Floridians’ Consumer Confidence Hits 17-Year High

consumer confidenceConsumer confidence in Florida reached its highest level in 17 years, increasing 1.4 points in April of 2019 to 102 from a revised figure of 100.6 in March.

These levels of confidence have not been observed since March 2002 when consumer sentiment reached 102 points.

Among the five components that compose the index, one decreased and four increased.

 

Current conditions
Floridians’ opinions about current economic conditions were mixed. Views of personal finances now compared with a year ago increased eight-tenths of a point, from 96.7 to 97.5. Conversely, opinions as to whether now is a good time to buy a big ticket item such as an appliance decreased 1.2 points, from 107.5 to 106.3.

Future expectations
The three components representing expectations for future economic conditions improved in April. Expectations of personal financial situations a year from now rose 3.2 points, from 106.8 to 110 – the highest level for this component since May 1999 when it reached 110 points.

Expectations of U.S. economic conditions over the next year increased 2.3 points, from 97.6 to 99.9. Similarly, expectations of U.S. economic conditions over the next five years increased 2.4 points, from 94.2 to 96.6.

“Overall, Floridians are more optimistic,” says Hector H. Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research. “April’s confidence boost stems from the positive outlook regarding national economic conditions in the short- and long-run. It is worth noting expectations are split among the population by gender, with women reporting less-favorable views.

Other economic indicators in Florida continue to be favorable. In March, economic activity expanded and the Florida unemployment rate was unchanged at 3.5 percent. Compared with last year, the number of jobs added statewide was 209,700, an increase of 2.4 percent.

Among all industries, professional and business services gained the most jobs, followed by education and health services, and leisure and hospitality. The information industry was the only sector losing jobs.

Additionally, personal income in Florida increased 5.2 percent in 2018 compared with 4.5 percent for the nation, according to the latest report from the Bureau of Economic Analysis. Net earnings, which is the sum of wages and salaries, supplements to wages and salaries, and proprietors’ income, contributed most to this increase in personal income. Professional, scientific, and technical services and construction were the leading contributors to the earnings increase in Florida.

“Looking ahead, given the economic outlook and the current levels of confidence, we anticipate consumer sentiment to remain high in Florida in the following months,” Sandoval adds.

Conducted April 1-25, the UF study reflects the responses of 539 individuals who were reached on cellphones, representing a demographic cross section of Florida. The index used by UF researchers is bench-marked to 1966, which means a value of 100 represents the same level of confidence for that year. The lowest index possible is a 2, the highest is 150.

Florida Realtors® April 2019

Sarasota Bayfront Project Progress

City approves bayfront conservancy agreement

Sarasota BayfrontBay Park Conservancy plans to build out the bayfront project over the next 15 to 20 years.

In a unanimous vote, the City Commission approved an agreement outlining a partnership with a private group that will be responsible for leading a public park project on more than 50 acres of city-owned bayfront land.

City staff drafted the partnership agreement alongside The Bay Park Conservancy, a nonprofit formed specifically to oversee the implementation of the bayfront master plan the city approved in September. The Bay Park Conservancy’s leaders include members of the Sarasota Bayfront Planning Organization, the group responsible for producing the master plan after holding a series of community workshops.

Monday’s vote came after more than two hours of input from commissioners and the public. Questions at the meeting focused on aspects of the partnership concerning financial obligations, community representation, dispute resolution and transparency.

At the end of its discussion, the commission felt comfortable moving forward alongside The Bay Park Conservancy on the development of the waterfront around the Van Wezel Performing Arts Hall.

“I think it’s a great start to a very fruitful partnership for not only the city, but the community,” Commissioner Hagen Brody said.

City Attorney Robert Fournier worked to revise the partnership agreement to address concerns raised at a March commission meeting. Fournier said his priorities included clearly outlining the city’s oversight authority and funding obligations should the commission adopt the agreement.

Conservancy Agreement

The agreement creates a phased approach for approving different elements of the project. The conservancy is responsible for creating an implementation plan for each phase that includes details on design and funding projections. The City Commission must approve an implementation plan before obtaining other development approvals and beginning construction on each phase.

The conservancy must provide an updated financial plan for the project on an annual basis. The conservancy will be responsible for negotiating leases and creating a naming rights policy for elements of the park project, but the commission must approve those documents before they go into effect.

The agreement includes an initial term of 15 years with two 15-year extensions. Either party would have the opportunity to terminate the agreement by providing written notice ahead of a scheduled extension.

The partnership agreement includes some provisions pertaining to the city’s financial commitments for the project. City responsibilities include providing “all basic infrastructure” and “municipal services and routine maintenance to the site.” The agreement lists examples of those responsibilities, including streets, sidewalks, utility service, waste collection and landscape maintenance. The city would also be responsible for constructing a parking garage on the site if one is incorporated into the project.

Project Cost Provision

Fournier said the agreement was structured so the city would only have to allocate additional money toward those causes as each phase of the project is approved. Still, he said he did not want to minimize the scale of the city’s commitment as it proceeds with a project expected to cost up to $200 million.

“We shouldn’t kid ourselves; this is a massive undertaking,” Fournier said. “… I don’t mean that in a pejorative way. It’s just factual.”

Commissioner Shelli Freeland Eddie asked about the financial information the conservancy planned on providing as it sought approval for each phase. Conservancy representatives said the implementation plans would include a breakdown of intended private and public funding sources.

After some members of the public suggested the city should not approve construction until the conservancy had collected the money necessary to proceed with a given phase, conservancy board member Jennifer Compton said the group would be careful about putting together its budgets.

“We’re not anticipating using funding that we’re not pretty confident is coming in,” Compton said.

Conservancy Board

Commissioner Jen Ahearn-Koch said she was concerned about the city’s inability to appoint voting members to the conservancy’s board. The agreement states the conservancy will include between 7 and 15 members, including three non-voting members. The city would appoint two non-voting members, and Sarasota County would appoint the third.

Although conservancy representatives said there would be other avenues for input, Ahearn-Koch advocated for the active, explicit inclusion of a broad cross-section of the community on the board.

“I think it’s essential the citizen’s voice is represented on the board, and a voting voice,” Ahearn-Koch said.

Conclusion

Despite those questions, all five commissioners voted to approve the partnership agreement, which will include some revisions Fournier drafted today ahead of the meeting. Throughout the discussion, conservancy officials attempted to assure the commission — and the community — the group would be acting in the public’s interest as it leads the development of a landmark civic destination.

“Going forward, this is only going to succeed if this is a true partnership,” Compton said.

Observer Sarasota April 14, 2019

Bayside Club Expands Sarasota’s Resort-Style Urban Living

Bayside ClubRosemary District’s Bayside Club has started preconstruction sales

The desire for the luxury lifestyle in an urban setting shows no signs of subsiding.

The fences are up, some construction materials lay on the ground and a pint-sized excavator sits nearby, but condominium sales are underway at The Bayside Club, the Rosemary District’s next big thing.

Across May Lane inside CitySide, the Bayside sales studio hums with inquiries and appointments. Following the success of their upscale CitySide apartment complex — the 228 residences are fully leased — Bayside’s developers aim to again produce an urban resort-style lifestyle.

Surprising Affordability
With The Mark and BLVD still under construction; selling well — but mostly more expensive, Bayside intends to carve out a niche with a boatload of amenities for owners of the 242 one- to three-bedroom residences. Bayside condos top out at around $900,000; The Mark prices start in the $800,000 range and BLVD’s units begin at $1.9 million.

During a Thursday interview inside the sales studio — a CitySide apartment that has been equipped with Bayfront’s upscale finishes — Josh Weiner, principal of the Longboat Group, Bayside’s developer, explained:

“We’ve built a program with the goal basically to let people spend more time doing the things they love and enjoy in this great Sarasota lifestyle and not have to worry about all the things that are not so fun to deal with.”  The concept is ultimately carefree living, he said. Signature Club Services fill most of the 32-page Baysider Handbook, the complex’s bible, Weiner said.

“What we really heard from folks is they really want that resort-style living but they don’t want to be out in the suburbs, they want to be downtown,” he said. “And we’re really fortunate that we’ve got this large piece of property right downtown where we can program and build in all these amenities.”

Amenities
Bayside’s amenities cover more than 50,000 square feet. The rooftop terrace sports an enclosed kitchen and lounge. The pool and cabana courtyard offers lap lanes, volleyball area and grilling stations. The zen lanai and pavilion features an Asian garden-style courtyard. Fitness and yoga studios with a state-of-the-art gym host all manner of classes and wellness programs. The pet activity park offers play and water stations.

The club will be anchored by the May Lane Plaza, where streetside restaurants, a marketplace and shops will serve residents and visitors alike as well as a members-only club lounge and bar.

Shuttle transportation for residents is available — to the beach, golf course, airport, downtown, anywhere. “Folks don’t have to worry about driving and parking,” Weiner said.

A Saturday buffet breakfast is served, and the coffee bar offers espresso, lattes, fresh fruit and snacks. Fitness classes, social activities, card games, water volleyball, wine tasting, nature outings, dance classes, educational lectures, pickleball clinics, trivia contests — these are some of the things that fill a jam-packed monthly calendar.

The Bayside Club is designed to free residents from the worries and work of traditional home ownership. Got a leaky faucet? Call the front desk and the on-site maintenance team will make the repairs, Weiner said. “That’s very different from what you typically get in the condo work,” he said.

The “worry free maintenance” benefit includes special assessment assurance. Unlike regular condo homeowners associations able to levy special charges to repair and replace roofing, plumbing and electrical systems, not here. “We want to take the liability away from the residents for stuff that comes up and isn’t expected,” Weiner said.

There’s also a lifestyle concierge to help arrange pet care, housekeeping, dry-cleaning and more; universal internet and smart home capabilities. Each residence is wired to be a sophisticated “smart home” with residents able to control the thermostat, security system and even lighting from their phones. There is also a “Rent and Relax” program where condo owners can lease their units for minimum of four months, and Bayside will take care of advertising, background screening and collecting.

Completion
Build-out is anticipated in the spring 2021. Phased move-in for buyers starting in the fall of 2020 with the completion of phase one.

The developer is also providing a “Stay Close at CitySide” option. Buyers can reside at CitySide as units become available while their home is being constructed; complimentary access to “Adventure Vehicle” for kayak and paddleboard excursions; and access to all special events and activities to get to know future neighbors.

Herald-Tribune Jan 31, 2019

New Luxury Tower Planned for Golden Gate Point

Golden Gate PointAnother new luxury condominium tower is in the works for exclusive Golden Gate Point.

Replacing what was initially proposed to be the Allure townhome project on the same site, Evolution is planned as an eight-story, 20-unit tower, along with a rooftop terrace at 111 Golden Gate Point. Residential units will range from 2,071 square feet to 3,519 square feet for penthouse residences, and the condos are expected to retail between $1.3 million and $3+ million.

The 0.83-acre parcel is the largest remaining open lot in the waterfront residential district, located west of downtown near the John Ringling Causeway.

The developer filed an application with Sarasota officials on the tower late last month, according to a story in the Sarasota Observer, sister paper of the Business Observer.

Designed by DSDG Architects LLC, Evolution will offer each residence floor-to-ceiling windows, large terraces and a private garage. Evolution will have first level parking –  42 spaces — two per unit, and an additional two guest spaces.

An on-site sales office, say the project developers, is expected to be open by the end of 2018, where guests can also reserve pre-construction units. The project is expected to break ground in the first quarter of 2019

 “We’ve had an eye on this beautiful lot, the largest remaining redevelopment opportunity on Golden Gate Point, for quite a while and now is the perfect time to convert the space into luxury homes,” says WB Golden Gate Point LLC Principal Wojciech Zukiewicz in the statement. “We’re very excited to be working with DSDG Architects to create something truly unique for the Sarasota luxury landscape.”

Golden Gate Point has seen a surge of new construction in recent years. Until the 1990s, the peninsula was covered with small, two-story rental apartment buildings, but most have been torn down to make room for luxury high rise projects.

Sarasota Observer, Business Observer – September 27, 2018

Kolter Group Begins on Ritz-Carlton Residences Tower

Ritz-CarltonThe Kolter Group has officially begun construction of the Ritz-Carlton Residences condominium tower in downtown Sarasota, which its backers contend will be the “pinnacle of Sarasota living.”

The 73-unit waterfront tower, adjacent to the 18-story Ritz-Carlton Sarasota hotel and condos and part of the 15-acre Quay Sarasota mixed-use project, is scheduled for completion in the fourth quarter of 2020.

To date, 29 of the residences in the SB Architects-designed tower have either been reserved or sold, generating $105 million in sales, says John Harper, a Kolter Urban senior project manager.

“This is going to be the most magnificent luxury building on the west coast of Florida,” says Harper, during a morning ground breaking ceremony on site. “For residents, it will be an indelible experience.”

The residences, measuring 3,200 square feet to 6,100 square feet, exclusive of terrace space, will feature private elevators and “flow through” views of the water and the city’s skyline. Each is priced from $2.5 million to $5 million.

In addition, each unit will have access to 24-hour concierge services affiliated with the 266-room Ritz-Carlton Hotel, together with amenities like the resort’s beach club on Lido Key and 18-hole golf course near Lakewood Ranch. Owners also will be able to join the resort’s Members Club.

“The quality services being provided are really a large part of what’s driving this project forward,” says Michael Saunders, founder and CEO of real estate brokerage Michael Saunders & Co., the listing agent for the tower.

“Every day will be a red-carpet day at the Ritz-Carlton Residences,” adds Saunders, whose firm also sold the condo units associated with the hotel nearly two decades ago. “What does red carpet mean? It means the best of the best.”

The building’s amenities will include a resort-style swimming pool, fitness center, clubhouse, pool bar, demonstration kitchen and private dog park.

Rick Harcrow, regional president of Jacksonville-based GreenPointe Communities, says the new Ritz-Carlton Residences will be a “signature building” that will be the “most special parcel of this entire project.”

“I can’t think of two better brands to launch the Quay Sarasota than Kolter and the Ritz-Carlton,” Harcrow says of the $1 billion, mixed-use Quay.

Kolter acquired the roughly one-acre tract for the Ritz-Carlton Residences earlier this year for $19.3 million.

“Sarasota is a city that deserves the very best,” says Bob Vail, Kolter Urban’s president. “The Ritz-Carlton Residences will be the next chapter in luxury living here.”

Observer Sarasota, September 13, 2018

East of Trail Development Projects – Downtown Sarasota Real Estate

East of TrailProjects East of Trail are poised to begin construction soon.

Thirteen years after a developer originally proposed a residential complex on a School Avenue property across from Payne Park, construction is finally set to begin at the site later this summer.

The Payne Park Village project has been significantly scaled down from the first concepts, which called for 450 condominiums in buildings up to seven stories. Now under the ownership of a new company, David Weekley Homes, the plans for the 8.7-acre parcel include 135 attached and detached single-family homes between three and four stories.

Although the scope of the project may be reduced, the developer believes Payne Park Village can help reshape the segment of the city east of downtown.

Jimmy Oriol, the Sarasota division president for David Weekley Homes, said the company was excited to break ground in an area that has not yet been a hub for the same kind of growth taking place in other districts bordering the city’s center.

“We feel like it’s the next evolution, and we’re happy to be a part of the revitalization of that area,” Oriol said.

There may be reason to be bullish about the future of the area east of U.S. 301. Just northeast of the Payne Park Village site, another long-awaited project is prepared to begin construction soon. At the former home of the Ringling Shopping Center, the subject of the city’s contentious decisions to reject plans for a Walmart supercenter, a developer is set to start work on a 222-unit apartment complex.

Though the completion of both projects is still more than a year away, the prospect of adding more than 350 residential units could reshape the dynamics of the area.

Patrick Berman, a retail specialist with Cushman & Wakefield, is marketing the commercial parcels on the Ringling Shopping Center property at 2260 Ringling Blvd. He anticipates the introduction of more full-time residents into the area will have a noticeable effect.

“Once you start seeing some of these projects coming out of the ground and being occupied, the positive impact to those neighborhoods is immediate and demonstrative,” Berman said.

Even before these large projects begin construction, there have been signs of increased interest immediately east of downtown.

Tampa-based developer Icon Residential is constructing a 37-unit town home project at 41 N. School Ave., along the road’s intersection with Main Street. The company plans to follow that up with another 32 town homes on First Street between East Avenue and Audubon Place.

Two hotels are planned east of U.S. 301 between Fruitville Road and Ringling Boulevard. So is a 7,000-square-foot retail complex at 218 N. East Ave. It remains to be seen how many of these projects come to fruition, but Berman said it made sense for developers to seek a new frontier given the rate of activity downtown and in the Rosemary District.

“It’s a matter of supply and demand, where finding vacant zone-entitled lots are hard to come by,” Berman said. “Once the apartments begin construction, we’ll get an even better response.”

Oriol highlighted another potential project that could increase interest in the area — the possible extension of the Legacy Trail to Payne Park. In November, county voters will vote on a bond issue for the project. If it passes, Oriol anticipated the trail would be a meaningful catalyst for additional activity.

 

Sarasota Observer, July 26, 2018

Work Begins on Sarasota Quay – Downtown Sarasota Real Estate

A new Sarasota Quay is underway. Finally.

Long-awaited bayfront development of residential, hotel and business units breaks ground.

Sarasota Quay

The developer’s goal is creating a place that will please the public and engage the waterfront. Those are some of the intangible goals of GreenPointe Communities LLC.

On Wednesday afternoon under mostly blue skies, the Jacksonville-based company staged an infrastructure groundbreaking ceremony at the 15-acre Quay Sarasota Waterfront District site with city commissioners and the mayor, Planning Board members, Booker High School students and others.

Before GreenPointe president Grady Miars addressed the gathering, he described the project in a Herald-Tribune interview.

The renovation and repurposing of the historic 1925 Belle Haven Apartment building on the site is a pivotal piece of the project, which is entitled to 695 residential units, 175 hotel rooms, 38,972 square feet of office space and 189,050 square feet of commercial space. The overall project represents a $1 billion investment from GreenPointe and other investors.

The Belle Haven, Miars said, is “considered to be the crown jewel of the development.”

“Right now, we’ve been actively working on the interior components, making sure that it’s suitable and stable, and then we’re going to refurbish it,” he said.

Sarasota City Manager Tom Barwin called the Belle Haven “one of the greatest buildings that has ever graced the bayfront.”

Initially, GreenPointe offices will be in the refurbished Belle Haven. Ultimately, though, the idea is to turn the structure into the central piece of the Quay, Miars said, “so it will be part of our placemaking effort.”

The project also calls for a public park leading to the waterfront, where docks will be available.

“What you’ll see in our development and in our infrastructure is it’s going to invite the public in to be able to utilize not only our central Quay and the facilities there, the retail, and also engage to the waterfront,” Miars said. “We feel that is very important.”

Rick Harcrow, GreenPointe’s regional president, said, “We dedicated ourselves to creating a special place.”

The company is coordinating plans with The Bay project directly to the north, the Sasaki design team and city officials. “We’re very much in support of what’s happening to our north,” he said of the bayfront redevelopment effort. “What’s happening around us has really evolved and has come a long way.”

Barwin appreciates the fact that the two major projects are coming to life together. “We’re especially excited it’s (the Quay) moving in tandem with the Bay,” he said.

Vertical construction is scheduled to begin this fall on a 73-unit, 18-story condominium tower called The Grande — complete with a restaurant. That work is expected to last two years.

If the national economy continues to perform well, Miars anticipates a five- to seven-year construction schedule for the entire project.

“Our expectations for the project is really what we set out for when we started in 2014,” Miars said, “to acquire a piece of land in the city of Sarasota in an area ripe for redevelopment and be able to intertwine ourselves into the fabric of Sarasota. Sarasota has so many great things that are going on, from the arts, the culture and the waterfront.

“This is one of those opportunities where we can seamlessly bridge in between those — and ultimately into downtown.”

City Commissioner Shelli Freeland Eddie applauded GreenPointe for seeking “community input at all stages of the project.”

She proposed that the company incorporate nearby Booker High School engineering and art students into the project in a shadowing program. Executives agreed immediately, she said in another interview. The collaboration will lead to job opportunities, she said. “We want to keep our best and brightest in our community.”

Pride plays a role, too. When those participating students drive by the Quay Sarasota in the future, they can say, “I had a part in that,” Freeland Eddie said.

Redevelopment plans for the 15-acre bayfront property began some 15 years ago. A few years after acquiring the land, the Irish investors leveled the old Sarasota Quay condo building in 2007. Bankruptcy and legal wrangling ended that effort and the site sat empty for years.

GreenPointe purchased the property in 2014 and now the first groundbreaking has occurred. Another will be held just ahead of vertical construction.

Sarasota Herald Tribune, May 23, 2018

Bayfront Group Refines Concept Plans

bayfront projectA singular vision for redeveloping the bayfront near downtown is coming into focus

Just three days after The Bay Sarasota stopped collecting surveys on a series of concepts for redeveloping more than 50 acres of city-owned waterfront land, the planning group was busy dissecting the information the public had submitted.

Based on more than 1,000 surveys — about two-thirds of the total results — some community priorities had already become clear. So, too, had some areas of public concern.

The feedback, both positive and negative, will inform the final master plan. As The Bay tries to build support among residents and city officials in pursuit of an ambitious bayfront vision, the group continues to express confidence that an actionable plan is coming together.

That’s not to say there are no questions regarding the path The Bay is taking. More than four years after Sarasota Bayfront 20:20 formed as a grassroots coalition to redevelop the property, residents have spoken out against plans to replace the Van Wezel Performing Arts Hall and reconfigure the 10th Street Boat Ramp. Not everyone is behind the group’s broader approach to putting together a plan.

At this point, The Bay isn’t looking for unanimous support. Bill Waddill, The Bay’s managing director, said the positive responses have largely outweighed the criticisms — but the group will address all the input it receives as it refines its plans.

“We’re going to have debate and disagreement,” Waddill said. “People raise issues and concerns. That’s fine. That’s healthy. That’s what happens in these processes — it’s now getting more and more real.”

On Tuesday, The Bay held a board meeting to discuss the latest stage of the process. After presenting three concept plans in April, the group is working with the planning firm Sasaki to consolidate the survey results into a single plan.

The surveys provided insight into some community preferences. Some examples: About 90% of respondents said they liked the waterfront walking paths included in each plan. Between 70% and 75% of the public endorsed the outdoor performance spaces in each concept. Nearly 80% liked the pedestrian bridges included in one plan.

The bayfront planners will use the Bride the Divide concept as a starting point, but forthcoming changes will reflect public input.

Overall, the public ranked the three plans relatively closely. The leading concept was “Bridge the Divide,” which featured the pedestrian bridges, a performing arts center spanning the canal near 10th Street and an emphasis on green space. As a result, Sasaki plans to use that concept as a starting point for developing a final plan.

Already, the group has identified some changes it wants to make based on public input. They include reconfiguring the proposed performance arts center to preserve views of the bay, creating more opportunities to activate the waterfront and exploring options for honoring the Van Wezel building.

Before the end of the month, Sasaki planners intend to return to the city with more revisions — including more information about expenses and a possible governance setup for the land.

“What you’ll see next won’t necessarily look like the ‘Bridge the Divide’ scheme,” said Gina Ford, Sasaki’s lead designer for the project. “We’re trying to morph it and integrate other things the community said it liked.”

Constructive criticism

As the plans for the bayfront become more detailed, so do the criticisms. One of the challenges The Bay faces is deciding how to respond to individual concerns.

In some cases, the group is willing to admit it’s missing the mark. Some of the strongest negative responses to the concept plans were tied to how they would affect boat access to the water. A.G. Lafley, chairman of the Sarasota Bayfront Planning Organization, encouraged the group to make a better effort to reach out to local boaters and to research what’s made other boat ramps successful.

“We have a community that’s fairly large that we have to get connected to and understand,” Lafley said.

The Bay is handling a push to preserve the Van Wezel slightly differently. About 17% of the survey responses reviewed so far offered comments about the Van Wezel. A majority expressed a desire to keep the building.

The planning group has repeatedly said its proposal for a new performing arts hall reflects the Van Wezel’s belief the existing venue is operationally limiting. At Tuesday’s meeting, The Bay members pointed out those pushing hard for the preservation of the Van Wezel were a vocal minority of respondents.

Still, the group has always expressed an intent to honor the Van Wezel in some form, no matter what happens to the current structure. Based on the results, the group committed to seriously explore the opportunities to repurpose the Van Wezel building. Waddill also stressed that, no matter what decision the city came to, it would be a long time before a new performing arts hall could even be built,  which means there’s plenty of time to carefully consider the Van Wezel’s future.

“It’s a series of decisions that will happen over years,” Waddill said.

In some cases, the planning group is standing behind its expertise despite some negative feedback. Surveys showed 36% of the public disliked the proposal to include a waterfront drive cutting through the green space in the Bridge the Divide scheme. Sasaki planners said this was an important feature for circulation during major events, for access for older residents and to connect the park to the fabric of the city.

The planners said they wanted to communicate to the public that the park driveway would be a small road that would not disrupt the green space with an overwhelming urban feeling.

“We can design it to be a low-speed, beautiful park experience,” Ford said.

There are some critics of the overall scope of The Bay’s work thus far. At Tuesday’s Downtown Improvement District meeting, board member and developer Mark Kauffman said he was upset about the inclusion of restaurants and parkland in the concept plans. He thought the bayfront redevelopment should be focused on cultural institutions, and he feared too many different ideas were being incorporated.

“These people tried to do everything for everybody,” Kauffman said.

Waddill said it’s easy to lose sight of just how much land is available. By way of comparison, he points to the area around the Straz Center for the Performing Arts in Tampa. That hub, which includes multiple theaters, the Tampa Museum of Art, Glazer Children’s Museum, Curtis Hixon Waterfront Park and a 932-space parking garage, is 23 acres.

He understands why Kauffman and others have the instinct to advocate for a more focused vision, whether it’s for a district celebrating the arts or for public parkland. He wants to assure the public that there’s plenty of land to do both, with room to spare.

“I’ve had some questions about why it seems like we’re trying to do a lot in this space,” Waddill said. “The answer is: We have 53 acres.”

 

Sarasota Observer, May 3, 2018

Sarasota Real Estate Market Report – March 2018

Sarasota Real EstateLast month, the Sarasota-Manatee residential real estate market showed an increase in the number of closed sales and pending sales, a continuation in the rise of median prices and a drop in inventory levels.

Home buyers preferred condos and townhouses over single-family homes, a likely sign that snowbird season has been good for one sector of the residential market.

March condo sales rose 9.9 percent in Sarasota to 454 and 9.7 percent in Manatee to 284 year over year. As for single-family homes, Manatee sales fell 0.2 percent to 580, while Sarasota dropped 2.3 percent to 766.

Closed Sales
In the two-county metropolitan statistical area, closed sales for single-family homes and condos reached 5,015 properties so far this year, a 2.3 percent increase from this time last year. Comparing this past month to March 2017, statistics show a 1.4 percent drop in single-family home sales but a jump in condo sales of 9.8 percent.

“With the close of ‘season’ fast upon us, we are once again showing an increase in combined sales in both counties,” said Greg Owens, president of the Realtor Association of Sarasota and Manatee.

“Pending sales showed a combined 14.9 percent increase from February 2018 to March 2018,” he said. “This increase indicates a strong finish going into summer.”

Median Prices
Year over year, single-family median prices in Sarasota rose by 9.3 percent to $287,053 while Manatee dropped by 1.7 percent to $285,000. The median sales price for Manatee condos jumped by 15.1 percent to $201,500 and Sarasota condos increased by 4.3 percent to $240,000.

Combined, pending sales for single-family homes and condos increased by 4.9 percent from March 2017.

Inventory
The decline in new listings is another good indication of the selling season ending, the association said. The number of properties put on the market during March 2018 fell by 7.6 percent from 2017 in the two-county area. Combined inventory in the two-county area dropped by 14 percent from March 2017. Compared with last year, the supply of single-family homes decreased 15.4 percent, while that of condos fell 11.4 percent.

In single-family homes, Charlotte County showed a 2 percent increase in closed sales, to 411, a 10.2 percent jump in the median sales price and a 0.4 percent rise in pending sales. In townhouses and condos, closed sales jumped by 14.8 percent, the median sales price increased 10.8 percent to $176,250 and new pending sales rose 2.2 percent, to 139.

Florida’s Market

Across the state, March’s tight inventory constrained sales and pushed median prices higher, according to the latest housing data released by the Florida Realtors trade association. Closed sales fell by 3.5 percent, while median prices rose by 8.2 percent year over year.

The statewide median sales price for single-family existing homes last month was $250,800, up 8.2 percent from the previous year, while the statewide median price for townhouse-condo properties was $183,000, up 7 percent over the year-ago figure.

“As the ongoing supply of for-sale homes continues to tighten, it can create a cycle of frustration for home buyers, especially those trying to become a first-time homeowner,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “If move-up buyers can’t find a home in their desired price range, then they aren’t likely to leave their current home, which in turn makes entry-level properties even more scarce.

“Buyer demand is high, but the shortfall of inventory — particularly around $250,000 and under — is impacting affordability in many areas.”

March was the 75th consecutive month that the statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year.

National Numbers

Across the country, existing-home sales increased for the second consecutive month in March, but lagging inventory levels and affordability constraints kept sales activity below year ago levels, according to the National Association of Realtors. Despite the increase, March sales were still 1.2 percent below a year ago.

“The unwelcome news is that while the healthy economy is generating sustained interest in buying a home this spring, sales are lagging year ago levels because supply is woefully low and home prices keep climbing above what some would-be buyers can afford,” Lawrence Yun, NAR chief economist, said in a press release.

The median existing-home price for all housing types in March was $250,400, up 5.8 percent from March 2017 ($236,600). March’s price increase marks the 73rd straight month of year-over-year gains.

Housing affordability is down from a year ago and fewer households can afford the active inventory of homes currently for sale on the market based on their income. That is according to joint research from the National Association of Realtors and realtor.com, an online real estate destination.

Using data on mortgages, state and metro area income and listings on realtor.com, the Realtors Affordability Distribution Curve and Score is designed to examine affordability conditions at different income levels for all active inventory on the market. A score of one or higher generally suggests a market where homes for sale are more affordable to households in proportion to their income distribution.

According to March data, 35 metro areas had better affordability compared to a year earlier, led by Austin-Round Rock, Texas, (from 0.55 to 0.66), Syracuse, New York, (1.04 to 1.1) North Port-Sarasota-Bradenton, (0.60 to 0.66) and Palm Bay-Melbourne, (0.71 to 0.77).

Sarasota Herald-Tribune April 23, 2018

EPOCH Luxury Condo – Overlooking the Sarasota Bayfront

EPOCH Luxury CondoAn ultra-luxury condominium tower with clear bay front views is coming to downtown Sarasota. Seaward Development’s lavish 18-story EPOCH project shows the market for multi-million-dollar condos has not passed the saturation point.

The condo community will rise from a 100-foot-wide site between South Palm and South Gulfstream. The only thing separating the building from Sarasota Bay is Bayfront Park.

While the Sarasota-based company announced EPOCH’s debut this week, condo reservations began earlier this month. Buyers have placed reservations on four of the seven full-floor condos, which range in price from $5.39 million to $6.29 million.

One penthouse has yet to be designed or priced. The other 16 units share a floor, with prices starting at $3.22 million.

“It’s amazing how many calls we are getting,” said Amy Drake, a broker with Ocean Real Estate and president of Property Perspectives who is handling marketing and sales for EPOCH. “It shows the demand is there.”

The condos range from 3,689 to 5,379 square feet under air, plus each has multiple bay- and city-view terraces.

Some prospective buyers are seeking these larger spaces, and some desire an urban, walkable lifestyle without giving up space. The demand for direct water views is always strong, Drake said.

Patrick DiPinto, president of Seaward Development, said: “There is strong demand from single-family homeowners who are ready for a change but don’t want to sacrifice the space, privacy and quality their large homes offer.”

The distinctive design of the tower was inspired by the Sarasota School of architecture, said Igor Reyes, lead architect for Nichols, Brosch, Wurst, Wolfe and Associates of Coral Gables. The blending of spaces, he said, “juxtaposed with the distinct outline of each level, provides each residence a sense of individuality that sometimes gets lost in high-rise living.”

EPOCH offers private elevator entries, ceiling heights of 11 to 13 feet, tall walls of glass, open great rooms and kitchens, and large owners’ suites — huge in the full-floor plan, with a living-room-size sitting area.

Community amenities include a porte’ cochere with guest parking; an attended welcome lobby; residents’ clubroom; wellness/fitness center; a tropically landscaped pool terrace with lap pool, spa, fire table and cabanas; roof-top terrace; garage parking and private garages for the full-floor residences.

Construction is scheduled to begin next year, with completion two years later.

Sarasota Herald-Tribune April 18, 2018