Sarasota Real Estate Outlook for 2014

By Rich Stover

The month of December proved to be another good month for home and condo sales in Sarasota including the barrier islands, Lido, Bird, Siesta and Longboat Key as well as in the neighboring communities of Bradenton and Lakewood Ranch.  The number of properties on the market at this point remains tight and as a result of continued demand, prices are rising.

The peak tourist season is just kicking off as our snowbird friends from the northern U.S. and Canada come into the market. This increase in demand, along with the current tight supply of homes on the market has driven the median price of condominiums up by over 20% from the level last year at this time.   Similarly, the median price of single-family homes is 11% above the level at this same point a year ago. A continuation of such dramatic increases in home prices coupled with expected higher interest rates could derail the housing recovery in 2014, but there are factors at work here in Sarasota that will counter that risk.

First, the slight drop-off in sales volumes in the months of November and December was due, in large part, to the tight supply of homes available for sale.  But, as prices have risen, more homes and condos are beginning to come on the market.   At the end of November, there were 4,288 properties on the market compared with 4,032 the prior month.  This uptick in the supply of homes available will help keep the market from becoming overheated. 

Second, the affluent nature of the Sarasota area is such that modest increases in the mortgage interest rates, if they occur, will not have as big an impact on Sarasota as it would on other real estate markets. As in the past, Sarasota waterfront condos and upscale Sarasota golf course homes, in areas like the Lakewood Ranch Country Club and Country Club East developments are frequently sold on an all-cash basis,

Sarasota Association of Realtors President Roger Piro suggested recently that the strong attendance Realtors are seeing at open houses, coupled with the traditional increase in seasonal residents we see at this time  suggests, based on past trends, that Sarasota will continue to experience a busy real estate market in the coming winter and spring months and probably see continued strength through the rest of 2014.

Lawrence Yun, the chief economist for the National Association of Realtors has a similarly positive, yet balanced, outlook for 2014. He suggests that two forces will balance each other out.  Rising interest rates may tend to dampen home sale volumes slightly but, at the same time, he sees buyers becoming more emboldened to make the buy decision buoyed by both improving job numbers and more lenient mortgage qualification standards.  Existing home sales, he forecasts, will remain at a healthy rate of about 5.1 million units.  And, while new housing starts have languished in 2013, Mr. Yun predicts new housing starts will increase by 18.5% from 430,000 in 2013 to 510,000 in 2014.  This increase in supply will help moderate price increases and offset the effects of slightly higher interest rates.

 In summary, the most likely scenario we see at this point is for the Sarasota real estate market to stabilize in 2014 at a healthy level, not expanding so fast as to create another bubble,  but also not depressed by higher mortgage interest rates.   

We see Sarasota benefitting in 2014 from healthy trends that are occurring both nationally and locally.  And unless something foolish is done in Washington to inflict new damage on the economy, 2014 looks to be a good year for the sales of homes for sale in Sarasota Florida and the people lucky enough to live in this wonderful area. 

If you would like a more complete understanding of why now is the right time to invest in a Sarasota waterfront home or perhaps a downtown Sarasota condo or a golf course home, please contact me at your convenience.  For a more immediate response to your questions, call me on my cellphone at 941-266-1799 today. I'd appreciate the opportunity to be of service to you.

Introducing Citrus Square - A Unique Downtown Sarasota Housing Option

For those looking for affordable Sarasota condos right in downtown Sarasota, you may be surprised to learn that quite affordable the condominium units are  available at Citrus Square, a relatively new residential and retail community.  Citrus Square runs from 4th Street to 6th Street along pedestrian-friendly North Orange Avenue adjacent to the trendy Rosemary District, just a few blocks north of Main Street.

Citrus Square is an unusual concept available to those who like the idea of  living in downtown Sarasota but want to avoid the massive high-rise nature of many of the other options available.  Built in 2009, these three-story buildings with uniquely classic facades include several upscale boutiques on the first floor with luxurious one and two bedroom condominiums on the two upper floors.  Residents of Citrus Square can comfortably walk downtown to shop, dine, or take in a movie or meet friends for coffee or dinner in the café/bakery or the restaurant right downstairs. 

 

The 16 units in this complex ranging in size from 644 to 1,240 square feet are among the most value-priced condominiums in downtown Sarasota.  The economical $289 per month maintenance fee, one of the lowest for comparable condos in Downtown Sarasota, covers all exterior maintenance, grounds care, building insurance and reserves. These units are pet-friendly and can be rented out for a minimum term of 1 month, up to 12 times a year..

 

In my opinion, the location, creative floor plan layouts and quality construction of these units makes them ideal for those seeking a uniquely different, yet distinctly high-end, lifestyle within walking distance of just about everything.

 

Units available at the time of this writing range in price from the mid $200's to about $425,000. I invite you to ask me to show you these unique Citrus Square condominium homes. If the in-town lifestyle is not your "cup of tea," then visit my Sarasota real estate website for more options or call me directly at 941-266-1799 for an immediate response to your questions.

Spacious Siesta Key Ranch Home Now Available at Reduced Price

If you've been wishing you had a spacious Siesta Key 4 bedroom, 3 bath home with a solar heated pool on scenic Siesta Key, it's time to get moving. This may be the one you've been searching for.

This is a well maintained home on quiet cul-de-sac conveniently close to Siesta Key Village, world famous Siesta Beach and all of the night life in Sarasota and on the Key.

With a large open plan and a 38 X 41 screened pool lanai, you'll enjoy balmy breezes and tropical sun in a peaceful neighborhood. Just some of the features of this home include a nicely functional kitchen with breakfast bar, 4 split-layout bedrooms and 3 full baths including a pool bath, laundry room, sprinkler & alarm systems; all this in a home with new paint in and out, new pool deck, low-maintenance barrel tile roof, pebble coated drive, a large lot with a private back yard, new landscaping and no deed restrictions.

Come and enjoy the Florida lifestyle.

Motivated sellers are asking only $599,900 for this 2,370 sq ft home on beautiful Siesta Key. Call me, Rich Stover, at 941-266-1799 to tour this attractive home now more than attractively priced.

Sarasota Florida Health Care is Unsurpassed

When you’re considering where to retire, one of the important considerations you need to think about is “how good are the health care facilities and how conveniently are they located?” Certainly you will consider several other attributes of the areas you consider. But clearly, a real important one, at that point in your life, is the quantity and quality of health care services available to you, without having to travel a considerable distance.

The Sarasota Florida area is certainly already on your list of places you are considering. After all, Sarasota has been ranked more than once as “One of the Best Places to Retire.” It has also been deemed “The Best Small City in America” by Money Magazine and “The Best Place to Retire Young” by Money Magazine. Most recently, John Brady, the founder of TopRetirements.com declared Sarasota “The #1 Place to Retire.” You’ll be pleased to learn as you read this article that, with four major hospitals and medical centers, as well as many other health care services available, the Sarasota Florida area also stands above many other locales in the superiority of its health care facilities.

Sarasota Memorial Hospital (SMH) stands among the largest public health care systems in Florida. SMH has a staff of over 4,000 employees and doctors plus over 1,000 volunteers. Sarasota Memorial, located at 1700 South Tamiami Trail, Sarasota, is a full-service health care system, with specialized expertise in heart, vascular, orthopedic, cancer, and neuroscience services, as well as a network of outpatient centers, long-term care and rehabilitation programs. The new Orthopedics Floor includes every advanced feature available to ensure patient comfort during recovery from joint and spinal procedures.

Sarasota Memorial is the only hospital in Southwest Florida named in the nation’s” Top 1% of Hospitals” for consistent clinical excellence, earning a spot on HealthGrades’ “America’s 50 Best Hospitals” list.

Doctors Hospital of Sarasota, also located in Sarasota at 5731 Bee Ridge Road, is a 168-bed acute and general care facility serving Sarasota and Manatee County with a 24/7 emergency department staffed by board certified emergency physicians.

In 2012, Doctors Hospital of Sarasota was designated as Sarasota’s first “Breast Imaging Center of Excellence” by the American College of Radiology. Doctor’s Hospital has also been named one of the nation’s “100 Top Hospitals” by Thomson Reuters, a leader in information systems to improve the cost and quality of health care.

The Lakewood Ranch Medical Center (LWRMC), at 8330 Lakewood Ranch Boulevard, which opened in 2004, offers patient-focused medicine through the use of advanced technology and equipment. This 120-bed acute-care hospital has a staff of over 400 physicians and health professionals across a wide range of specialties. Next to the medical center is a 60,000 square foot Medical Office building housing primary and specialty care physicians, the Lakewood Ranch Imaging Center and the Lakewood Ranch Blood Center.

LWRMC is one of just 620 hospitals in the U.S. to have earned “Top Performer on Key Quality Measures” designation for its achievement in the areas heart attack, heart failure, pneumonia, and surgical care.

In Bradenton, Manatee Memorial Hospital, at 206 Second Street East serving Bradenton and Manatee County for over 55 years, is a 319-bed acute care facility. The Manatee Heart and Vascular Center at Manatee Memorial provides a uniquely individualized approach to heart care, including assessment, diagnosis, planning, intervention and evaluation. Catheterization, electrophysiology, nuclear medicine, and echocardiography services are offered in addition to a vascular care suite. Surgical services offered at Manatee Memorial include robotic surgery using the da Vinci® Surgical System.

Just north of Sarasota in Tampa, the renowned Moffitt Cancer Center & Research Institute is located on the campus of the University of South Florida.

In addition to its major hospitals and health care facilities, Sarasota is also home to some of the most innovative approaches to aging including the nation’s first “life fulfilling community.” The Glenridge, for example, is a facility that has created a unique and distinctive approach to retirement living focused upon lifelong learning and optimum health coupled with the security of long-term care and rehabilitation services.

If you, like many others, are considering Florida as your retirement home now or at some point in the future, you should definitely give the Sarasota – Bradenton area serious consideration. Nowhere else in Florida will you find the health care facilities and options that you’ll find here in Sunny Sarasota Florida.

Acting as your Buyer’s Agent, I would be delighted to help you find the perfect home or condo in the price range you prefer. Visit my Sarasota real estate website or, for immediate answers to your questions, call me at 941.266.1799

Consider Investing in a Sarasota Vacation Home

Buy Property in Sarasota for a Dream Vacation Home
    Sarasota is a beautiful city and a fabulous place to take a vacation. It offers wide sandy beaches, water sports and recreational sporting activities, world class shopping, fine dining, and a host of fantastic entertainment opportunities too. If you love Sarasota as much as we do then you’ll know that all of these reasons, combined with over 300 days of sunshine every year, make it the perfect place to buy a vacation home. More than 250,000 people (both from America and abroad) buy property in Florida each year and it’s no wonder, as there are hundreds of great reasons why you should. Here are just a few of them:

Buy-to-Rent Vacation Property
    The short-term rental market in Florida is very strong with vast numbers of tourists travelling to Sarasota from other states, and of course the rest of the world, to take advantage of the fantastic weather and fabulous attractions. Florida is a hugely popular destination and stop-off point for transatlantic and domestic cruise liners, with many cruise passengers choosing to finish their vacations with a week in the Florida sun, perhaps playing a round of golf at one of the many Sarasota golf courses.

    As Planet Cruise says, the memories of cruising across the Atlantic remain forever, and it's easy to see why cruising is a growth industry in this region of the world. Sarasota is a coastal city making it the perfect beach destination, and a stay in Sarasota is often combined, as part of a two-center vacation, with a stay at the Disneyland or Universal Orlando resorts. With all these options for vacations in Sarasota it’s no surprise that it is such a popular place to buy Sarasota real estate as vacation property for rental purposes, and the potential financial returns from doing so are massive. Renting your Sarasota property also allows you to have the best of both worlds: you can ensure your home is empty whenever you wish to use it yourself, and then make a profit from it by renting it when it would otherwise be empty.

Affordable Property
    One of the first questions every potential homeowner needs to ask before they make the decision to buy their own home is can they afford to make this purchase. You need to think not only about your current financial situation but also any potential changes to that in the short term future: is your job safe for example, or are you planning to start a family and dramatically reduce your combined income? There is a wealth of property in Sarasota suitable for a range of budgets so look for a property with the lower end of your budget in mind, rather than stretching yourself to purchase something you can’t really afford. For overseas potential buyers the value of the Pound and Euro are still strong against the dollar, making America a very attractive and affordable place to invest in one of our attractive communities of Sarasota golf course homes or perhaps a waterfront condominium in Downtown Sarasota. You’ll get considerably more for your money and the weather alone makes Sarasota a much better place to buy a vacation home than, say, London!

    America is the third most popular place in the world for British people to buy vacation property (after France and Spain) and another benefit of buying in Sarasota for overseas buyers looking to invest in foreign property is of course that there is no language barrier, as there would be in France or Spain. You can discuss your specific requirements with your realtor and feel confident that none of your requirements would be overlooked or lost in translation.

Florida is Much More than Orlando!
    When many people think of Florida, they immediately think about Orlando and all of the attractions it has to offer. But Florida is about so much more than Disneyland and Universal Studios. Coastal regions like Sarasota are in fact considerably more beautiful than Orlando, and particularly attractive to tourists and vacationers, as well as people looking to permanently relocate to warmer climes and make Florida their home.

    For more information on homes and condos for sale in Sarasota Florida, please send me an E-Mail or, for an immediate response to your questions, call me today in Sarasota Florida at 941-266-1799. International callers, please dial 001-941-266-1799.

While Problems Exist Elsewhere, Sarasota Home Sales Continue at a Strong Pace

Home sales across the nation are being held back by a number of forces including higher prices, higher, mortgage interest rates and, unfortunately, a general lack of homes on the market. 

Of course, the antics in Washington shutting down the government and threatening to default over the debt ceiling did nothing to make Americans feel more confident. So many real estate markets are finding that sales volumes flattening out or even dropping off.

Fortunately, that has not been the case here in the Sarasota real estate market.  A couple of reasons, I think explain our good fortune. First a fair percentage of properties in the Sarasota real estate market are sold for cash so the higher mortgage interest rates have had little effect. And, Sarasota has retained its high standing as one of the "Best Cities in which to Retire," one of the "Best Places to Re-invent Yourself" and as the "Center of Florida's Arts & Cultural Scene."

But Sarasota Florida has more than good titles and rankings.  For sun and beach lovers, there are over 35 miles of beaches including world-famous Siesta Key beach known for having the whitest sand in the world. And nowhere in the world will you find more gorgeous sunsets than on Florida's West Coast jewel of Sarasota.

 For lovers of the game of golf, metro Sarasota including Bradenton, Osprey and Venice offers over 80 golf courses ranging from public courses to the most challenging public and private courses. There are golf courses to challenge every level of player, many with communities of country club homes  surrounding them. Boaters, day-sailors, scuba divers and fishermen will love the Sarasota offerings of every conceivable water sport.

Sarasota also offers the widest possible variety of residential properties from downtown high-rise condos and penthouses to golf course communities and waterfront homes in every price range and to meet every imaginable desire you may have. The barrier islands,  Siesta key, Lido Key, Bird Key, Longboat Key and Casey Key each offer their own unique but generally upscale lifestyles. St. Armands Key with St Armands Circle, with its upscale shops and boutiques, offers some of the most elegant shopping in Florida.

So, it should come as no surprise that Sarasota home sales continue to grow.  September home and condo sales in Sarasota County were 22% above the volume at the end of September one year ago.
For more information on Sarasota homes for sale, in general, and Sarasota golf course homes, in particular, call me today at 941-266-1799.

Mortgage Rates Fall Again This Week

  The average fixed mortgage interest rate fell for the third week in a row to the lowest rates in three months. Consumer confidence, negatively affected by the federal government shutdown, helped to drive rates down," said Rich Stover a prominent Sarasota real estate agent with RE/MAX Alliance Group.

 Freddie Mac said late this week that the average rate for a 30-year fixed rate mortgage fell to 4.22% from 4.32% last week. The average 15-year fixed rate mortgage similarly fell from 3.37% last week to 3.29%. These rates had started to drop during September after the federal Reserve held off on slowing down their purchases of $85 billion worth of bonds each month. Mortgages interest rates tend to track the yield on the 10-year U.S. Treasury note.

  Families seeking a new or second home in the metropolitan Sarasota Florida area in places like Lakewood Ranch or in one of the many communities of Sarasota golf course homes should be encouraged by these mortgage rates. "For a while, Plumb said, "it looked as though those who hadn't bought a couple months ago were going to be priced out of the market by rising mortgage interest rates. But now, they've got another shot at buying a home like the one they had looked at but didn't buy in August."

An Opulent, Yet Affordable 3/2 Condo at Rivo at Ringling

In the heart of downtown, at 1771 Ringling Blvd, Sarasota, this 2/3 bedroom 2 bath 1,895 square foot corner-unit residence at the Rivo at Ringling condominium complex is within walking distance of dining, theater, shopping and everything downtown Sarasota has to offer.

Rivo at Ringling is a distinctive 15-story building with 92 two and three bedroom residences ranging upward from 1,500 square feet of living space. In addition, there are 14 very spacious penthouse residences on the top three floors. The foyer of Rivo at Ringling is focused around a tropical garden atrium to give you a sense of the outside being brought inside - a quite impressive entry. While the views from the Rivo are impressive, this facility, built in 2006, is one of the more affordable newer condominium complexes near the core of downtown Sarasota.

Amenities at the Rivo at Ringling complex include concierge services, a newly completed clubroom with a 50 inch television, heated pool and spa, fully equipped fitness room, secure bicycle room. This unit has two dedicated parking spaces plus a private storage area.

As you enter through a modified entry of this unit, you are embraced by a great room with high ceilings, an electric fireplace set in stone reminiscent of Frank Lloyd Wright design and views through the balcony of the city and Sarasota Bay.

The unit also features a magnificent new Italian-design kitchen of zebra-wood and high-gloss lacquer finishes by "Cucine Ricci", all new appliances, a wet bar with a built-in Miele espresso machine, reverse osmosis water filtration system, Silestone countertops, starry night mood lighting and a breakfast bar.

The master bedroom has picturesque views of downtown Sarasota. The second bedroom has a private balcony with seating overlooking the city with distant bay views. The den with closet could be used as a den, an office or as a third bedroom.

Rich Stover of RE/MAX Alliance Group would be pleased to show you the many features of this and other lovely Downtown Sarasota residences. Please contact him at 941-266-1799 or visit his website to see many more Downtown Sarasota condos available for your consideration.

A Luxury Condo Available Now on Siesta Key

  Surrounded by water on three sides, you will enjoy panoramic vistas from this 2 bedroom, 2 bath 1,029 square foot condo on the southern end of Siesta Key, the more tranquil end of the Key with walking and bike paths under the tree-canopied Midnight Pass Road.

Looking from the lanai to the east back toward the mainland, you'll see the scenic Neville Preserve and Little Sarasota Bay with an abundance of birds and sea life to watch and enjoy. The front of the unit overlooks the Gulf of Mexico and is perfect for enjoying spectacular evening sunsets over the Gulf of Mexico with your loved ones and neighbors.

A gated community, The Pointe on Midnight Pass is beautifully landscaped and features every amenity you could want -- a heated pool and spa, lighted tennis court, private boat docks, kayak and canoe racks and launch, exercise room, club house, and even its own private island with gazebo and grills. This five acre property is conveniently located just a few minutes walk from Turtle Beach and three restaurants.  

This luxury condominium is being sold completely furnished. You need bring nothing but your wardrobe to this well-maintained seventh floor unit at The Pointe.

This luxury condo includes a washer and dryer in a closeted utility room off the lanai as well as ground-level storage unit for your beach and golf gear. An assigned covered parking space is conveniently located near the building entrance. Priced at just $379,000, this fully-furnished waterfront condo is a must see if you're looking for a second home or seasonal get-away spot on the quieter part of Siesta Key. Call me at 941-266-1799 for an appointment to tour this attractive unit.

If this particular unit isn't exactly what you have in mind, tour the many Sarasota waterfront homes and condos on my website as well as Sarasota golf course homes.

Should You "Stage" Your Home Before Listing It For Sale

Many residents of Sarasota Florida and the surrounding towns are just now beginning to consider selling their homes. There are few homes or the market causing prices to rise for the past several months so fewer people are "under water" on their mortgage and thinking maybe now is the time to move to that bigger home, or maybe even to downsize into a home more suitable to the empty-nester phase of life.

You may hear several different versions of most important thing or things you should do to make your home as attractive as possible to potential buyers. Some Realtors will tell you to remove all the wallpaper, change the paint colors to more neutral colors, get rid of the personal photos, unclutter the kitchen and baths, and more. But in today's real estate market, there's another important approach to selling you home that is worth considering.

While it didn't used to be true, most Realtors today believe that one of the most important, if not the most important thing you can do to improve the probability of a successful sale of your home is to "stage it." It has generally been known that it is difficult to sell an empty home. Most people have difficulty envisioning what a room will look like furnished with their furniture if it is empty when they see it. Almost as bad as an empty home, is a home with either way too much or too little furniture, or furnishings that aren't "right for the buyer you're trying to attract."

This is where a professional "stager" makes a huge difference. These are people with extensive interior decorating skills and experience who can make your home as attractive as possible to potential buyers. Most good Realtors can put you in touch with a professional stager if you don't already know one. Yes, it will cost you some money to have your home professionally staged. But, at least in my experience, a well-staged home not only sells faster; it sells for a higher price than an unstaged home.

Will you get enough more for the home to cover the complete cost of the staging? That is a hard question to answer. There is ample evidence that staged homes sell for 10-15% more on average than empty homes. They also sell faster and for a higher price than the average home where the seller is as unaware, as most of us are, of what makes a home optimally attractive to buyers.

So, if you’re considering selling your Sarasota Florida home or condo, and particularly if it is either empty or your furnishings look "more yesterday than today," you definitely should consider having it staged before you list it.

Higher Interest Rates Are Not Depressing Home Sales

The average rate on a 30-year fixed rate mortgage fell for the second week in a row this week to 4.31%, down from 4.37% last week according to Freddie Mac.

While the rate has now fallen for 2 weeks, the rate is still nearly a full percentage point above the level it was at in early May. While rates are still low by any historical measure, they have risen since the Federal Reserve suggested that it might begin reining in its bond buying program later this year. But, the higher rates do not seem to be depressing home sales.

Judie Berger, a friend of mine and respected Associate Broker and Sarasota luxury homes Realtor with Premier Sotheby's International in Sarasota Florida, said that in spite of the rising rates, homes for sale in Sarasota Florida continue to sell almost as fast as they come on the market. Realogy, the nation's largest residential broker, agreed saying that its transaction volume grew by 21% in the second quarter of 2013 from the level at the same time in 2012.

Builder confidence also remains high, rising this month to 57 on a scale from 1 to 100. At the bottom of the housing bust, that index had dropped to as low as 10. Builders attribute the improved confidence level to both higher traffic through model homes and higher expectations about future sales. Builder confidence in the Sarasota real estate market is indicated by the fact that several builders have started new developments or added on to existing developments in recent months in the popular Lakewood Ranch development.

Lakewood Ranch has been at the epicenter of home building activity in the Sarasota County this year driven by builders Taylor Morrison, Lennar and Neal Communities in both existing neighborhoods such as Central Park and Country Club East and the newest start-up community of Bridgewater.

For information on mortgage interest rates or the state of the Sarasota real estate market. feel free to contact me at 941-266-1799. I'd be delighted to answer your questions.

Suddenly There are New Hi-Rise Condos Being Built in Downtown Sarasota

  If you've wondered whether the stories we've written about how the Sarasota real estate market has come roaring back, here's news that will confirm the truth behind those stories.

  For the first time since the "Great Housing Bust" of 2007 and 2008, construction cranes are again becoming the "official bird of Sarasota." They are poised again above Downtown Sarasota. A furniture store and a sports bar have been torn down to make room for the first downtown Sarasota high-rise luxury condominium tower since the Florida real estate bust. The new condo tower will be built at Gulf Stream Avenue and Main Street joining The Queue townhomes on Ringling Boulevard and the Homes of Laurel Park, a new 26 home project as the first significant Downtown Sarasota residential developments since 2007.

  The Jewel Residences tower will include just 18 luxury dwellings with views of Sarasota Bay. Those distinctly upscale condominium units will sit above 6 shops and restaurants. These luxury units will range from two-story lofts to a full-floor penthouse. In advance of the start of construction, seventeen of the luxury condos and five of the storefront locations have been sold according to a recent article in the Sarasota Herald Tribune. Tom Mannausa, the developer reported, “we’ve attracted a number of affluent and still quite active, baby boomers who are very excited to move in.” This luxury property will include a fitness center, a 20-meter lap pool, spa, a yoga stretch room, a six-hole putting green and a platform tennis court.

  In addition to the new residential construction in Downtown Sarasota, builders are actively building in Lakewood Ranch, Bradenton and Osprey and on Longboat Key and Siesta Key.

  As I’ve reported recently, there has been steady growth in demand for Downtown Sarasota condos but fewer and fewer existing properties available. There were 733 Sarasota real estate sales in February (504 single-family homes and 229 condos), up 24% over sales a year ago in February, 2012. This followed a January year over year increase of 22%. While home and condo purchases continue to accelerate, the availability of properties for sale continues to decline.

  The inventory of Sarasota real estate properties for sale remains at its lowest level in over a decade; 17.4% lower than at this point last year. As of March 31st, there was less than a 5.0 month supply of homes for sale in Sarasota and a 5.6 month supply of condos available. One year ago, there was a 7.2 month supply of homes and a 9.1 month supply of condos. At the bottom of the recession in 2008, there was a 24 month supply of homes and a 41.7 month supply of condos on the market. Whenever the supply of residential properties on the market drops below a 6 month supply, the market is considered to be demand-driven, builders start building and prices begin to rise. There is little doubt that prices will be higher next year than they are right now as demand continues to outstrip the supply of Sarasota properties.

  If you're ready to move right now, there are a few Sarasota luxury condos available today in developments like Condo on the Bay and townhomes at Broadway Promenade, but fewer and fewer every day.

  If you have been planning to visit Sarasota, let me help you find that second or permanent Sarasota residence you've been wanting by showing you all the best values in Sarasota condos here in Downtown Sarasota. Whether your interests lie with the Arts and Cultural venues of Downtown Sarasota where the Jewel Residences is being built, the golf course country club lifestyle, or a waterfront home or condo where you can keep your yacht right behind your home, Sarasota has exactly what you seek

  If you would like to know more about the Sarasota, Bradenton and Lakewood Ranch real estate markets in general, or the cultural, shopping or recreational amenities of Sarasota, Contact Me today. For an even faster response, call me on my cellphone at 941-266-1799. I'd be happy to be of assistance.

Downtown Sarasota Has Come Alive Again

    First, lets describe roughly what we mean by "Downtown" Sarasota. The western boundary of Downtown Sarasota is, obviously, Sarasota Bay and the area around Golden Gate Point and the Ritz-Carlton. On the north side, 10th Street is now a reasonable approximation given all that's happening in the Rosemary District and Citrus Square. The eastern edge is roughly Washington Boulevard (U.S. Route 301) with a bit of a bump-out to accommodate the area around the courthouse. To the south, Mound Street strikes a reasonable edge since that is about where Sarasota's historically significant and very desirable suburbs begin.

    The Downtown Sarasota area is roughly one square mile but its is amazing how much is now packed into that urban area.

    For those attracted by the convenience of being able to walk, ride a bike, or take a bus to just about everything, there is just about every type and style of housing imaginable from elegant high-rise condos along the bay front to more modest condos and town homes, the charming old bungalow-style homes you find in neighborhoods like Laurel Park, the cozy residences over retail spaces in Citrus Square and the loft spaces of the Rosemary District. But there is housing everywhere, so why has Downtown Sarasota become "the place to be and be seen?"

    The Herald Tribune, in picking its "Best Sarasota Neighborhood" back in 2011 expressed the opinion that it was because so much is now happening in Downtown. "Things have definitely been spruced up over the recent past." Rich Stover, a prominent Realtor says, "When the sun goes down, they used to roll up the sidewalks, but now they put out patio furniture and sell you drinks and dinner," And, the excitement about Downtown Sarasota as a place to live has gotten even more intense lately with new housing being built for the first time in years.

    New dining establishments are popping up everywhere. There are now more annual festivals and events -- things like the Chalk Festival where artists create huge colorful illustrations on Pineapple Avenue, the Bayfront Park Boat Show, the Sarasota Jazz Festival, and the Sarasota Film Festival to name just a few. During winter months, the weekly Saturday Farmer's Market at Main Street and Lemon Avenue brings all sorts of folks downtown who then venture into shops, boutiques, and the many sidewalk cafes along Main Street.

    The Downtown Sarasota waterfront is also a big draw. Island Park, situated on a peninsula right on Sarasota Bay has water's edge sidewalks all around it. It's a great place for a leisurely walk, rollerblading, or a bike ride. Children love the water fountains and the playground zone and the park is pet-friendly so you'll see numerous four-legged visitors as well. With a light evening breeze, a evening walk along the Downtown Sarasota waterfront can be a delightful way to spend an hour or so before venturing into a favorite or maybe a new cafe for some light fare or sumptuous dining. Some Sarasota waterfront developments like Condo on the Bay offer both condominium and townhome options where you can berth your yacht right outside your door.

    The Sarasota Arts and Cultural District also play a big role in the vibrant Downtown Sarasota lifestyle. The Van Wezel Performing Arts Hall, the Asolo, the Sarasota Ballet, the Sarasota Orchestra, the Players Theatre of Sarasota and the Florida Studio Theatre all bring more people into the downtown area on weekday and weekend evenings. There is a museum to please everyone's interests from the Ringling Museum and Cà d’Zan mansion to the younger family-oriented GWiz hands-on Science and Technology Center

    If you have been contemplating visiting Sarasota to buy a second or permanent home or, if you're already here but thinking of moving to a different home or condo, don't overlook Downtown Sarasota. It truly is a gem for those who crave a more active urban lifestyle. Visit my website focused on homes for sale in Sarasota Florida or, just call me at 941-266-1799. I would be delighted to answer your questions.

Introducing My New Blog

I'm starting my Sarasota Real Estate blog to help those interested in buying or selling residential properties in the Sarasota Florida area by providing as much current information as possible on the situation in our real estate market, the types of homes and condos available and the type of lifestyle owning a home or condo here on the Florida Sun Coast entitled you to enjoy. 

I hope you'll read the posts that I, @Rich Stover write, as well as those by others I invite to contribute and that you'll give us some feedback on the topics you'd like to see covered here by "commenting" on articles you read here.

I also invite you to visit my website covering homes and condos for sale in Sarasota Florida to learn even more about me and the services I am proud to provide to all my clients.