S I G N AT U R E S OT H E B Y ’ S I N T E R N AT I O N A L R E A LT Y
TRENDS
2009 In Review
A comprehensive real estate market analysis of Sarasota and Manatee counties.
TRENDS is proudly presented by Rinat Sikdar and Maurice Connaughton +941 993 9292 +941 465 2862 signaturesir.com
2009 in review
At the start of 2009, virtually everyone recognized that the recent financial downturn was of historic magnitude, and nowhere was this more evident than Southwest Florida’s real estate market. Throughout the region, prices came crashing down by magnitudes of 30 to 40%. Sellers were in shock of how much real estate value had evaporated, seemingly overnight. Buyers sat on the sidelines, unsure of their job security, as national unemployment rates climbed over 11%. And those who were ready to pull the trigger on a purchase waited and waited, unsure if prices would continue to fall even further. But, not surprisingly, buyers remembered where they were purchasing real estate — Sarasota, our chic, sophisticated, waterfront oasis. They wrestled with the decision to purchase a home as they dined al fresco on Siesta Key. As they played one of our community’s many signature golf courses. As they stopped to enjoy a Gulf Coast sunset for all its simplicity. Perhaps Barbara Corcoran, a national real estate expert, said it best on an October 2009 episode of the TODAY Show when she declared that Sarasota was the number one market in the country to get the “biggest bang for your buck.” Corcoran, who based her top ten list on cities where prices had dropped the most but were suddenly shooting up, noted that “if you can time a real estate market, which you can’t often do, this is the time to buy in these particular places.” We tend to agree with Ms. Corcoran — when you compare current pricing and mortgage rates with everything Sarasota has to offer, buyers will look back on this moment in five years and realize they were a genius. TRENDS, our inaugural market report, offers a high-level summary of the Sarasota and Manatee real estate markets and summarizes real estate transactions at the neighborhood level. We hope it will help enlighten you on general market conditions, but it should not be solely relied upon to determine a fair market value for any single property. To receive future issues of TRENDS or to forward a copy on to friends, please visit SarasotaTrends.com.
Rinat Sikdar and Maurice Connaughton Signature Sotheby’s International Realty +941 993 9292 +941 465 2862 rinat.sikdar@sothebysrealty.com maurice.connaughton@sothebysrealty.com
YEAR IN REVIEW 2009
SARASOTA The Plaza at Five Points 50 Central Avenue, Suite 110 Sarasota, Florida 34236
VENICE 230 South Tamiami Trail Venice, Florida 34285
Key Observations Sales started off slowly in 2009, particularly during the early months of January and February. However, buyers were willing to bear the summer heat as sellers adjusted prices and value was no longer defined as “fair” but as “irresistibly compelling.” Waterfront property maintained its price premium. $1 million homes still sold. And Sarasota’s real estate offerings, some of the finest in the world, became more affordable than they have been in recent memory.
SIGNIFICANT SALES Contrary to popular belief, first time home buyers weren’t the only home buyers in 2009. This Casey Key gulf to bay estate sold for $6.2 million. Source: Sarasota Association of Realtors
04
TRENDS 2009
S I G N AT U R E S I R . C O M
YEAR IN REVIEW 2009
648
HOT ZIPS 34228 was the hottest zip code for high-end real estate. 95 properties traded hands in 2009 for prices above $750,000 on Longboat Key, idyllically located between the Gulf of Mexico and Sarasota Bay. Source: My Florida Regional MLS
NEW RECORDS That’s the number of homes that sold in December, the month with the most closed transactions since March 2007. This 33-month high reflected a 52% increase over sales in December 2008.
WINDOW SHOPPING On average, 98,000 unique visitors took a peek at real estate on SothebysRealty.com each month in 2009, more than 4x the online traffic to ChristiesGreatEstates.com or LuxuryPortfolio.com.
Source: Sarasota Association of Realtors
Source: Compete.com
“This year Stephen Leatherman, known as Dr. Beach and director of Florida International University’s Laboratory for Coastal Research, named Siesta Key’s beach as the second-best in the nation. 50 criteria are used to rate every beach, and in terms of sand alone, Siesta Key is definitely the best in the world.” THE NEW YORK TIMES, 4 SEPTEMBER 2009
NOT SO DISTRESSED While headlines about short sales and bank owned properties dominated the media, they didn’t dominate our local luxury market. Only 12% of homes over $750,000 in Sarasota and Manatee Counties were “distressed” transactions. Source: My Florida Regional MLS
Short Sale / REO Traditional 12%
88%
5%
VELOCITY The Founders Club, a private golf community, saw an unprecedented 86% increase in sales in 2009, the most dramatic change of all the neighborhoods in Sarasota County we highlighted in this TRENDS report. Source: My Florida Regional MLS
INTEREST RATES We’ve had recessions before, but few came with 30-year fixed mortgage rates as low as 5%. Buyers who bought with a mortgage in 2009 will save thousands in interest over the life of their mortgage. Source: Wells Fargo
S I G N AT U R E S I R . C O M
TRENDS 2009
05
High-End Inventory Of the 13,000+ homes that sold in Sarasota and Manatee Counties in 2009, less than 8% of these properties sold for $500,000 or more. Below, we have compared how high-end homes in each price category sold during 2009 with how many homes are currently on the market. If the total number of transactions were to increase 13% in 2010, as the National Association of Realtors predicts, we currently have a 2.4 year supply of homes over $500,000.
Under $500k Over $500k
Sold during 2009
On The Market
$500k - $749k
8% PRICE RANGE
$750k - $1M
92%
$1M - $2.5M
$2.5M - $5M
$5M+ 0
375
750
1125
NUMBER OF HOMES Source: My Florida Regional MLS. Based on closed residential transactions during 2009 in Sarasota and Manatee counties.
06
TRENDS 2009
Source: My Florida Regional MLS. Based on closed residential transactions during 2009 in Sarasota and Manatee counties. Active inventory count current as of January 24, 2010.
S I G N AT U R E S I R . C O M
YEAR IN REVIEW 2009
Month by Month Home sales remained steady throughout 2009. Sales during the summer months and in December were exceptionally higher than in past years with buyers taking advantage of current pricing.
Sarasota County
Manatee County
NOT MUCH NEW Only 82 of the 2,733 homes on the market above $500,000 were built in 2009. New construction nearly came to a halt in the economic crisis, but many buyers not only prefer, but demand, new construction.
NUMBER OF HOMES SOLD
1500
1125
750
375
0
Source: My Florida Regional MLS. Active inventory count current as of January 24, 2010.
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
MONTH
Source: My Florida Regional MLS
Average Sales Price Although there were minor monthly average sales price fluctuations, prices improved in 2009 in Sarasota County and remained stable in Manatee County. While values on high-end homes were affected most drastically in 2009, this macro-level perspective demonstrates the overall stability of our local market.
Sarasota County
Manatee County
ONE YEAR OLD Signature Sotheby’s International Realty celebrated its first anniversary in 2009. The company, with 110 associates, achieved the highest average sales price for its clients of any major real estate company in Sarasota and Manatee Counties. Source: My Florida Regional MLS
S I G N AT U R E S I R . C O M
AVERAGE SALES PRICE
$280,000
$210,000
$140,000
$70,000
$0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
MONTH Source: My Florida Regional MLS
TRENDS 2009
07
IN DEPTH COMMUNITY PROFILES
Sarasota’s Islands
ANNA MARIA ISLAND BIRD KEY CASEY KEY LIDO KEY LONGBOAT KEY SIESTA KEY SAINT ARMAND’S CIRCLE
IN DEPTH COMMUNITY PROFILES Manatee COUNTY
Anna Maria Island
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
45
$660,926
$585,000
$347
2008
43
$1,149,215
$1,020,000
$504
Change
4.65%
-42.49%
-42.65%
-31.23%
2009
68
$388,274
$305,000
$327
2008
49
$532,548
$399,000
$397
Change
38.78%
-27.09%
-23.56%
-17.47%
Condos
Including Bradenton Beach and Holmes Beach
Anna Maria Island, including Holmes Beach and Bradenton Beach, saw waterfront prices fall drastically in 2009. With many waterfront properties single-family homes now available below $1 million and waterfront condos in the $300s, Anna Maria will quickly become an attractive address to those who are searching for waterfront opportunities.
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
65
$446,952
$417,000
$276
2008
80
$558,708
$550,000
$337
Change
-18.75%
-20.00%
-24.18%
-18.15%
2009
34
$370,720
$233,787
$238
2008
37
$336,325
$325,000
$258
Change
-8.11%
10.23%
-28.07%
-7.78%
Condos
SARASOTA COUNTY
Bird Key
Bird Key, complete with its abundance of waterfront property and close proximity to downtown, saw the nearly identical number of transactions in 2009 that it did in 2008. This isn’t surprising for a well established community that consists exclusively of singlefamily homes. Properties both on and off the water saw price per square foot figures fall approximately 25% in 2009. Only 7 of the 35 transactions on Bird Key in 2009 were short sales or bank-owned properties.
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
11
$1,681,727
$1,250,000
$444
2008
12
$2,137,583
$1,625,000
$602
Change
-8.33%
-21.33%
-23.08%
-26.36%
Non-Waterfront Properties
Single Family Homes
S I G N AT U R E S I R . C O M
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
24
$578,866
$565,000
$252
2008
21
$949,023
$775,000
$332
Change
14.29%
-39.00%
-27.10%
-24.14% TRENDS 2009
09
IN DEPTH COMMUNITY PROFILES
SARASOTA COUNTY
Casey Key There were only a handful of transactions on Casey Key in 2009, but all were extremely significant sales — in fact, half of last year’s transactions closed above $3 million. Casey Key, known for her relaxed personality and palatial estate homes, maintained the value of waterfront property with stunning resilience. Perhaps the most encouraging piece of information we gleaned from studying Casey Key was that the top three sales on the island, which sold for $9.9, $6.2 and $4.4 million, all closed with new conventional mortgages — a clear indicator that financing is still available on multi-million dollar property for wellqualified buyers.
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
7
$4,053,571
$3,300,000
$775
2008
17
$2,909,647
$3,097,500
$813
Change
-58.82%
39.31%
6.54%
-4.68%
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
1
$958,000
$958,000
$247
2008
2
$892,500
$892,500
$371
Change
-50.00%
7.34%
7.34%
-33.49%
SARASOTA COUNTY
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
13
$2,353,153
$2,150,000
$595
2008
12
$2,735,791
$2,257,000
$654
Change
8.33%
-13.99%
-4.74%
-8.92%
2009
37
$1,090,921
$667,000
$435
2008
22
$1,015,250
$836,500
$471
Change
68.18%
7.45%
-20.26%
-7.57%
Condos
Lido Key
Including Lido Shores & St. Armand’s Circle
Lido Key, Lido Shores and St. Armand’s Circle continued to be one of Sarasota’s most popular addresses. Buyers responded to reduced pricing on condominiums, taking advantage of major price reductions in exclusive addresses such as the Ritz-Carlton Beach Club Residences. As buyers chose waterfront properties, non-waterfront homeowners had to make significant concessions on price to sell their property.
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
16
$636,500
$515,000
$263
2008
10
$1,215,300
$693,750
$463
Change
60.00%
-47.63%
-25.77%
-43.22%
2009
10
$266,407
$254,500
$259
2008
8
$516,875
$374,000
$342
Change
25.00%
-48.46%
-31.95%
-24.41%
Condos
10
TRENDS 2009
S I G N AT U R E S I R . C O M
IN DEPTH COMMUNITY PROFILES
SARASOTA & Manatee COUNTIES
Longboat Key
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
55
$1,150,221
$750,000
$374
2008
65
$1,222,224
$939,120
$416
Change
-15.38%
-5.89%
-20.14%
-10.02%
2009
215
$649,734
$475,000
$376
2008
184
$793,761
$605,000
$465
Change
16.85%
-18.14%
-21.49%
-19.07%
Condos
Earlier in this report, we noted that Longboat Key’s 34228 zip code was the “hottest” in the 2009 luxury market, with more homes over $750,000 selling here than any other zip in the greater Sarasota area. Looking at these figures, you can see why. Over 270 waterfront homes changed hands in 2009, with prices of single family homes staying within 10% of 2008 values. Waterfront condos, which experienced more frequent price reductions, saw a giant uptick in closed transactions.
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
34
$736,852
$621,250
$260
2008
44
$813,936
$545,000
$304
Change
-22.73%
-9.47%
13.99%
-14.24%
2009
25
$355,700
$350,000
$274
2008
23
$550,504
$383,900
$341
Change
8.70%
-35.39%
-8.83%
-19.59%
Condos
SARASOTA COUNTY
Siesta Key 2009 will go down in the books as the year that Siesta Key became affordable again, with a blanket 20% drop in price per square foot. The only exception to this drop was waterfront condominiums, which only saw prices fall 10%. The Village of Siesta Key has provided an anchor for this barrier island, helping sustain property values with its relaxed restaurants and shops nearby. The area also benefited from national publicity in 2009 when Siesta Beach was noted as the secondbest beach in the nation in the New York Times.
Waterfront Properties
Single Family Homes
Condos
Average Sales Price
Median Sales Price
Average Price per SF
2009
74
$951,278
$718,750
$337
2008
67
$1,464,517
$1,040,000
$425
Change
10.45%
-35.04%
-30.89%
-20.70%
2009
159
$554,378
$459,000
$403
2008
153
$588,061
$525,000
$448
Change
3.92%
-5.73%
-12.57%
-9.87%
Non-Waterfront Properties
Single Family Homes
Condos
S I G N AT U R E S I R . C O M
# of Transactions
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
59
$506,562
$423,000
$237
2008
44
$621,940
$533,500
$298
Change
34.09%
-18.55%
-20.71%
-20.44%
2009
41
$378,888
$300,000
$296
2008
52
$455,093
$379,250
$373
Change
-21.15%
-16.74%
-20.90%
-20.54%
TRENDS 2009
11
IN DEPTH COMMUNITY PROFILES
On the Mainland
DOWNTOWN SARASOTA LAKEWOOD RANCH LAUREL OAK NORTH OF THE MANATEE RIVER NORTHWEST BRADENTON THE FOUNDERS CLUB PRESTANCIA THE OAKS UNIVERSITY PARK VENICE ISLAND WATERLEFE WEST OF TRAIL
IN DEPTH COMMUNITY PROFILES SARASOTA COUNTY
Downtown Sarasota Downtown Sarasota, like most urban cores, has real estate values at both extremes of the price spectrum. By our definition of “downtown,� we analyzed transactions East of the Trail, South of 17th Street and West of 301. The dramatic fall in value was exaggerated by the scarcity of high-end downtown condos that changed hands in 2009, significantly less than previous years. Buyers seemed to be enticed by living directly on the Gulf or Bay, rather than accepting views of the water from the city core.
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
46
$137,508
$84,250
$93
2008
31
$316,317
$215,000
$171
Change
48.39%
-56.53%
-60.81%
-45.67%
2009
151
$389,472
$337,500
$242
2008
114
$661,257
$453,500
$349
Change
32.46%
-41.10%
-25.58%
-30.59%
Condos
Manatee COUNTY
Lakewood Ranch Similar to downtown, Lakewood Ranch, a master planned community, has incredible price point fluctuations within its legal boundaries. Single family homes that sold in 2009 ranged from $90,000 to $3.6 million. The undeniable fact of Lakewood Ranch is that it will always be desirable. The many amenities of this community, which include nearby retail, sports and educational outlets, continue to woo buyers. A total of 422 single family homes sold in 2009, just shy of a 1% improvement over 2008. Total condo sales nearly doubled as prices fell 30%, showing strong consumer confidence in the long term value proposition of Lakewood Ranch.
Non-Waterfront Properties
Single Family Homes
Condos
S I G N AT U R E S I R . C O M
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
422
$399,427
$325,000
$143
2008
419
$495,248
$380,000
$172
Change
0.72%
-19.35%
-14.47%
-16.93%
2009
140
$183,914
$179,250
$100
2008
75
$286,571
$305,000
$139
Change
86.67%
-35.82%
-41.23%
-27.95% TRENDS 2009
13
IN DEPTH COMMUNITY PROFILES
SARASOTA COUNTY
Laurel Oak
Non-Waterfront Properties
Laurel Oak Estates, an 800-acre country club community with two golf courses, saw more transactions in 2009 than in 2008. Not unlike many other golf communities, the average price per square foot fell just short of 23%. What’s important to note, however, is that only one 2009 transaction in Laurel Oak was a bank owned property and none were short sales. The lack of distressed transactions indicates the stability of this mature community, where most homes were built in the 1990s, before the recent financial crisis.
# of Transactions Single Family Homes
Average Sales Price
Median Sales Price
Average Price per SF
2009
18
$634,912
$650,000
$177
2008
16
$948,906
$840,000
$229
Change
12.50%
-33.09%
-22.62%
-22.88%
MANATEE COUNTY
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
21
$314,003
$259,900
$155
2008
12
$554,533
$397,450
$255
Change
75.00%
-43.38%
-34.61%
-39.34%
2009
25
$189,366
$170,000
$96
2008
16
$510,031
$375,000
$215
Change
56.25%
-62.87%
-54.67%
-55.44%
Condos
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
263
$122,156
$125,000
$75
2008
204
$210,549
$160,000
$114
Change
28.92%
-41.98%
-21.88%
-34.25%
2009
21
$199,614
$165,000
$93
2008
17
$239,798
$162,000
$144
Change
23.53%
-16.76%
1.85%
-35.08%
Condos
14
TRENDS 2009
North of the Manatee River The area north of the Manatee River, defined by zip code 34221, includes Terra Ceia and Palmetto. As demand has tightened over the past three years, prices have been more harshly affected in geographic areas farthest from Sarasota proper. The highest sale price on a single family home in this area during 2009 was $1 million. Interestingly, off the water, statistics show condominiums selling for higher average sales prices than single family homes — showcasing that buyers are taking advantage of lower prices on new condominiums rather than purchasing older single family homes.
S I G N AT U R E S I R . C O M
IN DEPTH COMMUNITY PROFILES
Manatee COUNTY
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
29
$418,437
$271,000
$157
2008
10
$337,790
$282,500
$177
Change
190.00%
23.87%
-4.07%
-10.99%
2009
12
$224,758
$215,000
$130
2008
12
$296,458
$265,000
$161
Change
0.00%
-24.19%
-18.87%
-19.42%
Condos
Northwest Bradenton The number of total home sales was up in almost every category of property type in Northwest Bradenton’s 34209 zip code this past year, no doubt spearheaded by first-time home buyers taking advantage of affordable prices in the area. Northwest Bradenton continued to offer the lowest cost to live on the water within the greater Sarasota area.
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
303
$186,938
$160,000
$100
2008
278
$245,240
$199,950
$126
Change
8.99%
-23.77%
-19.98%
-20.81%
2009
122
$103,945
$107,000
$82
2008
98
$131,808
$125,000
$108
Change
24.49%
-21.14%
-14.40%
-24.64%
Condos
SARASOTA COUNTY
Prestancia When analyzing sales in Prestancia, home to Sarasota’s Tournament Players Club golf course, it is important to note that smaller homes — particularly golf villas — sold in 2009. Average price per square foot of single family homes have not changed, yet villas saw a more substantial decline in sales prices.
Non-Waterfront Properties
Single Family Homes
Villas
Condos
S I G N AT U R E S I R . C O M
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
5
$584,000
$625,000
$173
2008
3
$908,333
$945,000
$174
Change
66.67%
-35.71%
-33.86%
-0.40%
2009
12
$314,604
$320,625
$132
2008
8
$464,688
$464,500
$172
Change
50.00%
-32.30%
-30.97%
-23.09%
2009
0
N/A
N/A
N/A
2008
2
$313,500
$313,500
$198
Change
N/A
N/A
N/A
N/A
TRENDS 2009
15
IN DEPTH COMMUNITY PROFILES
SARASOTA COUNTY
The Founders Club Buyers rushed to The Founders Club in 2009, which experienced a significant increase in sales this past year. Prices fell substantially in The Founders Club due to investors purchasing homes in the neighborhood in 2007 and 2008. Prospective owners picked up these discounted homes quickly, however, assured by the strong financial stability of The Founders Club. Only a handful of homes in The Founders Club are on the market for under $1 million, but builders are quickly developing new floor plans for future home sites starting from the $800s.
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
13
$853,900
$761,700
$203
2008
7
$1,201,357
$900,000
$259
Change
85.71%
-28.92%
-15.37%
-21.65%
SARASOTA COUNTY
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
1
$3,175,000
$3,175,000
$471
2008
N/A
N/A
N/A
N/A
Change
N/A
N/A
N/A
N/A
2009
6
$624,833
$475,000
$215
2008
4
$588,437
$434,375
$234
Change
50.00%
6.19%
9.35%
-7.89%
Condos
The Oaks Sales in The Oaks, one of Sarasota’s most established golf course communities, remained nearly constant in 2009. The average sales price per square foot of nonwaterfront single family homes, most located on one of The Oak’s two 18 hole golf courses, saw prices fall just over 13%, but there was still substantial demand for estate homes in this centrally located community.
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
19
$805,973
$780,000
$223
2008
19
$954,671
$809,000
$257
Change
0.00%
-15.58%
-3.58%
-13.32%
2009
2
$291,800
$291,800
$111
2008
1
$80,000
$80,000
$128
Change
100.00%
264.75%
264.75%
-13.76%
Condos
16
TRENDS 2009
S I G N AT U R E S I R . C O M
IN DEPTH COMMUNITY PROFILES
Manatee COUNTY
University Park
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
54
$524,499
$447,500
$189
2008
50
$548,288
$525,000
$207
Change
8.00%
-4.34%
-14.76%
-8.61%
University Park, the gated country club community located between Sarasota and Bradenton, can best be described in one word: stable. The average sales price only fell 4% in 2009, and price per square foot fell less than 10%, significantly less than other golf course communities in the area. Another sign of stability for University Park is that short sales and bank-owned properties accounted for only 2 of 54 sales this past year.
SARASOTA COUNTY
Venice Island Buyers rejoiced with newfound affordability on quaint Venice Island. Condo sales dominated this market in 2009, both on and off the water, but sellers were forced to take large discounts to close deals. While only a handful of single family waterfront homes changed hands last year, they did so at a higher price per square foot than in 2008.
Waterfront Properties
Single Family Homes
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
6
$583,500
$575,000
$311
2008
14
$696,642
$389,000
$306
Change
-57.14%
-16.24%
47.81%
1.65%
2009
49
$321,758
$299,900
$289
2008
49
$426,726
$400,000
$337
Change
0.00%
-24.60%
-25.03%
-14.05%
Non-Waterfront Properties
Single Family Homes
Condos
S I G N AT U R E S I R . C O M
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
61
$318,938
$290,000
$187
2008
84
$377,547
$355,900
$200
Change
-27.38%
-15.52%
-18.52%
-6.61%
2009
63
$140,697
$115,000
$132
2008
39
$201,108
$175,000
$186
Change
61.54%
-30.04%
-34.29%
-29.16%
TRENDS 2009
17
IN DEPTH COMMUNITY PROFILES
MANATEE COUNTY
Waterlefe
Waterfront Properties
The Waterlefe Golf and River Club, located on the Manatee River, provides direct boating access to Tampa Bay. Values of single family homes on the river are maintaining nicely from 2008 levels and selling with greater velocity. While condo sales have slowed in Waterlefe, they continue to be an attractive option to boaters because of the community’s River Club and Marina.
Single Family Homes
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
6
$932,500
$825,000
$189
2008
2
$717,000
$717,000
$199
Change
200.00%
30.06%
15.06%
-4.68%
2009
4
$241,000
$237,250
$133
2008
N/A
N/A
N/A
N/A
Change
N/A
N/A
N/A
N/A
Non-Waterfront Properties
Single Family Homes
Condos
2009
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
10
$321,900
$305,500
$161
2008
29
$517,744
$380,000
$197
Change
-65.52%
-37.83%
-19.61%
-18.28%
2009
4
$213,600
$207,750
$124
2008
6
$296,113
$265,000
$168
Change
-33.33%
-27.87%
-21.60%
-26.08%
SARASOTA COUNTY
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
33
$1,223,268
$1,200,000
$326
2008
20
$1,306,975
$1,025,000
$385
Change
65.00%
-6.40%
17.07%
-15.26%
2009
59
$696,072
$485,000
$311
2008
70
$919,428
$550,000
$383
Change
-15.71%
-24.29%
-11.82%
-18.62%
Condos
West of Trail
From Beneva Road to the Manatee County Line
The many established neighborhoods located west of the trail, US 41, offer an exceptionally convenient and central location, close to both downtown and the beaches. As such, it’s no surprise to see strong sales activity in this area. Waterfront homes maintained value per square foot more resiliently than those just a few blocks away, but non-waterfront singlefamily homes sold much faster, with over 168 transactions in 2009.
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
2009
168
$393,651
$316,250
$171
2008
119
$524,133
$382,500
$213
Change
41.18%
-24.89%
-17.32%
-19.57%
2009
39
$279,011
$220,000
$160
2008
47
$453,090
$265,000
$226
Change
-17.02%
-38.42%
-16.98%
-28.97%
Condos
18
TRENDS 2009
S I G N AT U R E S I R . C O M
TRENDS is provided by
Rinat Sikdar and Maurice Connaughton Signature Sotheby’s International Realty +941 993 9292 +941 465 2862 rinat.sikdar@sothebysrealty.com maurice.connaughton@sothebysrealty.com
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