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The First Quarter 2012 and the Big Growth Area of the Sarasota Real Estate Market

April 25, 2012 By lee

Today, I filmed the video below from the backyard of one of my newest listings on St. Armand’s Key. Behind me are the beautiful Sarasota Bay and Coon Key.

This week was an active one. I had two different buyers make offers on properties, only to learn that there were multiple offers simultaneously on both properties.

Sarasota Real Estate Competition Heats Up

What this shows, and what I’m seeing everyday, is that there is activity in the Sarasota Market. Today’s buyers need to know they are not alone in wanting to purchase a piece of Sarasota.

And the first quarter numbers reflect exactly this. In fact, the results for Q1 2012 are remarkably similar to a year ago (which is a healthy sign).

A Luxurious First Quarter – The Growth End of the Market

In the luxury market, where I spend most of my time, sales for properties listed over $1 million were up 34% from the 4^th quarter of 2011.
Distressed sales are now down to ¼ of total sales. During the 4^th quarter of 2011 nearly 40% of sales were distressed so to be down to 1 in 4 is significant.
Our market remains affordable with a little less than 2/3 of all sales being for properties listed under $200,000.
Another 25% of all sales are for properties listed between $200 and $500k. Therefore 9 out of every 10 sales are for properties listed less than $500k.

First Quarter in Summary

The hot niche in the market continues to be at the luxury end, as I predicted more than a year ago.

However, there is movement across the whole market. And we are seeing year-on-year stability as well as fast-moving inventory and a reduction in distressed sales, which is all good news.

This is a healthy market, a market in which to make a leap, and a market ideal for those looking towards a Sarasota investment property.

My Hot Tips for the Coming Trends in Home Building

March 7, 2012 By lee

This month I made my annual pilgrimage to the International Builder’s Show in Orlando, and was fascinated to see the latest innovations, materials and trends shaping residential and multi family construction.

Watch my short video below if you’d like to see my takeaways from this great event.

This year the message coming through loud and clear is that consumers want a better quality of life, for less money, and with less footprint. This ties in with national and international trends for down-sizing, sustainability and future-thinking, and was reflected in some of the great ideas at the show.

The Best Products and Future Indicators

I saw some innovative ideas, all of which are designed to enhance the home-owner’s experience. Here are my favorites:

An intriguing pneumatic tube elevator which can be retro-fitted in multi-story homes, making them accessible to all.

Great electric fire places. Eighty-five percent of people want a fireplace in their home so these are a great choice for energy efficient heating in the cooler months, as well as providing desirable year-round ambiance.

I was excited to see the air conditioning and heating company, Lennox, has now created a system which works entirely from solar panels. With this in place homeowners can be entirely free of the utility company while enjoying a climatically controlled home.

Another great design was from Anywhere Solar, who are making solar and wind powered charging devices. You can leave their charger outside all day and then charge your phone or ipad on it at night, courtesy of mother nature.

: Pneumatic Vaccum Elevators

Green and Clean Continues to Lead the Way

The most interesting ideas were those which were enabling consumers to harness natural energy or to use energy better. Over the next few years, alternative energy options are going to become integrated into the items that we use for our everyday lives.

Today’s home-buyers are already demonstrating willingness to pay for items that will decrease their cost of operating, while improving their quality of life, and that’s good news for the future for all of us in my opinion.

Filed Under: Featured, Sarasota Environment, Sarasota Real Estate Market

2011 in Review, Five Star Real Estate Agent Award, and What the Market’s got in Store for 2012

January 10, 2012 By lee

“Learn from yesterday, live for today, hope for tomorrow.” – Albert Einstein

And here in Sarasota I’m pleased to say there is much to learn from the market in 2011, much to enjoy about living the Sarasota lifestyle right now, and plenty of positive indicators for a great 2012.

The Hot Niche Proved Itself, As Predicted

Today’s video couldn’t be a better example of just how fabulous Sarasota living can be. We filmed from the back yard of one of my newest listings, a spectacular 6 bedroom, 6 ½ bathrooms and almost 6500 square feet property in a dream location right on the beach here on Siesta Key.

This property is just one example of the luxury market in Sarasota, which, as I wrote about at the end of Q1, has proved itself the hot niche in which to achieve value this year. And as we enter 2012 that still holds true: the luxury market has the most value available for buyers with a little more than two years of inventory.

Luxury Property is Changing Hands

One of the segments I specialize in is Gulf-front luxury living and in the past week four of those properties went under contract. They were listed from $2.9m to $7.8m. This is another validation that people are comfortable with making a significant financial investment in Sarasota.

But if there was one thing the market was also full of this year, it was speculation. The rumor mills were in full swing, and the peoples’ impressions of the market were somewhat volatile. Let’s look at what really happened.

So, The Real Facts for 2011:

• The number of properties sold increased by 6.6% from 2010. Over 9500 properties changed hands. This is a very healthy number. I would like to see a number in this range for 2012.

• Distressed sales made up 37% of the total market. This was down from 2010 (which is a good thing). In fact there were 5 ½ % fewer distressed sales. It would be great for this trend to continue as well.

• Historically, one of the selling points of Sarasota has been its affordability. More than 2/3 of all properties sold are listed under $200,000.

Overall it’s been a great, steady year in the Sarasota real estate market, and exactly what was needed after the tumultuous preceding couple of years. There was a lot of panic and hysteria in every facet of the media this year, but the facts speak for themselves and I am extremely positive going forward into 2012.

Educated, Engaged and Active Buyers

I am also buoyed by the interest level of buyers educating themselves about Sarasota and the market, so they’re ready to purchase when a good lifestyle match comes on the market.

As I wrote about in August, the market can be a fishy business and after drastic re-pricing and drastic reversal, the Sarasota real estate market does now offer some good buys, but buyers have to be sharp, well-informed and ready to move fast when that perfect property comes along.

Sarasota Lifestyle On the Up

Finally, like many communities in the United States Sarasota has felt the effect of the housing market and economic downturn. However, while the sunsets are still magnificent, the community is even better today than it was 5 years ago.

As I wrote about in September - despite fear mongering – Sarasota lifestyle is definitely on the up. There are better restaurants, more parks, and I believe that the quality of life has improved. All the more reason to start living in Sarasota today.

And I’m also delighted to announce that I’ve been honored with the Sarasota Magazine’s Five Star Real Estate Agent Award for 2012. I’m so pleased to receive this accolade, along with all the other great service professionals doing awesome work in Sarasota. I love my work, and it’s a joy to be able to help so many people find their dream Sarasota Investment property.

Filed Under: Featured, Sarasota Real Estate Market Tagged With: gulf front property for sale, Lee Mirman sarasota realtor, Sarasota gulf front homes, sarasota investment property, Sarasota real estate, Sarasota real estate market, Sarasota Realtor, Sarasota waterfront homes, sarasota waterfront properties for sale

What’s the Buzz on New Homes in the Sarasota Market?

December 20, 2011 By lee

Today I filmed the video below from one of my newest listings: a new construction in Southside Village.

While the best values in the market continue to be homes that need moderate to extreme renovation, demand has been increasing for new homes in Sarasota’s most desirable neighborhoods.

Cost Efficient, Energy Efficient, Lifestyle Efficient

The catalyst for this has been the re-pricing of land and properties we’ve seen in recent years, where the houses have become functionally obsolete. As a rule of thumb: once the land value becomes 70% or more of the total property’s value it is opportune to build new.

Some of the reasons to build new also include comfort and livability. Today’s new home buyers like larger bathroom’s and closets. However, more importantly, they like the higher ceilings and greater openness that comes in a new home. Another focal point of the house, the kitchen, has now been redesigned and accessorized to stand next to or to replace the living room in today’s new builds.

Definitely Tempting for Many Sarasota Buyers

Cash and Eco Savings on New Homes

Another reason to buy new is a much lower cost of ownership. Insurance and energy costs will be significant lower in a new home. For example, the insurance on a new home can be 30-60% lower than a house built just 10 years ago.

With greater emphasis on energy conservation and more innovation in building materials – utility bills can be, at the very least, 30% lower.

A Brand New Start

Finally, a new house just feels new and fresh. For some, being the first family to live in a new house and make it their home is incredibly rewarding. And during this season of giving – maybe its your time to give yourself the gift of a new home.

Filed Under: Buying a Home, Featured Tagged With: new homes in the sarasota real estate market, new homes sarasota, new houses sarasota, Sarasota real estate, Sarasota realtor lee mirman, sarasota realtors

Sarasota Bay Waters – Not Just a Pretty Beach

November 26, 2011 By lee

I maintain that the two primary reasons people come to visit and then relocate to Sarasota are the weather and water. While the beaches get a lot of press, it is the water of Sarasota Bay that gets heavily used by boaters, skiers and kayakers.

Watch my video about the immense value Sarasota Bay brings to both the Sarasota lifestyle and the Sarasota Real Estate Market below.

Sarasota Bay – An Incredible Natural Resource on Our Doorsteps

Sarasota Bay is a 56 mile long coastal lagoon. It is a haven for birds and fish as they grow and develop as well as a habitat for our area manatees and dolphins.

In fact, due to good stewardship, the acreage of sea grasses is greater now than in the 1950’s and that is great news for the marine life and us, especially since 70-80% of the oxygen in the atmosphere comes from marine plants.

Because Sarasota is committed to preserving this great resource, Sarasota Bay is just one of 28 bodies of water in the United States that is recognized by the national estuary program.

Our Waterways: Boosting the Sarasota Real Estate Market and Protecting Investments

There are many ways to enjoy this incredible resource, from owning a home to taking one of the free kayak tours beginning December 3. Clearly this asset has both a positive effect on real estate values as well as our life here in Sarasota. There is no more waterfront being created which is why during our downturn waterfront property still out performed the alternative.

Filed Under: Featured, Sarasota Beaches, Sarasota Lifestyle, Sarasota Real Estate Market

Q3 2011 in the Sarasota Real Estate Market, and Cougar Town Comes to SRQ

October 19, 2011 By lee

Today, we filmed the video below at the site of one of my listings. Next week the scene there will be very different, as a crew from Courtney Cox’s ABC television show, Cougar Town, will be there on location filming!

Fall in Sarasota, Rise in the Property Market

It’s October in Sarasota and that means cooler breezes and open windows. It also means it’s time to look back and see what’s happened during the third quarter 2011. There are two very apparent trends: first, properties are coming on the market, and going to contract, very very quickly.

This is because there are a lot of buyers in the market, and they’ve been here for a while. They’re doing a lot of research and due diligence, and when a good match comes to market they’re moving forward fast. A few weeks ago I represented a buyer in a transaction, and within 48 hours, there were multiple offers on the property. All of them were over the listing price.

Sarasota Real Estate Market: Good News All Round

The second noticeable trend is that properties which have been marinating on the market for quite some time are also going to contract even closing. For most, the selling price is actually very close to the asking price, which would be a contraindication for the time it spent on the market

The three big statistics I have for this quarter are:
• Sales are up 13% compared to the same period in 2010.
• Distressed sales have actually gone down 4 quarters in a row, they now make up 37% of the market.
• Inventory of luxury homes edged up slightly to 21 months, this is down significantly on the past several years, but actually up slightly on the previous quarter.

Overall, as I’ve said previously, there are a lot of buyers on the market. They’re active, they’re searching out areas, so when they right match comes on the market they’re moving forward very, very, quickly. I for one am delighted to see so many people getting the result they want.

Filed Under: Featured, Sarasota Real Estate Market, Uncategorized Tagged With: Lee Mirman sarasota realtor, Q3 2011, Sarasota real estate, Sarasota real estate market, sarasota realtors

Hold Off on the Panic Button. Despite Fear-mongering, Sarasota Lifestyle is on the Up

September 19, 2011 By lee

When written in Chinese, the word ‘crisis’ is composed of two characters–one represents danger, and the other represents opportunity. ~ John F. Kennedy

The financial crisis of the last few years has offered some incredible opportunities to revaluate our priorities, and I’ve seen this played out in our Sarasota community. While people may not have been able to choose the external financial climate, they have been able to choose how they respond to it. And many peoples’ responses have been to make changes for the better, whether in health, real estate or any other area of their lives. View my video below for my take on lessons from the last couple years:

But despite improvement in the property market, the job market, and the lowest interest rates in sixty years, negative thinking still abounds. I read a headline this week that, despite figures to the contrary, peoples’ perception is that we’re in another recession.

In today’s instant gratification, media driven, sensationalist world, we are often making decisions based on hearsay and rumors when in fact the numbers say something different.

“It’s not what you look at that matters, it’s what you see.”~ Henry David Thoreau

My own local perception is that there seem to be more people out and about (and spending money) than last year. So I decided to ask three local businesses to get some real information about how their numbers look in comparison to 2010.

• Our favourite grocery store:
Numbers are up, sales are up. They’re not sure exactly why, but customers seem happier and in a better place.

• In one of our favourite local restaurants:
Sales are about the same level as this time last year. The regulars are still regulars and still place the same orders. Revenue has increased from new streams including outside catering.

• At the dentist:
Patients are showing up for their regular cleanings, however some are putting off bigger ticket items like fillings, and crowns. While their practice is growing there are patients that have left Sarasota because of a better job market elsewhere.

Just from this anecdotal information from a cross section of local businesses, it can be concluded that things are stable if not improving.

What Does That Mean for the Real Estate Market Here?

It remains difficult to make a bold generalization about Sarasota’s economy, but there are steady date points to support that it is improving as is the real estate market.

Chinese wisdom and JFK notwithstanding, the best conclusions must be made based on what is right for you and your family in the present, and opportunities chosen accordingly. One thing the last few years has certainly given me the opportunity to reflect on is that — crisis or no crisis — quality of life is ultimately the most important thing.

Filed Under: Featured, Sarasota Lifestyle, Sarasota Real Estate Market Tagged With: Sarasota lifestyle, Sarasota real estate market, sarasota real estate outlook

How the Sarasota Real Estate Market Can be a Fishy Business…

August 6, 2011 By lee

Six years ago, Sarasota had the distinction of being called one of the most overvalued communities in America. Now, after tremendous repricing and dramatic reversal, our community is is known as one of the best real estate values in the United States.

To better understand this shift I want to use the analogy of a fish tank, a large beautiful fish tank. And let’s call that fish tank, Sarasota.

What’s the Fish Food in the Sarasota Property Marketplace?

The fish are buyers and fish food is properties for sale. Just a couple short years ago, when new fish food was put into the tank, the tastiest morsels would be gobbled up swiftly. And because there were not that many fish, the majority of the food settled to the bottom. Those that were willing to go down that far, and wait and be patient, were treated to some great finds.

It’s a Feeding Frenzy Out There in the Sarasota Investment Property Market

However word got out, and because it’s a great big beautiful fish tank, fish came from far and wide and increased their numbers in abundance. In addition, with more fish in the tank, their feeding has become much more aggressive.

Today’s buyer doesn’t have the same luxury of a couple years ago: properties are not making it to the bottom as much as they have in the past. And those that do have larger trade offs, such as location and condition of the property.

What That Means for the Daily Diet of Sarasota Real Estate

Today’s buyer has to determine: with so many fish in the market, are they ready to find something and purchase it for a reasonable price, or do they prefer to wait and see what happens in the future? In my opinion, it’s better to have a full belly. In other words: choose your meals wisely, but don’t be afraid to snap up some good food and start enjoying Sarasota living.

Filed Under: Featured, Sarasota Real Estate Market Tagged With: s, sarasota investment property, sarasota property, Sarasota real estate, Sarasota real estate market, sarasota realtors, sarasota waterfront properties for sale

Q2 2011 – A Market On the Move, What Does That Mean for You?

July 14, 2011 By lee

This month I want to review the changes in the real estate market during the second quarter of 2011. I’m glad to see that what is palpable anecdotally from my experience every day has been proven by the numbers for Q2 2011.

A Promising Quarter….

The number of properties sold for the 2^nd quarter is 16% higher than during the 1^st quarter of 2011.

The market is moving again and, while not robust yet, there are some good indicators, particularly that the number of distressed sales is down significantly from 40% of the total propertis sold during the 1^st quarter, to about 30% of all properties sold in the 2^nd quarter.

Which Areas of the Market are Performing Best?

While 90% of the market is under $500,000 there has been a 12% increase in the number of properties sold between $200,000 and $500,000.

For properties listed over $1m, there is now just 16-17 months of inventory down from 31 months of inventory a quarter ago, so as I have mentioned before, properties in this part of the market have been moving well.

What Do These Recent Changes Mean for Your Sarasota Investment Property, and For the Market in General?

It is been quite evident for several quarters that Sarasota has become very affordable again, and now the luxury buyer has ramped up their purchases. This validation at the higher end of the market confirms the desirability of Sarasota property, and this past quarter’s numbers show there are opportunities at all price points.

While I don’t see real appreciation happening for several quarters yet, the better properties are selling quicker, now, and that’s great. It is really encouraging to experience the healthy activity in the market.

Filed Under: Featured, Sarasota Real Estate Market

The No.1 Beach in the US? Our very own Siesta Key Beach Sarasota

June 13, 2011 By lee

Numbers are in, and Siesta Key Beach, tops the ranks of America’s beaches. A fact expected to boost visitors to the area by 15-20% and set the Sarasota real estate market on fire.

It’s now official, what we’ve known for a long time, that Siesta Key Beach’s 40 acre sweep of perfect white sands is really something special, and unsurpassed from shore to shore of the US having beaten beaches in California, the Hamptons, Hawaii, and Cape Cod for the accolade.

Director of Florida International University’s coastal research lab, Steven Leatherman, announced the results last week, and described the Siesta Beach sand as being “like sugar”. Siesta Beach also scored highly on water quality, weather, facilities, shallow water and gentle currents.

While it is great to be formally recognized in the 21st edition of Dr. Beach, national and international awards have been coming in for years. What is even more exciting to me is the number of Floridians that are telling people they meet to go to Sarasota.

I recently met a New York couple who having asked one of their friends and residents of Clearwater, FL “If you could live anywhere in Florida, where would it be?” got the response: “Sarasota. The natural beauty is amazing, and when people arrive they say that it exceeds their expectations.”

Those who have already relocated to the best beach in America will be already enjoying the fabulous lifestyle offered on Siesta Key. If you’re interested in joining them please get in touch about excellent opportunities right now.

Filed Under: Featured