Archives for September 2017

Upward Trend Continues for August in Sarasota Real Estate

September 29, 2017 by

real estate market Compared to August 2016, the latest market report shows an increase in closed sales, median prices, and inventory for single family homes, while condos in the two-county area reported an increase in closed sales and pending sales. The August 2017 data was compiled from My Florida Regional Multiple Listing Service by Florida Realtors®.

Closed sales for single family homes increased by 6.9 percent from August 2016 in the two county area. As for condos, closed sales also improved slightly from last year, with an increase of 0.8 percent. Combined, closed sales climbed from last month with a 6.4 percent increase to 1,819 sales in August. When looking at closed sales thus far in 2017, sales are higher than they were for the first eight months in 2016, a 2.1 percent increase to 14,254 closed sales.

“We’ve seen some fluctuation in closed sales for 2017,” says Xena Vallone, 2017 President of the Realtor® Association of Sarasota and Manatee. “The first eight months of this year show more sales than the first eight months in 2016, thanks to a strong month of sales in March, May and now August.”

New pending sales are up across the two-county area. There were 1,293 pending single family sales reported in the month of August, a 1.3 percent increase from last month and 516 pending condo sales, a 4.2 percent increase from July. Combined new pending sales also increased from this time last year, with a 2 percent increase in the two-county area. New pending sales can be a good indicator of future closed sales.

“Several conditions can affect exactly when the increased pending sales will turn into closed sales,” explains Vallone. “There is no way to determine Hurricane Irma’s effect on the market at this date, but we are seeing some delays delay due to financed transactions that require re-inspections or a lift of the disaster designation to close.”

During the month of August, there were 6,791 single family and condo properties for sale in the two-county area, a 4.3 percent increase from this time in 2016. Inventory is down from last month in the two-county area. Single family home inventory decreased by 5.2 percent from July 2017, while condos decreased by 6.1 percent.

The month’s supply of inventory is the number of months it would take to deplete the current inventory at the recent sales rate. This figure has been decreasing since March of 2017, staying under the threshold for a balanced market. In Sarasota County, there was a 3.8 month supply of single family homes for sale, while Manatee dropped to a 4.1 month supply. Sarasota condos dropped to a 4.3 month supply, while Manatee is now at a 3.9 month supply.

Year-over-year, median prices continue to rise as distressed properties continue to decline. The median price of single family homes in Sarasota County rose 1.5 percent to $258,000, while it rose 6.2 percent to $286,855 in Manatee County, compared to August 2016. Condo median prices rose 10.9 percent to $183,000 in Manatee County, while they fell by 2 percent to $213,500 in Sarasota.

Realtor® Association Sarasota and Manatee – August 20, 2017

Hurricane Irma Recovery & Information

September 27, 2017 by

In the wake of disasters like Hurricane Irma, there are always unscrupulous people looking to defraud victims, donors and volunteers. There are also many legitimate charitable organizations and volunteer opportunities. It is important to choose wisely. I will be happy to provide you with a carefully researched list of those you can trust.

HURRICANE IRMA: A TERRIBLE & HISTORIC STORM

185 MPH Lifetime Max Winds – 2nd Strongest Max Winds of All Time in an Atlantic Hurricane.

Strongest Storm on Record in the Atlantic Outside of the Caribbean and Gulf of Mexico.

Category 5 Hurricane for 3 Consecutive Days – The Most Consecutive Days in the Satellite Era.

8 ½ Days as a Major Hurricane – The 2nd Most in the Satellite Era.

First Category 5 Hurricane to Make Landfall in the United States since Hurricane Andrew in 1992.

I hope that your family, friends and neighbors made it through Irma safely, and that your home and possessions were not significantly damaged. Please see below for additional information to assist as you recover from this terrible storm. I am happy to provide any assistance you may need. Please don’t hesitate to contact me.

Hurricane Irma

Filed Under: Downtown Sarasota Condos, Downtown Sarasota Lifestyles, Downtown Sarasota Real Estate Tagged With: Downtown Sarasota Condos, Downtown Sarasota Real Estate, Hurricane Irma

Initial Plans Submitted 688 Golden Gate Point

September 25, 2017 by

Initial plans are in the works for a new nine-story, 15-unit luxury condominium in one of the last available plots on Golden Gate Point on Sarasota’s bayfront.

ONE88 – Prices at nine-story, 15-unit luxury residence are expected to range from $800,000 to $2 million

Local firm Vandyk’s project called 688 Golden Gate Point is planned for a triangular site at the entrance to the point at the base of the John Ringling Causeway.

The early plans include one- and two-bedroom units splitting each floor, each with patios, with a special penthouse unit and two rooftop terraces with fire pits and pools.

Prices are expected to range from $800,000 to $2 million, according to paperwork submitted to the city and given a preliminary, pre-application review Wednesday morning.

“We see this property as a very important architectural statement for us and for the city because of its location and its visibility and we’re approaching it from that perspective,” Vandyk project manager Bert Luper told city staff.

“We’re excited about the project, but we do think the market’s a little soft, so we don’t plan on starting this right away. But we want to go ahead and get it front-ended to work through all of the issues.”

Vandyk bought the site in February 2016 for $3.5 million, according to property records. It is near the company’s recently completed, eight-unit One88 condo project on the other side of the point.

Designers plan to incorporate 32 parking spaces underneath the building and are considering using an advanced parking lift system to park cars one over another, according to preliminary plans. That could work by stowing cars beneath the surface parking lot, but city planners warned Wednesday the idea will run into technical issues with federal floodplain rules at a building at such a low elevation and so close to the water.

The project will go through another round of reviews as designers work to address technical questions from city staff, but Luper indicated there was not a timeline for the project to break ground.

Herald Tribune September 21, 2017

Filed Under: Downtown Sarasota Condos, Downtown Sarasota Construction, Downtown Sarasota Real Estate Tagged With: Downtown Sarasota Condos, Downtown Sarasota New Construction, Downtown Sarasota Real Estate

Sarasota Downtown Improvement District Looks to Future

September 21, 2017 by

The Downtown Sarasota Improvement District is trying to figure out what projects it should take on during the next five years.

What will downtown Sarasota look like five years from now?

It’s an unknowable answer, but one the Downtown Improvement District is examining as it considers its priorities through 2022.

Since its formation in 2008, the DID has helped fund projects within its 84-acre boundaries. The group’s notable undertakings include streetscape and landscaping upgrades throughout the district, improvements to Five Points Park and the addition of flower baskets on lightpoles.

On Tuesday, the DID began a strategic planning initiative to determine what it wants to do next. Quickly, the five-member board of directors struck on one central issue: the scope of the DID’s improvement efforts.

The DID’s job is to improve the downtown core — the precise boundaries of which are subject to debate. The DID is bound by Second Street and Ringling Boulevard on the north and south, Goodrich Avenue and Cocoanut Avenue to the east and west. The DID taxes properties within the district an additional 2 mills annually.

With building on an upswing throughout downtown, board member Steve Seidensticker said he thinks the DID should expand its focus outside of its borders, improving a broader area.

He knows some property owners would be hesitant to spend their tax money outside of the precise boundaries of the DID. Some of his fellow board members disagreed with his idea, too.

“I want my taxes going here, in front of my business,” DID Chairman Ron Soto said. “I’m paying for it; I want it here.”

But looking ahead five years, Seidensticker doesn’t see much room for significant improvement within the boundaries of the DID. The group could invest in, say, more landscaping improvements, but Seidensticker said that sort of approach would have a smaller impact than a more expansive philosophy.

The rest of the board didn’t see a reason to spend money outside of the DID’s boundaries, but it did want to consider whether those boundaries should be redrawn. Expanding to U.S. 301 and U.S. 41 would incorporate a much larger segment of commercial properties downtown, though similar discussions in the past never came to fruition.

The board will continue its discussion at a future meeting. When it ultimately produces a strategic plan for the next five years, Seidensticker hopes it will reflect a more ambitious attitude for the DID.

“I think what you need is to think outside of the box a little bit, and not give into fear,” Seidensticker said.

Observer, September 21, 2017