TFC

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 The Founders Club Team +941 378 0900 thefoundersclub@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.

The Founders Club Team Brian Wood, Cheryl Loeffler and Sara Boudarga Signature Sotheby’s International Realty +941 378 0900 thefoundersclub@signaturesir.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

The Founders Club Team Brian Wood, Cheryl Loeffler & Sara Boudarga Signature Sotheby’s International Realty +941 378 0900 thefoundersclub@signaturesir.com

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