“Up On The Roof” at the Newly Opened Westin Sarasota

Photo Credit: Westin Sarasota guest

Photo Credit: Westin Sarasota guest

According to one Associate Editor for Sarasota Magazine, the views from atop The Westin Sarasota will leave you awe-struck and with a vocabulary full of “Ooohs, Aaahhhs, and WOWS!” Perhaps it was The Drifters who said it best in their 1962 hit song, “Up On the Roof ” – “Right smack dab in the middle of town, I’ve found a paradise that’s trouble proof (up on the roof).”

The newly opened, pet-friendly Westin Sarasota Hotel, sitting adjacent to the picturesque Sarasota bayfront and attached to the VUE, features 18 floors, 255 luxurious rooms and suites, a salon/spa, a fitness studio with state-of-the-art equipment, 26,000 square feet of meeting space, the new Evoq restaurant that is open daily to the public for casual elegant dining, and the literal crown of this jewel that is also open to the public, The Roof Bar and Eats with comfortable couch seating, poolside dining, and spectacular views of Sarasota. 

If you are looking for a piece of Sarasota paradise for your out of town guests to stay or just need to unwind for an evening and take in a more panoramic view of Sarasota, visit The Westin Sarasota today, located at 1175 N. Gulfstream Ave.

If you have been considering a move to our beautiful area, contact me today!

A Seller’s Market Remains for Sarasota and Manatee counties

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While the number of overall closed residential sales, median home prices, and inventory are all up from this time last year, the Sarasota/Manatee area continues to be a seller’s market.  Sarasota county residential sales are only slightly up from September 2015 with a 3.3% increase in condominium sales and a 3% decrease in single family home sales. By contrast, Manatee county single family homes sales are up 13.8% from last year, while condominium sales have dropped 6.2%.

Inventory for the two counties is up nearly 20% from last year at this time even though the current levels have followed the expected trend of off-season decline.  According to the September 2016 data, Sarasota county has a 4.2-month supply of inventory for single family homes and a 5-month supply for condominiums while inventory levels for Manatee county are slightly lower; however, neither county is too far off from a balanced market indicator of a 6-month supply.

Pending sales are have also decreased an overall 11% from 2015 but as the Realtor® Association of Sarasota and Manatee reports, this was not unexpected since 2015 recorded a historically high number of residential sales. Additionally, Linda Formella, the 2016 RASM® President pointed out other factors that can slow down the rate of pending sales such as back-to-school activities, storm warnings, and the anticipation of election results.

Click here to read the full report from the Realtor Association of Sarasota and Manatee.

If you are interested in buying or selling property, please contact me for further details.

Median Sale Prices and Inventory Continue to Rise

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The Realtor® Association of Sarasota and Manatee recently released the regional sales numbers for the month of July and while the number of residential sales substantially differ from the record numbers we saw in 2015, Sarasota and Manatee counties are starting to see a more normalizing trend as median sale prices and inventory continue to climb.

Over the past year, Manatee County increased in sales from 2015, with a 0.7 percent increase in single family homes and an 11.5 percent increase in condos, but by contrast, Sarasota County sales are more than 20 percent down for both single family homes and condos.  Additionally, in 2015 pending sales remained very strong through August, but this year, we saw significant slow-down in pending sales as early as May.  In July, records showed that pending sales are 18.5 percent lower than last year for Sarasota and Manatee counties.

However, median sale prices for single family homes in Sarasota County are up 10.5 percent from 2015 to $242,500, while Manatee County experienced an 11.7 percent jump from 2015 to $279,250. Year over year, condo median sales prices rose 7.9 percent from 2015 to $205,000 in Sarasota and 21.9 percent to $185,250 in Manatee.

Inventory is steadily rising as well with single family homes in Manatee and Sarasota each showing a 19.5 percent increase from July 2015, which equates to over 4 month’s supply of inventory.

“July marks the seventh month this year where pending sales are down. This is also the sixth month where listing inventory has been higher than the same period last year. It’s reasonable to expect that the prices will adjust to the slowing demand,” says Linda Formella, 2016 President of the Realtor® Association of Sarasota and Manatee.

Click here to read the full report from the Realtor Association of Sarasota and Manatee.

If you are interested in buying or selling property, please contact me for further details.

Michael Saunders & Company Ranked #1 in Sarasota County in 2015

Michael.Drayton.HeadshotRealTrends recently released its 2015 statistics for real estate brokerages in Sarasota County and Michael Saunders & Company ranked at the top of the list.  Saunders had 3,378 residential transaction sides (representing either the seller or the buyer), with a volume of $1.566 billion. It represented the seller in 1,664 sales and the buyer in 1,714 sides.

We are so proud to share our company’s accomplishments and could not be more proud to work with our amazing team of professionals under the awesome leadership of Michael and Drayton Saunders.

Click here to read the full report from the Sarasota Herald Tribune.

If you are interested in buying or selling property, please contact me for further details.

Signs of a Healthy Market: 2015 Hits an All-Time Record in Real Estate

Dec2015_StatsThe numbers are in and it’s official!  2015 closed out the year with an all-time record of 20,691 in combined closed residential transactions, which is 1,302 sales above last year’s numbers.

Additionally, median sale prices have increased across the board.  Single family home prices rose 22%  in Sarasota County to $239,900 and nearly 12% to $262,963 in Manatee County, and condo sales rose 22% Sarasota County and 6% in Manatee County to $217,000 and $178,249 respectively.

Another sign that our market has become healthier is the drop in the percentage of distressed sales. Distressed sales for single family homes were down 49% from last year in Sarasota County and 46% down in Manatee County.  In December, there were only 195 distressed sales reported in the two counties, which is just under 12% of all reported residential sales and certainly, a significant drop from the peak of 48% from just a few years ago.  Dec2015_Stats_Manatee

New Pending sales were down 11.3% for single family homes and remained unchanged for condo sales year over year.  The declining inventory is likely to be the cause of the decline in new pending sales, as buyers face the challenges of not only finding the right property but also the probability of competing in multiple-offer situations. Inventory of available properties continues to decline for both counties and the two-county area saw the month’s supply of inventory remain just below the 4-month level.

Nevertheless, referring to the historic year in residential sales for our two-county area, RASM President, Linda Formella credits the hard work and dedication of our area’s professional Realtors® as well as the many industries that support the real estate community.  She states that more people are eager to be part of this southwest Florida paradise in which we live and work and looks forward to a healthy year of steady growth in 2016.

Click here to read the full report from the Realtor Association of Sarasota and Manatee.

If you are interested in buying or selling property, please contact me for further details.

2015 Sarasota & Manatee Residential Sales Already Outpacing 2014

rasm_logoThe Realtor® Association of Sarasota and Manatee just released February’s closed and pending sales and it appears that Sarasota and Manatee county real estate is already outpacing the record number of sales for this same time period in 2014.

In short, Sarasota’s 837 total closed residential sales are up 12.3% from 2014 and Manatee’s 593 total closed residential sales are up 6.1%, and pending sales for both counties are ahead of last year’s figures and show no sign of a slow down in sales.

Additionally, the median sales price remains strong and substantially above last year’s figures. In Sarasota County, the median price for single family homes was at $196,000, which is 6% higher than last February; and for condos, the median price was at $187,500, up 10.3% from last year.  Manatee County single family homes rose to a median sale price of $256,750, up 16.7% over last February’s figure of $220,000, while condos were at $152,000, which is a 12.6% increase.

Closed Sales for Sarasota & Manatee Counties

Closed Sales for Sarasota & Manatee Counties – February 2015

Association President Stafford Starcher states, “Properties in the two counties are selling at a high pace and prices are on the rise, which tells us we are experiencing a healthy, vibrant market.  The inventory totals have leveled off, which means we could see even higher prices going forward, based on the laws of supply and demand.”  He further adds, that this is a great time to put your property on the market with a Realtor® and “test the water.”

Click here to read the full report.

If you are interested in buying or selling property, please contact me for further details.

2014 Sales – Another Year for the Record Books

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The Realtor® Association of Sarasota and Manatee counties just released the sales numbers for all of 2014 and what an incredible year of real estate for both counties!!

Manatee county missed beating the 2013 annual record for sales by only 28 transactions and Sarasota county finished out the year with a total of 11,550 transactions, breaking the all-time record of 11,482 sales, which was set back in 2004.

“Sarasota and Manatee counties have never seen this level of combined sales activity, which actually surpassed the 2004-2005 boom years of a decade ago,” stated Association president, Stafford Starcher.  He went on to add that the steady rise of home prices doesn’t seem to be hampering sales and therefore, believes we can expect to see home sales continue to soar in 2015.

Click here to read the full report.

If you are interested in buying or selling property, please contact me for further details.

“All the numbers point to a very healthy 2014 for Sarasota County real estate.”

 

July has always been known as a quiet “Florida month” and is when the real estate market typically sees a little bit of a lull.  Even though the number of residential sales, according to the Sarasota Association of Realtors® was down 11.4% from the previous month, I would have to say a total of 928 closed residential real estate transactions along with another 834 sales pending for the month of July is still a pretty busy “lull.”  I can personally attest to July not being much of a “slow” month, as I counted 19 showings in eleven days.

Sarasota Association of Realtors president, Peter Crowley states that “all the numbers point to a very healthy 2014 for Sarasota County real estate,” and he was not only speaking about the total number of sales for the first 7 months of 2014; which is still ahead of last year’s near record sales pace.  He is also referring to the fact that for the first time in 6 years, the median sales price for single family homes and condominiums has surpassed the $200,000 price point; with single family homes at $201,000 and condominiums at $205,000.

Additionally, inventory levels dropped below 4,000 in July 2014 to 3,912 compared to last July when inventory stood at only 3,747, which was the low point in the recent market.  What low inventory and rising median sales prices translates to is that we still remain in a seller’s market.

With the number of increased showings I have and continue to experience even into mid-August, I have no doubt that 2014 will be another prosperous year for the record books!

If you are interested in buying or selling property, please contact me for further details.

“People want to come to Sarasota, now more than ever!”

June2014SARStatLast year was an historic year for property sales in Sarasota County, but 2014 is shaping up to be record-book worthy as well.  The first six months of 2014 posted the second highest number of residential sales in the Association’s 91-year history, averaging nearly 1,000 sales per month at a total of 5,956.  June is the fourth month in a row with over 1,000 residential sales topping out at 1,048 sales.

Adding to June’s high number of sales is the increase of the median sales figures for both condos and single family homes.  Since 2013, condos and single family homes are equaled and the median sales prices sits at $195,000, which is substantially ahead of last year’s figures and is indicative of a strong rebound for our region’s real estate market.

June is typically when we see a significant slow-down of traffic and in business, but so far this summer that has not been the trend, especially for real estate.  Peter Crowley, Sarasota Association of Realtors President states, “We are continuing to see heavy foot traffic at open houses and at brokerages across the county.”  Even the decrease in road traffic seems to be minimal and some are even reporting that there seems to be an unusually high number of visitors this summer.  According to Peter Crowley, “People want to come to Sarasota, now more than ever.”

Inventory levels dropped again in June 2014 to 4,196 from May’s figure of 4,513, a fairly significant one month decline of 7 percent . Last June , inventory stood at only 3,758 homes and condos for sale in the county.  The low point in the recent market was in July 2013 at 3,747, far lower than the current level. The month’s supply of inventory stood at 4.6 for single family and 4.2 for condos. Last month, those figures were 5.0 and 4.6 respectively, and last year at this time they were 4.2 and 4.3, respectively.
With the number of increased showings I am experiencing, and buyers settling into a real “buy” mode, I am confident the remainder of the year will continue to see good results and properties changing hands.
If you are interested in buying or selling property, please contact me for further details.

An Active Summer on Casey Key

 

Direct beach front, just outside your door.

Backyard view of 321 Casey Key Road.

Hard to believe we are in mid-July already. Most of the Casey Key homeowners are probably enjoying their summer homes elsewhere. Meanwhile, we are having an active summer of closings and pending sales on the Key. Here’s what’s happening:

So far in 2014, we have had 9 sales of single family residences, and one vacant land sale. The homes that have sold are:

2014 CASEY KEY SINGLE FAMILY HOME SALES

ADDRESS

SOLD
DATE

LIST
PRICE

SOLD
PRICE

LAND
SF

HEATED
SF

WATER
FRONTAGE

88 N CASEY KEY RD

2/18/2014

$1,695,000

$1,475,000

36,651

3,424

BAY

3920 CASEY KEY RD

3/13/2014

$1,450,000  

$1,400,000

13,725

2,932

BAY

740 N CASEY KEY RD

4/15/2014

$2,749,000  

$2,275,000

21,889

3,812

GULF TO BAY

508 S CASEY KEY RD

4/25/2014

$2,300,000  

$2,043,000

33,443

2,342

GULF

621 CASEY KEY RD

5/16/2014

$2,295,000  

$2,050,000

32,807

1,140

GULF

1166 CASEY KEY RD

6/2/2014

$1,790,000  

$1,520,000

19,589

3,759

Non-Water 

510 N CASEY KEY RD

6/30/2014

$2,250,000  

$2,100,000

46,838

1,987

BAY

1700 CASEY KEY RD

6/30/2014

$3,300,000  

$3,000,000

18,113

4,172

GULF TO BAY 

1900 CASEY KEY RD

2/18/2014

$3,495,000  

$2,940,000

135,036

3,502

GULF TO BAY

 

2014 CASEY KEY VACANT LAND SALES

ADDRESS

SOLD
DATE

LIST
PRICE

SOLD
PRICE

LAND
SF

WATER
FRONTAGE

4019 CASEY KEY RD

1/29/2014

$2,950,000

$2,500,000

44,429

GULF

 

2014 CASEY SINGLE FAMILY HOMES PENDING

ADDRESS

LIST
PRICE

LAND
SF

HEATED
SF

WATER
FRONTAGE

507 S CASEY KEY RD

$997,000

16,759

1,456

BAY

412 S CASEY KEY RD

$1,199,990

16,271

3,983

GULF

325 CASEY KEY RD

$1,199,999

13,636

892

GULF

321 CASEY KEY RD

$1,299,000

11,301

1,070

GULF

805 CASEY KEY RD

$2,895,000

22,680

2,255

GULF

920 CASEY COVE

$899,000

8,664

2,705

BAY

2014 CASEY SINGLE FAMILY HOMES “ACTIVE WITH CONTRACT”

1156 CASEY KEY RD

$1,100,000

21,034

1,717

BAY

540 N CASEY KEY RD

$4,050,000

36,160

4,494

BAY

What you will notice is that all of these sales are $3 million and below with only one “active with contract” property above $ 4 million at this time. That being said, I am very optimistic that before year end we will see some of the higher end properties selling. Showing activity has been picking up recently that I am aware of, and I remain super optimistic. Stay tuned.

As you drive the key, you’ll notice the various stages of construction going on. One of these is a spec home at 3801 Casey Key, getting almost close to being complete. The vacant gulf side lot at 3807 Casey Key, on the market for years, is now under contract, so we should be seeing signs of construction there in the near future. The gulf side lot in the 3900 block adjacent to Gulf Surf Resort, is now under construction. The unique modern home at 3258 Casey Key is getting close to completion.  I think we were all pleased to see the cyclone fence installed at the vacant gulf front lot near Blackburn Point and Casey Key Road, now preventing the parking lot that it had turned into. A Carl Abbott designed home is planned for that parcel spanning 290 feet on the Gulf of Mexico.

Now, let’s review what’s going on elsewhere. At a recent Michael Saunders & Company sales meeting, we heard a representative from Benderson Development discuss a handful of commercial shopping center projects underway they have been holding onto for several years. The time is ripe for developing these and the good news for Casey Key residents is that the one located at Blackburn Point and US 41 is slated for full speed ahead on the remodeling front. Although he would not say specifically, it was mentioned that a grocery store is planned for the center. You probably know that Richard’s Food Emporium reopened there a few months ago and expanded its offerings.

And what about the new condominium developments in downtown Sarasota, Lido Key and Longboat Key? Those areas have been lacking “new development” for some time now. There will soon be some great looking modern buildings to choose from:  Vue Sarasota Bay (Gulfstream and US 41 intersection); Sansara (near Burns Court) The Jewel (Main Street–sold out), One 88 (Golden Gate Point), Aqua (Golden Gate Point) is said to be back on track after a zoning hurdle; Aria and Infinity (on Longboat Key), and finally Park Residences of Lido Key. If you would like additional information on any of these condominiums, please contact me for details as reservations are limited for some of them.

And finally, as of this date, there are 53 homes available for sale listed at $5 million plus throughout Sarasota and Manatee counties; three are “active with contract” and there have been 3 sales this year above $5 million:  one on Bird Key, and two on Siesta Key, with the highest at $10.25 million for the property at 4300 Higel Avenue.

Have a great rest of the summer and I’ll report again soon!