Sarasota Real Estate News • September 7, 2023

Your Sarasota – Sept ’23

by Debbie McHardy

SEPT 7, 2023

Hello Friends,

Please take a break from your day and enjoy my latest Sarasota Newsletter!

It’s full of the latest news and has something for everyone.

If you, or someone you know, are considering the purchase or sale of Sarasota real estate, please contact me, and thank you for your referrals.

Debbie McHardy

PRESIDENT ELECT – 2023

Sarasota Real Estate News • August 3, 2023

Facts about the Sarasota Real Estate Market

by Debbie McHardy

July 27, 2023

Hello Friends,

In the ever-changing real estate landscape of Sarasota and Manatee, we are seeing a balance between slight upward and downward trends across most of the metrics we measure, leading to what many would call a stable market.

Let’s face it, we live in a very desirable area, which translates to a lower impact of national economic variables. It’s ironic that our local market’s success has become our biggest challenge going forward. Sellers aren’t believing that prices have come down from one year ago, and buyers aren’t believing our market has stabilized, so we have a gap between seller and buyer expectations. On average, a property in Sarasota now stays on the market for approximately 35 days before being sold. This is a significant increase compared to the previous year when homes sold much faster, taking only 6 days on average. The increase in the number of days does allow potential buyers more time to consider their options. The heated market of the past several years has cooled into a more normal process with some give and take between sellers and buyers. It’s a much healthier market.

If you, or someone you know, are considering the purchase or sale of Sarasota real estate, please contact me, and thank you for your referrals.

Debbie McHardy

PRESIDENT ELECT – 2023

MY RECENT ACTIVITY

PENDING SALE

5153 Honore Avenue

Sarasota, FL

2BR/1BA | 1,215 SF

$365,500

Representing Buyer

PENDING SALE

3535 Wilkinson Woods Drive Sarasota, FL

2BR/2BA | 1,548 SF

$410,000

Representing Buyer

PENDING SALE

430 Kumquat Court #212

Sarasota, FL

2BR/2BA | 1,176 SF

$1,000,000

Representing Buyer

Discover SOTA Hotel & Residences

1703 Main Street | Sarasota, FL 34236

From $1.8M

SOTA will include 35 spacious residences.. The interiors are designed by New York City-based and award-winning Andre Kikoski Architect. SOTA will offer 2 and 3-bedroom floor plans with square footages ranging from 1,700 to just under 3,000 sq. ft. CALL ME FOR MORE DETAILS!

Did you know there are over 600 new construction units currently in the works throughout Sarasota County? Whether you are considering a luxury condominium residence, a pied-à-terre in downtown Sarasota, or a new single family residence out east, I have access and the latest information on EVERY new construction project currently active in our area. If you’d like to talk about any new construction project, I have extensive knowledge and can help you navigate the process seamlessly.

MARKET REPORT

New Listings increased by 1% month over month but are down by 24% when compared to last year, while Active Listings inventory increased from the previous month and is up 12% year over year.

The number of units sold decreased from the previous month by 3% and have declined by 7% year over year.

Inventory increased for the same time frame.

Total Sales Volume decreased by 2% month over month and declined by 6% year over year.

Average Days on Market declined month over month but has nearly tripled since last year. Inventory increased since last year.

NEWS BRIEFS

Take the Trolley from the Airport

Tourists and residents flying into Sarasota Bradenton International Airport will, before long, be able to take a trolley to downtown Sarasota. The shuttle service, which will also go from downtown to the airport, will run every 20 to 30 minutes, according to Sarasota County’s plans. County commissioners unanimously approved the service and the purchase of two streetcars as part of the “consent section” of their agenda on June 13. The county is expecting to launch the program toward the end of this year.

Today Show Ranks Sarasota 2nd Most Booming City

The Today Show ranking of yet another ‘top list’ for Sarasota follows several other recent rankings for the city of Sarasota and the surrounding area as one of the most desirable places to be in the country. U.S. News & World Report has listed it as one of the top places to retire for several years. Criteria such as schools, cost of living, outdoor life, job security, and growth and development each contributed to the quality of living for residents choosing to find a spot to live post-pandemic.

Hometown Heroes: $20M Applications in Week One

The Hometown Heroes down payment assistance program reached $20 million in applications within the first week of launching the program’s second year of funding, which includes $11 million in applications on the first day alone. The program is now available to all Florida hometown workers in any occupation who earn less than 150% of their county’s area median income (AMI). Additionally, hometown heroes can now apply for a maximum down payment assistance amount of $35,000. To be eligible for the Hometown Heroes program, homebuyers must have a minimum credit score of 640, be a first-time homebuyer and earn less than 150% AMI according to their local county data. Click here for more info.

Sarasota Publishes Proposed Public Art Plan 2030

In advance of more informational community meetings and eventual presentation to the Sarasota City Commission for adoption, the city of Sarasota has published its draft Public Art Plan 2030. Central to the plan is a proposal to increase the funding mechanism for public art. Currently, the program is funded by a developer fee of 0.5% of the value of any development of $1 million or more, excluding land value. The 2030 plan calls for doubling that fee to a full 1%. In the executive summary, Wallace writes that the plan is a living, dynamic document intended to flex with economic volatility and, like art itself, be subjective. You can read the draft plan in its entirety here.

Sarasota Real Estate News • August 3, 2023

Sarasota Real Estate Update

by Debbie McHardy

April 10, 2023

Hello Friends,

The highest honor for a real estate professional is a returning or referred client. When people I’ve worked with recommend my services to others or want to change properties, there’s nothing more affirming than working with them again. One critical consideration to remember is that personalized service isn’t just what you do — it’s what you know. The insight I provide to my clients should be one of your top differentiators when choosing who will represent your home. By maintaining a comprehensive understanding of the markets I serve, I am able to strategically apply that insight into the needs, values, and aspirations of my clients with very specific demands.

Any real estate agent should be an expert on buying and selling properties. But numerous allied and adjacent industries pertain to real estate — from the developers and architects who build and renovate homes to the skilled tradespeople and artisans who finish and furnish them, to the designers and decorators who curate their interiors and exteriors.

Whether it’s the latest building codes and standards or the best vendor for a particular service, having a wide knowledge of these fields brings huge value to my clients.

Helping buyers and sellers attain their dreams and goals brings me so much excitement and satisfaction. . If you, or someone you know, are considering the purchase or sale of Sarasota real estate, please contact me, and thank you for your referrals.

Debbie McHardy

PRESIDENT ELECT – 2023

MY RECENT LISTINGS & SALES

LISTED BY DEBBIE- NOW PENDING

13927 Wood Duck Circle | Lakewood Ranch, FL

OFFERED FOR – $649,000

PENDING IN 3 HOURS – NOW SOLD

1500 Glen Oaks Dr E, #210 | Sarasota, FL

SOLD AT LIST PRICE $205,000

MARKET REPORT

PROPERTY FRAUD IS ON THE RISE

Property and mortgage fraud is the fastest growing white-collar crime, and has occurred in Sarasota. Property fraud is when someone illegally uses your property for financial gain, such as creating a fraudulent document that will deed your home to them, and then they record that document in the county’s Official Records. By signing up for Sarasota’s FREE property fraud alerts, you will receive an email alert whenever a document is recorded in Sarasota County’s Official Records using your personal or business name. Notifications are sent within 48 hours of the document being recorded, alerting you so you can choose to review documents through public records, or dispute through law enforcement. Just register, receive alerts, and react. It’s that simple.

NEWS BRIEFS

The Best Cities for Forever Homes – Post COVID-19

The never-ending coronavirus pandemic has changed so much of our lives—including where people want to retire. A new U.S. News & World Report found that nearly 25% of the 3,000 Americans polled stated that COVID-19 changed their preferences for where to spend their golden years. While past retirement surveys may have shown a wide variety of retirement-friendly locales, this time, there was one clear-cut winner: Florida. Eight of the top 10 cities in this survey hail from the Sunshine State. As for which Florida city takes top honors? It’s Sarasota. This southwestern spot on the Gulf of Mexico took the highest spot yet again, like last year.

Six Architecture Firms Picked to Design Arts Center

The City of Sarasota have selected six architecture firms as semi-finalists in the competition to see who will design Sarasota’s new performing arts center at The Bay. The semi-finalists come from all over the world, with headquarters in New York, Los Angeles, the United Kingdom, Denmark, Italy and Norway, and they have all worked on major cultural projects around the globe. In May, the six semi-finalists will be narrowed to a list of three finalists that will be invited to visit Sarasota for the next round of the selection process. The current timeline calls for the performing arts center to open in 2028, with a projected price tag of $275 million-$300 million. Half of the funding is expected to come from private philanthropy and the other half from government funds.

Fruitville Roundabout Art decision

After the Sarasota City Commission sent the Public Art Committee back to the drawing board for a new recommendation of a sculpture for the roundabout at Fruitville Road and U.S. 41, it is on track to present three finalists about a year later. Each artist made presentations of the partially developed progress from their original concepts, then answered questions and heard feedback from the committee. The artists will make their final presentations to the committee on April 18. On May 3, the committee will make its final recommendations to commissioners.

Stand Out April events in Sarasota area

April 7 -16: The Elizabeth Moore Sarasota Open Tennis Championship Tournament. Held in recently renovated Payne Park, 2010 Adams Ln, Sarasota. Ticket prices vary.

April 11: Stardust Night – Casino & Poker Run. You are cordially invited to “Stardust Nights” with your friends & colleagues! Enjoy the luxury of vintage Las Vegas while raising much-needed funds for Safe Children Coalition.

April 12: Mote SEAsonal Tasting at Nathan Benderson Park. Sample delicious food from UTC restaurants to support Mote Science Education Aquarium. Nathan Benderson Park, Sarasota. Tickets $125.

April 14: 2023 Paws on the Red Carpet. Enjoy seeing adorable adoptable animals on the red carpet with signature cocktails, raffle prizes, music, dancing and more. Proceeds go to the Humane Society of Sarasota (HSSC). Art Ovation Hotel, 1255 N Palm Ave, Sarasota. Ticket prices vary.

Sarasota Real Estate News • February 7, 2023

Blue Skies on the Sarasota Skyline

by Debbie McHardy

Hello Friends,

It’s the beginning of February and here in Sarasota there’s nothing but blue skies, warm temperatures, and it’s our happy season! This year started off just as hot as the previous two years with the lowest inventory numbers on record, and home value continues to increase. Our housing market has been on a meteoric rise in value and potential profitability – similar to the overall projectory of Sarasota. We are having our moment.

This season is shaping up to be one for the record book, and as inflation begins to drop, consumers can expect mortgage rates to soon follow. I don’t have a crystal ball but although there may be a slow down or two in our overall activity, long term the quality of life in Sarasota only gets better and better.

If you, or someone you know, are considering the purchase or sale of Sarasota real estate, please contact me, and thank you for your referrals.

Debbie McHardy

PRESIDENT ELECT – 2023

FOR SALE

JUST LISTED

GREENBROOK VILLAGE – LAKEWOOD RANCH

13927 Wood Duck Circle * Lakewood Ranch, FL 34202

3BR/3BA | 2,410SF | $740,000

Welcome to this beautiful home in the highly sought-after Greenbrook Village in Lakewood Ranch. The home has a great split floor plan with views of the lake from both the Master bedroom and the Den/4th bedroom. It is a light & bright home with vaulted ceilings and wooden floors, the square pillars add a really nice feature, along with decorative niches & built-ins. Upgraded kitchen cabinetry & brand new dishwasher and microwave enhance the open plan kitchen. There is plenty of outdoor space with an enclosed lanai and pool, which includes a waterfall. The 3 car garage provides ample parking and storage. The low HOA’s, walking trails and Adventure park, plus A -rated schools within close proximity, make this a very attractive home. New roof in 2017 and new A/C in 2018. Contact me for a private tour – (941) 960-6099.

CLICK HERE FOR FULL DETAILS

MY RECENT PENDING SALES

LISTED BY DEBBIE

11518 Golden Bay Place | Bradenton FL

PENDING SALE $824,500

NEW CONSTRUCTION

83 Grand Oaks | Parrish, FL

SOLD BY DEBBIE

MARKET REPORT

In December of 2022, the combined closed sales of all property types in Sarasota and Manatee counties decreased year-over-year by 34%. December did, however, report a year-over-year rise in prices with single-family homes reaching a median price of $505,500 in Sarasota and $507,000 in Manatee County, an increase of 16 percent and 10.2 percent respectively. Condo prices increased by 8.3% t to $390,000 in Sarasota County and increased by 13.7% to $344,475 in Manatee County. The month’s supply of inventory in December was 3 months for single-family homes in Manatee County, a 400% increase and the largest year-over-year increase this year. In Sarasota County, there was a 2.5-month supply for single-family homes, a 316.7% increase. Condos in Sarasota increased by 266.7% to 2.2 months.

REMINDER! FILE FOR YOUR FLORIDA HOMESTEAD EXEMPTION

In the state of Florida, a $25,000 exemption is applied to the first $50,000 of your property’s assessed value if your property is your permanent residence and you owned the property on January 1 of the tax year. This exemption applies to all taxes, including school district taxes. The timely filing period for Homestead Exemption for 2023 is March 1, 2023.

Click here for Sarasota County Exemption E-File

Click here for Manatee County Exemption E-File

NEWS BRIEFS

Coming Soon – a New Ritz-Carlton Residences

A new 20-story Ritz-Carlton luxury tower, which will be built in the mixed-use Quay Sarasota development, will have 78 units with prices ranging $3.5 million to $11.5 million. Residences will feature Bay, Gulf of Mexico and downtown Sarasota views. The three- and four-bedroom units will range from 3,500 square feet to just under 6,000 square feet and will come with “airy, sophisticated interiors with designer-curated finish packages.” Contact me if you would like more information.

Changing face of Sarasota’s Main Street

A new mixed use tower is planned for Main Street, Sarasota, that will reinvent the eastern edges of downtown. The project encompasses a 16 story building. It will be the tallest Sarasota structure east of Five Points. In all, it will have 35 condominium residences and 120 rooms managed by Tapestry Collection by Hilton, and a 4,500 SF restaurant on the ground floor. Read more here.

Annual Tour de Parks Fundraiser

Benefitting the Legacy Trail and all that it brings to our community, the annual Tour de Parks fundraiser on Sunday, March 19, 2023, is a great way to spend the day with friends and family while exercising and enjoying various parks along the ride. Organized by Friends of The Legacy Trail, the Sarasota Manatee Bicycle Club, and Sarasota County, there are three different routes offered to participants: distances of 21, 35, and 62 miles going through 12 scenic parks in Sarasota County. Click here for more information, and to register.