Downtown Sarasota Condos Blog

2010-01-27T10:19:00.002-05:00

Sales of Condos are up while prices are down

There's a good article in the Sarasota Herald today about the local condo market:

Condo sales end 2009 up strongly

Staff Report
Published: Wednesday, January 27, 2010 at 1:00 a.m.

In the Sarasota-Bradenton market, December sales rose 144 percent compared with a year ago, with 310 condos sold compared with 127 in December 2008. For all of 2009, 2,618 units changed hands, up 14 percent from 2,291 in 2008.
In Charlotte County-North Port, December sales rose 68 percent, with 47 units changing hands compared with 28 a year ago. For the year, 404 condo units changed hands, up 41 percent, according to data from the Florida Association of Realtors.
Sales of homes in the Sarasota-Bradenton and Charlotte County-North Port market rose 43 percent and 42 percent, respectively, during December.
The jump in condo sales for the year came at the expense of prices in a region that continues to be dominated by distressed sales -- foreclosures and short sales.
For the year, the median sales price in the Sarasota-Bradenton market were down 31 percent, from $213,600 to $147,800. In Charlotte County-North Port, the yearly median was $95,200, down 25 percent from $126,500 in 2008.
But prices showed life last month, giving more evidence of what has been a stabilizing trend for several months.
The December median sales price in Sarasota-Bradenton dropped 22 percent to $148,600 from $191,700 a year ago. But last month's median was up 5.3 percent when compared with $141,000 in November. In Charlotte County-North Port, prices dropped 31 percent to $82,500 from $120,000 a year ago. But the median was up 3.1 percent from $80,000 in November.
Statewide, 5,968 condo units changed hands during December, a 91 percent increase from a year ago. The median was $107,000, down 18 percent from $130,300.
The biggest price drops were in Ocala at 58 percent, Tallahassee at 55 percent and Charlotte County-North Port's 31 percent decline.
For the year, 55,985 condominiums changed hands, a 47 percent increase from 2008, while the median was $108,000, down from $164,200 in 2008.
This story appeared in print on page D3
Copyright © 2010 HeraldTribune.com

2009-12-30T16:42:00.000-05:00

Patrick Dempsey's Bel-Air home sold by Sotheby's International Realty

The Grey’s Anatomy star, Patrick Dempsey, 43 - earned his nickname “Dr. McDreamy” for his portrayal of Dr. Derek Shepherd on the ABC medical drama (2005-present) - has sold his Bel-Air home for $2,571,500. Patrick Dempsey’s New England traditional-style two-story features four bedrooms and 4 ½ bathrooms in 3,841 square feet and also has a fireplace in the living room, a formal dining room and a kitchen that opens to the family room. The gated house sits behind the hedges on less than acre with a swimming pool; a brick patio; flat lawn and a matching tree house. He also starred in the movies “Made of Honor” (2008) and “Enchanted” (2007). The actor listed the property in March at $3,595,000. Public records show he purchased it for $3.1 million in 2006. Brett Lawyer of Sotheby’s International Realty, Sunset Boulevard office, handled both sides of the deal.

2009-12-15T14:56:00.002-05:00

There has been a lot of talk out there on who gets the most "hits" on their website. Afterall, with 90% of the buyers stating they began their search for a new home by looking first on the internet, it's an important question to ask your prospective real estate agent about their website.

Now there's a third party company that you can check website traffic for yourself. It's called compete.com and it's worth a look. One of our competetors was heralding their performance on the web in a recent newspaper article and I thought you'd enjoy this graph straight from compete.com that demonstrates their actual lack of competitiveness as compared with sothebysrealty.com.

http://portal.signaturesir.com/Marketing/MSC%20Comparison.docx

2009-11-24T12:32:00.003-05:00

The Herald Tribune is reporting today that home sales in Sarasota are up 50%!!

I'm reminded of the Mark Twain quote: "There are three kinds of lies; lies, damned lies, and statistics".

As I've stated before, I think everyone in the business is seeing more activity but that doesn't mean we're out of the woods just yet.

Here are the "statistics" for condos in the downtown/Lido area as of October 2009 (taken from Tredgraphix):

Listings are up 3.2% since last month, down 9% since last year, and down 5.9% from 15 months ago.

Sales are down 40% since last month, up 20% since last year, and down 18.2% from 15 months ago.

Pending Sales are up 59.1% since last month, up 250% since last year, and up 118.8% from 15 months ago.

The only trend I see from these stats is that pending sales are way up. I've explained recently that a large portion of these pending sales are "short sales" which take longer to close and often never do.

I remain positive for the long term future of sales and a return of slowly escalating prices in the downtown area. I'm also encouraged by the "type" of buyer we're seeing recently. One that is looking for the Sarasota lifestyle and will actually USE the condo at least part of the year. Very few buyers are looking at the purchase option as purely an investment. That's probably a good thing.

2009-11-23T11:59:00.003-05:00

Yes things are getting better in general, but what's happening with downtown Sarasota condos?

My last post hailed the fact that existing home sales are up an astounding 10% nationally, but all real estate is very localized. People want to know what's happening in my town, my neighborhood, even my street or condo!!

Here are some facts for the zip code 34236 which includes condos on Lido along with the downtown area:
1. There are still about 400 condos on the market. This number has not changed appreciably for most of 2009.
2. There are 63 pending sales. This is up almost 250% from a year ago but 60% of them are "short sales or bank owned" meaning they may never close. Many have been in pending status for several months which has swollen this category out of proportion. If one assumes that only 20% of those pending short sales will eventually close, then the real number of pending sales is more in line with the current sales volume.
3. Sales for the last 3 months have averaged 22.3 per month. 19% of those sales are either bank owned or short sales. This means we still have about 18 months of inventory on hand and most economists believe that a 6 month supply represents a healthy, balanced market. It also shows that the sellers in this market must compete with the bank owned and short sales head to head...these cheap "under priced" comps are no longer an anomaly that the seller or potential seller can dismiss.

A year ago it was very difficult to say what some of these properties were worth because there hadn't been enough recent sales to justify ANY offer. Now, at least, there have been sales and buyers are feeling more comfortable to make offers in line with those sales.

In the final analysis, I do think we are building a base here at the end of 2009 and prices will SLOWLY move upward from here. The best inventory is getting picked up and prices have been stabilizing. My co-workers and I are seeing an increase in activity with showings and offers and October/November is usually a very quiet time of year!

2009-11-23T11:33:00.001-05:00

Existing Home Sales in the United States Rise in October by a Staggering 10.1 Percent!

The U.S. housing market is showing more signs of increased activity, as cheap home values and the ongoing support from the U.S. government through tax credits for first time buyers continue to support activity in the housing sector, yet the housing market is still stabilizing amid the worst slump since the early 1930s and we should expect activity to increase only gradually, since rising unemployment, tightened credit conditions, and rising foreclosures will continue to weigh down on activity in the housing market.
The National Association for Realtors released today the existing home sales index for the month of October, existing home sales increase in October by a staggering 10.1% to an annual rate of 6.10 million units from the prior revised estimate of 5.54 million units, where single family home sales increase by 9.7%, and Condos sales increased by 13.2%.
Moreover, the supply for pre-owned homes available for sale declined noticeably in October to 7.0 months from the prior reported estimate of 8.0 months of worth of supply, as the median price dropped in October to $173.100 from $176.000, while average prices for homes declined to $218.100 from $221,000.
Cheap home values continues to support activity in the housing market, as it’s luring consumers into buying homes, while the tax credit program from the government for first time buyers which was extended by President Obama indeed continues to support activity as well, as though the housing market is still stabilizing and we probably won’t see a sustained recovery in activity, but still activity overall is rising.
However, we still expect the housing market to remain under pressure, especially as unemployment is now standing at a 26-year high above 10%, while the outlook for the labor market still suggests that unemployment will probably rise further over the upcoming few months before it starts to drop back probably within next year.
Rising unemployment will l surely affect activity in the housing market, as income growth will drop and accordingly consumer spending will decrease and savings on the other hand will increase, and since consumers are still rather uncertain over the outlook for the economy, they will continue to save rather than spending money, and considering credit conditions are still tight, we should expect activity in the housing market to be negatively affected, which means that the recovery won’t be to continue over a strong pace.
Yet still we are past the worst of this housing crisis, as the housing market seemingly managed to reach its bottom and started to rebound slightly, though activity is still stabilizing but the housing market is indeed improving, and that could provide a solid base for any upcoming recovery for housing market activity, though we still expect the housing market to continue being under pressure at least in the first half of next year.
However, this was still good news for investors, as equity markets rose strongly in today’s early trading session, where the Dow Jones Industrial Average index rose so far by 1.65% and was last traded at 10488.81, while the S&P 500 index rose by 20.14 points to trade at 1111.52, and the NASDAQ Composite index rose by almost 2% to reach 2187.91, data as of 10:18 New York time.

this article was copied from E-News.

2009-11-18T11:15:00.001-05:00

Just got an update from Toni Schemmel, our marketing director, with news of our Wall Street Journal microsite stats...

Hi,

I just wanted to send you a brief email update on some new information available at Sotheby’s International Realty! These are just a few things that differentiate us from our local competitors.

· Sothebysrealty.com is now available in German and Chinese. This brings total languages to 6 including Portuguese, Spanish, Italian, French, German and Chinese!

· The Business of Extraordinary Living microsite (wallstreetjournal.com/sothebysrealty) stats through September are available. Highlights are below.
o 920,389 times when one of the SIR listings were served up (made the search criteria) on the microsite.
o 52,308 times those users went off to view a specific SIR property on the Sothebysrealty.com site. This equates to click through rate (CTR) of 5.68%.
o The banner campaign (where ads run to drive traffic to sothebysrealty.com) had its highest monthly CTR yet in September of .37%. This is in comparison to the industry norm and WSJ norm of .1%!
o Average time spent on the microsite in September was 4 minutes and 56 seconds.
o The Address had the highest number of page views in September followed in order by Insights, Living and The Brand.

· ShopAD.net provides visitors with an exclusive place to search and shop for high-design, high-caliber home products. With over 20,000+ products featured, ShopAD.net showcases the best in furniture, lighting and carpets along with the largest collection of textiles by leading brands on the web. The Sotheby’s International Realty network has gained exclusive exposure on ShopAD.net by collaborating with Architectural Digest to be an official launch sponsor. This partnership continues to provide our network with targeted impressions through a property search tool, a link to our latest issue of RESIDE® magazine and brand web banners, all leading to sothebysrealty.com Check out this video from FOX news Coral Gables, Florida. http://www.fox4morningblend.com/tabid/3530/story/36735/Default.aspx

2009-10-14T13:58:00.000-05:00

Here's a copy of the latest news from SAR:

Oct. 14, 2009

September sales skyrocket as market approaches equilibrium Real estate expert Barbara Corcoran listed Sarasota as the number one place in the nation to buy a property in her latest "hot market" prognostication. She cited the lower property prices - 30 percent below last year at this time - combined with a recent price surge of 13 percent in the last quarter, plus Sarasota's unique "metropolitan" cultural appeal for boosting this area to the top spot. On the Oct. 6th Today Show, Corcoran said Sarasota was the top place to buy real estate in the nation today, an opinion shared by SAR and most area real estate professionals. As a confirmation of Corcoran's report, home and condo sales jumped by 35 percent in September 2009, compared to the same month last year, and 9.7 percent from the August 2009 stats in the Sarasota market. Total sales stood at 554 in September, compared to 409 total sales in September 2008. The breakdown was 399 single family homes and 155 condos sold last month. Sales in September 2009, traditionally a slow month at the end of the summer, were unexpectedly higher than in August 2009, perhaps signaling an early end for the traditional slower season as we head into a hoped for robust fall and winter. The median sale prices continued to be held down by the high number of bank-owned property sales and short sales, which accounted for half of the single-family home sales and a third of the condo sales. But the "discount rack" is beginning to thin out, and once the bargains are gone, there is the potential for price appreciation on a stronger scale. The median sale price for single family homes was $165,000 last month, up slightly from the previous month, but down 21.8 percent from a year ago. The condo median sale price was $162,500, down significantly from September 2008's $190,000 figure. The future price trend might well be upwards, as about half of the single family sales and one third of the condo sales involved short sales and foreclosures. Once these distressed properties are off the market, the normal, arm's length sales should bring the median prices to higher, true value levels.
"We certainly agree with Barbara Corcoran, and her conclusions are what we've been saying for many months," said Bill Geller, 2009 SAR President. "This is an amazing time to buy Sarasota properties at prices not seen since the early 2000s, or even earlier. But the public needs to understand - these prices won't last. Once the market reaches equilibrium, and we've exhausted the distressed property pool, we will start to see more and more multiple offers on choice homes." The $8,000 first-time homebuyer tax credit was one of the factors in the recent market resurgence, which produced sales in September that nearly topped the 600 level for the second time in 2009. In addition, investors seem to have returned to take advantage of the price drops. Pending sales in September have also continued to show strong levels - very near the 800 mark - as the real estate market recovers after a two-year recession. Pending sales have now exceeded the 800 level for seven out of nine months in 2009, after lingering in the 400 to 500 per month range for much of the previous two years. The statistic is a strong indicator for the next two or three months of sales, when many of these pendings will become closed sales. Pending sales are sales where an offer has been accepted during the month, but the sale has not yet closed. Even though some pending sales never close, pending sales are an indicator of current buyer activity. Most of the statistics continue to point to a market in the initial stages of recovery. Inventory levels continued to decline and are now at the lowest point since the boom ended - a good sign for a market in recovery. There are now only 3,915 active single family listings and 2,337 active condo listings, figures not seen since August 2005 and earlier when the boom first started. The "months of inventory" - the number of months it would take to sell all the available properties at the current sales rate - was down for both single family and condos. The figure is 9.8 months for single family and 15.1 months for condos. A figure of 6 months is considered to be a market in equilibrium between buyers and sellers.
Click HERE for the complete PDF version of the press release, along with two pages of statistical charts.

Sarasota Association of REALTORS®

2009-09-16T09:28:00.002-05:00

Interesting stats for the area real estate market compiled by the Sarasota Area Realtors.
http://www.sarasotarealtors.com/files/hottopics/Aug2009Stats090915111332.pdf

Headline reads sales are up 20% over this time last year!

2009-09-09T13:09:00.002-05:00

Second Quarter web stats from the Sotheby's International Realty web site are available...the good news is that they are up 27% from last year!
Check out all the stats here: http://members.sothebysrealty.com/uploadedFiles/Corporate_Content/Market_My_Services/Marketing_Me/Web%20Site%20Performance%20Q2%202009.pdf

2009-07-21T10:17:00.000-05:00

Click here for some welcome news about the housing market:
http://www.sarasotarealtors.com/SARMagAug09-StatsPages.pdf

2009-04-18T08:25:00.003-05:00

Fannie Mae has implemented tighter restrictions for condo loans as of January 15th 2009. The new rules are designed to make condo loans a more safe investment.

The headlines of these new rules are as follows: 1) To qualify for a Fannie Mae loan, 70 percent of the sales for new or newly converted condominium projects must be sold to a purchaser as a principle residence or second home (not investor). 2) For existing condo projects, no loans will be approved if more than 15% of the total units are more than 30 days past due on their condo association fees.

As of April 1st of this year, Fannie Mae is also adding an additional fee of 0.75% of the total loan amount on certain loans secured by a condo. This fee will apply on loans that have under 25% for a down payment. It is not clear what this fee will be used for except to encourage people to put more money down.

2009-02-18T10:59:00.002-05:00

Tired of hearing about what's going to happen on the city owned property along Palm Ave? Seems the city commissioners are too. They scrapped the many proposals from private development firms and decided to build a parking garage on part of the property and sell the balance. Here's an article that was printed in the Herald today:

http://www.heraldtribune.com/article/20090218/ARTICLE/902180375/2055/NEWS?Title=Sarasota-chooses-garage-over-conference-center-for-Palm

Seems that the lack of funds and no clear vision of what to build there has prevented Sarasotans from enjoying what could have been something very special in that location. Too bad. I for one hope that the fight hasn't ended with this vote and that business leaders continue to pursue the conference center idea or, at the very minimum, include a retail component at the street level.

2009-02-08T21:14:00.003-05:00

This weekend we decided to "do" Burns Court! First though, on Friday evening, we went to the dedication of the new sculpture in front of our office at five points. City commissioners, builders, artists, and many downtown residents were in attendance. There was a nice reception afterwords with live music in the lobby of The Plaza at Five Points. Look for it the next time you come downtown. Big stainless steel ring on top of a fountain... you can't miss it. It's sure to become a part of the downtown Sarasota identity. There's even talk of putting it in the middle of the Roundabout at five points - if they ever get that approved and built.
Then it was off to dinner at Ce Rina in Burns Court. Burns Court is such a special place located just south of downtown along Pineapple. Old historic homes have been converted into unique shops, restaurants and offices. Ce Rina occupies two of the homes with a courtyard of dining in between. Very nice authentic Italian cuisine served by a well trained staff. Then we walked over to The Burns Court Cinema for a movie. There you will be able to see many of the latest independent films as well as some good foreign films. It's another gem in the downtown Sarasota experience! The following night we were back for diner at 516 Burns with our friend Michelle. This restaurant is located just north of the Cinema in an old frame house that has one of the largest banyan trees in Sarasota growing all around it. If the weather's nice (when isn't it?), try to get a table outside...It's magical! And the food is better than ever under the new owners.

2009-01-22T09:40:00.006-05:00

A group of friends and I went for a paddle on Sunday down the Myakka River to the lower lake and back. What a treat! In all the time I've lived here, I had never been down to the lower lake!

Saw lots of alligators, two pairs of bald eagles, several ospreys (one with a large fish he had just caught), turtles, egrets and herons, and we heard but did not see some wild boars.

Here are a few pictures:

2009-01-14T11:07:00.003-05:00

Cold Weather...
So it's supposed to be pretty cool here on Friday night. Some say it will get down into the 30s! Then the high for Saturday will be in the mid 60s. Burrrrrrrrrr!
Just want to keep things in perspective... they will have sub zero temps Friday night in the little town in Michigan where my mom still lives and the high - THE HIGH - will be 1 degree on Saturday!! I'm going to the farmer's market downtown and then the beach!

2008-11-25T10:15:00.000-05:00

Check this out for some good news...

Higher pending sales forecast busier season in local marketPending sales remained above the 500 level once again in October, forecasting a stronger market for the winter real estate season in the Sarasota area. Pending sales reflect contracts executed by buyers and sellers, and current numbers indicate more closings likely in the upcoming months - a positive sign. In October 2008, 549 properties were reported pending, compared to only 446 in the same month last year.Single family unit sales were also higher in October 2008 than in October 2007, while only a little lower than September 2008. There were 306 single family homes sold in October this year, compared to only 264 in October 2007, an increase of 16 percent. Condominium sales were weaker in October 2008, with 63 sales reported, compared to 120 in October 2007.Another important market tracker - the absorption rate of properties on the market - is lower than last year at this time and has been steadily declining with decreasing inventories since May. Absorption rate is the number of months it would take to sell the entire remaining listed inventory in a particular category, based upon the sales for that particular month. For October 2008, the absorption rate for single family homes stood at 18.2 months, compared to 18.3 months in September 2008, and 31.7 months in October 2007. For condominiums, the absorption rate was 28.7 months in October 2008, compared to 33.5 months in September 2008, and 45.1 months in October 2007.The single-family median sales price for the 12-month period ending October 2008 was $257,000. This compares to $310,000 for the same 12-month period ending October 2007. For condominiums, the 12-month rolling median sale price was $320,000 at the end of October 2008, and $357,000 for the 12 months ending October 2007, down about 10 percent."The strong pending sales in our market indicate that we should expect the winter season to remain stable and stronger than the late summer and early fall," said Helen Sosso, 2008 SAR President. "We are obviously living in historic times, particularly in respect to our national economy. But people continue to look at real estate as a safer place for their investment dollars in relation to other common investments. The stock market has obviously tumbled, and other commodities, like oil, have seen their values cut in half in only a few short months. Real estate has weathered the storm much better, and there are incredible values in our market right now. Families seeking a home as a future investment and a great place to live are still looking at Sarasota."The current local market continues to demonstrate statistically that we have a great selection of more affordably priced housing for buyers to purchase. In addition, declining inventory levels normally indicate the market is returning to a more historical balance, which eventually leads to normal, long-term price appreciation.

2008-11-05T09:10:00.000-05:00

An ordinance creating a Downtown Improvement District in Sarasota won unanimous support from the City Commission this week. It will still need approval on second reading as well before a five-person board is appointed and begins meeting. We have a number of competing commercial centers in the area now and this is important to make sure downtown is still competitive, said City Commissioner Ken Shelin. The district would include 162 properties now owned by 110 owners. The ordinance allows for the DID and City Commission to assess property taxes with a millage as high as 2.0 ($2 per $1,000 of taxable value). That would raise about $500,000 if the maximum levy were issued now. John Moran, president of the Downtown Sarasota Condo Association, said the district could be made larger in the future, but was kept small for now to guarantee that a majority of property owners supported the effort. A prior drive for a district failed in the 1990s, when most involved say too expansive an area was proposed. Little opposition spoke against a district Monday night. Real estate broker John Harshman voiced concerns that now was not the time to consider a property tax increase on downtown landowners because of the bad economy. But all four commissioners present Monday voiced strong support for the effort as a whole. Commissioner Dick Clapp did demand provisions allowing the DID to hire uniformed security be removed, suggesting the DID instead hire police if they see a need for better security.

2008-09-01T08:20:00.001-05:00

September 1st! WOW the summer just blew by! Hope everyone had an enjoyable summer vacation!

Business in downtown Sarasota has been pretty good considering some of the national headlines. I've noticed more pedestrian traffic along Main Street than we usually see in August and most stores and restaurants report an uptick in sales this year. Something about the cost of gas and the 'staycation" phenomenon keeps being mentioned. But we also saw many more foreigners this summer than the last few with the exchange rates favoring other currencies. A Florida vacation becomes much more affordable if you have Euros or Pounds. I was told that many foreign vacationers were staying longer as well. Maureen and I were at a table in one of favorite restaurants recently and no one was speaking English at the tables around us. I'm pretty sure it was German and French. Clients of ours from both countries say that Europe has had an unusually wet and dreary summer this year.

Meanwhile there were plenty of things to do here in Sunny Sarasota! Just yesterday we went to "Sound Waves on Siesta" sponsored by Hyatt Siesta Key Beach Residences. It was supposed to be at the beach but, with the blustery weather from our friend Gustav, was moved inside the ballroom at the Hyatt downtown. Hats off to the organizers that pulled off those last minute changes...Great Job! Here's a few shots from the party:

Above is a picture of Marc Giacomazzi, our client concierge at Sky Sotheby's, with his parents and their friends. Papa Do Run Run belts out the tunes as the crowd gyrates on the dance floor.

Here we are with our friends Tom and Roberta Tengerty who own a fractional at Hyatt Residences in Aspen, CO.

2008-07-30T11:46:00.000-05:00

Here's a link to our Sky Sotheby's web cam with views of downtown Sarasota and Sarasota Bay from a private condominium on Golden Gate. Just for those of you who can't be here at the moment...a little slice of paradise. http://fl.skysothebysrealty.com/sarasotacam/

2008-07-22T12:19:00.000-05:00

Big news for Downtown Sarasota!! The City Commissioners approved the plans for the mega development Proscenium to move forward. Along with the now delayed, but already approved, Sarasota Bayfront project slated for the old Sarasota Quay land across US41, Proscenium will change the entire face of downtown in the coming years. Project completion is estimated in 2011 and will have office space, retail shops, an 800 seat theater, a proposed 225-room Waldorf-Astoria hotel, and high end condominiums. Commissioner Ken Shelin is quoted as saying "This project is absolutely unique, it's going to move us in a direction we've been saying we want to move downtown". There's no doubt that these two projects will have a profound effect on the entire area of Sarasota...not just downtown.
See plans and an article in today's Herald for more information. http://www.heraldtribune.com/article/20080722/ARTICLE/807220366/2055&title=_1_billion_Proscenium_project_gets_go_ahead

2008-07-11T08:35:00.000-05:00

Hey Sarasota! The valet parking downtown is for EVERYONE!
A recent article in the Sarasota Observer indicated that most people don't know that fact. The drop off locations are at both ends of Lemon Ave - behind Sur La Table and in front of Hyde Park Steakhouse and it seems most people think that the valet is for those establishments only. Not true! Now you can have the valet service for any of your downtown business or shopping needs.
THE DEAL: the cost is just $3.00 or FREE if you have a voucher from one of the participating merchants (plus a tip for the driver). So quit driving around Main Street looking for a parking space and use the valet!
Participating merchants: Barnacle Bill's Seafood, Brooks Brothers, Creative Aesthetics, Freaky Tiki Surf Shop, Hyde Park Steakhouse, Mattison's City Grille, State of the Arts, This week in Sarasota, Tastings Wine Bar, City Place Residences, Wearable Art, Urban Oasis Day Spa, Jake's Downtown, Main Street Traders, and more are being added daily.

If you don't like the concept of valet parking -some stranger driving and parking your car- then there is always the second floor of the parking garage at Whole Foods (300 free spaces with a 4 hour limit) and several other choices that are shown in the attached diagram. http://www.sarasotagov.com/InsideCityGovernment/Content/Parking/Parking_Brochure.pdf

So please don't let the thought of parking hassles stop you from visiting our fabulous Downtown Sarasota!!

2008-07-05T12:34:00.000-05:00

What a show last night at the Sarasota bay front!! I can't remember a better 4th of July fireworks show in downtown Sarasota since we moved here. We went by boat and watched from the bay looking back at the downtown area. As the fireworks lit up the sky it highlighted the bay front condos like Sarabande, Marina Tower, Tessara, and right up main street to the Plaza at Five Points and 100 Central. I bet the view from all those condos was equally stunning looking back at the 100s of boats in the bay. The weather was perfect with a slight breeze and pleasant temperatures. And I must commend the Sarasota police department for crowd control - they did a great job with the huge turn out!! Maureen and I came back through town about 11pm and they had things moving smoothly by then. Great job Sarasota PD!
Today we're off to the farmers market downtown and then the Suncoast Offshore party at the Park to see the big race boats up close. Sunday is the big race.
Lots to do in sunny Sarasota all year long!

see a picture of the fireworks by clicking on this link to the Sarasota Herald Tribune:

http://www.heraldtribune.com/apps/pbcs.dll/gallery?Site=SH&Date=20080704&Category=PHOTOS02&ArtNo=108093462&Ref=PH&Profile=1661&Template=galleryzoom&Params=Itemnr=9

2008-06-30T15:01:00.001-05:00

The question on everyone's mind: Is this a good time to buy real estate in Sarasota??

Read the attached Herald Tribune article and I think you will agree that things are definitely looking up. Inventories are down from their highs (but still plenty to choose from), prices are down to a level in keeping with historic trends, and interest rates have leveled off and probably won't be lower any time soon.

That sure seems like a recipe for getting buyers off the fence!

Email me and let me know what you think...

Article published Jun 30, 2008

Have home prices hit bottom?

In the Sarasota-Bradenton area, sales of existing homes the past few months have moved steadily in one direction: up.The big question now is: Are prices done going down?For the past 10 months, median home-sale prices appear to have stabilized in a band between $240,000 and $270,000. The May figures released last week showed prices dropping a bit from the previous month but staying within that band.A new analysis by the Herald-Tribune of historical price appreciation in Sarasota and Manatee counties suggests that prices may be approaching a more normal level. The newspaper overlaid the actual path that home prices have taken the last several years with what they might have been without the 2004-06 bubble.The difference in the two paths is closing, though a gap remains, and the width of that gap varies based on what level of historic appreciation is assumed. At 6 percent, the gap is more than $30,000. At 7 percent, the gap is within a few thousand dollars. (The graphic at right shows Sarasota-Bradenton prices tracking the 7 percent line for the few years before the boom.)Trying to predict pricing based on a "normal" market is at best an educated guess. Abundant demand, for one, can cause prices to rise at more than a normal rate.The effects of distressed properties can cause them to fall at more than a normal rate. Among market watchers, it is a truism that a market bottom is only visible in the rear-view mirror; no one knows whether prices have bottomed out until long after the fact.But there are signs that the housing market is in transition.Since March, the number of homes listed for sale in the Sarasota Multiple Listing Service has dropped by 12 percent, or nearly a thousand homes. That still leaves more than 7,000 homes on the market, about three times the normal number. As recently as December 2007, however, the Sarasota MLS showed a glut of about 140 weeks of inventory on hand. As of early June, that figure had dropped to 82 weeks and kept falling.Helping fuel sales is more realistic pricing on the part of sellers, who appear to be getting the message that the boom is dead and buried.Buyers are looking, but many are looking for deals, and all are being discriminating about price. Adding to the mix is a wave of foreclosure sales that are further bringing prices down.A historical pictureThe Herald-Tribune examined median sales price data from the Florida Association of Realtors going back to the mid-1990s, and looked at what a "normal" rate of appreciation would have been for single-family homes, compared with the boom-fueled price growth that actually took place.In 1994, the median price in Sarasota-Bradenton was just $94,000.Two years later, it crossed the $100,000 threshold, rising to $102,000. By 2000, it had grown to $138,500.Most economists agree that in a normal market, homes appreciate about 6 percent a year on average; the more generous put that figure at 6 to 7 percent.So how were things faring in the year 2000? Just about right.Starting with the median 1994 price and clocking it forward at 6 percent per year, by 2000 that house would sell for about $134,000. With 7 percent appreciation, it would sell for about $141,000.The actual 2000 median price -- $138,500 -- is comfortably in the middle of the range.But in subsequent years, something begins to happen. The actual median price in Sarasota-Bradenton slips out of the comfort zone in 2001 (just barely), then continues to break away in 2002. By 2003, the gap gets big.The year-end median sales price in 2003 was $189,700, according to Florida Association of Realtors data -- a 15.9 increase.By the end of 2004, it had skyrocketed another 29 percent to $244,100. Comparatively, that steady 6 percent appreciation line would have reached a little under $169,000.The bubble had arrived.The biggest jump was yet to come. In 2005, the median price rose 32 percent to $322,700. If that steady 6 percent rate had continued, the price would have been only $179,000. Even at the generous 7 percent, it would have been just $198,000."It wasn't a lot different than the dot-com bust," said Jody Hudgins, executive vice president of First National Bank's Florida region. "It was greed; it was unsustainable. You had easy, irresponsible mortgage money leading to an inflated demand, and you had people who were able to buy and sell their homes for profit without even trying. People were drinking the Kool-Aid."The high water mark might have been July 2005, when Sarasota MLS members were selling more than 150 homes each week and barely 1,600 homes were actively listed (in normal times, that number would be about 2,500).By the end of 2005, though, the inventory had grown to nearly 4,500 homes. By April 2006, it was more than 7,000. In early 2007, it approached 8,000 -- where it generally remained until just a few weeks ago.So where does that leave us today?The year-end figures for 2007 put Sarasota-Bradenton's median price at $285,700. The 6 percent growth line? A little under $201,000 at that point. Seven percent would have yielded $227,000. Still quite a disparity.But the median price has continued to come down. In May, it reached $246,200.Drawing those 6 percent and 7 percent trend lines out to the end of this year puts them at about $213,000 and $243,000, respectively.Do the numbers lie?Median home prices do not always tell the full story about the true value of the homes in a market.In times of falling prices, the median tends to skew upward, buoyed by those who suddenly feel like they can get more for their money."People tend to buy the most house they can afford," said Steve Dutoit, a Realtor with Keller Williams. "It's only natural, but it means the median price doesn't always reflect the actual market value."Consider the following example: a couple looking to buy a home two years ago qualified for a $200,000 house.They find a $200,000 house they really like, but decide not to buy.Now, two years later, that $200,000 house is only worth $160,000, down 20 percent. If the couple decides to buy the house now, they will have saved themselves $40,000, and the market should reflect a 20 decline in value.But in many cases, the couple is likely to be aspirational -- they do not buy the $160,000 house anymore because they can afford a better house.Homes that were selling for $250,000 or $270,000 two years ago are now selling for -- you guessed it -- $200,000.So given they are already qualified for $200,000, the typical couple tends to spend the money and buy what they see as the better house.The MLS records a $200,000 sale, even though the value of that original house they looked at has indeed fallen to $160,000.That price will not appear until someone else buys it -- and those buyers are aspirational as well, albeit further down the chain. The pattern cascades from there.When all those choices are compounded, a down market may show a 10 percent drop in median price, though the actual value of the typical home has dropped by 20 percent.Key factor: when you boughtThough their usefulness is limited, median sales prices remain one of the few measures to look to for signs of where a market is going and where it has been.So if prices continue to fall, the real question may be: What does that mean for the typical resident? How does that affect those looking to enter, or leave, the real estate market?The answer may depend largely on one factor -- when a person bought their home.If you bought during the boom, well, you are in a pickle. Prices were so inflated that your mortgage is now likely more than your house is worth. Even if you paid cash or borrowed little, the drop in home values means your investment has substantially evaporated.The choices, then, are not good. You can take a financial hit by selling or hold onto the property until prices start rising.Even when they do, though, the home is unlikely to appreciate back to the boom price anytime soon.Some opportunitiesHowever, if you are not an unlucky boom-buyer, falling prices may present some opportunities.First-time home buyers without the baggage of a previous purchase have many more options than before.Another group may benefit as well."For 'move-up' buyers especially, they really can do very well for themselves right now," DuToit said.A "move-up" buyer is someone looking to sell his or her house and upgrade to a bigger, more expensive house. DuToit said it is this group in particular -- if they bought their current home pre-boom (say in the 1990s) -- that can really catch a break.How is that possible?Let's say a couple owned a modest home that during the boom was valued at $300,000. But the couple had been saving for years to move up to a pricier home.During the boom, they came across a neighborhood where the houses were selling for $600,000. They did not buy at the time.Now, because of the falling market, the couple's home will sell for only $200,000. It has dropped by a third in only a few years. Their dream is over, right? Not exactly."Although the typical mid-range house has dropped significantly, we've seen that the more expensive homes have dropped even more in price," DuToit said.So the $600,000 home the couple contemplated buying during the boom can now be bought for $400,000. A desperate seller may even be willing to sell for $350,000.Do some quick math, and it becomes apparent that the couple could sell their house today for $200,000 and buy the one they wanted for $350,000, and they will spend an extra $150,000 to do so.During the boom they would have received $300,000 for their house but their dream home would have cost $600,000 -- meaning they would have had to pay an additional $300,000.Theoretically, the couple can upgrade today for half the money it would have cost a few years ago.Of course, any such deals depend on having the money in the first place.

2008-06-26T13:33:00.000-05:00

Good news for the market in Sarasota...read on.
June 26, 2008
*The following press release was sent to local media on June 26 at 11:00 a.m.
Sarasota market hits highest sales figure since March 2007Home sales in the Sarasota MLS for May 2008 stood at 627 - the highest level in 14 months, and approximately 92 percent higher than the sales in January 2008. In 2008, sales have been increasing each month, possibly due to the influence of the new property tax portability law enacted in late January. Sales have climbed from 329 in January to 423 in February, 514 in March and 567 in April."This year, the Sarasota real estate market has been a beacon of hope as the state and national markets continue to struggle," said Helen Sosso, 2008 SAR President. "I believe our local agents have embraced the concept of a buyers' market, and educated sellers on the realities of pricing. We still have advantageous interest rates, and our communities' natural and cultural amenities always attract buyers."The May 2008 report continued to reflect strength in pending sales, which stood at 692 - the second highest level since June 2006. Last month's pending sales stood at 756, the highest in the period. In May 2007 only 541 pending sales were reported. Like closed sales, pending sales have been edging upward since December 2007, when there were only 374 pending sales reported. Pending sales reflect contracts executed by buyers and sellers, and indicate more closings in upcoming months and an improving market in the early summer months.Inventory levels were lower in May 2008 for the third month, and are the lowest they have been since February 2006. Still, with 9,500 single family and 5,100 condos listed, buyers have a huge selection of more affordably priced housing to select from. The reduced inventory is a combination of fewer properties being listed, and increasing sales numbers. As the inventory continues to decline, the market will come back to more balance. As we approach equilibrium, the buyer's market we've been experiencing will be gone, and price appreciation will creep back into the market.In general, the Sarasota MLS statistics show a rebound throughout 2008 - every month seeing stronger numbers than the month before. In fact, Sarasota statistics have been stronger in recent months than sales in the Miami market, which is a much bigger geographic and demographic area.In the local Sarasota market, we have seen the trend already beginning toward lower inventories, higher sales, and a leveling of prices after several months of declines. The May figures reflect this new reality.

Email me if you'd like the pdf file with the charts showing this data.

2008-06-23T12:42:00.001-05:00

Get ready for the 2008 Suncoast Offshore Grand Prix Boat Race and Festival!

The downtown Sarasota event attracts thousands of people to the Sarasota area in late June and early July each year. The proceeds of the festival go to The Florida Center for Child and Family Development and The Suncoast Foundation for the Handicapped, Inc. There will be parades, a golf tournament, a special base ball game at Ed Smith Stadium, fireworks display, and the big boat race. See the full festivities schedule on their web page http://suncoastoffshore.org/events.htm

Here's the pre event press release for more on the event: http://suncoastoffshore.org/pdfs/2008_PreFestivalPressRelease.pdf

The Suncoast Offshore Grand Prix is celebrating it's 24th season with us here and promises to be one of the biggest Sarasota events of the year! See what you snow birds are missing!

2008-06-15T14:13:00.000-05:00

Everyone talks about the culture in Sarasota. From the Ringling Museum to the Asolo Theatre and Van Wezel Performing Arts Hall, the Sarasota Opera House and the Florida West Coast Symphany there are certainly plenty of cultural activities to do in Sarasota, Florida.

But I'd like to remind everyone why some of the earlier settlers came to this sunny paradise in the begining.

John and Mable Ringling built their home on Big Sarasota bay between 1924 and 1926 facing west to take advantage of the stunning sunsets over the water. They moored their motor yacht in front of the mansion and at times took it to the main dock at the base of Main Street (now Marina Jack's). Click on this link for some great old pictures of the Ringlings in their various boats and yachts. http://www.ncf.edu/novak/gweb1/Archives/Ringling/captain.htm

Boating has always been a big part of the "culture" of Sarasota and it's enjoyed even more today!

Maureen and I have had 11 boats over the past 28 years from a small dingy to a 32 foot Sea Ray and we've never tired of being out on the water near Sarasota. It's just one more reason (of the many)we've loved living here in beautiful downtown Sarasota!!

2008-06-14T13:33:00.001-05:00

Maureen and I went to the Hyde Park Steak House last evening and sat outside on the patio for a casual dinner with friends. We decided to try their hamburger on our friend's suggestion. Good choice! Thanks GiGi and Neal!! We now have a new favorite place in Sarasota for hamburgers!

Although we still like the Hob Nob at 17th and US301 for a classic fried burger in a 50s style hamburger joint - and it's a fraction of the price.

2008-06-09T11:29:00.000-05:00

There were two interesting articles in the Herald Tribune today.
One mentioned an assessment being levied to the owners of the Renaissance building on South Tamiami Trail for repairs due to "water intrusion". The assessment is reported to be $12,910. for each home owner! It has to do with a long lawsuit that has been brewing between the builder/developers and the home owners over who's liable for water leaks that have been occurring ever since tropical storm Gabrielle hit the building in 2001. Fed up with waiting for this matter to be resolved, the HOA and management decided to get the work done and hopefully recoup their money at a latter date with a favorable outcome of the lawsuit. These kinds of surprises are the reason you should hire a well informed and knowledgeable buyer's broker to protect your side of the transaction. He has a responsibility to you to inform you of any and all pending assessments or other issues that may affect the value of your proposed home or condo.
The other article, on the front page, had a headline "Price them and they'll sell".
It spoke about Cape Coral which is just North of Fort Myers, FL and it's 41% increase in sales over last year. Basically it describes what we in the real estate business have been seeing all spring. That is the buyers are there and waiting for what they perceive as a deal. I guess Cape Coral has figured that out. In Sarasota the "good stuff" that is priced competitively is selling and the marginal properties with "average pricing" is languishing.
Check those articles out if you can at www.heraldtribune.com

2007-05-16T06:00:00.000-05:00

Today's Sarasota Herald announced "Sarasota could be a 'WALDORF' city".
Now if you ever had any doubts about the potential for this area's explosive growth in the near future...read this article! We all know what the addition of the Ritz-Carlton did for Sarasota's world wide image. Now imagine what the combination of this project (Lion's Gate) and the old Quay BILLION dollar development across US 41 from each other will do for this city!

Both mammoth projects will be marketed internationally with enormous focus on our city throughout the world.

please read on...

Article published May 16, 2007

SARASOTA -- Hilton Hotels Corp. has signed a tentative agreement to bring the Waldorf-Astoria brand to Sarasota -- part of a push to expand the famed New York hotel flag nationwide.If Waldorf-Astoria does eventually anchor Lion's Gate Development Group Inc.'s planned Proscenium project, designed for a six-acre tract on U.S. Highway 41 near downtown, it would be the latest evidence that the nation's premier brands, retailers and investors remain focused on Southwest Florida."Hilton is rolling the concept out," said Lion's Gate president Gary Moyer about the Waldorf-Astoria Collection hotel line, "and they're looking for gateway cities to enter."Within the past year, upscale department store Nordstrom Inc. and massive equity fund Blackstone Group Inc. have made major investments in the region. The companies hope to capitalize on the area's existing wealth, along with the increased mobility and spending power of the estimated 78 million baby boomers who will retire with unprecedented inherited fortunes.Hotel chains like Waldorf-Astoria, Westin and others are eyeing Sunbelt and Southern resort cities as attractive destinations for international travelers able to take advantage of favorable monetary exchange rates."Names like Ritz-Carlton, St. Regis and Waldorf-Astoria are synonymous with great places and great cities, and Waldorf-Astoria would be a good fit," said Kevin Daves, co-owner of the 266-room Ritz-Carlton Hotel, the resort that ushered in the current wave of upscale brand interest locally when it opened in 2001."If you develop a checklist of things people want, with our weather, arts, cultural, beaches, Sarasota has just about everything," Daves added. "For a lot of brands, being here is more a question of why not than why."The Proscenium Waldorf-Astoria, a Hilton brand that for decades has been linked exclusively to a 47-story, five-star hotel in midtown Manhattan, is being designed to contain 225 rooms and 35,000 square feet of meeting space.Lion's Gate also intends to buy the Coquina on the Beach Resort, on Lido Key, and develop a 57-room hotel with amenities such as a cafe and swimming pool. It also would be operated by Waldorf-Astoria."This says there are serious commitments for, and to, Sarasota, and it dovetails with the larger trends of things going upscale in the U.S. travel market," said Virginia Haley, president of the Sarasota Convention & Visitors Bureau."Waldorf-Astoria would give us the three major brands in the entire industry right here: Hyatt, Ritz-Carlton/Marriott, and Hilton," Haley added.A Waldorf-Astoria official, citing Hilton policy, declined to confirm the chain's involvement with Proscenium."Sarasota is definitely a market that is desirable for customers" of the Waldorf-Astoria level, said Jeanne Datz Rice, a Waldorf-Astoria spokeswoman. "We'd love to see it go through."Lion's Gate and architect Perkins Eastman, of New York, plan to augment the five-star hotel, which will be housed in an 18-story building on U.S. 41 from Fourth Street to Boulevard of the Arts, with 360,000 square feet of office and retail space and an 800-seat performing arts center.Unlike several planned real estate projects, Proscenium will not be reliant on, or dominated by, residences. Only 175 are planned, including 50 that will be managed by Waldorf-Astoria.If the planned luxury hotel reaches fruition, it would become one of only eight Waldorf-Astoria hotels worldwide, joining New York; Phoenix; La Quinta, Calif.; Maui, Hawaii; and Jeddah, Saudi Arabia.Another pair of Waldorf-Astoria hotels are under construction in Beverly Hills, Calif., and Bonnet Creek, near Orlando.Both will open in late 2009. Lion's Gate hopes to complete the Proscenium project in late 2010.The original Waldorf-Astoria debuted in 1893 and opened in its current site 38 years later.The 1,245-room hotel, owned by Hilton since 1949, remains one of the world's most posh and is among the most recognizable names in the world.More locally, Lion's Gate intends to hold a design workshop with Sarasota city planners later this month to tackle what are expected to be traffic and other issues.Moyer said the development team will be "proactive" regarding traffic and parking."Our project will be a modern interpretation of the classic," said Karen Cook, Moyer's wife and a Lion's Gate vice president.

2007-02-03T17:39:00.000-05:00

RIVO PREVIEW
Maureen and I went by Rivo at Ringling Wednesday and got a preview of the just completed condos there. The event was hosted by our friend Louise Guido and she did a great job as usual. The food was yummy and Michael Flannigan brought the wine. Rivo sales consultant, Diane Skelly, was knowledgeable and fun. We got the chance to see 10 different units and found a lot to like: great views, spacious rooms, beautiful atrium, quality construction, and ample amenities. Most units are sold by now but there are a few resales and about 11 developer units still available. Prices are from the mid 500s to just over 1.5 million. We both felt the "bang for the buck" was better here than most other projects completed to date. Location was good (near upper Main) but some of the lower units will have thier bay views blocked by other buildings on lower Main. Hey no big deal...it's DOWNTOWN!

2007-01-15T11:08:00.000-05:00

Downtown Sarasota was the place to be yesterday as the Sarasota County Arts Council had their 17th annual Arts Day. Fantastic sunny and warm weather greeted the crowds of people who came out for the event. Some of the performers and exhibitors included Ringling School of Art and Design students, dancers from the Florida Ballet Arts Academy, and Juliana Parente, who performed with the Rhythms Dance Studio. Palm Avenue was the perfect location for the event with it's many galleries and antique shops. What a great city we live in!

2006-08-14T17:20:00.000-05:00

SARASOTA ASKED TO CONSIDER "SKY PLAZA" - See Image
SARASOTA -- First it was a 107-foot-wide bridge, then a 27-foot-tall statue.The next big thing to be proposed for Sarasota's bayfront: a 180-foot-long platform that would hang over U.S. 41 traffic, forming a sort of elevated concrete park for pedestrians on their way from downtown to the water.Those who are championing the $7 million "sky plaza" say it's needed to help residents and tourists safely cross the busy thoroughfare.City commissioners got their first glimpse of the plans on Wednesday."I think it looks like something out of the 'Jetsons'," said Mayor Fredd "Glossie" Atkins. "I'm willing to look at other options."

That's OK with the sky plaza's supporters -- who just want the pedestrian issue to be addressed."Traffic keeps getting more concentrated," said resident Gil Waters, also of a group called Mobility Now. "The complaints from downtown residents keep increasing. This is the right time to be planning for downtown."Foes are already lining up against the colorful sky plaza, which could have sitting areas and even an ice cream stand."The only things that are missing are a ringmaster and a calliope," said downtown resident Tom Pocorobba. "I think this will be an eyesore. It serves no functional purpose."

John Moran, president of the Downtown Sarasota Condo Association, sees another "Unconditional Surrender" on Sarasota's hands.Like the giant statue of the kissing sailor and nurse that was on the bayfront for months, the sky plaza seems to be a polarizing force. The 107-foot-wide John Ringling Causeway bridge, the other grand public project in the neighborhood, caused similar debate in the 1990s.

Moran, who was among those who spoke in favor of the sky plaza, emphasized that the drawing is just a concept and not the final product."We have to come together for something that's universally acceptable," he said. "It's clear we're together on the goal."The sky plaza, suspended from huge concrete arches, would span 180 feet across U.S. 41. It would hang 20 feet over traffic. Pedestrians could get to the escalators and elevators from Main Street.Waters said he believes that residents could raise more than $1 million for the sky plaza. Supporters would like the city to put up $4 million. Commissioners sat silent through the presentation, but shared their concerns later."It's too big," said Commissioner Lou Ann Palmer. "It's intense."But Palmer is willing to look at helping residents and tourists reach the bayfront from downtown."

We know we have to do something about easier access across (U.S.) 41," she said.Save Our Sarasota, a local advocacy group that has voiced concerns about downtown development, has also opposed the plaza. Members say it is "inappropriate in character and overwhelming in scale and would detract from the beauty of our bayfront," according to an e-mail. Residents who opposed the sky plaza gathered outside the City Commission chambers."If anything else, it's shocking us into paying attention," said resident Martie Lieberman.

By MIKE SAEWITZ
mike.saewitz@heraldtribune.com

2006-06-21T10:36:00.000-05:00

PARTY AT RIVO ON RINGLING TOMMORROW!
Got the announcement that there is an agent/broker party over at the hot downtown Sarasota Rivo on Ringling new construction project! As you know, I went over to the broker tour at Kanaya a few weeks ago and reported all about it. I will absolutely do the same for Rivo tomorrow. I am starting to go crazy with the direct upload Audio Blog feature here so I will most probably call in a report while standing on the roof gazing at the Sarasota bay views! I love these tours as it really gives you a look at how the building is put together - in its raw stage. Rivo on Ringling is a project I have been watching progress from the ground-breaking and it really is spectacular.

2006-06-14T20:23:00.000-05:00

SARASOTA/BRADENTON DOWNTOWNS SET TO BOOM
Wow! Downtown Sarasota is headed for another growth spurt, this one promising to transform the city more drastically than the last.

Recent approval of a $200 million mixed-use project straddling Main Street between Lemon and Pineapple avenues will add new shops, restaurants, condominiums and parking to an area already bustling with activity. Called Pineapple Square, the project scheduled for buildout over four years will add critical mass to several new condo and loft projects sprinkled around its edges and bring new retail outlets with the potential to draw plenty of non-residents. With 276 new residential units plus some 30 to 40 retail shops, it should be an asset to the new commercial district centered around the Whole Foods store nearby on First Street.

Purists doubtless will mourn the loss of their charming old one- and two-story Main Street that was classic small-town America. You know, the one with all the empty storefronts, the T-shirt and pawn shops, the sleazy bars and struggling lunch spots, where the sidewalks were rolled up at 5 p.m. after the bank and government office workers headed home.

Sarasota, always a culturally active town with its thriving arts organizations, is becoming a dynamic downtown, with a variety of nighttime entertainment choices within walking distance. Why would anyone want to trade that dynamism for the sleepy, run-down core that existed just a few years ago? And this is just the first of three massive new developments planned in the downtown area. Just to the south of Pineapple Square, Benderson Development plans a $150 million project including a 161-room hotel, 168 residences and 1,000 parking spaces. And over on the bayfront an Irish consortium has announced plans for a staggering $1 billion project to replace the existing Sarasota Quay at U.S. 41 and Fruitville called Sarasota Bayside. This project, still in the planning stages, envisions four 18-story condo towers and 140,000 square feet of retail space.

Meanwhile, Bradenton is about to undergo its own transformation. Based on projects already announced or under way, we believe Bradenton's new look in a few years will be as dramatic as Sarasota's, though certainly not as expansive. The condominiums going up at the Promenade at Riverwalk project on the Sandpile are just the first evidence of what is to come in the next decade. The revitalization of 14th Street and Ninth Street soon will begin, which will accelerate revival in the Village of the Arts just south of downtown. To the east, new residential and commercial projects in Old Manatee will cause "downtown" to spill across U.S. 41 as high- and mid-rises blend with the medical district already emerging around Manatee Memorial Hospital. It may take a few years to acquire the critical mass that Sarasota already enjoys, but the coming retirement of the Baby Boom generation virtually assures a steady market for this growth.

Yes, change of this magnitude can be jolting. We're hearing complaints about the coming transformation of downtown Bradenton with the process barely begun. But the areas undergoing redevelopment have stagnated for decades. The new construction that's coming will lift all of the surrounding neighborhoods out of the decay into which they've fallen. Remember, areas like 14th Street, Old Manatee and downtown Bradenton were once-thriving business districts, bustling with shoppers and visitors.

The challenge is to preserve as much of the character of the old while revitalizing with new, mixed-use projects that appeal to a cross-section of people. Planners in both Bradenton and Sarasota are striving to retain that small-town feeling even as the cities return to life with ambitious new developments.

2006-06-06T09:03:00.000-05:00

LOOKOUT DOWNTOWN SARASOTA - THE VIEW IS ABOUT TO GET EVEN BETTER!
For those of you who are considering the Renaissance, Broadway Promenade or one of the other fantastic downtown sarasota condo projects around Van Wezel Performing Arts Center and the Bayfront there may be a lot of improvement outside your windows. As if the view wasn't spectacular enough its about to get much better. The Sarasota Quay developers are gearing up for their $1 Billion Sarasota Bayside project and has proposed $40 million in streets, streetlights, landscaping and sewers for that that Cultural District. I'll keep you updated.

2006-06-02T09:27:00.000-05:00

UNCONDITIONAL SURRENDER IS COMING DOWN
Those of you who live here in downtown Sarasota know what I'm talking about. The large downtown statue on Gulfstream Ave with the WWll kiss is coming down, piece by piece (May 31st). I personally loved this statue as did my wife and many others. The great thing is that this statue will be back in town within a year. Marina Jack park will be the new home for this great statue after it spends some time in NJ with its creator, Seward Johnson. To see a video of its dismantling go to www.heraldtribune.com

2006-05-30T13:23:00.000-05:00

AND ALONG COMES HUDSON CROSSING...
This preconstruction condo project promises to be a fantastic developement as well. Named Hudson Crossing it will be located at 888 S Orange Avenue overlooking, what else... Hudson Bayou. The units will be around 2,550 sq feet and will range in price from $1,575,000 to $2,395,000. All will feature Deep-water boat slips, secured access, private two car garages, heated swimming pool and spa, private cabana with French doors, rooftop terraces, atrium-like bedrooms and stainless steel, high-end appliances.

These 12 3 Bedroom, 3 Bath units are situated next to the Selby Botanical Gardens. There will be 4 incredible penthouse units available allowing those insistant on luxury, convenience and location the ultimate of all three. I am lucky enough to be able to drive by the site every day, so I am looking forward to seeing everything take shape. If you would like more information on the project feel free to contact me (mark.klecka@era.com) ; otherwise I will keep everyone up-to-date here on this downtown sarasota condo blog of mine and my site; http://www.downtownsarasotacondos.com

By all means, read the area papers, but take their local real estate predictions with a grain of salt. I see the interest continuing in this beautiful area first hand and I can tell you nothing has "burst" and the bottom hasn't fallen out of anything. Have a great day.

2006-05-24T07:11:00.000-05:00

DEBATES SPROUT UP FOR SELBY FIVE POINTS PARK
Just five months into the planning process, the future of Selby Five Points Park is already turning into a Sarasota version of the 9/11 Memorial debacle. The city chose a landscape architect and accepted six of his concepts for the park earlier this year, but the Downtown Partnership rejected them for their lack of creativity.

At a luncheon sponsored by the Partnership yesterday, the group discussed a concept of its own that builds upon some of the key elements proposed by the city’s architect while replacing the grass areas with a 90-foot-wide water feature.

But the Partnership doesn’t want to be the final say on the matter—it hopes the new concept will inspire the city to hire another designer to create a “world-class park.” They say one way to get that world-c lass design is to sponsor a national competition with a jury panel.

Ron McCollough, chair of the Partnership’s Five Points Park committee, added that the group is willing to take a leadership role in finding additional resources for the project.

“You basically said design is what matters and we’ll worry about the money later,” responded Mayor Fredd “Glossie” Atkins. “Money matters.”

Additional funding could come from the downtown business improvement district that’s being proposed, said Ian Black, chairman of the Downtown Partnership. “If we close the doors and accept mediocrity,” Black said, “we’re going to get mediocrity.”

Selby Gardens president and CEO Roger Birkel offered the expertise of his staff in planning and maintaining a unique park for the city. Ultimately, the design of the park will be determined by the city commission. City planning staff will report to the commission at a 6 pm meeting June 8. The public and other community groups will also have an opportunity to provide input at the meeting.
[SRQ Magazine]

2006-05-22T12:21:00.000-05:00

KEEP AN EYE OUT FOR PARKING
In two city-owned lots in downtown Sarasota, public parking -- nearly 200 spaces' worth -- is free after 6 p.m. But next year, instead of parking there, be prepared to hand over your keys, your car, and an undetermined amount of your cash to a valet service under a developer's control.If that prospect displeases you, tell the city commissioners. Their 4-1 vote Monday, to hand control of the lots over to Pineapple Square, is the latest in a series of decisions that have put significant public resources toward the big retail/condo project -- without getting many concrete commitments from the developer. Both lots are important to the Pineapple Square project, which is expected to roll out in three phases that will:

1) put two major restaurants along the east side of Lemon Avenue;
2) bring a 13-story blend of condos, retail and a parking garage to the west side of Lemon; and
3) turn the city's existing State Street parking lot into a 10-story mixed-use structure.
[Read More]

2006-05-14T21:57:00.000-05:00

COLORS TO ABOUND AT LONGBOAT CONDOS
Azure, Sapphire, Cobalt and Bleu Mer are not just the names of floor plans available in a waterfront condominium complex coming to Longboat Key. They also indicate the color schemes to be found within the development, called Bleu Claire.Priced from $3 million to $5 million or more, the 11 units, designed in colors inspired by the Gulf of Mexico, will project a feeling of intimacy. Three units each will be situated on the first, second and third floors, and two penthouses will occupy the fourth floor at 4765 Gulf of Mexico Drive.
[Read More]

2006-05-10T22:16:00.001-05:00

10 QUESTIONS TO ASK YOUR CONDO BOARD
Before you buy, contact (or make sure your Realtor contacts) the condo board with the following questions. In the process, you’ll learn how responsive—and organized—its members are.

1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.

2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.

3. How much does the association keep in reserve? How is that money being invested?

4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs. To determine if the assessment is reasonable, compare the rate to others in the area.

5. What does and doesn’t the assessment cover—common area maintenance, recreational facilities, trash collection?

6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board’s fiscal policy.

7. How much turnover occurs in the building?

8. Is the project in litigation? If the builders or homeowners are involved in a lawsuit, reserves can be depleted quickly.

9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer’s report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren’t in good repair, they become your problem once you buy.

10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you’re buying, may require separate assessments.

2006-05-09T14:13:00.000-05:00

HISTORY OF GOLDEN GATE POINT STREETSCAPE PROJECT - Click for Illustration
The above graphic link shows the latest design of our Golden Gate Point streetscape plan, initially presented at the annual July breakfast of July 16, 2004.

The streetscape project started in earnest in about 1999. It had been talked about before, but without real organized effort. In 1999 and 2000 the association started talking with FPL and the other utilities about what it would take to place the overhead utilities underground, and what the expenses would be.

That evolved into a more comprehensive streetscape design, including brick pavers and lighting.
In 2002 the association raised some $40,000 to hire professional designers (landscape architects and civil engineers) to create the initial designs. Surveyors were hired, aerial photos taken and real design took place. The designers had 4 workshops with the neighborhood where design concepts were presented and feedback given. We went thru three design iterations, based upon feedback from the neighborhood.

In 2004, the concept was finalized and Golden Gate Point attempted to hand the implementation of the project off to the city via a neighborhood petition. After careful reading of the state laws, the neighborhood and city found that the petition wasn't the proper vehicle. The neighborhood had always discussed taxing ourselves based on the value of each property. That required, by state law a public vote of the Neighborhood.

On December 13, 2005 the election to approve the 5.8mill, 25 year bond was approved by a overwhelming 85% of the voter, with very heavy turnout. Two days later, at the next city commission meeting, Brent Parker officially "reported up" the results to the city commission, officially turning over the project to the City of Sarasota and their engineering staff. Since taking on the project, the city has advertised for professionals (engineers and landscape architect) to submit their qualifications to undertake the project, and they are currently reviewing those submittals (with the input of Golden Gate Point). That selection is imminent.

It expected that the final design work will take about 6 months, and be completed in the fall of 2006. Bids will then be solicited from contractors, and actual work will commence sometime early 2007. We expect the work to take 4-5 months. We expect based upon current property values that during the initial years the tax repayment will be about $700-900, per $1m of assed value. In later years as other projects are developed, increasing the total property value on Golden Gate Point, the payments per year will actually decrease.
(as it appears on goldengatepoint.net)

2006-05-09T12:12:00.000-05:00

EVERYBODY WELCOME CITY PLACE AT PINEAPPLE SQUARE
I had to pleasure of speaking with a rep from one of Sarasota's newest downtown developement projects this morning - City Place at Pineapple Square. The more she spoke, the more excited I got as this is going to be a fantastic development.

Before I get into the details I will cut right to the chase. You can get into this City Place starting at around $400,000. This will secure you a 1 bedroom, 1 bath unit with about 765 interior sq feet. Add the porch (which comes with every unit) and you are looking at a total of 1,000 sq ft. A 1 bedroom with den will run you about $425,000, a 2 bedroom/ 2 bath (1200-1400 sq ft) will be $625,000 and a 3 bedroom/ 2.5 bath will be set at $875K. There is also a 2 bedroom/ 2 bath + a den which measure in at between 1500-1700 sq ft.

To secure a unit for yourself will require a $25,000 deposit and 20% of the purchase price. The first 10% will be due at contract with the 2nd 10% at the begining of the "build-out". Demo is going to start in November so it will be exciting seeing City Place taking shape. There will be no assignments before closing, but after you can do whatever you wish with your property.

One of the nice things about this project is that there will be no more than about 6 of each floorplan. As in most cases the developers are going to release only a certain amount at a time and when I find out more specifics I will let you know. The first "move-ins" is realistically set for the first quarter of 2009. City Place will be a mixed use project with 130,000 sq ft available of commercial space. All commercial space will be located on the first two floors. The rep was tight-lipped regarding the larger stores vying for space, but they promise to be quality names.

Along with the fantastic property, City Place will bring much needed parking to downtown. There will be a combined (residential/commercial) 1067 spaces available. 340 of the public parking spaces will be located on the 2nd floor of the Whole Foods building. The residential parking places will be $30,000 each and will be made available to only those who are residents of City Place. Once the project is complete, through-traffic will be closed down between pineapple and lemon. Pedestrians will be able to manuver around by using a unique "breeze-way". - a first for the area.

A very exciting project taking place in the very exciting city of Sarasota, Florida. I will updating our site to reflect more of this information about City Place at Pineapple Square, but as always, check this blog first as it is the first thing updated when it comes to Sarasota's "goings-ons".