feb 2016 - Sarasota County
It is wise to look at sales across a longer time period than just one month. I added sales and pended sales for January and February in both 2015 and 2016. The number of properties sold in Sarasota county decreased 5% and pended properties also decreased 7% this year when compared to the same two months last year.
Jan & Feb 2015
Jan & Feb 2016
% Change
Properties Sold
1,642
1,557
-5%
Properties Pended
2,439
2,269
-7%
Manatee County
<img src="https://dwellingwell-realestatewebmas.netdna-ssl.com/r/4.3.6221/images/tgchartimage_31_1200_01.png" alt="" width="900" height="600" />
<img src="https://dwellingwell-realestatewebmas.netdna-ssl.com/r/4.3.6221/images/manateefebruary_666_01.jpg" alt="" width="666" height="146" />
Just like Sarasota, Manatee county inventories increased and sales decreased. However, pended properties increased 16.6% while pended properties in Sarasota were down slightly. That is a good sign for future closings. Notice that the average and median sold prices didn't change much. Perhaps the large increase in pending sales was due to the small increase in home prices. The drop in pending sales in Sarasota county might be from the large increase in average sold price.
February 2015
February 2016
% Change
Months of Inventory (closed sales)
4.7
5.5
+16.9%
Average Sold Price
$267,000
$267,000
no change
Median Sold Price
$215,000
$220,000
+2%
Days on Market
80
65
- 18.7%
Jan/Feb 2015 vs. Jan/Feb 2016 - Manatee County
Combining the number of sold & pended properties for January and February shows that Manatee county had 5.6% fewer sales and a slight increase of 2% for pended properties.
Jan & Feb 2015
Jan & Feb 2016
% Change
Properties Sold
1,215
1,146
-5.6%
Properties Pended
1,620
1,658
+2%
Lido Key, Bird Key and Downtown Sarasota (34236) - February Comparison
February 2015
February 2016
% Change
Properties For Sale
309
373
+20.7%
Properties Sold
32
40
+25%
Properties Pended
53
41
-22.6%
Months of Inventory (closed sales)
9.7
9.3
-4.1%
Average Sold Price
$641,000
$1,028,000
+60%
Median Sold Price
$443,000
$675,000
+52%
Days on Market
133
52
-60%
The number of homes and condos in the 34236 zip code, which includes <a href="https://www.dwellingwell.com/downtown-sarasota-real-estate.php">downtown Sarasota</a>, <a href="https://www.dwellingwell.com/bird-key-real-estate.php">Bird Key</a> and <a href="https://www.dwellingwell.com/lido-key-real-estate.php">Lido Key</a>, increased by almost 21%. The number of properties sold increased by 25% but the number of pending sales decreased by almost 23%. The 60% increase in the average sold price was skewed by several closings in the new condos at <a href="https://www.dwellingwell.com/one88-sarasota.php">One88</a> and <a href="https://www.dwellingwell.com/park-residences-of-lido-key.php">Park Residences on Lido Key</a>.
Jan/Feb 2015 vs. Jan/Feb 2016 - Lido Key, Bird Key and Downtown Sarasota
Jan + Feb 2015
Jan + Feb 2016
% Change
Properties Sold
58
68
+17%
Properties Pended
97
89
-8%<br />
Longboat Key - February Comparison
February 2015
February 2016
% Change
Properties For Sale
368
377
+2.4%
Properties Sold
34
32
-5.9%
Properties Pended
51
62
+21.6%
Months of Inventory (closed sales)
10.8
11.8
+9.2%
Average Sold Price
$748,000
$1,199,000
+60%
Median Sold Price
$551,000
$525,000
-4.7%
Days on Market
112
137
+22.3%
The number of <a href="https://www.dwellingwell.com/longboat-key-real-estate.php">Longboat Key homes and condos</a> remained about the same when comparing February 2015 to 2016. The number of properties sold on the island decreased by about 6%, however the pending sales increased by 21.6%! Again, that bodes well for future closings.
Jan/Feb 2015 vs. Jan/Feb 2016 - Longboat Key
Jan + Feb 2015
Jan + Feb 2016
% Change
Properties Sold
72
64
-11%
Properties Pended
102
97
-4.9%<br />
Siesta Key - February Comparison
February 2015
February 2016
% Change
Properties For Sale
394
342
-13.2%
Properties Sold
24
27
+12.5%
Properties Pended
43
38
-11.6%
Months of Inventory (closed sales)
16.4
12.7
-22.5%
Average Sold Price
$681,000
$806,000
+18%
Median Sold Price
$580,000
$594,000
+2.4%
Days on Market
127
146
-15%
The number of <a href="https://www.dwellingwell.com/siesta-key-real-estate.php">Siesta Key homes and condos</a> for sale dropped over 13% when compared to the same time period last year. Sales increased nicely on the island while pending properties dropped over 11%.
Jan/Feb 2015 vs. Jan/Feb 2016 - Siesta Key
Jan + Feb 2015
Jan + Feb 2016
% Change
Properties Sold
60
64
+6%
Properties Pended
85
71
-16%<br />
Lakewood Ranch Area (34211 & 34202) - February Comparison
February 2015
February 2016
% Change
Properties For Sale
395
535
+35.4%
Properties Sold
70
64
-8.6%
Properties Pended
111
117
+5.4%
Months of Inventory (closed sales)
5.6
8.4
+20.7%
Average Sold Price
$458,000
$439,000
-4.1%
Median Sold Price
$400,000
$390,000
-2.5%
Days on Market
71
63
-11%
Jan/Feb 2015 vs. Jan/Feb 2016 - Lakewood Ranch
Jan + Feb 2015
Jan + Feb 2016
% Change
Properties Sold
143
124
-13.2%
Properties Pended
219
186
-15%
The number of <a href="https://www.dwellingwell.com/lakewood-ranch-real-estate.php">properties for sale in Lakewood Ranch</a> increased by a whopping 35.4%. Sold properties declined 8.6% and pended properties increased 5.4% from February 2015 to February 2016. Take a look at the Months of Inventory figures. It went from 5.6 months to 8.4% or a 20% increase. Sellers in Lakewood Ranch should take note of this.
<a name="conclusion"></a>
Conclusion
Pending Properties Comparison
Jan/Feb 2015
Jan/Feb 2016
% Change
Sarasota County
2,439
2,269
-7%
Manatee County
1,620
1,658
+2%
Lido Key, Bird Key & Downtown Sarasota
97
89
-8%
Longboat Key
102
97
-4.9%
Siesta Key
85
71
-16%
Lakewood Ranch
219
186
-15%
Pending properties are a sign of future closings. They are down in most areas of Sarasota.
People should not panic when homes sales slow down. It is ok for the market to take a breather.
Rampant appreciation of home prices can cause big problems. Remember 2003 to 2005?
Over anxious sellers with unrealistic asking prices should read this blog post twice. ;-)
<img src="https://dwellingwell-realestatewebmas.netdna-ssl.com/r/4.3.6221/images/marc_signature.jpg_141.png" alt="" width="141" height="95" />2016-03-28T11:05:00-07:002016-03-28T11:26:51-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:125932 Things to do in Sarasota<img src="https://assets.site-static.com/userfiles/547/image/DowntownSarasotaSmall.jpg" width="350" height="232" alt="John Ringling Bridge" title="John Ringling Bridge" style="border: 1px solid black; margin: 10px; float: right;" />#1 - Walk, Bike or Run the Ringling Bridge - Take a voyage over to the highest point in Sarasota, Florida - The John Ringling Causeway. Capture spectacular views of the Sarasota bay, downtown skyline, Longboat Key, Siesta Key, Lido Key and Bird Key. What a great way to get some exercise.
#2 - Charter a Boat - Charter a Boat in Sarasota and explore the bays and islands. The boats are often used for deep sea fishing excursions, snorkeling and scuba diving. Some people charter a boat simply to go sightseeing or sailing. Coastal Sarasota is a beautiful area to explore
#3 - Tour Ca d'Zan - Go see the winter residence of one of Sarasota's most influential residents - John and Mable Ringling. A self-guided tour of the first floor of this Venetian Gothic waterfront palace is included with a general admission ticket to the John and Ringling Museum of Art.
#4 - Shop in a Circle - No trip to Sarasota would be complete without a shopping trip to the world-renown St. Armands Circle. The area was dedicated to John Ringling and is stocked full of sophisticated restaurants, shops and nightclubs. Numerous exclusive boutiques are also in the area.
#5 - Go Back in Time - Take a spin down main street in downtown Sarasota and catch a glimpse of buildings from the 1920's and 30's like the Sarasota Opera House, Frances Carlton Apartments, Sarasota Times Building, Mira Mar building and <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota/orange-blossom-tower/">Orange Blossom Condos</a>.
#6 - DeSoto National Memorial - View the Manatee River through the eyes of its earliest residents. Go to the DeSoto National Memorial to learn more about the Native Americans and Spanish Explorers who claimed their land for Spain.
<img src="https://assets.site-static.com/userfiles/547/image/Anna_Maria_Island/Anna_Maria_Island.jpg" width="350" height="226" alt="Anna Maria Island" title="Anna Maria Island" style="float: left; margin: 10px; border: 1px solid black;" />#7 - Hit the Beach - You have to see the beaches of Sarasota. You cannot go wrong with any of them. Siesta Key beach was recently named the #1 beach in the country by Dr. Beach. Don't be afraid to get sandy on <a href="https://www.sarasotafloridarealestate.com/longboat-key">Longboat Key</a>, <a href="https://www.sarasotafloridarealestate.com/lido-key">Lido Key</a>, Turtle or Nokomis beaches. They are gorgeous as well.
#8 - Find some Shark Teeth - Visit the "Sharks Tooth Capital of the World," down in Venice/Englewood. This is a great chance to collect some fossils from Caspersen Beach in Venice to Manasota Beach in Englewood. Your kids will love it.
#9 - Hunsader Farms - Head to Hunsader Farms in Bradenton during u-pick season so you can hand pick okra, tomatoes, squash and green beans
#10 - Pastry Art - Yearning for some cinnamon, sugar and everything nice? Go to the "Best Local Coffee" voted by the readers of SRQ Magazine. Here you can find tasty coffee along with cannolis, fruit tarts, wraps and sandwiches.
#11 - Enjoy Caviar from Mote Marine - I personall have not done this but I know a few who have indulged in this Sarasota-produced delicacy. It was served at former Florida Governor Crist's wedding. It is produced at Mote's Aquaculture Park on Fruitville Road. It is the largest circulating aquaculture research facility in the United States.
#12 - Delightful Treats at Morton's Market - In the Southside Village <a href="https://www.sarasotafloridarealestate.com/west-of-trail/">west of the trail</a> sits one of Sarasota's oldest grocery stores. Full of inspired ready-to-go gourmet dishes, fresh fruit and vegetables, cheeses from all over the world and shelves of specialty sauces, snacks and teas, Morton's Market is an epicurean connoisser's dream come true.
#13 - Catch a Show - The Van Wezel Performing Arts Hall was designed by Frank Lloyd Wright’s successor’s architectural firm. This firm was known as Taliesin Associated Architects. The purple color was selected by his widow Oligvanna Lloyd Wright while working with William Wesley Peters, Wright’s successor
There are many shows hosted at this beautiful Performing Arts Hall. Visitors of all ages and income levels will enjoy the variety presented. Sarasota Ballet and Sarasota Opera are also popular choices for viewing fine arts. Asolo Repertory Theatre and Florida Studio Theatre are two other popular choices
#14 - Go to the Sarasota Film Festival - Sarasota Film Festival attracts people from all over the state of Florida and also around the nation to view some of the best film new artists annually. This is one of Florida’s largest film festivals. Independent films are the primary attraction
#15 - View People Playing with Chalk - This street painting festival is the first of its kind in the United States. The Sarasota Chalk Festival is hosted in Burns Square annually. The first street painting occurred in 2010 and is reminiscent of the Italian street painting festival hosted by German Maestro Madonnaro Edgar Mueller
#16 - Attend the Ringling International Arts Festival - Annually, the Ringling International Arts Festival is held in the Asolo Theater. The first event was hosted in 2009. The reception area of this theater is now used for the museum and for special events and performances. Information sessions and seasonal film series are also hosted by the museum. The Ringling International Arts Festival is a highlight of any Sarasota trip.
#17 - Run a Half Marathon - The Sarasota Marathon has been going strong since 2005. The event has evolved from a full marathon to a half marathon because of lack of sponsorships. The race begins near the Van Wezel Performing Arts Center heads out over the John Ringling Bridge then north to the John and Mable Ringling Museum along U.S. 41 and then back to the Van Wezel Performing Arts Center through the <a href="https://www.sarasotafloridarealestate.com/west-of-trail/indian-beach/">Indian Beach</a> and <a href="https://www.sarasotafloridarealestate.com/west-of-trail/sapphire-shores/">Sapphire Shores</a> neighborhoods.
#18 - Enjoy some Homemade Apple Lemonade - Sitting quietly on the south trail in a nondescript strip mall is Simon's Coffee House and Eatery. Although, I have not been there in a few months it is still a very tasty place enjoy a meal. The food and service are delicious. The fresh apple lemonade will perk you right up.
<img src="https://assets.site-static.com/userfiles/547/image/sarasota-by-segway-tours.jpg" width="275" height="183" alt="Segway in Sarasota" title="Segway in Sarasota" style="margin: 10px; border: 1px solid black; float: right;" />#19 - Segway around Sarasota - Just about everyday I notice a group of people on a Segway tour through downtown Sarasota. They pass by my office on 100 Central. I have not personally done it. It seem like a great way to scoot around town. Florida Ever-Glides, the first company in the nation to offer guided Segway tours, conducts five tours a day in the city.
#20 - Kayak around Lido Key - Feel like being one with nature? Put on some sunscreen, wear your bahting suit and take a trip on a kayak around the gorgeous south Lido Key park. This is a great way to see the beauty of this water. What a great way to see a dolphin, manatee, birds, and fish up close. Don't worry about owning a kayak. Almost Heaven Kayak Adeventures will rent you one.
#21 - Roundabout and Park - Want to feel like you are in Europe? Take a spin through downtown's first roundabouts at the intersection of Central, Main and Pineapple adjavent to the newly renovated Five Points Park. Park your car and enjoy all of the amenities of downtown.
#22 - Take in Some Comic Relief - In 2002 the Florida Studio Theatre Improv burst onto the scene. They rely heavily on audience participation. Here is a helpful hint - when the cast ask the audience for a location, don't name any of these three: a grocery store, a big box retailer or "the beach." the performers need a challenge and these are called out too often.
#23 - Check out the Red Barn - Have you ever been to a flea market? If you like them run up to 1707 First Street East in Bradenton and visit over 600 booths in the Red Barn Flea Market. Shop, eat and take home some goodies.
#24 - Mi Pueblo - If you need some tasty Mexican food visit Mi Pueblo. They have one on University Parkway, Bee Ridge Road and on U.S. 41 in Venice. Burritos, tacos, quesadillas and several other more authentic dishes. Personally, I prefer the food at the original location on Bee Ridge Road.
#25 - Longboat Key Bike Ride - If you feel like enjoying the outdoors and getting a little exercise take a bike ride down Gulf of Mexico Drive on the gorgeous Longboat Key. Peddle past <a href="https://www.sarasotafloridarealestate.com/lifestyles/waterfront/">beachfront condos</a>, gorgeous water views and <a href="https://www.sarasotafloridarealestate.com/lifestyles/waterfront/">waterfront homes</a>.
#26 - Jazz on 4th Friday of the Month - Between October and May St. Armands Circle gets busy on the 4th Friday of every month with Smooth Jazz on St. Armands Circle. Nationally known acts hit the circle to entertain the crowd.
<img src="https://assets.site-static.com/userfiles/547/image/sunshine_skyway_fishing.jpg" width="350" height="233" alt="Sunshine Skyway Fishing" title="Sunshine Skyway Fishing" style="float: left; margin: 10px; border: 1px solid black;" />#27 - Fish in Tampa Bay - Head north to the Sunshine Skyway fishing pier. This is the old bridge that used to span Tampa Bay until the middle was demolished. The concrete and steele rubble was strategically placed to form artificial reefs along both piers and offshore which attract a wide variety of species including Sharks, Tarpon, Kingfish, Spanish Mackerel, Grouper, Cobia, Snapper and Sea Bass.
#28 - Enjoy the Beauty of Island Park - From Main street in downtown Sarasota head west towards Marina Jacks and the entrance to Sarasota Bayfront. Follow the tree lined walkway where yachts line the park. The park is frequented by happy people riding their bikes, walking their dogs, sitting on a bench or in the grass overlooking the beautiful Sarasota bay. There is even a play ground and water park for the kids. If you get hungry stop by one of Sarasota's landmarks - O' Leary's Tiki Bar and Grill. This is a great place to grab a meal and drink.
#29 - Big Cat Habitat - If you enjoy seeing wildlife...big wildlife then go to the Big Cat Habitat in east Sarasota. This is a sanctuary for rescued exotic cats and other native and exotic wildlife in need of a permanent home. Big Cat Habitat provides education to the public to foster appreciation of the animals and impart the importance of habitat preservation.
#30 - Sculptures in Downtown Sarasota - Take a look at the "Intersections" public art project in <a href="https://www.sarasotafloridarealestate.com/downtown-sarasota">downtown Sarasota</a>. It features sculptures from 12 artists spread out over the downtown shopping districts.
#31 - Take in an Indie Film - Do you like indie or foreign flicks? Head over to the very noticeable pink building in Burns Court. It offers indie and foreign films for those looking for something a little different. Visit filmsociety.org to see what is playing.
<img src="https://assets.site-static.com/userfiles/547/image/sarasota_hot_yoga.png" width="350" height="182" alt="Sarasota Hot Yoga" title="Sarasota Hot Yoga" style="margin: 10px; border: 1px solid black; float: right;" />
#32 - Sarasota Hot Yoga - Challenge yourself and do some hot yoga. Essentially, it is yoga practiced in a room where the temperature is from 95 to 105 degrees. You will be amazed by this work out. I have done it (although not enough) and highly recommend it. Visit <a href="http://bodyheatsarasota.com/">bodyheatsarasota.com</a> for class schedule.2016-03-18T13:32:00-07:002016-03-19T03:58:28-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:1256The Hottest Neighborhood in Sarasota?<img src="https://assets.site-static.com/userfiles/547/image/West_of_Trail/WestofTrailSarasota.jpg" width="300" height="156" alt="West of Trail homes in Sarasota" title="West of Trail homes in Sarasota" style="border: 1px solid black; float: left; margin: 10px;" />If you’re looking for luxury with a rich history, established neighborhoods, and an elegant mix of old-world glamour and modern sophistication, living <a href="https://www.sarasotafloridarealestate.com/west-of-trail/">West of the Trail in Sarasota</a> is the perfect option for you. Retirees, young professionals, families, and those who wish to live somewhere the weather is warm all year and an upscale lifestyle is prominent fall in love with the idea of a home West of the Trail. The neighborhoods located here are upscale, elegant, and sophisticated. They are the epitome of high-end living with the casual feel of waterfront living.
The homes West of the Trail are the homes dreams are made of. Many of the neighborhoods in this area of Sarasota are decades old, but that doesn’t detract from the contemporary elegance each one portrays. Older, elegant homes with a Spanish flair have been completely remodeled to bring buyers all of the modern upgrades needed to live the most luxurious lifestyle available. New homes feature spacious terraces and wraparound porches with outdoor kitchens and uninterrupted views of the oceans. Each neighborhood is designed to perfection, with homes large enough to accommodate big families and cozier homes perfect for a retired couple.
What’s so wonderful about living West of the Trail is the lifestyle it provides residents. Here, it is all about chic outdoor living. Many of the homes here are waterfront homes, which means you’ll spend the vast majority of your time on the water. You can decide between taking the boat out into the bay or over to the barrier islands in the Gulf of Mexico, where you can dine at waterfront restaurants, play on white sand beaches, and frolic in the clear water. Championship golf courses are everywhere in Sarasota. Designed by some of the most prolific golfers of all time, these courses are pleasing to the eye, challenging, and fun.
<img src="https://assets.site-static.com/userfiles/547/image/West_of_Trail/west_of_trail_homes_900.jpg" width="243" height="450" alt="Cherokee Park Homes Sarasota" title="Cherokee Park Homes Sarasota" style="margin: 10px; border: 1px solid black; float: right;" />The art lover will adore living minutes from downtown Sarasota, where there is a performing arts theater, a symphony, and an opera. The high-end boutiques and world-class department stores make attaining luxury easy. Imagine spending your evenings at the opera following a decadent cocktail at the Ritz-Carlton while the sun sets over the bay. It’s an everyday occurrence for those who choose to live West of the Trail.
Whether you want a stately mansion in which to raise your children with a big back yard and a playroom or a cozy Mediterranean-style cottage with mature landscaping and a beautiful water view, a professional agent can help you narrow your choices. With so much to choose from, finding the perfect <a href="https://www.sarasotafloridarealestate.com/">homes for sale</a> new luxury lifestyle can be made simpler with the help of a professional agent. Living the luxurious, upscale lifestyle so many people only dream of living is easy. When you choose a home West of the Trail, you are choosing to live somewhere that provides a lifestyle for the entire family. Your home is about more than just the walls and upgrades; it’s about the kind of happiness you will find both inside and out.
West of Trail Neighborhoods
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/aqualane-estates/" title="Aqualane Estates">Aqualane Estates</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/avondale/" title="Avondale">Avondale</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/ballentine-manor/" title="Ballentine Manor">Ballentine Manor</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/bay-point-park/" title="Bay Point Park">Bay Point Park</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/bayview-acres/" title="Bayview Acres">Bayview Acres</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/bungalow-hill/" title="Bungalow Hill">Bungalow Hill</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/burns-court/" title="Burns Court">Burns Court</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/cherokee-park/" title="Cherokee Park">Cherokee Park</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/coral-cove/" title="Coral Cove">Coral Cove</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/desota-park/" title="Desota Park">Desota Park</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/granada/" title="Granada">Granada</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/granada-park/" title="Granada Park">Granada Park</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/hansen/" title="Hansen">Hansen</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/harbor-acres/" title="Harbor Acres">Harbor Acres</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/hartsdale/" title="Hartsdale">Hartsdale</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/indian-beach/" title="Indian Beach">Indian Beach</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/kentwood-estates/" title="Kentwood Estates">Kentwood Estates</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/landings/" title="Landings">Landings</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/laurel-park/" title="Laurel Park">Laurel Park</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/mandarin-park/" title="Mandarin Park">Mandarin Park</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/mcclellan-park/" title="Mcclellan Park">Mcclellan Park</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/morton-terrace/" title="Morton Terrace">Morton Terrace</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/oyster-bay-estates/" title="Oyster Bay Estates">Oyster Bay Estates</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/paradise-shores/" title="Paradise Shores">Paradise Shores</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/poinsettia-park/" title="Poinsettia Park">Poinsettia Park</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/pomelo-place/" title="Pomelo Place">Pomelo Place</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/red-rock/" title="Red Rock">Red Rock</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/san-remo-estates/" title="San Remo Estates">San Remo Estates</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/sapphire-shores/" title="Sapphire Shores">Sapphire Shores</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/southbay-yacht-and-racquet-club/" title="Southbay Yacht and Racquet Club">Southbay Yacht and Racquet Club</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/southpointe-shores/" title="Southpointe Shores">Southpointe Shores</a>
<a href="https://www.sarasotafloridarealestate.com/west-of-trail/whitfield-estates/" title="Whitfield Estates">Whitfield Estates</a>
2016-03-17T11:15:00-07:002016-03-17T11:38:28-07:00Marc Rasmussentag:sarasotafloridarealestate.com,2012-09-20:1253Casey Key, Florida - Seeking Waves, Water and Sand?<img src="https://assets.site-static.com/userfiles/547/image/Casey_Key/caseykeyrealestate.jpg" width="475" height="285" alt="Casey Key, Florida" title="Casey Key, Florida" style="border: 1px solid black; float: right; margin: 10px;" />Hidden away, south of Sarasota, is <a href="https://www.sarasotafloridarealestate.com/casey-key/">Casey Key</a> delights the eye with every view. An eight mile long barrier island, gorgeous views of the Gulf of Mexico can be had from the exclusive homes that line Casey Key Road. Old growth landscaping comprised of palms, oaks and pine gently shade the older beach homes and estates. Privacy and the beach at the door are features included with this island lifestyle. Your neighbor might be a very famous writer or celebrity who has chose this idyllic gem. <a href="https://www.sarasotafloridarealestate.com/lifestyles/waterfront/">Waterfront living</a> is at its pinnacle in Casey Key, with only 400 residents amidst this quiet and serene beauty. Whether its walking on the beach hand-in-hand or dining superbly al-fresco on your deck overlooking the Gulf or Bay, Casey Key will enchant.
The history of Casey Key is an interesting one; assigned with the task of removing the Seminole Indians from the area in the middle 1800s, Army Captain John Charles Casey surveyed the area. Originally called Chaise's Key, it was published as Casey Key by mistake in 1856, when Casey produced a map. Building trust with the Seminoles, he forged a peace with Billy Bowlegs, the Seminole Chief. That peace lasted until the Seminole Wars, when the Chief was exiled out to the Western United States. Casey Key began to see its first settlers after the Civil War, and in 1923 the northern end gained a bridge, the Treasure Island Bridge.
Old Florida can still be found in today's Casey Key, with winding roads and gated fronts, giving an air of privacy to the luxury homes and older cottages. Waterfront estates are common here and one can walk the beach to find shark's teeth and seaglass, as well as shells. Wildlife abounds in Casey Key and the natural setting has been protected, just as the history has been preserved. There are some residents of the narrower Casey Key which have the Gulf on one side and Sarasota Bay on the other. Because the island itself is strictly residential, single family homes, not hotels, make up the beauty of the island. Manatees, dolphins and other wildlife are residents here as well.
A short drive up the road north will take you for local seafood. Sarasota, <a href="https://www.sarasotafloridarealestate.com/longboat-key/">Longboat Key</a> and <a href="https://www.sarasotafloridarealestate.com/siesta-key/">Siesta Key</a> are within a 30 minute drive. A drive south brings Nokomis Beach, a beautiful public beach. Relax in its aura on a Saturday night and enjoy the renown Nokomis Drum Circle, with sounds and sites of a magical and exotic place. As you sit in your beach chair, you will truly experience a bit of Paradise. Beach combing, boating, sailing, water sports, kayaking and swimming are all part of the Casey Key lifestyle.
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Casey Key Activities
Residents and visitors of Casey Key enjoy watching birds and sea turtles, the mangroves and untamed sea outlets that are located along the beach. However, one of the most inviting areas of Casey Key is North Jetty Park that is located on the area's Southern tip.
<img src="https://assets.site-static.com/userfiles/547/image/Casey_Key/venicejetty.jpg" width="400" height="299" alt="Venice Florida Jetty" title="Venice Florida Jetty" style="border: 1px solid black; float: left; margin: 10px;" />The park is an anglers paradise and offers easy access to the Gulf from the Venice Jetty. North Jetty Park offers a refreshing beach outlet, and many locals and visitors are often caught doing nothing more than relaxing under a beach umbrella, building sandcastles or collecting molluskan sea shells. Locals would also confess to making frequent visits to the nearby North Jetty Fish Camp, where they can get cold beer and a hotdogs and pick up some fishing bait. Those that venture out of the nearby Venice Jetty may also catch a glimpse of the friendly and playful dolphins that swim the Gulf.
Other activities and attractions at Casey Key include listening to live music from the Siesta Key Drum Circle, shopping at the charming Venice Beach area or jet skiing at nearby Siesta Beach that is North of Casey Key. The Siesta Key area also provides appealing activities such as parasailing, fishing charters and sighting tours.
Attractions within the area include Siesta Key Kayaking Tours, Sniki Tiki at Captain Curt's Village and the Old Salty Dog Restaurant at Siesta Key Village. Other fascinating areas of Siesta Key include Turtle Beach, Stickney Point Beach and the Point O' Rocks area. These areas offer access to fitness and jogging trails, canoeing, public boat ramps and tennis courts.
Nearby City of Sarasota
The vibrant city of <a href="https://www.sarasotafloridarealestate.com/sarasota/sarasota-homes-for-sale/">Sarasota</a>, Florida is located approximately 12 miles from Casey Key. The area features some of the best Coquina Crab shells and molluskan sea shells on the bay. However, the area is home to exciting events, such as the Sarasota Film Festival, Thunder by the Bay Motorcycle Festival and Circus Sarasota. However, Casey Key homeowners enjoy the area's many local attractions, such as Marie Selby Botanical Gardens, the Aquarium at Mote Marine Laboratory and nearby Anna Maria Island. The John and Mable Ringling Museum of Art, the historical village at Coquina Beach and the Historic Spanish Point are also fabulous area attractions in Sarasota.2016-03-17T03:07:00-07:002016-03-17T03:17:56-07:00Marc Rasmussen