Sarasota has just topped the charts again, having been ranked along with Tampa as the second most popular destination in the US for Americans to move to. In the video below, you can hear my discussion of the magic which makes Sarasota so unique, which clearly more and more people are recognizing.

Penske Truck Rental released their survey this week, and Sarasota had climbed up from the number 10 spot last year. Sarasota ranks over and over on numerous top ten lists. Penske’s survey highlighted three things Sarasota is famous for which particularly add to its appeal: fishing, spring training, and beaches. I found this interesting and took a little deeper look.

Little-known Sarasota Lifestyle

I did not know Sarasota was so famous for its fishing. Because of its healthy bays and estuaries, it has been a center for fish traders since at least the 18th century and maybe as early as the 16th century. I learned to fish by wading into the gulf learning from men who were probably fishing on Siesta Key before there were houses.

Fishing is still important to Sarasota. There are more than 50 charter fishing companies here, providing an important addition to the tourism industry. Several restaurants serve delicious seafood caught the same day in the bay and gulf, adding to the dining experiences available for visitors and residents alike.

Spring Training and Sports Hub Sarasota

Spring Training has a long tradition in Sarasota beginning in 1924 with the New York Giants. Currently, the Baltimore Orioles make Sarasota their home. We go each year for the opportunity to have a laid-back experience with the big leaguers. Within an hour’s drive of Sarasota, you can visit eight different teams during February and March.

And of Course, the Jewel in the Crown!

Sarasota’s 35 miles of beach have been written about for generations, and are consistently ranked among the best in America. They are located on six different barrier islands and each has its own unique experience of sand and water.

For these and many other reasons Sarasota continues to be a destination drawing more and more American and international visitors and buyers. Call with any questions about Sarasota real estate: 941.587.0740.

This year marks the 450th birthday of Galileo, whom Albert Einstein called the father of science. I consider him an independent thinker, much like so many of our clients who are self-driven, thought leaders, and entrepreneurs. As we move forward into the 2014 Sarasota property market, it is good to discover and understand the truths of our market in 2013, as Galileo himself advised.

My Takeaways from the 2013 Sarasota Real Estate Market

Sales for 2013 were 9% higher than they were in 2012. While rising prices made the headlines, not everyone made money, as prices are still lower than the boom years. As I’ve written about before, this is a savvy market, and only properties which deserved an increase in value saw it happen. Homeowners who bought at the top of the market are still struggling to recover their lost equity.

As always buyers and sellers have a lot of information to choose from when making their next real estate decision. For the 4th quarter of 2013 this is some of it:

• The high-end luxury market (properties listed for $3M and more) had its greatest number of sales in December, as buyers shifted their money or profits from one asset class to Sarasota real estate.
• The luxury market (properties listed for more than $1M and more) saw a decrease of more than 9% from the 4th quarter in 2012.
• The distressed market continues to shrink. It is 15% smaller for the 4th quarter of 2013 than the same period last year.
• We also see Sarasota continue to be highly affordable with close to 90% of the sales under $500k for the 4th quarter of this year, which is an increase from the same period last year.

The Euro is still quite strong versus the US dollar so we believe that as long as there is value and cache in the market, global interest will remain strong. In fact, as of October 2013, Florida is the only state to have three cities listed in the top 10 most searched US destinations for global buyers.

Regardless of your motivation to buy and sell, base that decision on good information. Discover the truths and understand them so you are well placed to make the absolute best real estate decision for your situation.
Let’s work together towards you real estate goals: 941.587.0740.

“A walk about Paris will provide lessons in history, beauty, and in the point of Life.”
— Thomas Jefferson

Today I’m standing in the Les Marais district in Paris, France. We’re here attending the 67th annual National Convention of French Realtors. We see France as very important because currently French people rank number four out of all countries coming to visit and invest in Florida. In fact, 17 percent of all international visitors to the United States originate their stay in Florida, and going forward Sarasota is looking to attract a large portion of this group.

Three Things Sarasota Does Really Well

There are three things Sarasota does extremely well, which are great matches for what international buyers are seeking:
First, education. International buyers are looking for a great education system, both at secondary school and college and university level, and the growth in the college and university higher education in Sarasota has been fantastic and a great draw for international buyers and investors in the past couple of years.

Second, they’re looking for an incredible arts and culture community. Sarasota currently ranks as the cultural capital of Florida, with a renowned Philharmonic orchestra and opera house, world-class art museums and festivals throughout the year. With Sarasota’s growth, evolution and philanthropic philosophy, this is only going to improve in years to come.

And finally, international buyers are looking for a great environment – meaning they’re looking for clean water, blue sky, and low pollution – and as we know, Sarasota offers a stand out experience when it comes to just those things: sparkling waters, white quartz beaches and flora and fauna.

The Future’s Bright in Sarasota

As Sarasota continues to do a great job of taking care of itself, it will continue to do an even better job of bringing in international buyers, which will help our real estate market in Sarasota stay stable for many many years into the future.

If our real estate brokerage can help you with any important decision, call Lee at 941.587.0740.

In the musical adaptation of Victor Hugo’s 1862 novel, Les Miserables, the song “Who Am I,” is about one person’s inward look to determine who he is and what he wants. I also encourage clients looking to buy Sarasota real estate to reflect on Hugo’s question. In today’s video I discuss the single most important question you need to ask yourself, and once you’ve decided that, what the market has to offer you.

Defining Your Sarasota Lifestyle

My experience in the Sarasota real estate market has taught me that it is not enough to say, “I want to live in Sarasota.” I believe it is equally important to figure out how you want to experience Sarasota and then commit to it.

Defining that lifestyle comes down to the details of your day-to-day life and how you will live in and use the property. Don’t compromise or be less than honest with yourself on this front. We have encountered many individuals who have been lured to buy a house that is perhaps bigger or newer, yet not in the area they really want to be, and they end up disappointed in the long run with how their location compromises their quality of life.

Know how you want live, and you will find the property to match. Do you want to get into your car and drive to get coffee or do you prefer to walk to a cafe a few meters from your flat and have an Italian cappuccino?

Do you want to be driving home, view the horizon, and remark “looks like a nice sunset.” Or do you prefer to sit on your terrace and watch the sunset melt into the Gulf of Mexico every evening?

As Buyers return to the market, this is a snapshot of what they will find:

• The luxury market, which are those properties listed for $1M or more, had 20 closings in October. With 498 properties for sale there is greater than 24 months of inventory. For properties listed at $3M or more, there is 41 months of inventory.
• There are over 80 condominiums and houses in downtown Sarasota for sale under $1M that are footsteps away from parks, the bay front, and cafes.
• For those Buyers interested in full views of the Gulf of Mexico, there are nearly 200 options. 90 of them are between $500k and $1.5M.

Now may be a good time to take a second look if you are interested in any of these segments as there are ample options out there. Just know what you want and stick to it in terms of the lifestyle experience you seek in Sarasota. Don’t hesitate to give us a call at 941.587.0740 if you need more information on choosing the perfect Sarasota lifestyle.

This past month I participated in conferences in Monte Carlo, Monaco and Munich, Germany where two key concepts were reinforced. One, that the US economy needs foreign direct investment. And two, while investors outside the US don’t always understand or agree with US policies, they do see the US as a favorable investment. Despite what you read in the paper, global institutions still consider US real estate a safe long term bet, especially for those looking for a hedge against inflation.

Please watch my video below to learn how the market has performed this quarter, and what is surprising about the numbers:

Here are our Takeaways From the 3rd Quarter of 2013

• Despite this being typically the softest quarter of the year, sales during the 3rd quarter of 2013 outperformed the 1st quarter for the first time in 3 years. I feel that this is significant since for Sarasota real estate sales and visitors are typically slowest during this period. Sales are up 18% from the same period a year ago.
• Luxury market sales are a strong 50% above the same quarter last year.
• In the 3rd quarter of 2012, 1 of every 3 properties sold was distressed. In the 3rd quarter of 2013, just 1 in every 5 properties sold was distressed, which indicates stability in this sector and the market overall.
• Prices are going up overall. We are seeing a greater percentage of sales in the $200,000-$500,000 segment because prices are appreciating over the $200,000 barrier. And finally, I am beginning to see a slight increase in inventory levels, which should provide more choices for buyers and creates a greater balance of power between buyers and sellers.

Whether it’s fear of being priced out of the market, or of interest rates going up, buyers fueled a surge in 3rd quarter sales activity that we have not seen in the past three years.
Any questions? Call me at 941.587.0740.

This month, the Investments In Sarasota team attended ExpoReal in Munich, Germany. ExpoReal is one of the biggest real estate trade shows in Europe, with exhibitors and visitors numbering in the thousands from 33 countries in attendance. This was the 16th annual show, and Investments In Sarasota were delighted to be in attendance.

Lee Mirman met with representatives from several international real estate organizations, and enjoyed networking with colleagues from all over Europe over the two days. He also participated in a panel on US Investment from overseas, which was hugely beneficial in understanding European perspectives on investing in the U.S.

Overall the show was productive and informative, with many introductions and new relationships made, and much learned about the European markets from our friends across the pond.

Need any real estate help here in Sarasota, Call Lee @ 941.587.0740.

Investments In Sarasota are delighted to announce that Lee Mirman will be a keynote speaker at the European Alternative Investing Summit in Monte Carlo at the end of this month. Lee will be addressing the panel on Investing in Real Estate. The summit is a three day event bringing together private investors, and institutional wealth managers to discuss issues surrounding investment.

Lee’s expertise in international real estate investment, MBA in Finance, and experience as an award-winning relationship manager at Chase Manhattan, mean he is able to advise on the current opportunities and strategies investors may want to employ to build real estate portfolios and great ROIs.

Lee said:

“This is a wonderful opportunity, and I’m looking forward to having some great discussions during my trip to Monte Carlo. It’s rare to have so many investors sit down together, and I’ve no doubt everyone will walk away a winner.”

The event will be held at the Fairmont Monte Carlo, Monaco from September 30th to October 2nd.

In today’s video I am standing in front of Harbor Acres, the location of our newest listing and the neighborhood of West of Trail with the highest price sale on Sarasota’s mainland in 2013. I want to talk about property prices in Sarasota during 2013 and why, if you are contemplating selling your property, I believe there may be diminishing returns by waiting until the Spring of 2014 to list.

There is a lot of buzz in the press about price appreciation in parts of Sarasota. In reviewing the pricing in one of our premier areas and one of the mainland’s most desirable – the West of the Trail neighborhood – I took a close look at homes that were purchased in the last four years and sold again in 2013.

Hot Properties Equal Hot Pricing. For Now

It is clear prices have increased, however, for most of the sales the house had significant updates from the time of the previous sale. To me this indicates buyers are willing to pay higher prices from a short time ago, but not for the exact same house.

They want to see money spent and improvements on the property in order to justify the higher price. This is not a market where you can simply sit on a property and expect it to rise with the market to create profit. As I’ve written about before, this is a shrewd market.

Old and Shabby with Prices to Match

To prove the point, in this same neighborhood, for the properties purchased in 2011 that were really outdated at that time, had no subsequent improvements, and were resold this year, all of them saw price depreciation.

Going forward I believe we’re going to experience more moderate appreciation and some price stabilization in these hot neighborhoods as a new pricing floor is established. As this happens real estate buyers and sellers will re-calibrate with higher interest rates and continue to choose between a stock market that is cooling and real estate.

European Squeeze Ahead What Does that Mean for Prices?

Our global buyers have indicated that in the next several months the now favorable Euro will depreciate against the Dollar, reducing the buying power of one of Florida’s biggest real estate consumers in recent years.

So if you are contemplating selling, I believe there may be diminishing returns to waiting beyond the spring of 2014. Everything indicates the appreciation rates are going to start slowing down. If you want to sell, now’s a good time to jump: 941.587.0740.