Hello
from SARASOTA
news from
Jo & Hilary
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Greetings and Happy Earth Day!
We hope this letter finds you and your family doing well and you all had a fabulous holiday weekend! Hilary and I have managed to keep very busy in past few months. As has been predicted our market has not changed much except that our inventory seems to be lower than ever which is still driving our market and impacting our prices. There is still quite a bit of new development going on as well as and with the lack of existing homes available, many people are flocking to these new communities. However supply delays and labor shortages are still affecting this industry.
While selling in today's market may seem easier than ever, you still need an experienced Realtor to get you across the finish line. As buyers are feeling pressured into making snap decisions, some find themselves looking for a way out of the contract. As for buyers, it is important to talk to a Realtor about your goals, so they can help prepare you for when that perfect house comes along. Knowing what to expect is key, especially if you find yourselves wanting one of these more desirable homes.
Finally the 2021 Notable and Quotable is out! See below for all of our incredible accomplishments here at Premier Sotheby's International Realty!
We hope you and your family are staying happy and healthy!
Sincerely,
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Realtor Association of Sarasota Manatee
Click Photo for More Details
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Realtor Association of Sarasota Manatee
Click Photo for More Details
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Lack of Inventory Impacts Prices and Sales in Sarasota Manatee |
In February 2022, the Sarasota and Manatee housing market continues to be affected by a historically low supply of homes. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), closed sales took a dip last month along with a decrease in pending sales and new listings combined for both property types.
“The February 2022 housing statistics indicate just how low inventory is and its impact on our market. There simply aren’t enough homes to sell, leaving us with fewer closed sales than the previous year,” said 2022 RASM President Tony Veldkamp, a Senior Advisor at SVN Commercial Advisory Group. “The recent uptick in mortgage rates is beginning to impact affordability for many, especially for first-time home buyers looking to buy as a reaction to rising rent prices. Meanwhile, there is still a large demand coming from out-of-state transplants who are looking to buy in our area of Florida. This imbalance of supply and demand contributes to the rapidly increasing prices we continue to see each month.”
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Stellar MLS March 2022 Market Report - Click the photo above for more information. |
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Sarasota County March 2022 Market Report - Click the photo above to view the full report. |
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Recent Highest Selling Residence in Sarasota or Manatee Counties
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70 LIGHTHOUSE POINT DR,
LONGBOAT KEY, FL 34228
Longboat Key
Sold for $8,000,000
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‘We Don’t See Prices Going Lower Anytime Soon’: An Update on Our Red-Hot Housing Market |
Our scorching real estate market has homeowners asking, “Should I sell?” and home shoppers asking “Should I buy? Or should I sit tight and wait it out?” The “it,” of course, is market uncertainty and swollen prices like we haven’t seen before. Tony Veldkamp, senior advisor with SVN Commercial Advisory Group and the president of the Realtor Association of Sarasota and Manatee, shares his expertise on what we might expect this summer and beyond. |
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Home Front by Budge Huskey: Why higher rates likely won’t seriously affect demand here |
We’ve all read the headlines: The Federal Reserve has recently raised funds rates for the first time since 2018, indicating a shift in focus from pandemic relief efforts to inflation control. While we knew higher mortgage rates would soon follow, the impact on demand for housing is not so certain – especially in Sarasota’s red-hot housing market. |
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The Quay’s Luxury High-Rise, Bayso, Has Sold Out in Record Time |
Bayso, a 149 luxury condominium, 18-story high-rise in the Quay Sarasota waterfront district, has sold out less than 12 months after the first sale was made in early 2021. Vertical construction began in August last year and completion is scheduled for the fall of 2023.
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The Median Rent in Sarasota County Right Now Is $2,249. That’s Higher Than in Miami-Dade County. |
Late last year, Sarasota County median overall rental rates skyrocketed past an average of $2,000 a month—and that growth hasn’t slowed. Across the country, rents are still on an upward trend, too—but traditionally more affordable and sunny destinations like Arizona, Texas and, of course, Florida, are seeing the fastest growth rates of all, according to the latest report by Apartment List, a national online marketplace for long-term residential rentals. |
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A New Condo Project Is Headed to Fruitville Road in Downtown Sarasota |
An empty plot of land on Fruitville Road in downtown Sarasota, surrounded by condos, commercial buildings and construction sites prepping for more, looks downright suspicious in the current market. Especially since much of what’s left of open spaces is getting quickly filled in with new high-rises, like the upcoming condo project, The Edge, headed for the corner of Fruitville Road and Cocoanut Avenue.
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Car Storage Complex Heading to Lakewood Ranch |
Luxe Dream Garage is developing a customizable private motor condo complex in Lakewood Ranch, Sarasota, near the newly opened community of Waterside. The company will offer a private community for car, RV, motorcycle, and boat enthusiasts to can store their vehicles and network. The company is planning a meet-and-greet for new garage owners in early April, and units are scheduled to be completed in fall of this year. |
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Sotheby's International Realty |
4501 North Michigan Road
Indianapolis, Indiana, 46228
$14,000,000
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Premier Sotheby's International Realty |
435 L AMBIANCE DR #J204 & K205
Longboat Key, FL 34228
$7,950,000
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Recent Notable Listings / Sales |
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4732 Tivoli Avenue
Longwood Run - Tivoli Village
JUST LISTED $525,000
SOLD $580,000
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3467 Winding Oaks Drive
Longboat Key - Winding Oaks
PENDING - $899,000
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675 Longboat Club Rd #24A
Longboat Key - Regent Place
JUST LISTED / PENDING $4,000,000
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3535 Flamingo Avenue
Bay Island - Siesta Key
JUST LISTED / PENDING - $5,250,000
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Jo Rutstein | jorutstein.premiersothebysrealty.com |
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