I want to take this opportunity to wish our clients and friends a very healthy and happy New Year. I also want to acknowledge and thank our clients.

At our real estate agency Investments In Sarasota, we have a program of GIVING BACK to the LOCAL community. With each transaction, we make a donation in the name of our clients to organizations of their choosing.

Some of this year’s beneficiaries included:

1. Camp Mariposa – a national addiction prevention and mentoring program for youth impacted by substance abuse in their families
2. The Vincent Academy – Named for Vincent Van Gogh, works with adults living with mental health challenges
3. Mote Marine – Mote scientists are searching the world’s oceans for solutions to problems in our terrestrial world
4. Booker High School – whose principal and teachers are committed to having 100% of their graduates be either college or career ready.

In a world of many needs, we are compelled to contribute to making our community stronger, healthier, and better for all.

From my family to yours – Happy 2018!

If there any real estate questions I can answer for you, please call me @ 941.587.0740.

In August of each year, Sarasota property owners receive their proposed property values and potential assessments on their property. Property owners who believe that their property was wrongly assessed can petition the Sarasota County Property Appraiser until mid-September. Then around late October, we receive the actual tax bill.

Property taxes are paid in arrears (i.e., after the fact). They are due on March 31st of the following year. However, property owners receive a 1% discount for each month they pay early. So the earliest payers, those who pay in November, receive a 4% discount. December payers receive a 3% discount, and so forth until March when there is no discount.

A Very Brief History of Sarasota Property Taxes

In 1992 “Save Our Homes” was set in motion for properties with a homestead exemption. This capped any increases in the assessed value at the lower of 3% or the Consumer Price Index (CPI), which for 2017 is 2.1%.

In 2008 portability was put in place for homesteaded residences- when moving from one homestead to another homestead. The difference between the market value of a property and the assessed value of a property as calculated by the Sarasota Property Appraiser creates a “Save Our Homes” Benefit.

This benefit can be applied to a new homestead, allowing the owner to be taxed on a lower assessed value in their new homestead. This benefit is capped at $500,000 of property value and may result in several thousands of dollars in tax savings.

In 2009 a cap was instituted on non-homesteaded properties. This 10% cap on increases in assessed value directly benefits many including our 2nd homeowners from other states and countries.

In my experience, the current property appraiser’s team is quite accessible and willing to help answer questions.

How Will Market Values Affect 2017 taxes?

Much has been made this year in particular of increases in home prices. For home-buyers, a primary concern is “what are my taxes going to be?”

It is true that median home sales prices are up, however, market value as calculated by the property appraiser has not gone up. This is a good thing.

My research indicates that for 2017 market values are a little lower, a little higher, or about the same as in 2016. This indicates flat taxes from the year prior. And remember a property’s value as of January 1 of the calendar year. So I am comparing the values of Sarasota properties from January 1, 2017, to January 1, 2016.

Looking at some of our sales and listings this year, on average market values increased by just under 1.5% from 2016 to 2017. The biggest increase was 14% and the biggest decrease was 9%.

Two takeaways are that market prices and market values are two very different numbers, and we are not in a market where the rising median price is lifting all properties equally.

Before you sell or buy, give me a call @ 941.587.0740 if you want to have a market expert guide you through the process.

The active engagement we have experienced with our clients has ratcheted up several notches post hurricane Irma. The points I want emphasize with all my clients who are vested in Sarasota are:

1. The Sarasota Real Estate market is healthy. There is consistent demand with fewer options at the lower price points and more at the higher ones.
2. Many listing prices are aspirational. As a Buyer, make your purchases based on previous sales rather than where the Seller thinks the market may go.
3. Newer/Updated is preferred. There is still a migration to thoroughly renovated or new construction.

Looking at the Numbers: Who Could Believe We Had a Major Hurricane?

During the 3rd quarter of 2017, the period from July through September, our market experienced the following:

• Sales decreased by less than ¾’s of 1% from the 3rd quarter a year ago even with the Hurricane activity.
• Sales for luxury properties (those listed for $1M or more) increased by over 23% from the same period a year ago. And while sales were down in this segment last year, the number is also 8% higher than it was in 2015.
• The distressed market is less than 5% of total sales.
• For those wanting to invest $500,000 and less that segment is still 85% of our market.

Secure your Property. And Then, Enjoy Your Sarasota Life.

Much of the conversation about real estate in Sarasota this quarter was highly shaped by the high incidence of Hurricanes. As I have reported previously we here is Sarasota were very fortunate to have minimal damage.

If you are returning now, you are likely not to even notice that anything even happened here. The interest in the lifestyle and investment in our community has not abated, but I do feel compelled to finish with a few more thought on storms.

Homeowners should consistently do these few things so that your property is secure:

• Have an arborist periodically assess the health of your trees
• Keep branches away from power lines
• Have a roofer check the tiles
• For older homes determine the cost/benefit of shutters, impact windows, hurricane clips, etc
• Get flood insurance even if you are not on the water.

Our thoughts and prayers continue to be with those who were more deeply affected by natural disaster this season.

Please feel free to call with any real estate questions, 941.587.0740.

This morning I’m standing on the north end of Lido Beach after Hurricane Irma. As you can see in this video, there’s actually a lot more sand in this end of the island than there was before the storm.

First, I’d like to thank everyone that reached out to us during this time. We had no damage to our home. We did lose power, but it has been restored and we’re back at home.

Post Irma: How Many Insurance Claims

I’ve been getting a lot of calls: “How is the Sarasota real estate market post-storm?”

I spoke to our insurance agent yesterday and he said that less than 2% of all properties have had any sustainable damage on which they will have to make any kind of insurance claims.

I’ve also been speaking to mortgage brokers and title companies, and they have seen no evidence whatsoever that people are abating from their enthusiasm of being part of the real estate community here in Sarasota.

In fact, we think that the real estate market is quite healthy and that it’s going to continue on the same trajectory it has been on, which is quite positive.

Did Irma Scare Away Buyers or Investors?

Last week we had a buyer who was supposed to close on his Longboat Key condominium during that same week of the storm. He visited the condo as soon as he was allowed back onto the barrier island. There was no damage to any unit at that entire complex, and we went ahead with closing that Friday. He’s thrilled to be a new resident of Longboat Key.

This morning, after I’m done finished filming here, I am meeting with a client that is down from Virginia. They actually want to increase their real estate holdings here in Sarasota. We’re looking at commercial and investment property in downtown Sarasota.

Finally, this week I also attended Downtown Horizons, an annual talk about downtown Sarasota. It was sold out as usual, and the enthusiasm for participating in the community, both today and the next ten years, is unabated.

Many of you have been watching the storm from afar. Whether it be via TV, live stream, over social media, or through your local contacts. I am pleased to be standing here to confirm that all is good.

I look forward to welcoming everybody back to our community this fall and winter, and helping you with your real estate needs.

There have always been generational gaps when it comes to new technology. Many joke about having to ask their kids or grand kids for help with their phones. Were it not for that generation, they would pick up a corded phone at their home, tell the operator who they wanted to speak with, and then be connected.

When I was in college, I studied abroad in Japan. Each week I would get a call from my family. One Sunday, that weekly call came from my grandmother. When she got me on the phone, she was amazed that she could hear me so well from Palm Beach.

She proceeded to tell me that I could not really be halfway around the world in Tokyo because there was no way that phones could work that way. Obviously calling and phones have changed and continue to evolve.

The Real Estate Paradigm Has Shifted

The marketing of real estate has changed as well. While the days of driving from one property to another and looking around still exist, how the process begins is completely different. In fact just this morning someone called me from 6,000 miles away. Before I could even say “hello,” she was asking about the details of one of our properties while looking at their computer screen.

The Sarasota real estate market is a global marketplace. The results were just released that sales in the US for foreign buyers increased 49% in 2016-2017 up to $153 billion. Florida is the number one state for buyer activity. Nearly a quarter of all foreign purchases occur here, and this is 80% more than the next closest state, which is California.

The top five countries of origin for foreign buyers were China, Canada, the United Kingdom, Mexico, and India.

It is not just global buyers looking online; it is all Buyers. 98% of all Buyers are searching online whether they are coming from China, Canada, the UK, or on the other side of the wall in the adjacent condominium.

For Sellers, Targeted Digital Marketing is Pivotal

To anyone thinking about listing a property, to get the most money in the least amount of time it no longer suffices to just “have a for sale sign in the front yard.” Similarly, it is no longer enough to have the “property on the internet.”

Websites have to be local to the target audience such as fang.com in China and Rightmove.co.uk in the United Kingdom. And that is just one facet of a myriad of tactics that are necessary to excel at real estate marketing today.

At our real estate agency Investments In Sarasota we are able to target our advertising to a family in the UK who can afford a $2M home and are looking to have a 30-foot sailboat behind their house while being a 5-minute walk to the beach, or a couple in their 60’s who enjoy opera, continuing education and beach views with a net worth of $5M.

Let us help you take the digital leap so that your property will receive the maximum exposure and the most money available. With us taking care of your real estate needs (941.587.0740) you should have more time to spend with your children as they program your smartphone.

The Sarasota property results are in for the 2nd quarter of 2017. The net of it? Our numbers highlight steady interest and price appreciation for the Sarasota community. More people continue to make Sarasota their home and create the lifestyle of their choosing.

• Less than 4% of all sales are distressed. With increasing values, the number of properties under water continues to decrease.
• Prices are increasing. The number of sales for properties under $200k decreased by 11.5% from the 2nd quarter of 2016 to the 2nd quarter of 2017.
• Sales of property priced below $500k is close to 87% of our market – though there are fewer quality options in the most popular locations.
• The luxury market (those properties listed for $1M or more) stayed almost even from the 2nd quarter of last year to now.
• The opening of the Westin Sarasota, one of three luxury hotels opening in downtown Sarasota this year, is days away. More new faces should bring more new Buyers. Soon the summer heat will begin to fade and people will begin to take refuge under the clear blue skies of Sarasota for the fall and winter.

Living in Sarasota: The Secret Key to Happiness and Longevity

This week I heard a story about someone’s mom who lived here in Sarasota. She was significantly overweight and a lifelong smoker, yet she lived to be 95. Her secret? She did not stress about her weight or anything else, enjoyed her life and was HAPPY! A local friend’s father at 96 still performs at piano bars almost nightly. My cousin’s 101 year old grandmother, who also plays piano, lives joyfully and is actively engaged with her great-grandchildren on Facebook.

It seems that one of the keys to a long life is happiness. Each day at our Sarasota real estate brokerage we help people move closer to HAPPY. There is strong evidence that the lifestyle in Sarasota can add years to your life.

If you are planning to change your current lifestyle, now is the time to contact us @ 941.587.0740 regarding listing your property. Let us create a custom marketing strategy for the sale of your property so that you too can be creating the lifestyle that you desire.

With each new encounter, I have – be it via phone, email, or in person – everyone wants to know about the Sarasota market. While our market is impacted by the political and economic events that occur globally, at its core the decisions are local and personal.

There are numerous real estate statistics that are published and available for you to devour before making any decisions. However, they are all devoid of one critical piece of information – YOU! As you will read below there is no correlation between the size of the house, dollars per square foot, and quality of life.

Global Events: Impacting Sarasota’s Real Estate Market…Or Not?

In last month’s newsletter (see: Sarasota’s Summer Season Promises Stronger Than Normal Sales), I shared that I believed the strengthening British pound would have a positive impact on the Sarasota real estate market. Increased buying power typically increases the number of buyers. However, with the election in the UK in early June, the British pound actually weakened against the dollar, and thus buying power decreased. When this group visits Sarasota for their summer holiday they will either spend less on their real estate purchase or not at all.

A weakened currency does not hinder all global buyers, however. This week I met a couple from Norway who purchased a home in Sarasota five years ago and have been aggressively investing in Sarasota since. They firmly believe that there is going to be population growth for the next 10+ years, increasing the value of their real estate investments in Southwest Florida.

Why Are People Buying? Stories from the Field

Last month we had two sets of buyers who chose to purchase in Sarasota for reasons that were very personal. And because the quality of life was their priority.

One family, whose primary residence is in Colorado, moved their vacation home from Ft. Myers to Sarasota because our water quality is dramatically better here.

Significant resources have been dedicated to improving the water quality in Sarasota from the Bay to the Gulf. This commitment benefits real estate, boaters, visitors, and of course our marine life.

To share an interesting antidote from last week, I met a gentleman who for several decades has worked with marine biologists at Mote Marine. He shared that Sarasota’s local dolphin population is considered the gold standard for health, and the control group by which they measure the health status of other dolphin populations in their research. One such study entailed the dolphins off of the coast of Louisiana. Sadly, they observed how the Gulf oil spill several years ago made those dolphins much more sickly.

A second family we worked with just relocated from Wisconsin to the northern end of Longboat Key. They were deciding between living in Scottsdale, AZ and Sarasota. Their money went significantly further in Arizona, however, they chose lifestyle over the size of the house. When they focused on how important it was to them to be living on the water, engaged in our cultural and artistic community, and the prospects of volunteering at great organizations like Mote Marine, they decided Sarasota was the better match.

Choose a Real Estate Partner Wisely

While the real estate industry is consistently looking backward at housing stats, pricing, inventory, etc., I continually ask our Buyers and Sellers to look forward and envision their life after a real estate change.

Time goes fast. Shouldn’t you live in the home, setting, and location that is best for you? When you are ready to move toward your desired lifestyle, call me at 941 587 0740. My team would love to show you how we are truly unique partners in the Buying and Selling process.