Sarasota Real Estate Facts and Figures

Let me explain these charts since they are a little difficult to read. The general overall trends are most important. Each graph shows the number of homes and condos for sale in Sarasota. The red solid line is the number of properties pending and the smaller bar graph represents the number of sales each month. These numbers come from our Sarasota MLS. The top chart is from November of 2003 to January 2005. Notice how inventories came down and the ratio of sales to inventory. The 2nd chart is from January of 2005 to March of 2006. Starting in the middle of 2005 notice how the inventory levels started to rise. The 3rd chart is from March of 2006 to May of 2007. Hopefully, inventories have peaked. There are still plenty of properties on the market for sale with pie in the sky prices. Common traits of a successful sale are great marketing, easy access, good condition, aggressive pricing that coincides with the properties location/condition and, with some exceptions, properties that are priced 20% or so lower than 2005 prices.

See the home with the highest asking price in Sarasota, Florida

Take a peek at this exquisite Casey Key gulf front and bay front home for sale. This home has the highest asking price of any home actively for sale in Sarasota at $20,035,000.

Be entranced by nearly 4 acres of privacy nestled on the north end of exclusive Casey Key. The 300 ft. of beach which creates the western border of this estate property is truly rare. A small inlet that runs to the bay on the eastern border affords access to the Intra-Coastal. What lies between is a resort complex encompassing a castle-like main home constructed entirely of coral stone as well 3 guest homes each with their own character and charm. Only an amazing stone pool area, 2 tennis courts and a lap pool could further enhance this compound. You can view more photos here - Beachfront home on Casey Key. Please contact me for a private showing.

Downtown Sarasota condo market update

Here is a quick snapshot of the number of condos for sale in downtown Sarasota. I searched for all condos as far north as 10th street, south to Mound, east to 301 and west to the water which includes Golden Gate Point.

373 condominiums in downtown Sarasota for sale.

Downtown Sarasota Condos for sale
$0 - $500,000 - 69 condos for sale
$500,001 - $1,000,000 - 186 condos for sale
$1,000,001 - $2,000,000 - 82 condos for sale
Over $2,000,001 - 36 condos for sale

Since January 1, 2007 MLS reports 239 sales in this same geographic area.

Florida property tax reform

So far from what I have read I am not impressed with the new property tax proposal. I am all in favor of doing something with property taxes but it seems this new bill misses the mark. I really think rolling back assessed values and portability of homestead is necessary. The current system is unfair to snowbirds and landlords and the new tax proposal does nothing to fix this. The 2nd home owners are here 3 or 4 months a year but have to pay more in taxes than someone who lives here full time. I imagine many of them will get fed up and want to sell. Which leads to even more property on the market and downward pressure on prices. With so many tax plans out there I am surprised they chose this one to support. I guess they were trying to appeal to the voting masses.

The state of Colorado seems to have a good system. In 1992, voters there approved a measure that limited year-to-year increases in government spending to the rate of inflation plus population growth. Any revenues collected in excess of that amount were to be returned to taxpayers. Local governments there can always ask the taxpayers for permission to spend more than the constitutionally prescribed limits. Colorado's model boosts economic growth, which, like Florida, is driven in large part by secondary homeowners. Colorado relies more on sales taxes than property taxes so as not to kill the secondary home market.

Bird Key Inventories

Here is a quick update of home for sale on Bird Key.

55 single family homes for sale

Bird Key single family homes
$0 - $750,000 - 2 homes for sale
$750,001 - $1,500,000 - 19 homes for sale
$1,500,001 - $2,500,000 -14 homes for sale
Over $2,500,001 - 21 homes for sale

Lakewood Ranch Inventories

Here is a quick update on the number of homes and condos for sale in Lakewood Ranch.

603 single family homes for sale
211 condominiums for sale

Lakewood Ranch single family homes
$0 - $500,000 - 259 homes for sale
$500,001 - $1,000,000 - 203 homes for sale
$1,000,001 - $2,000,000 - 69 homes for sale
over $2,000,000 - 73 homes for sale

Lakewood Ranch condominiums for sale
$0 - $500,000 - 145 condos for sale
$500,001 - $1,000,000 - 66 condos for sale

Siesta Key Inventories

Here is a quick update on inventory levels on Siesta Key.

270 single family homes for sale
555 condominiums for sale

Siesta Key single family homes
$0 - $1,000,000 - 110 homes for sale
$1,000,001 - $2,000,000 - 83 homes for sale
$2,000,001 - $3,000,000 - 34 homes for sale
over $3,000,001 - 44 homes for sale

Siesta Key condominiums
$0 - $500,000 - 153 condos for sale
$500,001 - $1,000,000 - 306 condos for sale
$1,000,001 - $2,000,000 - 79 condos for sale
Over $2,000,001 - 18 condos for sale

Longboat Key Inventories

Here is a quick update on the number of homes and condos for sale on Longboat Key.

216 single family homes for sale
440 condominiums for sale

Longboat Key Single Family Homes
$0 - $1,000,000 - 91 homes for sale
$1,000,001 - $2,000,000 - 63 homes for sale
$2,000,001 - $3,000,000 - 34 homes for sale
Over $3,000,001 - 28 homes for sale

Longboat Key Condominiums
$0 - $500,0000 - 128 condominiums for sale
$500,001 - $1,000,000 - 218 condominiums for sale
$1,000,001 - $2,000,000 - 65 condominiums for sale
Over $2,000,001 - 32 condominiums for sale

Casey Key Inventories

Here is a quick update of the number of homes for sale on Casey Key.

51 single family homes for sale

$0 - $1,000,000 - 2 homes for sale
$1,000,001 - $2,000,000 - 13 homes for sale
$2,000,001 - $3,000,000 - 8 homes for sale
$3,000,001 - $5,000,000 - 15 homes for sale
Over $5,000,000 - 13 homes for sale

Lido Key Inventories

Here is an update on the number of homes and condos for sale on Lido Key.

61 single family homes for sale
132 condominiums for sale

Lido Key Homes
$0 - $1,000,000 - 11 homes
$1,000,001 - $3,000,000 - 23 homes
Over $3,000,000 - 27 homes

Lido Key Condominiums
$0 - $1,000,000 - 83 condominiums
$1,000,001 - $3,000,000 - 35 condominiums
Over $3,000,000 - 14 condominiums

What has sold on Casey Key this year?

Seven homes on Casey Key have sold so far this year. Take a look at these wonderful Casey Key homes. Please contact me if you are thinking of buying or selling on the island.


Sold for $6,900,000


Sold for $5,500,000


Sold for $3,156,500



Sold for $2,375,000



Sold for $2,200,000


Sold for $2,150,000


Sold for $2,200,000

This blog made the newspaper

An article about my blog made the Monday business section of the Sarasota Herald Tribune. Take a look at it here: http://heraldtribune.com/apps/pbcs.dll/article?AID=/20070611/COLUMNIST59/706110438/1201/REALESTATE

Thanks for the write up Patrick.

Newer home on lake in Sarasota under $400,000

I just listed a great home in The Enclave subdivision in east Sarasota. The home 3 bedroom, 2 bath, 3 garage home with den was built in 2003 and has one of the best lake front lots in the community. Some of the features include upgraded kitchen cabinets with glass, large ceramic floor tile, fenced dog run, Corian countertops and swimming pool. Parents can walk their children to the highly sought after Tatum Ridge Elementary School. This is the lowest priced home in the neighborhood at $389,900. Give me a call for a showing 812-6272.

Sarasota Inventory Levels

Here are the most recent inventory levels that I pulled from the Sarasota Multiple Listing Service (MLS). Sarasota, Lakewood Ranch, Siesta Key, Lido Key, Bird Key, Casey Key, Longboat Key, Osprey and Nokomis make up the figures. I am not using Manatee county, Venice or Charlotte county home and condo inventories. Notice that I added the most recent inventory figures on the right side of my blog.

As you can see inventory levels have not made any major changes either way.

June 7, 2007
5,023 single family homes
3,694 condominiums

February 15, 2007
5,088 single family homes
3,771 condominiums

January 24, 2007
4,919 single family homes
3,659 condominiums

January 1, 2007
4,433 single family homes
3,305 condominiums

December 1, 2006
4,781 single family homes
3,455 condominiums

October 11, 2006
4,445 single family homes
3,147 condominiums

September 24, 2006
4,458 single family homes
3,078 condominiums

September 9, 2006
4,433 single family homes
3,002 condominiums

August 17, 2006
4,450 single family homes
3,051 condominiums

July 22, 2006
4,486 single family homes
3,062 condominiums

Property of the Week - The Oaks

This wonderful bay front home in The Oaks was recently listed by SKY Sotheby's International Realty. This magnificent three-story Georgian Mansion on Sarasota Bay captures the true essence of elegance, traditional Southern charm, 11,293 sq. ft., 6 bedrooms, 7.5 baths, new gorgeous chef's kitchen & amazing new master suite, media room, guest rooms & mother-in-law suite. The expansive floor plan is rich in amazing upgrades. The home offers a spectacular oversized pool & spa with large verandas, bay views from most rooms and the 2nd level balcony captures a glimpse of gulf & sunsets. The lot enjoys 145 feet along the bay and private boat dock.

Virtual Tour

For a showing please call me at 941-812-6272.

Recent sales of luxury homes in Sarasota

Here are four luxury homes that have sold recently in Sarasota.

826 Norsota Way



This 5 bedroom, 6.5 bath new home is located on one of the most sought after street in Sarasota - Norsota Way. Thoughtfully planned with casual elegance and entertaining in mind, the comfortably scaled rooms are filled with sunlight. Sensuous lines and soft corners create a serene atmosphere enhanced by gracious outdoor terraces and softly lit gardens. Luxurious finishes include cherry and cypress woods, Venetian plaster, Murano glass, travertine, granite, onyx, oil-rubbed bronze, copper and cast stone. This home was listed by SKY Sotheby's International Realty and was sold on May 23rd, 2007 for $2,625,000.

120 South Warbler Lane



This lovely 4 bedroom, 3.5 bath waterfront home is located on popular Bird Key. Dazzled by the great room entrance, this stunning new home offers 4800 sf of the ultimate in casual elegance, perfectly poised to capture views of gorgeous Sarasota Bay. Located on a protected boat basin with direct access to the intercoastal & gulf. Beautifully appointed interior features include an entertainment bar, a large theatre/media room with wet bar, ambience lighting, bamboo/marble flooring, an elevator services all floors and much more. Listed by SKY Sotheby's International Realty this home sold May 31st, 2007 for $2,150,000.

2823 Dick Wilson Drive



Would you rather be closer to the golf than the Gulf? This home has some of the prettiest front doors I have seen in Sarasota. This 3 bedroom, 5 bath home in Laurel Oak Estate offers 4,986 square feet of country club living. This home was listed by SKY Sotheby's International Realty and sold on May 24th, 2007 for $1,100,000.

Real estate experts says the worst is over for the Sarasota real estate market

We heard a few market predictions this week from well known real estate experts. Lawrence Yun, the Managing Director of Quantitative Research at the National Association of REALTORS, where he manages the Statistics and Forecasting Groups of the Research Division went on record this week saying the worst is over the Southwest Florida real estate markets.

"Do not bet against this region," he said. "In the long term, Sarasota will have faster home price growth than the rest of the country."

Yun predicted that the softness in the Sarasota real estate market has about run its course and will not last more than another 6 to 12 months.

A report released Thursday by the University of Central Florida stated flatly in its opening sentence: "For those with a house on the market, there's good news, the worst is over."

Sean Snaith, director of UCF's Institute for Economic Competitiveness, stated that because of Florida's growth, geography and demographics, the Sunshine State is likely to recover faster than the broader market and that the Sarasota-Manatee market might be among the first in the state to rebound.

I tend to agree with these experts. The Sarasota real estate market should enter into a flat period. I don't expect to see any spike in prices with so much inventory on the market. Affordabilty is improving with the 20% or so decrease in home prices over the last 2 years, low interest rates and property tax relief on the horizon. As the area becomes more affordable sales figures will continue to improve. As the market improves sellers negotiation position will be stronger and will be less likely to take low offers. I am not saying you need to run out and buy a house today but if you see a property that suits your needs there may be no benefit in waiting.