In today’s video, I am standing on the dock behind one of the homes we have listed in Country Club Shores. This neighborhood, on the south-end of Longboat Key area, is one of the best waterfront values in Sarasota.

A Prosperous Summer in Sarasota Real Estate Market

The third quarter of 2014 just ended, and it was a healthy summer with many visitors from around the world. This is a continued trend for Sarasota, as it becomes more and more international.

Here’s What We Learned in Q3 2014:

• From the 3rd quarter a year ago, sales were up three percent.
• The luxury market (which are those properties listed for $1M or more) saw an increase of about six percent from a year ago.
• A deeper look into the luxury market reveals that the sales volume increased by 17%. And the average sales price increased from about $1.8M to $1.98M. These increases were driven by the high-end luxury buyer (those properties listed for $3M or more). Sales in this segment tripled from a year prior.

Distressed Sales are Going Down

• The distressed market as a percentage of total sales decreased about five percent compared to a year ago. It is about one fifth of the total number of sales.
• Our Sarasota real estate market is getting healthier and more stable with the distressed sector shrinking.

Amount of inventory under $200k continues to decline

• The number of sales for properties listed under $200k continues to decrease with each quarter. Though 5.2 of every 10 sales are in the affordable range.

My Takeaways from a Sunny Quarter

The key conclusion I’d like to share for the quarter is that while the market is stabilizing in general, there are many variances within the distinct micro-markets of Sarasota. By this, I mean that even from one island, neighborhood or subdivision to the next, there a different dynamics affecting the level of activity and sales prices.

Call Lee to learn about Sarasota’s micro-markets today: 941.587.0740.

In today’s video I am standing on the terrace of the master suite of one of my listings on the north Siesta Key. This home is situated along Big Pass, the gateway between Sarasota Bay and the Gulf of Mexico.

This month I want to focus on what to do with your Sarasota home when you are not in residence. Houses are meant to be lived-in. There are three things that you could be doing to leverage this great asset.

Think Outside the Box – The World is Your Oyster

1. You could list it on HomeExchange.com. Why not travel to Europe, Asia or even Canada? Stay for free in someone else’s comparable home and let your home get some usage. My wife and I recently swapped houses with a family in Eastern Quebec. We got to see five species of whales, go hiking and visit Quebec City, while our hosts were enjoying Sarasota.
2. You could list your house on VRBO, Homeaway or AirBnB. When you are away, why not generate some extra cash to offset the cost of ownership? One of our clients is renting their house for three months this year. They will be able to use it the other nine months and will reduce their annual expenses from $50k to almost zero.
3. Donate your home to charity. There are an incredible number of worthwhile causes. Put your home in a silent auction for one of your favorites and let your house do some good for others in need while you are already away.

Get Creative and Unusual Returns on Top

Houses are big assets and they should be working for you – even when you’re not in them. Part of the return you get on your home can be in the form of creative income streams, or diverse vacations spots, as well as the traditional cash flow and capital returns you are assured with a Sarasota property investment.

Need some more ideas, call Lee at 941.587.0740 today!

In each newsletter and video I highlight facts and figures within areas of our community that affect selling and buying decisions and property values. In this month’s video I want to talk about supply and demand, and how these numbers can accurately determine the strength of your position as a buyer or seller.

Perceived wisdom is, that in a balanced market – where buyers and sellers have equal footing – there are six months of inventory.

So let’s talk about three areas in Sarasota to determine exactly how the market looks right now:

• One of the most active markets in our area is Longboat Key condominiums. There are currently about 240 for sale and a 5.1 month supply, which tends to favor sellers.
• One of the most popular neighborhoods for active, walking lifestyles is the area called West of Trail community, west of 41 between downtown and Bee Ridge Road. There are currently 67 properties for sale representing 6.5 months of supply, which is pretty balanced.
• On the world-famous Siesta Key, there are currently 106 single-family waterfront homes for sale which is 8.6 months of inventory available. This neighborhood is currently slightly favoring buyers, and as I’ve written about before, is an example of the luxury market providing a hot niche for buyers.

But Don’t Forget

From my experience, regardless of whether the market slightly favors buyers or sellers, there are still only a handful of properties that will be a match for any one buyer. As always, be informed of the market conditions, and first and foremost choose the home which is the best lifestyle match for you: 941.587.0740.

Imagine living in a sun-drenched coastal hideaway poised on one of the finest beaches in the world, and you will find yourself at “The Yellow Cottage” on Siesta Key.

Originally built in 1921, this timeless reflection of Old Florida hugs the shores of Crescent Beach, a place where the very first owners would ride horse back through the gentle surf. A sophisticated blend of antique charm and Gulf-front luxury, this gorgeous cottage was expanded in 1940 and again later in the 1990’s.

Original features like magnolia wood floors and pecky cypress beams harmonize with the sleek modernity of clean colors, granite counters and flashes of polished copper, while a grand stone fireplace, vaulted ceilings and an enchanting library further enhance the timeless character of this historic property.

Wake up to the view of the sun as it begins to spill across the Gulf, spend your day shelling, snorkeling or simply relaxing on the crystal quartz beach, and let your footprints in the sand lead you home: 941.587.0740.

The last weekend in May typically ushers in the unofficial start to summer. The days are longer, the water is warmer, and there is increased focus on fun and vacations. In today’s video, I discuss Sarasota summers and explain why it’s now a year-round destination for visitors.

Sarasota Summers Gaining Popularity

Growing up in Sarasota it used to seem that there was a real off-season in our community during the summer months. Now, with a vibrant arts and culture scene, and world-class amenities and lifestyle, Sarasota is truly being embraced as a year-round destination.

During the past few summers, many of our clients from places such as Germany, Minnesota, Canada, California, and New Jersey are spending part of their summer here. For many, the Sarasota weather is better than in their hometown, with cool ocean breezes to beat the heat, and crystal clear water brimming with wildlife. For all it is the time to experience Sarasota in a more relaxed way.

Something for Everyone in Sarasota in Summertime

Manatee viewing is peak during the summer months. You can see nursing calves with their mom’s around Sarasota Bay. There are special festivals, including the 50^th annual Sarasota Music Festival during the month of June, featuring the best next-generation talent from around the world.

In July, Sarasota plays host to Florida Studio Theater Improv festival, with funny performers coming from Boston, Chicago, and Austin. They also feature workshops for people trying to become funny or funnier. And finally, celebrate July 4^th by watching the fireworks on Siesta Key Beach with the water lapping on your toes, or on a boat in Sarasota Bay. The summer in cosmopolitan Sarasota truly has something for everyone.

Any real estate questions? Call me at 941.587.0740.

In this month’s video newsletter I discuss how our Sarasota real estate has performed in the first quarter 2014. I’m pleased to report total sales for the period were up just slightly, about one percent, from the same period last year, which is good steady growth.

Here are my takeaways from Q1 2014

Luxury and Distressed: A Changing Market-scape

Last year during this period, I felt the luxury market properties listed for $1million and more was surprisingly sluggish. I’m pleased to report it has rebounded with sales increasing by about 23 percent.

The distressed market continues to be a legitimate part of the total market. There are still lots of properties where the value of the property is significantly less than the amount owed. With appreciation in our market, hopefully this number will decrease at an accelerating rate. From the same period last year the number of distressed sales has decreased from about 1 in 4 to 1 in 5 properties.

Affordable Sarasota?

There is always much discussion regarding affordability. More than 88 percent of our market is under $500,000. In the last year, with appreciation, we are seeing fewer properties sold under $200,000 and an increase in properties between $200,000 and $500,000. This means property values are on the up and the competition at the bottom of the market will only get fiercer.

Market Knowledge Still the Best Market-beater

Finally, our real estate agency work with a lot of educated buyers. With increased competition as the market heats up, it is important to start honing in on what to purchase, before you’re ready to buy. Then you’re prepared and ahead of the game when the right property comes to market.

We recently had a buyer who – because of their willingness to stay informed and engaged – was able to go to contract on a spectacular beachfront property without seeing it first. Because of their advanced preparation, they beat out the competition and multiple generations will be able to enjoy a special piece of paradise.

How can I help you? Call me at 941.587.0740 🙂