An Open Letter to Sarasota’s Luxury Market Sellers

Sarasota Luxury Real Estate Market

Dear Luxury Seller(s),

The Luxury Real Estate market in Sarasota is unpredictable as ever.

After 2709 days on the market, 290 N Washington Drive on St Armand’s Key finally sold for $3.5M. This was a 6700 sq. ft. bay front home built in 2008. My son was 4 ½ when it first was listed, and today he is 12! That is how long it was on the market. And yet, there was a property on Siesta Key that recently sold the same day it came on the market – although the Realtor that listed the property also purchased it.

While the extremes make for good stories, most Sellers are somewhere in between. I am concerned for Sellers because the luxury market, which I define as those properties listed for $1M or more, is soft. The economy has been expanding for 7+ years. And while there has been a lot of wealth creation on paper and business growth for small business in our area, I have not seen as much investment into luxury real estate locally as I had expected.

For the total luxury market, we currently have about 16 months of inventory. When I take out the more active segment ($1-2M), and just look at properties for sale above $2M, the amount of inventory increases to 24 months (two full years). I measure activity in the market as properties sold.

Luxury Buyers this is YOUR Window!

If you are a Buyer who happens to be listening (or reading) my letter to Sellers, I think that you should get off of the fence and make an offer on a property that speaks to you. Why?

The best deals are made between Seller and Buyer in advance of the price being lowered.

I have listed and shown several properties that I sincerely believe are now available at really good values. Some can be purchased below at what current and previous owners have paid.

Showings have increased during the second half of the 1st quarter and the number of qualified Buyers is plentiful and I expect the number of lookers to keep increasing.

As I shared in detail in my presentation (“The Changing Face of Sarasota”) last month, the positive publicity that continues to bring attention to our city and the development underway due to the demand for our quality of life in Sarasota will continue to bring people here.

Business owners and philanthropists are working fervently to improve the quality of life for Sarasota’s residents. April is around the corner and the fun continues with the 19th edition of the Sarasota Film Festival, the 27th annual Florida Winefest & Auction, and the 31st Annual Run/Walk for the Turtles (sponsored by Mote on Siesta Key Beach).

This is a time, more than ever, that having a listing team that truly has mastered the art of marketing- both digitally and person to person- is critical to optimizing the exposure to your property. Call us to learn more about our unique approach at
941.587.0740
.

Let’s get started together.
Sincerely, Lee Mirman

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