US Pending Home Sales are the Highest in Almost a Year

National Association of Realtors logo (PRNewsFoto/National Association of Realtors)

National Association of Realtors logo (PRNewsFoto/National Association of Realtors)

The National Association of Realtors reported on Wednesday that the pending home sales index climbed 5.5% in February to 112.3%, which is the highest point in almost a year and the second highest point since 2006.

Lawrence Yun, the Association’s chief economist, suggested that a combination of a rising stock market, an uptick in consumer confidence and warmer weather have all played a part in encouraging prospective home buyers.  It was also suggested that rising median home prices may be urging people to make offers now rather than wait and risk price increases.

Additionally, the Association reported last week that even with the sales of existing homes falling in February after a strong January surge, sales are still solidly ahead from a year ago.  Similarly, local pending sales experienced a slight decrease in February, but 2017 started out strong with a 9% increase in Sarasota County and a 6.4% increase for Manatee County and overall, sales are still up from where they were at this time last year.  Even despite a sharp rise in mortgage rates since last November, the U.S. housing market as a whole is looking very strong.

For the full story from Herald Tribune, click here.

If you have been considering buying or selling a home, contact me today!

Sarasota – The Cultural Capital of Florida

Photo by Cliff Roles – Cast of Asolo Repertory’s production of West Side Story 

When we say that Sarasota is full of “arts and culture,” what exactly does that mean?  Well, aside from being internationally recognized for our beaches, Sarasota is also gaining “arts and culture” notoriety not only in the state of Florida, but nationally and even internationally for being one of the “few communities in the nation that have the depth and quality of arts and cultural offerings” that can be found in Sarasota.  Those offerings include live theater, concerts, ballet, opera, galleries, museums, exquisite architecture, art walks, festivals, and of course, our beloved circus. 

John Ringling

John Ringling

In fact, the foundation of our community lives within the arts and circus magnate, John Ringling of Ringling Bros. and Barnum and Bailey Circus.  When he decided to bring the circus’ winter headquarters to Sarasota, he also brought with him a keen vision for real estate development and an incredible passion for arts and culture.  Thus, “with the seed of arts planted in prominent style, a community was created where artists were valued and creativity was cherished. Today, that legacy lives on.”

Numerous publications have noticed Sarasota beyond our gorgeous beaches as well.  Here is a list of recent accolades:

  • American Style Magazine named Sarasota as the No. 1 “Small City for Art in the United States”
  • NerdWallet listed Sarasota in the “Best Small Cities for Art Lovers”
  • Sarasota’s iconic Van Wezel Performing Arts Hall has been recognized as the No. 1 “Performing Arts Hall in North America” in the 2,000-seat category by Venues Today five times
  • Movoto named Sarasota among “The Best Cities in Florida for the Arts”
  • TopRetirements.com said Sarasota is known for “Most Big Cultural Institutions per Square Inch”
  • Coastal Living Magazine named the Sarasota community of Towles Court among the “Top 10 Artists Colonies in North America”
  • The annual Sarasota Film Festival was recently named one of the “Top 25 Coolest Film Festivals in the World” by Movie Maker Magazine

From new museums on the horizon like the Sarasota Museum of Art (SMOA) to the expansion of the Ringling College of Art and Design that includes new sound stages scheduled to open soon, our community is committed to keeping Sarasota as a “hub for creativity and culture.”  Sarasota Bayfront 20:20 is one of the most exciting initiatives dedicated to maintaining our status as “Florida’s premier destination for arts and culture” whereby a long-term master plan has been set for re-investing in 42 acres of land along the Bayfront near the Van Wezel Performing Arts Hall. The goal of this project is to create a “permanent expression of Sarasota’s cultural prowess while inhabiting one of the city’s most beautiful and accessible waterfront settings.

Click here to read more on this story from Michael Saunders & Company

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

2108 Casey Key Road, Nokomis FL | Build Your Dream Home

Build Your Dream Home Alert. Investor Alert.

This is a rare opportunity for gulf to bay property on Casey Key with good boating water and great value. Amenities include a cabana on the beach with frontage of approximately 77 feet, a boat dock with a precast concrete seawall on the bay with frontage of approximately 90 feet; a separate one car garage; one story bungalow. The home being sold in its “AS IS” condition. The value is for the land and location and amenities. Discover Casey Key, the 8 mile island with no deed restrictions, no high rise condominiums, with privacy and a unique community unlike any other in and around the Sarasota keys. This is a place to kick back, put your toes in the sand, enjoy boating from your private dock, and having the best of both worlds with both sunrises on the bay and sunsets on the gulf.

Property Details

Listing Price: $1,900,000
Address: 2108 Casey Key Road
City: Nokomis
State: FL
MLS # A4181595 or A4181604
Square Feet: 1,670
Bedrooms: 3
Bathrooms: 2

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For more information about this property, contact me at 941.376.2688, email me or use the short form below.

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1199 Westway Drive, Sarasota, FL | Westway on Lido Shores

SELLER SAYS “BRING OFFERS!”

Welcome to a spectacular gated estate with commanding views of New Pass and the Gulf of Mexico located on the highly coveted Westway Drive, where you will find some of Sarasota’s most valuable real estate. Upon entering the residence through the leaded glass double doors, the astounding view of the warm azure Gulf waters takes your breath away. You are greeted by a warm décor complimented by exquisite wood flooring, and an open floor plan inviting you to relax and enjoy family and friends. Fine details include custom wood doors throughout, beautiful custom cabinetry in the kitchen, a gulf front terrace from the master suite with a large walk in closet, and amazing spa like bath. The residence features 4 bedrooms, 5.5 baths, an office, an exercise room, two fireplaces, a wine room storing 700+ bottles, and for the car enthusiast, enough garage space for 9 vehicles. Enjoy relaxing by the heated elevated pool, putting your toes in your own little sandy beach, fishing from the dock, while taking in the dolphins, and watching spectacular sunsets. A beautiful life awaits you in Sarasota–where you can enjoy the vibrant arts community and cultural amenities of downtown Sarasota, boutique shopping and dining at St. Armand’s, and be only minutes away from Sarasota international airport.

Property Details

Listing Price: $7,300,000 (NEW PRICE)
Address: 1199 Westway Drive
City: Sarasota
State: FL
MLS # A4177457
Square Feet: 5,640
Bedrooms: 4
Bathrooms: 5.5

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For more information about this property, contact me at 941.376.2688, email me or use the short form below.

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420 North Casey Key Road, Osprey, FL | Jasmine by the Bay

Prepare to say “Wow” upon entering “Jasmine by the Bay,” a custom residence on coveted North Casey Key, re-built in 2005-2006 by The Island Building Company. Designed with ease of living in mind and loaded with the charm and character of Coastal Traditional architecture. Featuring every imaginable function for the active family, the floor plan is smartly designed with large guest ensuites on the 1st level, caretaker’s suite with separate entrance; exercise room with steam shower; wine storage; elevator; laundry room; reading room with built in cabinetry; an inviting living room with fireplace and walls of glass opening to stunning bay views. The 2nd floor consists of a spacious kitchen/family room with fireplace, separate dining, office, screened covered balcony with outdoor kitchen, master suite, separate baths, laundry room. The Wolf/Subzero kitchen is equipped with 2 sinks, a large island, cherry cabinetry and large pantry. Outdoor features include a salt system heated pool and spa, cabana with full bath, additional bedroom or exercise room; trex covered dock, and deeded beach access. The island’s low density combined with convenience to the historic walking town of Venice with municipal airport, shopping, dining, and easy access to I-75, puts you minutes from UTC Mall, downtown Sarasota, SRQ airport, and cultural amenities galore. This is a tremendous value for bayfront living on the highly desirable quiet North Casey Key.

Property Details

Listing Price: $3,499,000
Address: 420 N. Casey Key Rd.
City: Osprey
State: FL
MLS # A4141245
Square Feet: 5,836
Bedrooms: 5
Bathrooms: 7.2

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For more information about this property, contact me at 941.376.2688, email me or use the short form below.

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When Buying a House, What is a Must-Have for You?

Luxury Portfolio International recently conducted a survey to find out what the wealthy look for in a home.  For some it may be the waterfront views, while others are looking for a gourmet kitchen fit for the top chef in the family. However, this survey revealed that ample privacy, a Master bedroom with an en suite bathroom, and energy efficiency and environmental design are at the top of the list of “must-haves” for luxury home buyers. What are your “must-haves”?

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

Sarasota among Conde Nast’s best small cities

sarasota-florida-gettyimages-115029141

Getty Images

Earlier this week, the Sarasota Herald Tribune reported that Sarasota has earned another accolade!  Condé Nast Traveler recently published their list of the “Best Small Cities in the U.S.” and Sarasota, Florida is on the list.  This list is a readers’ choice of the top 15 cities with a population of 150,000 or less.

This is the second such accolade awarded to Sarasota this year. Earlier in 2016, Condé Nast Traveler named Sarasota among the best food cities in the United States – a list also originating from the magazine’s readers.

Globally, Sarasota has long been known for its beautiful beaches and cultural arts, but one other thing that the magazine’s readers praised Sarasota for, which may not be quite as obvious, is our “growing farm-to-table movement.”  Here is how the magazine described our beloved city: “In a region best known for technicolor sunsets and thatched-roof daiquiri bars, Sarasota shines for its growing farm-to-table movement, soft beaches, and culture: Attractions include the Ringling Museum of Art, the restored Sarasota Opera House, and Lido and Siesta Key beaches.

What an honor it is to be included in a list of breathtaking locations such as Sedona, AZ, Aspen, CO, and Savannah, GA! Click here to see the full list.

If you have been considering a move to Sarasota Florida, 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.