Archives for November 2017

Sarasota-Manatee New Home Starts at Post-Recession Highs

New Home Starts SarasotaThe third quarter of 2017 proved to be a gem for housing starts in the Sarasota-Manatee market.

“Despite Hurricane Irma, quarterly starts were the best we have seen post-recession,” Metrostudy reported Tuesday.

The company, which provides market information to the housing and related industries nationwide, said the two-county market is building at about 120 percent of the 20-year moving average. And the growth is next expected to stop next year.

“Irma may push some closings into 2018, but she did not materially impact our forecast for increasing housing starts in 2018 for Sarasota,” said Tony Polito, regional director of Metrostudy’s Sarasota-Bradenton market.

The research, data and analytics company’s third-quarter survey of the Sarasota-Bradenton housing market found that 1,514 single-family units were started in the quarter, an increase of 3.4 percent compared with last year’s third quarter. The new figures also are 4.1 percent more starts than in this year’s second quarter.

Single-family closings in the quarter were 1,327 units, which was 2.2 percent higher than third quarter of 2016. Irma likely affected closings, which fell by 211 from the second quarter, according to the study.

The survey also found the problem of workforce housing is getting worse. “Affordability is getting squeezed in the lower price points as new home starts under $250,000 are down 20 percent year over year.”

For the 12 months ending Sept. 30, starts of new under $250,000 totaled 1,211, down 20 percent from the third quarter of 2016. Annual new-home starts over $250,000 increased 6.9 percent, the survey found.

“Hurricane Irma impacted jobs and the local economy in September,” Polito said, “but this is expected to be a short-term impact, although with a 3.3 percent local unemployment rate, new job creation is highly dependent upon new population growth.

This quarter, 1,763 lots were delivered to the Sarasota-Bradenton market compared with 1,251 in last year’s third quarter. Vacant developed lot inventory stands at 36,977 lots, an increase of 0.2 percent compared to 36,904 last year.

“Based upon the annual start rate, this level of lot inventory represents an 80.1-month supply, an increase of 0.5 months compared to last year,” Polito said.

During the recent third quarter, Manatee County recorded 747 housing starts, up 19.5 percent over the second quarter and up 19.5 percent compared with 2016′s third quarter. Sarasota County logged 600 housing starts this past quarter, up 24.5 percent versus this year’s second quarter and up 7.1 percent compared to last year’s third quarter.

Herald Tribune November 7, 2017

Makeover for Sarasota’s North Trail

Highway improvements, new businesses and multi-million-dollar projects may finally revitalize North Trail.

North Trail - Downtown Sarasota Real EstateMedians full of trees and flowers, and the absence of unsightly strip malls, North Tamiami Trail has enormous potential as the major entrance to downtown Sarasota.

Lining the highway are institutions that have put Sarasota on the map. New College of Florida, the John and Mable Ringling Museum, the Asolo Repertory Theatre and Ringling College of Art and Design call U.S. 41 in north Sarasota home.

Now, that vision is starting to come into focus. This year, along with a public investment in infrastructure, developers and business owners are taking a fresh look at neglected properties.

Before the end of the year, the Florida Department of Transportation will embark on two multimillion-dollar roundabouts, one on 10th Street and one on 14th, to improve traffic flows.

Entrepreneurs have surfaced. In January, Jessica Simmons and Kim Cressell opened The Reserve, a coffee shop and bookstore at 1322 N. Tamiami Trail, that has become a popular gathering place for college students and residents of surrounding neighborhoods.

Next door, just north of The Reserve, is the proposed Whitaker Lofts, the first project being developed by architects Michael Halflants and John Pichette of Halflants + Pichette Studio for Modern Architecture. The pair is looking for an investor, but site improvements have already started on the vacant lot along North Tamiami Trail between 14th and 15th streets. “We purchased the property with the intention to develop it with 21 condos over retail,” says Halflants. The pair likes the location. It’s close to the Rosemary District and faces Whitaker Gateway Park, Halfant says. Traffic flow should improve after the roundabouts are finished. And, in the future, Halfants hopes, an old rail line, not too far away, will become an extension of the Legacy Trail, an 11-mile paved trail for biking and walking. There’s also a plan to connect Whitaker Gateway Park to Centennial Park, the Van Wezel and the rest of the city-owned waterfront.

On the west side of the Trail, at 1889 N. Tamiami Trail, is The Strand, a development proposed by Sarasota developer Jebco Ventures, which is building the Embassy Suites on the North Trail at Fruitville Road. The Strand will be a 152-unit condominium of two buildings and will include 47 private boat slips, a pool, a fitness center, a dog park, a boardwalk and a paddleboard launch.

Designed by Hoyt Architects in a coastal contemporary style, the project was set to start marketing in November and is expected to break ground first quarter 2018 and be finished 15 months later. Prices for the units start in the low $300,000s.

“The North Trail is so convenient,” says Jebco CEO Jim Bridges. “It’s close to the airport and the Sarasota Bayfront 20:20 project [a 42-acre city-owned bayfront property]. It’s going to be a tremendous opportunity for developers and people looking for new homes.”

Benderson Development has also taken an interest in this section of North Trail. Benderson is under contract to purchase the site where the rundown Monterey Village at 2413 N. Tamiami Trail used to stand. The developer has submitted a site plan application to the city of Sarasota to lease the property to Starbucks, says Ryan Chapdelain, the city’s manager of Neighborhoods, Redevelopment and Special Projects.

Ringling College of Art and Design, which has purchased several commercial buildings and a large vacant corner lot along the Trail, has been a key player in transforming the area. Now the college has big plans for the southeast corner of U.S. 41 and Martin Luther King Jr. Way. More than a decade ago, the college purchased a Shell gas station and made it into a sculpture garden.

Ringling College president Larry Thompson says a major “signature” building is being planned for this lot and will house computer animation, game art and motion design. “It will be the defining entrance of the Ringling College of Art and Design,” Thompson says.

 

941CEO – November 2, 2017