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 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.