Sunday, May 14, 2017

Sarasota Florida Real Estate Spring 2017 Report

  The early months of 2017 saw the Sarasota Florida real estate market continue marching closer and closer to a balanced market where the interests of buyers and sellers are in balance meaning neither buyers nor sellers have an advantage over the other.

  This cooling of the Sarasota real estate market follows the period in 2014, 2015 and early 2016, when very low inventories of properties for sale meant buyers faced what some called a "frenzy" of competing offers for a home or condo quite frequently above the asking price.

  But, things have changed in a positive way during first quarter of 2017 was coming to an end. In Sarasota County, the inventory of available properties has risen to over 5,000 properties up over 15% above the year ago level. In Manatee County the inventory of available properties rose to nearly 3,400, up slightly over 8% from this point last year.

  With more properties for buyers to choose from, sellers in this season need to be prepared to be a bit more patient expecting there may be a somewhat longer period of time for their home or condo. In Sarasota County the average days on market rose to over 75 days, an increase of over 24% from a year ago. In Manatee County, the average days on market only slightly less to 73 days, up over 7%. Sellers also need to understand that their property for sale needs to be priced right, and that means, competitively.

  Buyers need to understand that home prices are still rising albeit at a slower pace. They should also think seriously about buying now. By the end of the 1st Quarter of 2017, the median sales price of properties in Sarasota County rose by a bit over 6% and in Manatee County by over 9%, not at fats as previously but still worth considering.

  In a nearly balanced market, however, buyers also need to be aware of the state of the Sarasota real estate market. There is a consistent demand for homes from both locals as well as those moving into the Sarasota Florida Sun Coast area in the next year or so. Those who plan to buy now, buyers need to understand that it is probably a good idea to make an offer on a property they’d really like to own at, or reasonably close to, the listing price and not demand any unusual seller concessions. When a market is close to in balance, low-ball offers just waste everybody's time and patience.

  In summary, as we enter the summer sales season of 2017, the Sarasota area real estate market has stabilized and that is a very good thing for both buyers and sellers.

  If you might be interested in buying a home or condo in the Sarasota or Bradenton Florida area this year, please call me at 941.228.9682 or visit my Sarasota Florida real estate website. I would be delighted to introduce you the Sarasota and show you all the many options available that would meet your needs and wishes.

Wednesday, April 5, 2017

Reasonably Priced Sarasota Condos at The San Marco

In Sarasota, a reasonably-priced, recently built condo with outstanding amenities at an attractive location can be a difficult thing to find. But, there is an unusual opportunity to find one today because the condominiums at the San Marco offer just that.

The San Marco, located at 1188 N. Tamiami Trail, consists of just twenty-three 3 and 4 bedroom reasonably-priced, yet spacious residences with large terraces, covered, dedicated parking spaces, a fitness center with sauna, heated pool and spa, and plaza decks with umbrellas all at a convenient location. For the pet lover, the complex is pet-friendly; Unit owners only, not renters, may have up to two pets, up to 40 pounds with some restrictions on breeds.

Built in 2006 as one of the newer residential developments in Sarasota’s art district, the building’s exterior reflects its architectural namesake, the Piazza San Marco in Venice, Italy with the graceful arches and balustrades of its terraces and its interior walkways lined with plant boxes of shrubs and greenery.

Its limited size means that residents tend to know each other and enjoy each other’s company. And, for convenient shopping, the 1st floor of the complex houses retail establishments of various types including a hair stylist.

San Marco is not exactly "right in the heart of downtown Sarasota," but then again, it's not far from it either. If you are fit and enjoy walking, you could definitely walk to the shopping, dining, entertainment and cultural venues in the heart of downtown, but San Marco residents are more likely to get to those destinations by a short automobile or taxi ride.

San Marco units range from about 1,840 to over 3,850 square feet and sell from the mid to high $400,000 to the $500,000's. The largest units, when available, can sell for up to the mid $600,000's.

San Marco condos are rarely for sale given their location, amenities and quite reasonable prices. But, interestingly, right now there are three 3 bedroom, 2 ½ bath San Marco units on the market ranging in size from 1,843 to 2,093 square feet and priced currently between $495,800 and $529,900.

A residence at the San Marco might be a great fit for you if you would like a lot of space for the money, newer construction and still be "close to downtown Sarasota."

These units may not remain on the market much longer. If a San Marco residence sounds like the kind of condominium property you’d like to consider, please call me at 941.228.9682. I would be delighted to help you choose which one best fits your needs or, if something else suits you better, help you find the Sarasota FL real estate property that matches your needs and desires in the price range you prefer.

Friday, February 17, 2017

Good News for Those Considering Buying a Sarasota Home or Condo !!

  The Sarasota Florida real estate sales displayed a bit of an oddity as the year 2016 ended. There was a substantial increase in condominium and town home sales in both Sarasota and Manatee County compared to December of the previous year. Sarasota County saw a 12.5% increase while Manatee County saw a 7.8% increase. On the other hand, though, single-family sale closings were down from the rate in December of 2015. Sarasota County single-family home sales dropped by 6.1%, while Manatee experienced an 8.2% decrease.

  The end of 2016 also saw a significant increase in the inventory of homes and condos available for purchase in both Manatee and Sarasota County versus the end of 2015. Condo and townhome inventories had increased by 30%. The inventory of single-family similarly increased by 18%. That is good news for prospective buyers. The supply of inventory continued in January to rise toward a balanced market which favors neither sellers or buyers. Sarasota condos hit a near-balanced threshold of a 6 month supply with a 5 1/2 month supply. Single-family homes are also moving toward balance moving up to a 4.5-month supply. At the same time, Manatee County is also moving toward balance with a 4.4 month supply of condos and townhomes and a 4.1 month supply of single-family homes.

  This increase in inventory is a good sign for those considering buying a property while here this season. The larger supply of available properties tends to stabilize prices and reduces the probability that buyers will face competing offers on a property they truly want. A further bit of good news for prospective buyers of a condo or townhome is the fact that, as one would expect with a larger supply of homes on the market, the median price of a single-family home was trending toward stability. The median condo price in Sarasota was actually down by 1.1% while Manatee County experienced a modest 3.8% increase over the December, 2015 level.

  In summary as we enter the 2017 winter and early spring buying period, the Sarasota Florida real estate market appears to be less hectic and more healthy; if anything, becoming more favorable to those considering buying a home or condominium during this season.

  If you aren't here already, my advice would be to come to Sunny Sarasota Florida Sun Coast for sure this season. And whether you're here already or coming in the next month or two, come prepared to find the home or condo you've been dreaming about at a fair price from among a huge supply of properties to consider. Call me at 941.228.9682 with all your questions and allow me the privilege of helping you find your "Little Piece of Paradise" here in Sarasota Florida.

Tuesday, December 20, 2016

Valencia at Rosemary Place - Unique New Townhomes Coming Soon

  Valencia at Rosemary Place is located in the historic Rosemary District of Sarasota and is steps away from the Van Wezel Performing Arts Hall and Sarasota Bay. This new community, with Phase I already sold out, is breaking ground now with completion expected by July, 2017. This community will offer 30 luxury townhomes.

  Located off Coconut Avenue between Blvd of the Arts and May Lane,Valencia at Rosemary Place is around the corner from countless theaters, restaurants, galleries, shops and much more in a highly-sought-after downtown location, a truly walkable amenity not available out in the suburbs. Downtown Sarasota prides itself as being the cultural and arts mecca of the Florida West Coast. Valencia at Rosemary Place, with floor plans ranging ranging in size from 1,900 to 2,500 square feet.

  Each townhome features concrete insulated block construction for sound privacy and energy efficiency. Other luxury features include 10 foot ceilings, hurricane impact resistant windows, granite or solid surface counter tops in kitchens and baths, Energy Star stainless steel appliances, European-style wooden cabinetry, private rooftop terraces and numerous upgrades and customizations tailored to your particular wishes. Each unit includes a private patio and a one or two car garage. A collection of sophisticated yet eclectic designer finish packages to suit each buyer's specific tastes is also available. The Spanish elegance of these townhomes surrounds it's residents in an quiet sense of retreat while at the same time being a part of all the downtown Sarasota action. These units will be ideal for those seeking a maintenance and hassle-free, live-work-play lifestyle without the high price of other downtown Sarasota condo alternatives.

  These attractive residences situated in a highly desirable location and priced in the mid $500’s will very likely see the units in Phase II sell out about as quickly as those already sold in Phase I. If you think these distinctly upscale townhomes may be of interest to you, please contact me today at 941.228.9682.

  If you think some other type of home ro condo would be more to your liking, I invite you to visit my Sarasota Florida real estate website to learn more about the many other downtown, waterfront and country club community residential options available here on the Florida Sun Coast.

Monday, November 14, 2016

Another Downtown Sarasota Condo Tower in the Works

  There’s yet another luxury condominium development being built in downtown Sarasota. The Mark - Sarasota will be a mixed-use tower with 157 residences for those seeking to live, work and play in the center of all the downtown Sarasota action.

  The white modernist building, designed by Hoyt Architects, which is planned to open in 2018, will have 35,000 square feet of retail space for upscale dining and shopping on the ground floor and 11,000 square feet of high-end office space that will mask three levels of parking on the building's interior above the ground floor.

  The residential portion of the building begins with a fifth-floor amenity level where there will be a resort-like “outdoor living room,” with a heated pool, private cabanas, conversation areas and a fire pit. The top floors of the 12-story structure will have 157 condominiums ranging from 1,377 to 2,940 square feet with prices starting at about $760,000 and ranging up to about $2 million. Most of the units will be priced at less than $1 million. These innovative condo residences feature open floorplans and terraces designed to provide indoor-outdoor Florida living and panoramic city views. Other amenities will include soaring 10' or 11' ceilings and sliding glass doors opening onto expansive terraces with glass railings, a catering kitchen, a residents’ club room, a state-of-the-art fitness center and secure parking garage.

  The Mark Sarasota is offering 39 different floor plans in various sizes and floorplans starting with Plaza Residences with 1 to 3 bedrooms and 1.5 to 3.5 bathrooms in 1,439 to 2,346 sq. ft. and others with 2 to 3 bedrooms and 2.5 to 3.5 baths ranging from 1,571 to 2,346 sq. ft. There will also be Penthouse Residences with 2 to 3 bedrooms and 2.5 to 3.5 bathrooms in up to 2,960 sq. ft.

  Bob Vail, president of The Kolter Group's Urban Division that is developing The Mark said, “The Mark will be marketed to buyers who are moving off the keys or in from the eastern subdivisions who want the energy and world-class recreational and cultural amenities of downtown Sarasota. People want to stay much more active much later in their lives. They’re healthier and they want to spend more time outside. Where do they want to do that? Not out in the suburbs, where you have to get in your car to get to all that’s available only downtown.” “People are deciding to live downtown and cities like Sarasota are in short supply of projects like The Mark,” he added. As an example of his point, there are very few units remaining unsold at 141-unit condo development at The Vue, another Kolter Group project in downtown Sarasota.

  “We want to be able to drop people into nice, modern residences with very current design and get them up in the air with views and an awareness that they are in an urban setting where they can walk to restaurants and shopping. If we can keep all that in a price range that’s where the retiree and pre-retiree wants to be," Mr. Vail added at the opening of the sales office earlier this year.

  If you are among the many people who are considering moving to the Sarasota Florida Sun Coast, please call me at 941.228.9682 or visit my Sarasota FL real estate website to learn more about the Sunny Sarasota Florida lifestyle and the many home and condo options available in virtually every price range. I would truly enjoy acting as your guide and help you locate the Sarasota home that perfectly suits your needs and wishes.

Saturday, September 17, 2016

Sarasota Real Estate Report

    The Sarasota and Manatee County real estate market in July, the latest month for which statistics are available, marked the 7th month this year where both sales and pending sales were down and the 6th month where the supply of homes available for sale has been higher than in the same period a year ago. At the same time, the median price of single-family homes and condos/townhomes rose again although the rate of price increases is moderating.

    Sarasota County recorded closings on 680 single-family homes sales and 255 condo/townhomes sales compared to 868 single-family homes and 338 condos and townhomes in July, 2015 for an overall drop year-over-year of 22.4%. In Sarasota County the drop was across both single-family homes and condo/townhomes. In Manatee County, there were 578 single-family homes and 214 condo/townhomes closings in July of this year versus 574 single-family homes and 192 condos/townhomes in the same month in 2015 for an overall year over year sales volume increase of 3.4%.

    Looking over the past 12 months, Sarasota County single-family home sales volumes have decreased by 21.7% from 2015 levels while condo and townhome sales decreased by 24.6% while Manatee County single-family home sales increased slightly by 0.7% from year-ago levels while condo/townhome sales increased by 11.5%.

    In Sarasota County, the median price of single-family homes rose from $219,500 last year to $242,500. The median price in Sarasota County of condominiums/townhomes rose from $190,000 last year to $205,000. In Manatee County, the median price of single-family homes rose from $250,000 last July to $279,250 in July. while in Manatee County the median price of condos and townhomes rose from $152,000 last year to $185,250 this July.

    One might ask how prices can continue to rise when sales volumes are down. The answer is because there is still a significant shortage of homes available on the market. As a result, the Sarasota-Manatee County real estate market remains a seller’s market with just slightly over a 4 month supply of properties on the market (4.2 months in Sarasota County; 4.4 months in Manatee County) compared to a 6-month supply which is considered to represent a balance between buyer and seller pressures.

    It should be noted, however, that median price data for a single month’s statistics can be distorted. Yet, as noted above July marks the 7th month this year where pending sales, an indication of future closed sales, are down and the 6th month where the supply of homes available for sale has increased. Based on market dynamics, it is reasonable to expect that prices will adjust to the slowing demand and the increase in the number of properties on the market.

    Linda Formella, Realtors Association of Sarasota and Manatee President said recently, “I believe we will see these price increases slow down as the supply of homes on the market continues to grow." If these trends continue, there will be opportunities for those planning to come to the Florida Sun Coast this fall and winter looking to invest in a home here on the Florida Sun Coast.

    If you are considering investing in a home or condominium here in the Sarasota Manatee County Sun Coast area, please contact me now to begin to learn about the many residential offerings available both on the mainland and out on our beautiful barrier islands like Longboat Key, Lido Key, Bird Key and Siesta Key. I would be pleased to answer all of your questions. Call me at 941.228.9682 or visit my Sarasota FL real estate website to learn more.

Wednesday, August 17, 2016

AquaPalooza Comes to Sarasota Florida

  On the waters off Longboat Key near tiny Jewfish Key in Potter's Cove, there was a huge party on August 13th.

  The event called AquaPalooza by its sponsor, Marine Max of Sarasota, was the first of its kind in the Sarasota Florida area. "AquaPalooza events are held in many cities around the country are customer appreciation events put on by Sea Ray, a major supplier of recreational boats,” says Jason LeFevre, general manager of Marine Max of Sarasota.

  LeFevre added, "Sea Ray owners are typically both young and not so young families that have a good time tubing or gathering their boats together. It’s not a big booze - go fast boating thing. It's more just a time and place to congregate and have fun."

  The waters in Potter's Cove are a popular hangout spot for owners of all sorts of watercraft from tubers and small sailboats to large powerboats. The party, including a DJ ran only run from 10 a.m. until 4 p.m. to avoid disturbing Longboat Key residents during the evening hours.

  The event almost didn't come to pass due to some Longboat Key property owners who thought the noise level would be objectionable, but just a week before the event the town of Longboat Key received an official opinion from Florida Attorney General's office that its attempts to limit noise on the water went beyond its local jurisdiction.

  Longboat Police were out in force making sure people adhered to the laws the local police are authorized to enforce. Looking forward to the event, Deputy Chief Frank Rubino said, "We're not looking to harass anybody. We just want to make sure there's no fights, no alcohol-related incidents and everybody just has a good time."

  Only time will tell whether this first AquaPalooza evolves to become a regular event where, like so many other events in the Sarasota area, many people come, have a good time, and go home happy to live in an area that "just knows how to have day of good, clean fun."

  If you are among the many people who are considering moving to the Florida SunCoast, as the Sarasota area is called, call me at 941.228.9682 or visit my Sarasota FL real estate website to learn more about the Sunny Sarasota Florida lifestyle. I would truly enjoy acting as your guide and helping you locate the Sarasota home that perfectly suits your needs and wishes.