“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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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While Green philosophy is highly interpretative, at root it’s simply asking us to be more conscious about our choices which affect the planet. The great thing about “modern” Green is there are some mind-blowing and exciting ways to be eco-conscious, now, in your Sarasota property.

Exciting Innovations to “Green” your Sarasota Home

This year I had my green eyes opened when I attended the International Builders Show. I was thrilled to see so many innovations and ideas in action. Some of the green products I found most invigorating included:

• Home Windmill

Not your ancestors’ 18th century windmill, but a rooftop wind turbine — which generates electricity with winds of only 0.5mph — created by Honeywell, one of America’s top 10 most inventive companies.

I was amazed for $6000 this sleek turbine could be powering part of my home with so little breeze. It automatically switches between the electric grid and the turbine’s generated power. Check out www.windestimator.com to see if there is enough wind in your neighborhood.

• LED Lighting

In the green world LED lights are all the rage for being energy efficient, but what does that mean for lighting up the house? First, there are some big numbers: consumers and businesses will spend about $4billion in 2011 on light bulbs, and then another $40bn on electricity for lighting.

The buzz around LED lighting is it uses up to 80% less electricity than old-fashioned light bulbs, and may last 12-25 times longer — which is good for the landfill — and it’s also made from potentially less-toxic products.
My research says lighting is 10-30% of the average electric bill – so using LED lights could reduce costs from $120-$360 a year, as well as reducing waste.

• Electric Car Charging Station for your Home.

At the show the ground-breaking Nissan Leaf was featured. When you open the “gas cap/fuel door” on electric cars instead of hole there is a fancy electrical outlet.

And I was particularly impressed by the charging station created for it by Leviton. It controls and monitors the flow of electricity to your Plug-in Electric Vehicle (PEV) — which needs to be charged each night — they even have a video on how you can install the charging station on your own.

Bottom Line: Green is Good Business Sense

As jaw-dropping as these innovations are the bottom line is, as always, in the pocketbook.

A recent McKinsey & Company report documented returns from energy efficiency and conservation measures, showing global growth in electricity demand could be halved over the next 25 years if energy efficiency measures are adopted.

Rather than focusing on increasing capacity via Nuclear Power or Coal Burning, the landscape will be cleaner as there are less inputs and outputs as energy is conserved. It makes good financial sense for huge, long-term tenants, such as the State of Florida which owns or leases about fifty million square feet of buildings.

Conservation is still the best way to save money and the environment, as the people placing these amazing products at our fingertips most certainly know. How much you choose to be a green leader of the pack is up to you.

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Take the tour with Lee of this fabulous home:

This protected cove is home to many species of Porpoises, diving Cormorant Birds, and Manatees that lazily float by, along with the occasional Eagle Ray that leaps out of the water.

The sprawling 1950′s Cypress dwelling has a character all its own and is a fantastic opportunity to own a very substantial piece of Siesta Key property. The large 4 bedrooms and 4/1 baths provide spacious luxury living while features include characterful Pecky Cypress ceiling, tongue and grove inside walls, large panaramic old architectural sliding windows and doors. Many built ins, good storage and closets galore. Two wood burning fireplaces.

Priced at $4,200,000 this property is good opportunity to acquire beachfront Sarasota property with potential to add your own personality and style. With a little TLC this property can be used as your dream Beach Hideway. The home is located on a 1 1/2 acre parcel with fruit trees and mature plantings and would accomodate a new home, if you desire. Just imagine if this was your view in the morning:

Please call Lee on +1.941.587.0740 if you are interested in viewing this great new listing or use the contact button to the left to send an email.

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