The Great Transformation of Sarasota 2027: Part II

Last month I began describing the changes that are coming to Sarasota. My team and I have been looking extensively at how major development, investment in the public spaces and amenities, and philanthropic moves are building momentum to a Downtown Sarasota that will be totally different in 5 years. I have coined this as “Sarasota’s Great Transformation 2027.” (Click here to see Part I)

Much of our focus on development in Downtown Sarasota until this point has been on the western end of town with plans for new luxury condo buildings, hotels, and mixed use residential most notably in The Quay Sarasota. On Golden Gate Point there are also new projects such as The Peninsula and Evolution.

Now I want to take a deeper look at some of the larger developments in the works to provide more context for the transformation underway in Downtown Sarasota.

Belpointe, Benderson, and Capstone Making Major Investments

We are seeing a lot of infill development in the downtown core. I want to start by taking a look at the activity with Belpointe. They are a Real Estate Investment Trust (REIT) out of Connecticut that is publicly traded. They have purchased 7 parcels — all of which are going to be developed into apartments. This is a positive thing because it should lower the cost of rent by increasing supply.

Belpointe’s primary projects right now are going to be at the location of the former Sarasota Main Plaza (next to Hollywood 11). On this site they’re going to build two buildings. The main floor will be retail based on downtown zoning, and then apartments above. They’ve also purchased the adjacent outparcel where Staples used to be, and they are going to build more there.

The other significant purchase they’ve made is next to the Ringling post office where they bought the former Verizon (now Frontier) building. That’s over two acres where they will also build more apartment buildings. Belpointe is motivated by cash flow and they are publicly traded so they need to be putting their money to work.

Other developments that we’re going to see in the near future are going to be the former Williams-Parker parcel, which is over an acre and a half. This will become a residential/mixed use development. Just across Cross street, Capstone purchased over an acre by assembling several smaller parcels and they’re going to develop there as well. In addition, just down the street on Orange Ave an assisted living facility will be constructed.

Benderson, the large developer originally out of Buffalo (UTC and Southgate Malls), has purchased the Sarasota County Administration Building and they’re going to develop a project there. That’s over 2 acres just in that spot. There are also other hotels and smaller developments planned throughout Downtown Sarasota.

Stay tuned for the next in our series to illustrate the breadth of investment and change coming to our area.

Sarasota’s Future: Bullish or Bearish?

As we move into the third decade of the 21st century, there are three things I think Sarasota needs to do as a community- both in the public and the private sector- to develop more economic, educational, and environmental resiliency for the future of our community.

BETTER JOBS. As I have spoken about over and over again, we need better, higher paying jobs and we need more of them. We need diversification of different economic sectors.
BETTER TRAINED GRADUATES. Educationally, we need the local institutions of higher education, vocational schools, and two-year or four-year institutions to step up their game. They need to be producing more and better prepared graduates for the jobs in the 21st century.
CLEAN WATER. And finally on the environmental front, the water is our life blood and we need to do everything that we can to sustain and improve the quality of the water.

All this said, we’re VERY, VERY bullish on the future of Downtown Sarasota. As illustrated, lots of intelligent people who’ve done their homework are investing millions upon millions of dollars in developing our community. I am really excited about the Great Transformation 2027.

We look forward to being your trusted real estate advisor so that you can experience a return on your Sarasota real estate investments — both in money and happiness.

The Great Transformation of Sarasota 2027

Today I want to share a cursory introduction to what I am calling the Great Sarasota Transformation 2027. There’s going to be a lot going on in the next five years, and it’s already starting. This includes a multi-faceted look into philanthropy, addition/improvement of amenities, and development. As we release our next few videos, we’ll be going into much more in-depth.

Philanthropy is a huge part of this community and there are individuals that have already invested over $50 million dollars here in our area. The greatest portion of these funds is being invested in the amenities – which will be available and accessible for all residents. We’re seeing it happen right now as Selby Garden’s new facilities come out of the ground. The Sarasota Bay Conservancy (where the Van Wezel currently stands) is also undergoing great changes to become a public destination with attractions for all ages and a range of interests.

On the development side, I want to touch on the west end of downtown Sarasota – I’m calling it Kolter Town. They have already delivered us The Ritz Residences, Bayso, The Mark, and The Vue. Kolter already has decided that they’re going to build a fifth – and teasing about a sixth – building in Downtown Sarasota. They’re also going to be opening their third hotel behind Embassy Suites and the Westin. This is great news for the western part of downtown Sarasota because Kolter has already proven to be a leader in luxury buildings, which is a benefit to Sarasota.

Is Supply for Sarasota Real Estate Finally Increasing?

Lots of people have been talking about inventory. This is something that I track daily as we have a myriad of clients intent on owning a piece of our local paradise. Yes, it’s up by about 15% in the last 3 weeks. However, the reality is that in the most desirable neighborhoods in Sarasota we’ve seen very little change in inventory levels. In fact, on Longboat Key there’s actually a decrease in inventory.

💡 What This Means:
Fewer properties are coming to market than are going under contract.

The inventory on Siesta Key, West of Trail area, and Palmer Ranch is a little flat. In Downtown Sarasota, Bird Key, and St Armands Key we’ve seen a slight uptick in available properties.

The Northern Migration Lull

Looking at Sarasota County as a whole, people are saying “Look! Inventory is increasing!” This is because we’re in the midst of our third migration of winter visitors back up north. The first northern migration occurs annually on March 31st/April 1st, the second is after the spring holidays of Easter and Passover. In May the remaining winter residents head to their “other” residence(s). May is typically a slower period before our next onslaught of visitors who come for the summer.

And even though the migration is underway and with there is a slight increase in properties available in certain communities, our market is still quite competitive for buyers. In fact, our team helped a Seller receive a 71% gain on the sale of their Siesta Key waterfront property from just a little bit earlier than a year ago. We accomplished this through a strategic marketing plan that attracted several out-of-town offers, and in fact, the property was purchased by an individual who was remote the entire transaction. Last week, we represented our client who finally found the perfect property and was ready to buy. We structured an offer that prevailed in a six offer situation.

Stay tuned for next month when I give you more insight into the dramatic transformation that’s going to happen during the next five years here in Sarasota. If you are in any way considering new and pre-construction condos in Downtown Sarasota, I encourage you to call me @ 941 587 0740 immediately so that I can educate you and help you establish your goals in this purchase. With all the changes on the horizon, it is critical you be fully informed about all the choices and factors that will impact your long-term happiness.

Q1 2022: The State of the Sarasota Real Estate Market

Unless you are living with your head in the sand- no pun intended- there’s a lot going on in the world. But, if you’re a buyer of Sarasota real estate you have to be laser focused on the task at hand. That’s because, like everywhere else in the world, we have supply chain issues. This played out in the first quarter’s numbers for 2022:

Sales are down 25% from the same period a year ago. This is actually the lowest number in over seven quarters. Again, this is because of the lack of housing inventory.
The luxury market (1M+) is down 19% from the same period a year ago. However, the luxury market as a percentage of total sales is increasing. Nearly 1 in 10 properties sold is in the luxury segment. This is a chicken and egg scenario. Are Sarasota’s property values increasing or are people more comfortable investing larger sums of money into Sarasota?
The median price is up 27% from the same period a year ago. What’s happening in the greater world is happening here. Can we expect property owners to become sellers? That’s hard to imagine as when you live in a beautiful place like this, where else are you going to go?

New Construction in Sarasota’s Downtown and Barrier Islands

As I have reported recently, there’s lots going on with new construction in Downtown Sarasota. The demand for new construction is most notably demonstrated with One Park in The Quay. There’s tremendous sales velocity there. In their first 90 days they have closed nearly 70 units, which is nearly half sold out.

The DeMarcay, which is in downtown Sarasota, is about 75% sold. The St Regis Resort Longboat Key Residences has only 4 or 5 remaining from their total amount of 69 residences. And out on Golden Gate Point the Peninsula is just coming out of the ground. They are already taking reservations and soon will go to contract. And out on Lido Beach the Rosewood Residences Lido Beach Key will be going to contract in May of this year.

When you need professional guidance on navigating this complex market, give me a call @ 941 587 0740.. It is imperative more than ever to be diligent and fully prepared when buying or selling in this market.

The Essential Guide to Buying New Construction Condos in Sarasota

What You Don’t Know May Cost You in Time, Money, And Happiness

When buyers enter the process of purchasing new construction unrepresented, they typically don’t know all the questions they should be asking, nor the protections that should be put in place on their behalf. They unwittingly put themselves at a distinct disadvantage contractually, financially, and as it relates to making the right decisions for their lifestyle goals.

By working with a Realtor who has extensive experience in the local market AND expertise in Sarasota’s new developments, buyers can ensure they are equipped to make fully informed decisions. Having someone that is advocating for their interests every step of the way leads to more favorable outcomes and peace of mind.

Working with a Realtor vs. Going Direct

We interviewed sales representatives and industry veterans of the most coveted new construction projects in Sarasota about this question — including the Ritz Carlton Residences and The St. Regis Residences Longboat Key. We also consulted Nicole Cromie, a Real Estate Attorney at Williams Parker Law Firm.

WHY should buyers work with a seasoned Realtor for new construction purchases? Here are the top 4 reasons they collectively shared:

1. You Don’t Get a Better Price if You Work Directly With the Developer.

It is a common misconception among buyers that if they do not have a Realtor, they will get a better price. Realtor compensation is already built into the financials of each project. Each developer/builder wants to sell their product. They rely heavily on Realtors to bring them customers. You as the buyer do not save if you don’t use one, nor does it cost you more if you do (see #4).

For a data point on the now completed Ritz Carlton Residences in Sarasota’s Quay District, 60% of the purchasers were brought by a Realtor. For another Ultra-Luxury project on Lido Beach, The Rosewood Residences, that number is closer to 80%.

If you are not represented by a professional who fully understands the dynamics of the local real estate market – both existing inventory and new construction – you are in fact putting yourself at a disadvantage on a variety of fronts.

“I believe that one of the most common misconceptions from buyers is that if they do not have a Realtor representing them, they will get a better deal from the developer. This is completely untrue.”

Lynn Morris | The Residences | St Regis Longboat Key Resort

2. All New Construction Contracts Favor Developers/Builders.

New Construction contracts and associated condo documents can be a daunting hundreds of pages long. A savvy Realtor knows how to guide you on what things may be negotiated on your behalf, introduce options that you may not have even considered, then work as your advocate to get the most favorable terms. This could be internal modifications to the build out. You may want to alter the floor plan and/or ask for design upgrades. It may also be changes to the contract itself — for example, you want to add performance benchmarks or financing thresholds to hold the developer more accountable.

We have our finger on the pulse of the market and are able to identify which resources and experts to bring to the table for every specific buyer’s needs. For example, we can introduce our buyers to specific local attorneys that have had success negotiating with a particular developer.

Our experience negotiating with each specific developer enables us to get as much accomplished for you as the buyer as possible. We can tell you if something is reasonable or if it’s not reasonable. We understand what details should be flushed out at the contract stage all the way through to how to protect your interests during the final walk-through prior to closing.

“Lee adds incredible value to the buyer’s home purchasing journey in a number of ways. His previous experience working with buyers in new construction projects allows his buyers to feel confident with the decisions they make. They can rely on his good judgment with things like price, availability, and quality.”

Nicole Christie | Attorney at Law | Williams Parker

What is an Amendment?

Modifications to contracts are called amendments. Amendments spell out changes a buyer wants to make to the developer’s contract. Amendments are made to clarify developmental milestones such as release of money to the developer, or requirements that the developer sell a certain number of units. They can also address internal design modifications such as additional closet space, livings spaces, or doors/walls.

Amendments are drawn up after the buyer goes to contract and within the 15-day recission period that is spelled out by Florida statute. This 15-day period is legally provided to all buyers of new construction.

To provide two examples:

We have a client at The St Regis Longboat Key Resort who modified a closet space to add a bunk room to accommodate their young grandchildren. They also were able to carve out a desk space from the existing wet bar that enabled them to have a private office nook.
Another luxury waterfront condo buyer reserved the right to cancel if the developer did not have a construction loan in place by a certain date.

Amendments are typically written by the buyer’s real estate attorney with input from the Realtor and the developer’s sales rep. Negotiations may take several iterations for both parties to find common ground and come to an agreement.

3. Working With an Experienced Realtor Empowers You to Feel Confident About Your Decisions.

Your real estate purchase is one of the biggest investments you make. It is important to understand all the options and the trade-offs when comparing the builders, the brands, locations, floor plans, resale potential, and relative pricing so that you know you are making the right decision for you.

We understand the local landscape and can provide comparables for historic, current, and future pricing on a property. We help you understand if a specific property’s value is going up or down in the future based on what is happening around it.

When you partner with us, we will ask you the hard questions to get you to think about what you really want. These types of conversations are important to get to what is the best match for you personally.

To provide a reference point, if you are looking at Downtown Sarasota New Construction, there is a distinct personality to each area. The lifestyle and amenities available at The Quay is unique to The Rosemary District or Golden Gate Point. None of these is better or worse, just different. We feel it is super important to understand all these subtleties when evaluating the best match for any specific buyer.

Even within a single building, there is an array of choices. Let’s take a beachfront building like Rosewood Residences Lido Key where are on the surface it may seem that the units are fairly homogeneous. However, you will have a different experience based on the floor plan and level you choose. Lower floors provide more connectivity to that water, more sounds of the environment. Higher floors offer bigger, broader views. And yet, because the water is not as close you may not feel as connected to it. This is just one example of the many factors we help you to consider.

“A good Realtor helps frame the tradeoffs not only between two new construction projects but also between a new project and an existing community. Also, it allows buyers who are relocating or who may be newer to a certain area to have local experts who can educate them about future growth and development or lifestyle differences that may not be readily apparent.”

Nicole Christie | Attorney at Law | Williams Parker

4. It Costs You Nothing to Have Professional Representation.

In fact, there may be costs to NOT having it. Realtors’ compensation is paid from the proceeds of the Seller, so there is no financial outlay for you as a buyer.

Our team works systematically to help each buyer process every option available to them, gain clarity on what they are NOT choosing as much as what they are, and emerge with peace of mind that they are making the right choice for their needs. Our real estate market offers diverse products, price points, and lifestyle experiences. The goal is to ensure our clients’ financial and lifestyle goals have been thoroughly addressed, ensuring their long-term happiness and enjoyment.

Is New Construction Really Right for You?

Many buyers in our Sarasota Real Estate market are drawn to the idea of buying into new construction projects. The allure of new is driven by the investment value of buying at pre-construction pricing, the intrigue, and ease of having the latest in design/technology and building codes, and sometimes because of the sheer lack of existing housing inventory.

There are situations where buyers — particularly those new to the Sarasota real estate market — are lured into the “sexiness” of new construction, but then as we take them on a deeper dive into their wants and needs, we figure out that new construction may not actually be the best match for them.

💡 Pro Tip:
We had a buyer who was new to the Sarasota real estate market. He initially inquired about One Park in The Quay district in Downtown Sarasota. When we engaged him on the journey of learning what lifestyle he really wanted here, it became clear that Downtown was not the right match for him and his family. This sort of upfront homework is priceless when it comes to long-term happiness.

The number of choices one has in the Sarasota real estate market begins to multiply when you consider the living experience within each geography. There are various areas of downtown, the mainland, or each distinct barrier island. Each area is then comprised of many distinct neighborhoods, and then even each street has its own feel and character.

Geography aside, there are a series of trade-offs involved in considering house vs. condo, bay view vs. gulf view vs. canal view, boating water vs. beach, old vs. new, updated vs. needs work, resale value, condo or HOA fees, floor plans, etc., etc.

Drilling even deeper, if one is considering a specific new construction project in Sarasota such as One Park, there are 11 distinct floor plans. The price of the units varies according to the level they are on, the direction they face, the square footage, etc. We carefully evaluate with each buyer the considerations regarding which may have a view and which won’t, if that view can be obscured based on what we know about future construction, which sides of the building may be more desirable based on sun patterns, noise, etc.

Good Advice Pays Dividends

Sarasota is now in its third century and going through many amazing changes. What it is going to look like in the next several generations is very different than what it is now. It pays many dividends to be thoughtful and thorough in your lifestyle and financial investment.

Whether a buyers or sellers real estate market, good information should not be considered a luxury especially when transactions are $1M, $5M, or even $10M.

Make sure you have great advice so that you have financial and lifestyle decision that you are proud of for many, many years to come. Any questions, call us at 941 587 0740.

TOP 2022 Design and Tech Trends: LIVE from International Builders Show!!

This week we filmed from the show floor of the International Builders and Kitchen & Bath Design Show (IBS) in Orlando Florida. We were there to understand the latest trends and technology that are influencing the properties that we live in and that we will buy in the future.

First, let me talk about some of the product trends. Yes, there are some whimsical new gadgets like night lights on toilets, and the hand dryer that has given away to the full body dryer to eliminate the need for a towel. There’s also the Profile line of GE Appliances that now can receive over-the-air updates so that your appliance stays current year after year.

Here are our 3 Favorites in Home Innovations:

Cooking Surface Prime. The countertop where there’s no cooking elements whatsoever. The induction cooking elements are underneath so there are no burners or controls visible on the surface at all. It gives you extra counter space when you need it and you can cook right on the counter when you’re ready to cook. It’s almost like a little bit of magic.
Murphy Hidden Shelves and Mirrors. The company that brought us the Murphy bed now has Murphy Mirrors, which open up into a bathroom and also Murphy Shelves, which is like a secret door into hidden closet space. Having more storage and more organization are very, very popular coming out of the pandemic.
Age in Place Caregiver Smart Solutions. We are seeing the power smart technology combined with data collection aid caregivers to have peace of mind as more and more people live and age in place. With a variety of sensors placed inside the home, key data is sent to caregivers which provides them the ability to unobtrusively monitor one’s routines inside the home and signal when something abnormal happens. The empowers individuals to live independently for much longer.

There are clear priorities from today’s home buyers that are shaping new trends for Builders and Community Developers:

Buyers Want Luxury, Form and Function in Outdoor Space. The outdoor space is becoming more and more important to homeowners. Not only does it allow more common area and square footage of living space, but this is an area where people are really investing to customize it, making more part of the entire home through specific, unique features such as privacy walls, fireplaces, greenery.

Take a look at this incredible outdoor space at the newly listed property in the West of Trail area!

1943 Morris Street Outdoor Space

1943 Morris Street

Pets are People Too. We’re also seeing that pets are more than ever an integral part of the family. In fact, in consumer surveys about what they want in amenities, those focusing on our fur babies is the number one feature buyers want in their new communities with features like self-service pet washes that will make the dogs and cats in the community happy and therefore their owners happy.

Take a look at the extensive pet amenities that the St. Regis Residences on Longboat Key has to offer:

St Regis Luxury Condos

For more information on any of these products, or to talk about what’s going to happen with you and your next move, please give me a call @ 941 587 0740.

The Sun Sets on 2021:The Sarasota Real Estate Numbers in Review

Welcome to 2022! We begin our 3rd decade of business delivering concierge-style real estate service and unmatched expertise in Sarasota Real Estate sales, purchases, and investments. This is our 13th year of producing the most informative and timely video updates with real statistics and analysis so that our clients can make informed, insightful choices.

“LIVE BETTER HERE”

With the scene of relaxed and sun-drenched beach-goers enjoying the sunset here on Lido Key, the maxim we have embraced for 2022 is “Live Better Here.”

Enthusiasm for being part of our community is soaring. Living here is a want- not a need. If you don’t have to find a job here or if you can work remotely, it is especially easy to want to make the transition. And if you do need a local source of income, Sarasota is a haven for entrepreneurial spirit and like-minded people.

2021 was a year of re-exploration both of geography and ourselves; as people contemplated where and how they want to live. Living here is clearly what many want as demand continues to outpace supply.
Here are the statistical highlights:

Sales for 2021 are up 17.15% over 2020.
Sales for the 4th quarter of 2021 increased 14.4% compared to Q4 2020.
Median Price for the 4th quarter of 2021 is 22% higher than it was for the 4th quarter of 2020.
There are under 800 properties for sale. This is about 20% of “normal” levels which is driving prices up. While inventory is low, we are not running out of properties as new ones get listed each week.
The luxury market (properties listed for $1M or more) units sold decreased by 1.5% from the Q4 a year ago, however the percentage of sales in this segment has increased, meaning we are shifting to higher price points.

There are two types of buyers in our market:

Those that want to “Live Better Here” NOW.
Those who are looking at longer time horizon and have their sights on new construction options coming out of the ground.

For the latter, the wait is about 18-48 months for brand new condominium construction on the barrier islands and Downtown Sarasota. We are getting multiple calls a week with new clients eager to plant their stake in The Quay and other sexy new constructions projects such as The Rosewood Residences Lido Key and the St. Regis Longboat Key.

NOTE TO SELLERS: While a strategy of aspirational pricing has proved effective during some periods of 2021, there are also instances when coming out of the gate overpriced has led to significantly lower sales prices leading us to wonder if a slightly more conservative approach would have netted the seller a higher purchase price. If you may be a seller in locations where new construction is on the horizon, I do not recommend waiting too long as a lot of inventory will be added. As the wait time on new construction gets shorter and shorter, more buyers will be willing to have delayed gratification in exchange for shiny and new.

Sarasota’s future looks brighter and so does its real estate market. Our community is bustling with activity and the number of people interested in creating a home here is increasing. I expect that demand will remain strong.

When you are ready to navigate the many paths and options for selling and buying on your journey to “Live Better Here,” give me a call @ 941 587 0740.

Top 7 Take-Aways: The Forces Driving Sarasota’s Real Estate Future

On November 14, I brought several key professionals to share their first-hand experiences on what is happening in our Sarasota real estate market. There were a lot of great nuggets from that collaborative discussion. We have attached the highlights in the written portion of this newsletter.

BREAKING: Rosewood Residences Lido Key Now Taking Reservations

The Rosewood Residences at Lido Beach is just starting to go to reservations this week. This is very, very exciting news. If you or anyone you know is interested in this project, we now have the floor plans, range pricing, the reservation agreement, and an escrow agreement in hand.

You can’t put our Real Estate Market in just ONE bucket

Everyone wants to figure out this real estate market. There are lots of things that are going on and Sarasota’s real estate market does not just fit into one bucket that’s one-size-fits-all. There are so many dynamics to each scenario, location, and product. The big takeaway that I have is “to have success you need skilled representation.”

First let me give you three anecdotes to illustrate how wildly different any given situation can be in this market:

We listed a property last week on a Friday. By Monday we had 14 showings. In addition, we held an open house on that Saturday with over 30 people. We had multiple offers on this property GREATER than the listing price, and even after we went to contract potential buyers still wanted their offers presented.
On the flip side, we are currently working with one of our ultra-luxury buyers on a negotiation. (Ultra-Luxury properties are those that are listed for $3MM or more). In this situation, the property could sell for at least 10% LESS than the listing price.
Some properties are going to contract without coming to the open market first. I strongly feel this is a disadvantage to the seller because the “Market”- Active Buyers have not had the opportunity to offer their opinion of value. In this case, the buyer’s agent and the seller’s agent got together and the property sold. It then came back on the market 2 weeks later for a price that was about 33% higher – just under million dollars more. It is now being sold another time. That is a lot of money for a seller to leave on the table.

This can be a wild and confusing market. These examples illustrate how- just like you want to choose the best lawyer to represent you on important issues- you really need to have the most intelligent and experienced Real Estate Broker representation to protect your real estate interests.

When you are ready to navigate this market and/or are interested in being one of the first to learn the details of the Rosewood Residences at Lido Beach give me a call 941 587 0740.

SARASOTA LUXURY REAL ESTATE REPORT

The Forces Driving Sarasota’s Real Estate Future

On Nov 14th I facilitated a panel discussion to unpack the question: Is the real estate market about to go off a cliff, or are we approaching price parity with some other areas in Florida such as Palm Beach and Naples? Here are the key takeaways:

Wealth Creation Outpaced Real Estate Price Growth. The median price on Longboat Key rose 33.86% from January 2018 to Oct 2021 relative to a 44.7% increase in the stock market over the same period. Our buyers’ wealth has grown at an exponentially higher rate than median prices. Those invested in certain individual stocks experienced exponentially higher gains. The buyer profile for our area has seen their financial position strengthen substantially, so they have much more money to invest in real estate.
Florida Residences Have Game Changing Financial Benefits. Elizabeth Cottom, estate planning attorney for Williams Parker, stated “From my vantage point there is a mass exodus from other states. I am getting calls daily from new owners and potential buyers. As they learn all the tax & financial benefits and realize their overall costs can be reduced by establishing residency here, they can have their cake and eat it too.” Florida has no estate tax, income tax, gift tax and an easy probate system.
Life is Short. Buyers Don’t Want to Wait to Live Their Dreams. The Post Covid buyer no longer wants to wait to purchase the house and location of their dreams. They are making more rapid decisions, and the ability to work remotely has accelerated their plans.
Direct flights to Sarasota Quadruple. There is an expanded buyer pool because of the airport expansion. Three years ago there were 12 non-stop flights. Now there are 52 nonstops.
Buyers are not Deterred by Rising Cost of Insurance. “While Insurance rates continue to rise and there is a tightening of underwriting guidelines, this cost has not yet impacted buyers’ decisions,” said Jeff DeJongh of Purmort & Martin. While they may be surprised at the premiums, buyers are still purchasing as the other tax, financial and lifestyle benefits are outweighing this cost factor.
Demand in the Ultra-Luxury Market is Strong. Inquiries into the new ultra-luxury Rosewood Residences on Lido Beach surpassed 600 in just the first few days. These are all cash buyers that want the experience and enriched level of services and amenities that brands such as The Rosewood offer.

Sarasota Median Prices Still Below Comparable Florida Cities

The demand for Sarasota real estate is unrelenting and the median sales prices is still lower comparable communities in Florida. Our clients are knowingly and willingly paying higher prices. If there were to be a market softening it would be because of an increase in sellers. However, there are very few reasons to give up all that Sarasota has to offer.

We are committed to providing you with an extraordinary and unique level of servicing as you navigate your real estate decisions and transitions.
Wealth Creation Outpaced Real Estate Growth
median property sales price graph
real estate market dynamics

LIVE this SUNDAY, NOV 14: The Forces Driving Sarasota’s Real Estate Future

If you are anywhere near Sarasota on Sunday, November 14th, I invite you to join me and this incredible panel of local experts as we delve into the diverse forces shaping the real estate market on Longboat Key and Sarasota in general.

Is the real estate market about to go off a cliff, or have we finally reached price parity with some other areas in Florida such as Palm Beach and Naples?
While there are no crystal balls, each of the panelist has their own superpowers:

Elizabeth Diaz from Williams Parker Law Firm is the guru of estate planning in the State of Florida. She will be joining us to tell us about all the people that are bombarding her with relocations to Florida, and specifically Sarasota.
Jeff DeJongh with Purmort & Martin is a risk assessment and insurance expert. He’s at the leading edge of understanding how insurance is going to affect our cost of ownership going forward. Are the impacts of hurricanes and other natural disasters affecting insurance costs and are we going to see premiums go way up or stay the same.
Julia DeCastro, the preeminent expert on the Ultra Luxury buyer. She just spent several years with the Ritz-Carlton Residences in downtown Sarasota and is part of the team for an Ultra Luxury residential project on Lido Key. She has spent more time with the greatest number of ultra-luxury buyers than anyone in the state. Her firsthand insights into what they want and how they are thinking are extremely noteworthy.

This is the opening event for Temple Beth Israel Men’s Club Speaker Series. A traditional buffet of bagels & lox with all the fixings will be featured as well as fruits and cakes. This breakfast and panel discussion will be from 9:30-11am. Please call the TBI office to reserve your space.

Temple Beth Israel

567 Bay Isles Rd
Longboat Key, FL
941 383 3428

Let’s Get Ready to Rumble!

It was just announced recently that tech company Rumble is coming to Longboat Key. For years I’ve wanted to see economic development with higher paying jobs and more diversity in terms of different companies and industries, and finally one has come to our shores. This is an incredible asset for our community.

Now I don’t want to take anything away from all the companies that are growing here organically or companies that have expanded here, but it’s very special that a tech company is making Longboat Key its home. They have promised that they’re going to have 41 jobs in management positions, the average salary is going to be about $170,000 a year. They also have about 124 non-management jobs that are going to average about $80,000 per year in salary. That is about 70% higher than the current average salary here in Sarasota.

Rumble (rumble.com) is a website for content creators that have about 31.9 million unique visitors each month. We expect them to not only grow here, but also attract other tech businesses. And if it’s good for the economy in Sarasota, it’s good for our real estate. Because the real estate market goes the way the economy does, anything that increases our diversification of businesses and raises our salaries is very healthy for our local economy.

Any questions, call Lee @ 941.587.0740.

Q3 2021: The Sales Numbers and (Fleeting) Return of the Open House!?!?

If you’ve paid as close attention as I do to the Sarasota real estate market, you may have noticed the reappearance of an incredible phenomenon here in Sarasota – the open house. The amount of time that a property has been on the market has gone from maybe minutes or hours to at least a couple of days — allowing a slightly longer window for potential buyers to consider a property. And here on Longboat Key this Sunday, at this gulf front estate at 3475 Gulf of Mexico Drive, there will be just that, an open house!

I don’t know how long this phenomenon may last. The month of September, which is hot and humid, is typically a little quieter real estate-wise. There are still less than a thousand properties for sale currently in the entirety of Sarasota County. With car carriers and early snowbirds now returning, we definitely feel there’s more momentum back in the market as we transition from September to October. In fact, just yesterday a beachfront condo was listed on Lido, and we just received notice that it is the highest and best offer situation with all offers due today at 5 pm.

Our list of clients looking to buy property in Sarasota is robust and growing. Most Sarasota property owners are not transitioning to sellers as many haven’t found a suitable location outside Sarasota — because they like being here.

I can only hypothesize that there MAY be another natural wave of potential sellers when BAYSO the 149 residence condo currently under construction in The Quay in downtown Sarasota — is ready for occupancy in the 2nd half of 2023. I have to qualify this with sharing that we don’t actually know how many of those buying into this new construction project are locals vs how many are first time Sarasota property owners.

Let’s review the numbers for the 3rd quarter of 2021:

Compared to the 3rd quarter of 2020 sales are down 8.8%. I attribute this to low inventory- there are just not enough of the right choices for the buyers circulating. And homeowners don’t want to become sellers because they don’t know where they could go.
The luxury market (properties listed for 1M or above) saw an increase of 25% to the same period a year ago.
The distressed market is negligible. This is because there is a tremendous amount of equity that’s been created in properties, as well as a lot of government programs due to the pandemic.
70% of our market is under $500k. This portion has shrunk over time.

Buying or Selling in this market takes a certain finesse. We are committed to providing you with an extraordinary and fully customized level of service to successfully navigate this unique real estate market, please give me a call @ 941.587.0740.

Top 5 Reasons Buyers Seek New Construction in Downtown Sarasota

Today I’m on 2nd street, right next to the Selby Library in Downtown Sarasota with the boutique condo The Collection under construction right behind me.

The Collection Sarasota

We have a lot of clients who are itching to own in one of the many new construction projects underway or just completed in Downtown Sarasota. It is interesting to listen to the personal drivers for all this demand.

I want to share the top 5 reasons people continue to come to Downtown Sarasota to scoop up pre-construction opportunities:

5. Simplicity

People want to simplify their lives, and one way to do this is to lock in their housing 1-4 years in advance. By doing this they know exactly where they’re going to be in the near future and they’re going to have a place that allows them to have a turnkey experience – easy to turn the key to go in and easy to turn the key to leave.

4. Walkability

Downtown Sarasota continues to add more and more roundabouts and improve its crosswalk and pedestrian experience. Simultaneously shops, boutiques, restaurants, cafes, and bars continue to raise the bar on their level of quality and service. As such, the offerings to consumers continue to improve. This brings more vitality to Downtown Sarasota and a richer experience for all of us.

3. Concierge Services

People buying luxury condos want a full-service experience and this includes a 24 hour/7 days a week concierge. Epoch, which recently opened, was given feedback early-on in the process that this is what people wanted. And the developer pivoted and added this amenity so that people could have it and it accelerated the buying process.

2. Financial Gain

Everybody wants to have financial gains. And over the past couple of years buying pre-construction has offered a discount to what the actual market value has been on closing day. This proved out recently when somebody had to sell their Ritz-Carlton unit and they received a 35% gain over their pre-construction purchase price.

1. Shiny and New

It’s hard to resist things that are brand new. What we’re seeing with buyers in our market is that condominiums that are about 5 or 6 years old already feel a little dated – the design is a little behind the times in today’s HDTV-centric world. Why not buy the latest and greatest design features, smart automation, and technology and then you can have it all?

If you have an interest in getting a comprehensive education about the new construction projects in Downtown Sarasota, please give me a call @ 941.587.0740.