S I G N AT U R E
I N T E R N AT I O N A L R E A LT Y
TRENDS
TRENDS is proudly presented by Signature Sotheby’s International Realty +1 941 364 4000 SignatureSIR.com
2010
in review Our entire company was cautiously optimistic that 2010 would be the first step towards a real estate recovery in Southwest Florida. Perhaps it was the fact that interest rates were at all time lows; that purchasing in Sarasota was more affordable than ever as prices continued to fall; or just based on a gut feeling that things couldn’t get much worse. We were right. Our phones started ringing frequently after the New Year, and buyers were back, looking to take advantage of current pricing conditions and make Florida’s Gulf Coast home. The sales figures quickly followed, with headlines reading “Sales Surge 49 Percent in February 2010,” “April 2010 Sales Best In Over Four Years,” and “May 2010 Sales the Highest in Nearly Five Years.” Customers that had been sitting on the sidelines, watching the global financial crisis and trying to call the “bottom,” declared that now was the time to buy. But many customers returned to the sidelines after April 20, 2010, when the BP Deepwater Horizon Oil Rig exploded in the Gulf of Mexico. Although waters in our region never saw oil and our beaches were clean, the national media’s coverage of the disaster proved to dramatically slow down sales in our region, while customers waited to make sure their long-term investment would not be compromised. Today, with the oil spill contained and prices stabilizing, we believe that 2011 will be a return to normalcy in the Southwest Florida real estate market. Pent-up buyer demand will continue to deplete inventory in the high end of the market. Prices will stabilize. And we’ll all enjoy living in one of the world’s most beautiful, vibrant and culturally rich communities. I am once again excited to share with you our annual market report that provides a comprehensive analysis of real estate market activity in Sarasota and Manatee counties, as well as 18 in depth community profiles. I hope this report will help educate you, but it should not be relied upon to determine a fair market value for any single property. If we can ever be of further assistance, please let us know.
Judy Green President & CEO Signature Sotheby’s International Realty +1 941 364 4000 signaturesir.com
464 Golden Gate Point, Penthouse 902, Sarasota Offered at $6,850,000
YEAR IN REVIEW 2010
SARASOTA The Plaza at Five Points 50 Central Avenue, Suite 110 Sarasota, Florida 34236
LONGBOAT KEY The Northern Trust Building 546 Bay Isles Road Longboat Key, Florida 34228
VENICE 230 South Tamiami Trail Venice, Florida 34285
Key Observations Southwest Florida has certainly been blessed with an abundance of beautiful water — the Gulf of Mexico, the Sarasota and Tampa Bays and a plethora of lagoons, bayous and canals. In the luxury market, buyers leaned towards waterfront properties with overwhelming demand. Of all transactions that closed for $750,000 or more in Sarasota and Manatee counties in 2010, 71% were waterfront homes or condominiums.
6512 Midnight Pass Road, Penthouse 502, Sarasota Offered at $1,995,000 04
TRENDS 2010
S I G N AT U R E S I R . C O M
YEAR IN REVIEW 2010
776
SIGNIFICANT SALES Signature Sotheby’s International Realty sold this bayfront estate on Siesta Key for $3.2 million in August. This transaction was one of the most high-value sales in Sarasota County during 2010. Source: My Florida Regional MLS
RECORD SALES 776 properties sold during May 2010 in Sarasota County, the highest since 2005, which ousted a December 2005 record. The May 2010 sales figures were 51% higher than home sales a year prior in May 2009.
HIGH TOUCH Since Apple launched its revolutionary iPad in April 2010, they have sold over 8.5 million devices, and plan to sell 20 million next year. Signature SIR is the first to capitalize on this new tool, launching its iPad app in January.
Source: Sarasota Association of Realtors
Source: eMarketer
Judy Green, who came out of retirement in late 2008 to launch Signature Sotheby’s Realty, used to say, “We are just a baby company starting out.” But no longer. In a surprise mid-November announcement that has the Southwest Florida real estate market still buzzing, Green, has struck a deal with Premier Properties of Southwest Florida, a longtime and well-known luxury real estate company in Naples, that puts her in charge of that company as well as her own Signature Sotheby’s. Sales for the combined Signature/Premier companies were $1.3 billion as of Oct. 31. Based on those sales, Green is now the largest real estate magnate in Southwest Florida. BIZ 941, DECEMBER 2010
DISTRESSED LUXURY Short Sales and Bank Owned properties accounted for 17% of home sales over $750,000 in 2010. The luxury market has been less dramatically affected than the entire market, where nearly 1 in 2 transactions is a distressed sale. Source: My Florida Regional MLS. 2010 sales in Sarasota/Manatee.
Short Sale Bank Owned Traditional 11%
84%
6%
$219k
ONLINE REACH With over 90% of consumers starting their real estate search online, online exposure is more important than ever. Our exclusive advertising campaign with NYTimes.com delivered 136 million impressions in 2010, more than any other real estate brand. Source: National Association of Realtors, NYTimes Research.
AVERAGE PRICE The average sales price in Sarasota and Manatee Counties in 2010 was $218,879. Signature SIR’s average sales price more than doubles the market average, and is the highest of any major real estate firm. Source: My Florida Regional MLS, BrokerMetrics.
S I G N AT U R E S I R . C O M
TRENDS 2010
05
6336 Hollywood Boulevard, Sarasota Offered at $3,700,000
High-End Inventory Of the 14,000+ homes that sold in Sarasota and Manatee Counties in 2010, 11% of these properties sold for $500,000 or more. Below, we have compared how high-end homes in each price category sold during 2010 with how many homes are currently on the market. While many sub-markets are experiencing shrinking inventory levels, buyers still have a wide selection of available properties in uppertier price categories.
Under $500k Over $500k
Sold 2010
On The Market
$500k - $749k
11% PRICE RANGE
$750k - $1M
89%
$1M - $2.5M
$2.5M - $5M
$5M+ 0
225
450
675
900
NUMBER OF HOMES Source: My Florida Regional MLS. Based on closed residential transactions during 2009 in Sarasota and Manatee counties.
06
TRENDS 2010
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 2010
HOT ZIPS 34228 was the hottest zip code for high-end real estate. 104 properties traded hands last year for prices above $750,000 on Longboat Key, idyllically located between the Gulf of Mexico and Sarasota Bay, up from 95 in 2009. The average buyer paid $476 per square foot for one of Longboat’s luxury properties.
Month by Month Home sales were exceptionally strong in March, April, May and June, but dropped off dramatically in July as buyers waited to ensure that Sarasota’s beaches were clean after the Deepwater Horizon Oil Spill. As buyer confidence returned and rumors were dispelled, sales began a steady climb in October.
Sarasota County
Manatee County
2,000
NUMBER OF HOMES SOLD
Source: My Florida Regional MLS
1,500
1,000
500
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
MONTH
Source: My Florida Regional MLS
Average Sales Price While sales prices fluctuated month-to-month based on significant luxury sales, the average price in both Sarasota and Manatee counties finished the year nearly exactly where they started at approximately $227,500.
Sarasota County
Manatee County
EXPANDING SOUTH Signature Sotheby’s International Realty merged with Premier Sotheby’s International Realty in 2010, creating the largest real estate brokerage in Southwest Florida. This consolidated market share provides even greater exposure for Signature’s listings along the Gulf Coast of Florida.
AVERAGE SALES PRICE
$270,000
$227,500
$185,000
$142,500
$100,000
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
MONTH Source: My Florida Regional MLS
S I G N AT U R E S I R . C O M
TRENDS 2010
07
IN DEPTH COMMUNITY PROFILES
Sarasota’s Islands
ANNA MARIA ISLAND BIRD KEY CASEY KEY LIDO KEY LONGBOAT KEY SIESTA KEY ST. ARMAND’S CIRCLE
3616 Casey Key Drive, Nokomis Offered at $2,900,000
IN DEPTH COMMUNITY PROFILES Manatee COUNTY
Anna Maria Island
Waterfront Properties
Single Family Homes
Including Bradenton Beach and Holmes Beach
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
72
$639,274
$545,000
$346
$2,350,000
2009
44
$667,732
$588,250
$349
$2,250,000
Change
63.64%
-4.26%
-7.35%
-0.89%
2010
44
$327,930
$253,500
$301
$1,667,000
2009
68
$388,274
$305,000
$327
$1,700,000
Change
-35.29%
-15.54%
-16.89%
-8.19%
Condos
Anna Maria Island, including Holmes Beach and Bradenton Beach, saw buyer demand for single family homes and non-waterfront condominiums jump significantly in 2010. In our 2009 report, we noted that Anna Maria’s waterfront prices had dramatically fallen, but based on this year’s per square foot sales figures, it appears that Anna Maria’s waterfront values have hit bottom.
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
102
$423,285
$417,000
$266
$1,150,000
2009
66
$445,862
$416,000
$275
$1,050,000
Change
54.55%
-5.06%
0.24%
-3.56%
2010
59
$285,167
$245,000
$251
$852,200 $480,000
Condos
2009
34
$370,721
$233,788
$238
Change
73.53%
-23.08%
4.80%
5.59%
6424 Gulf Drive, Holmes Beach Offered at $1,675,000
SARASOTA COUNTY
Bird Key
Waterfront home sales picked up while those off the water cooled down on Bird Key in 2010, one of the most prestigious residential neighborhoods on Florida’s West Coast. Similarly to other Sarasota communities, Bird Key saw prices drop on a per square foot basis about 25% in 2009 but inched back slightly this year. With only 28 properties currently on the market, there is approximately a one-year supply of homes on this Sarasota island.
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
13
$1,807,769
$1,521,000
$454
$4,200,000
2009
11
$1,681,727
$1,250,000
$444
$4,750,000
Change
18.18%
7.49%
21.68%
2.46%
Non-Waterfront Properties
232 Bird Key Drive, Sarasota Offered at $3,399,000 S I G N AT U R E S I R . C O M
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
16
$659,156
$662,500
$255
$1,000,000
2009
24
$578,867
$565,000
$252
$845,000
Change
-33.33%
13.87%
17.26%
1.46% TRENDS 2010
09
IN DEPTH COMMUNITY PROFILES
SARASOTA COUNTY
Casey Key
Waterfront Properties
Casey Key maintained its reputation as relaxed, exclusive and expensive in 2010. The key’s $679 per square foot average sales price for single family homes on the water was the highest of any community that we studied in this report. Interestingly, buyers on Casey Key preferred to pay in cash. Of the 15 single family homes that sold in 2010, all but three were cash transactions.
Single Family Homes
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
12
$2,569,750
$2,050,000
$679
$5,127,000
2009
6
$4,550,000
$3,850,000
$755
$9,900,000
Change
100.00%
-43.52%
-46.75%
-9.99%
2010
4
$173,250
$167,500
$416
$225,000
2009
-
-
-
-
-
Change
N/A
N/A
N/A
N/A
N/A
Non-Waterfront Properties
927 Casey Cove Drive, Nokomis Offered at $3,850,000
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
3
$845,000
$960,000
$281
$975,000
2009
2
$1,016,500
$1,016,500
$347
$1,075,000
Change
50.00%
-16.87%
-5.56%
-19.18%
SARASOTA COUNTY
Lido Key
Waterfront Properties
Single Family Homes
Condos
Including Lido Shores & St. Armand’s Circle
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
15
$2,396,200
$1,895,000
$573
$8,400,000
2009
13
$2,353,154
$2,150,000
$595
$7,423,500
Change
15.38%
1.83%
-11.86%
-3.75%
2010
50
$916,310
$541,500
$405
$3,850,000
2009
37
$1,090,921
$667,000
$464
$3,050,000
Change
35.14%
-16.01%
-18.82%
-12.72%
Non-Waterfront Properties
Single Family Homes
Condos
10
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
17
$584,647
$502,500
$251
$1,700,000
2009
16
$636,500
$515,000
$263
$1,500,000
Change
6.25%
-8.15%
-2.43%
-4.40%
2010
16
$314,416
$285,750
$316
$675,000
2009
10
$266,407
$254,500
$259
$355,000
Change
60.00%
18.02%
12.28%
22.04%
TRENDS 2010
Lido Key, Lido Shores and St. Armand’s Circle were busy with buyers in 2010, evidenced by sales increasing both on and off the water. The most active luxury condominiums on Lido Key were undoubtedly The Ritz-Carlton Beach Residences and Orchid Beach Club. While average sales prices per square foot were down slightly on Lido Key, we are encouraged that the highest sales price in each category outperformed 2009 figures, a clear sign that the luxury buyer has great confidence in this popular community. 340 Morningside Drive, Sarasota Offered at $1,395,000
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
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
45
$1,260,967
$875,000
$398
$6,650,000
2009
51
$1,193,409
$760,000
$382
$7,125,000
Change
-11.76%
5.66%
15.13%
4.25%
2010
210
$645,014
$502,000
$359
$2,889,750
2009
218
$647,322
$477,500
$375
$3,330,000
Change
-3.67%
-0.36%
5.13%
-4.18%
The perennial poster child of Sarasota’s luxury real estate market, Longboat Key did not disappoint with her 2010 sales activity. On the water, prices rose on a per square foot basis for single family homes to nearly $400 and over 200 condominiums sold. Longboat’s high-end of the market was not completely insulated from short sales and foreclosures; six sales over $1 million on the key last year were distressed properties.
Non-Waterfront Properties
Single Family Homes
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
27
$629,648
$575,000
$271
$1,300,000
2009
29
$817,069
$699,000
$276
$2,000,000
Change
-6.90%
-22.94%
-17.74%
-1.69%
2010
46
$343,677
$304,000
$212
$900,000
2009
31
$362,113
$360,000
$260
$700,000
Change
48.39%
-5.09%
-15.56%
-18.23%
415 L’Ambiance Drive, C303, Longboat Key Offered at $1,790,000
SARASOTA COUNTY
Siesta Key The total number of transactions on Siesta Key were up in 2010, and single family homes on the water saw significant average price increases. Again on Dr. Stephen Leatherman’s list of best beaches in the world, waterfront properties were Siesta Key’s most popular offerings. With waterfront condominiums hovering around an average sales price of $500,000, we anticipate that condominium sales will continue to be strong in 2011, with pricing that is substantially more attractive than during the “boom” years.
Waterfront Properties
Single Family Homes
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
69
$1,150,576
$800,000
$372
$6,425,000
2009
73
$953,104
$712,500
$338
$2,900,000
Change
-5.48%
20.72%
12.28%
10.19%
2010
183
$501,270
$430,000
$360
$2,450,000
2009
168
$553,108
$447,500
$402
$3,150,000
Change
8.93%
-9.37%
-3.91%
-10.45%
Non-Waterfront Properties
4185 Shell Road, Sarasota Offered at $4,990,000 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
Highest Sales Price
2010
66
$492,125
$4,175,000
$223
$1,802,000
2009
61
$489,430
$425,000
$238
$1,275,000
Change
8.20%
0.55%
882.35%
-6.37%
2010
88
$393,570
$326,500
$323
$1,825,000
2009
53
$421,232
$325,000
$298
$2,225,765
Change
66.04%
-6.57%
0.46%
8.24% TRENDS 2010
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
2451 Dick Wilson Drive, Sarasota Offered at $768,200
IN DEPTH COMMUNITY PROFILES SARASOTA COUNTY
Downtown Sarasota The luxury market in Downtown Sarasota is largely isolated to high-rise condominiums, and 2010 condo sales figures nearly mirrored our 2009 report. By our definition of “downtown,” we analyzed transactions East of the Trail, South of 17th Street and West of 301. As “waterfront bargains” on the barrier islands disappear and prices begin to rise in newer condominium buildings, we anticipate that buyer activity will return to the downtown core, where in many cases you can see both the bay and your favorite restaurant.
Non-Waterfront Properties # of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
Single Family Homes
2010
36
$151,137
$85,000
$101
$610,000
2009
46
$138,391
$86,750
$93
$595,000
Change
-21.74%
9.21%
-2.02%
8.83%
2010
155
$364,826
$320,000
$247
$1,275,000
Condos
2009
156
$386,626
$334,000
$246
$1,600,000
Change
-0.64%
-5.64%
-4.19%
0.60%
50 Central Avenue, Penthouse 17B, Sarasota Offered at $2,695,000
SARASOTA / Manatee COUNTY
Lakewood Ranch Lakewood Ranch, the mammoth master planned community North of Sarasota, continues to offer something for everyone regardless of price point. 2010 sales ranged from the low $100s to over $2 million. Sales of single family homes in Lakewood Ranch and adjacent communities (The Concession and The River Club) were up 10% in 2010 while condo sales remained flat. New home sales, often excluded from MLS statistics, also fared exceptionally well on the ranch (as reported by the developer) as buyers continue to flock to the community’s many amenities.
Non-Waterfront Properties
Single Family Homes
7008 Portmarnock Place, Lakewood Ranch Offered at $1,499,000
S I G N AT U R E S I R . C O M
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
434
$418,756
$345,607
$141
$2,650,000
2009
395
$405,302
$325,000
$144
$3,600,000
Change
9.87%
3.32%
6.34%
-2.46%
2010
151
$150,194
$110,000
$89
$475,000
2009
151
$184,462
$180,000
$102
$470,000
Change
0.00%
-18.58%
-38.89%
-12.94%
TRENDS 2010
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 the number of transactions rise for the second year in a row. Average prices within the community continued to fall, likely as a result of competitive pressure from new homebuilders in the nearby Lakewood Ranch Country Club. This established neighborhood continues to be popular, and has very few distressed properties, with only four bank owned or short sale properties changing hands in 2010.
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
21
$502,176
$445,000
$150
$880,000
2009
18
$634,913
$650,000
$177
$1,050,000
Change
16.67%
-20.91%
-31.54%
-15.14%
2010
7755 Alister Mackenzie Drive, Sarasota Offered at $789,000
MANATEE COUNTY
Waterfront Properties
Single Family Homes
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
38
$458,319
$342,500
$184
$1,550,000
2009
21
$404,300
$350,000
$178
$1,300,000
Change
80.95%
13.36%
-2.14%
3.17%
2010
139
$249,473
$195,900
$112
$725,000
2009
26
$218,314
$173,000
$101
$942,006
Change
434.62%
14.27%
13.24%
11.36%
Non-Waterfront Properties
Single Family Homes
Condos
14
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
257
$108,244
$102,000
$67
$500,000
2009
214
$122,711
$109,000
$74
$750,000
Change
20.09%
-11.79%
-6.42%
-9.52%
2010
34
$136,990
$134,500
$82
$295,000
2009
30
$152,612
$158,500
$93
$295,000
Change
13.33%
-10.24%
-15.14%
-12.61%
TRENDS 2010
North of the Manatee River The area north of the Manatee River, defined by zip code 34221, includes Terra Ceia and Palmetto. As prices fell dramatically in this region of Manatee County in the recent financial crisis, buyers have moved in to take advantage of property near prime boating waters at unprecedented prices. Most dramatically, developer sales at the Laguna at Rivera Dunes and Bel Mare have jump started the area’s waterfront condominium market.
805 3rd Street East, Palmetto Offered at $1,950,000
S I G N AT U R E S I R . C O M
IN DEPTH COMMUNITY PROFILES
Manatee COUNTY
Northwest Bradenton
Waterfront Properties
Single Family Homes
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
15
$430,767
$330,000
$195
$1,152,000 $3,300,000
2010 2009
22
$510,145
$303,500
$168
Change
-31.82%
-15.56%
8.73%
16.34%
2010
10
$200,600
$197,500
$143
$310,000
2009
10
$274,000
$273,750
$136
$475,000
Change
0.00%
-26.79%
-27.85%
4.95%
Northwest Bradenton’s 34209 zip code was incredibly active with over 500 transactions in 2010. While the number of single family home waterfront transactions slowed, existing inventory provides direct access to some of the best boating water in Florida in the Tampa Bay via the Manatee River.
Non-Waterfront Properties
Single Family Homes
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
301
$191,891
$160,000
$95
$850,000
2009
266
$193,434
$165,000
$100
$615,000
Change
13.16%
-0.80%
-3.03%
-5.32%
2010
205
$114,853
$110,000
$88
$300,000
2009
168
$111,541
$110,000
$87
$246,000
Change
22.02%
2.97%
0.00%
0.39%
5060 Riverview Boulevard, Bradenton Offered at $2,999,900
SARASOTA COUNTY
Prestancia Prestancia, home to Sarasota’s Tournament Players Club golf course, saw a jump start to single family homes in the “Estate Homes” category in 2010. This return of luxury market activity boosted average sales prices dramatically for single family homes. Demand for golf villas and condominiums remained consistent with 2009 buyer activity.
4284 Las Palmas Way, Sarasota Offered at $1,125,000
S I G N AT U R E S I R . C O M
Non-Waterfront Properties
Single Family Homes
Villas
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
10
$874,250
$650,000
$195
$2,500,000
2009
6
$546,667
$550,000
$167
$695,000
Change
66.67%
59.92%
18.18%
17.17%
2010
11
$354,636
$366,000
$130
$410,000
2009
11
$310,477
$316,250
$134
$350,000
Change
0.00%
14.22%
15.73%
-2.64%
2010
2
$123,500
$123,500
$102
$170,000
2009
1
$90,000
$90,000
$69
$90,000
Change
100.00%
37.22%
37.22%
48.28%
88.89%
TRENDS 2010
15
IN DEPTH COMMUNITY PROFILES
SARASOTA COUNTY
The Founders Club Sales held steady in The Founders Club in 2010, with prices dipping slightly on a per square foot basis. London Bay Homes, a Naples-based luxury homebuilder, purchased the remainder of the developer homesites this year and has started construction on three new model homes. Still considered one of the most desirable golf communities in Sarasota, London Bay’s acquisition provides an exciting future for The Founders Club.
Non-Waterfront Properties
Single Family Homes
3542 Founders Club Drive, Sarasota Offered at $1,100,000
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
13
$921,523
$850,000
$184
$1,750,000
2009
13
$853,900
$761,700
$203
$1,550,000
Change
0.00%
7.92%
11.59%
-9.66%
SARASOTA COUNTY
The Oaks
Waterfront Properties
Single Family Homes
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
-
-
-
-
-
2009
1
$3,175,000
$3,175,000
$471
$3,175,000
Change
N/A
N/A
N/A
N/A
N/A
2010
10
$465,660
$470,300
$181
$810,000
2009
8
$541,575
$397,500
$189
$1,500,000
Change
25.00%
-14.02%
18.31%
-4.29%
Non-Waterfront Properties # of Transactions
16
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
Single Family Homes
2010
18
$679,439
$732,500
$189
$1,300,000
2009
19
$805,974
$780,000
$223
$1,650,000
Change
-5.26%
-15.70%
-6.09%
-15.38%
-21.21%
2010
1
$50,000
$50,000
$80
$50,000
Condos
2009
-
-
-
-
-
Change
N/A
N/A
N/A
N/A
N/A
TRENDS 2010
Sales in The Oaks, one of Sarasota’s most established golf course communities, held steady in 2010. Prices fell on both single family homes on The Oaks’ two golf courses, as well as on luxury bayfront condominiums at The Meridian. The Oaks most expensive offering, waterfront estate homes at The Oaks Bayside, offer an incredibly unique waterfront lifestyle in a gated, country club community that can’t be found elsewhere in Sarasota, but experienced no buyer activity in 2010. 100 Osprey Point Drive, Osprey Offered at $6,900,000
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
Highest Sales Price
2010
54
$465,787
$426,000
$182
$985,000
2009
54
$524,499
$447,500
$189
$2,600,000
Change
0.00%
-11.19%
-4.80%
-3.96%
University Park, the gated country club community located between Sarasota and Bradenton, protected it’s single-word reputation we established in our 2009 TRENDS report: stable. The community saw the identical number of transactions in 2010 as in 2009, and had an identical 4% drop in average price on a per square foot basis. This established golf course community continues to be an attractive option with buyers.
7316 Barclay Court, University Park Offered at $1,375,000
SARASOTA COUNTY
Venice Island Sales were up and prices stabilized during 2010 on Florida’s idyllic Island of Venice. Multi-million dollar transactions returned in 2010, and waterfront condominium sales pushed the $1 million mark, too. Overall, condominiums continued to be the most attractive offering in Venice.
Waterfront Properties
Single Family Homes
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
5
$997,175
$773,875
$320
$2,250,000
2009
5
$648,800
$750,000
$329
$950,000
Change
0.00%
53.70%
3.18%
-2.85%
2010
53
$370,389
$299,900
$286
$995,000
2009
47
$319,876
$299,900
$292
$815,000
Change
12.77%
15.79%
0.00%
-1.99%
Non-Waterfront Properties
701 Laguna Drive, Venice Offered at $1,295,000
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
Highest Sales Price
Single Family Homes
2010
72
$310,982
$281,750
$178
$860,000
2009
56
$325,692
$292,500
$184
$825,000
Change
28.57%
-4.52%
-3.68%
-3.49%
2010
88
$151,670
$133,500
$150
$775,000
Condos
2009
72
$155,128
$123,750
$142
$780,000
Change
22.22%
-2.23%
7.88%
5.66% TRENDS 2010
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 on a per square foot basis from both 2008 and 2009 levels. Condominium sales picked up dramatically in Waterlefe this year, which isn’t surprising as 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
Highest Sales Price
2010
6
$758,167
$792,500
$181
$965,000
2009
6
$932,500
$825,000
$189
$1,500,000
Change
0.00%
-18.70%
-3.94%
-4.18%
2010
4
$171,325
$148,950
$132
$242,000
2009
4
$241,000
$237,500
$135
$299,500
Change
0.00%
-28.91%
-37.28%
-1.72%
Non-Waterfront Properties
10808 Riverbank Terrace, Bradenton Offered at $1,800,000 Single Family Homes
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
15
$360,653
$334,000
$144
$687,800
2009
10
$321,900
$305,500
$161
$518,000
Change
50.00%
12.04%
9.33%
-10.34%
2010
8
$205,313
$191,500
$124
$285,000
2009
4
$213,600
$207,750
$128
$264,000
Change
100.00%
-3.88%
-7.82%
-3.38%
SARASOTA COUNTY
West of Trail
Waterfront Properties
Single Family Homes
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
2010
38
$1,004,413
$757,500
$287
$3,200,000
2009
33
$1,223,269
$1,200,000
$326
$3,150,000
Change
15.15%
-17.89%
-36.88%
-11.99%
2010
63
$668,808
$424,000
$314
$3,350,000
2009
52
$629,895
$470,000
$317
$3,300,000
Change
21.15%
6.18%
-9.79%
-0.80%
Non-Waterfront Properties
18
# of Transactions
Average Sales Price
Median Sales Price
Average Price per SF
Highest Sales Price
Single Family Homes
2010
193
$388,020
$295,000
$166
$1,800,000
2009
164
$399,604
$325,000
$172
$2,100,000
Change
17.68%
-2.90%
-9.23%
-3.57%
2010
76
$346,289
$235,000
$182
$1,560,000
Condos
2009
54
$296,747
$225,000
$164
$1,585,000
Change
40.74%
16.70%
4.44%
11.55%
TRENDS 2010
From Beneva Road to the Manatee County Line
The many established neighborhoods located West of the Trail, US 41, saw substantial increases in transaction volume during 2010. The exceptionally convenient and central location offered by properties West of Trail, close to both downtown and the beaches, continued to be popular with buyers looking on the mainland. On the water, the highest sales price for both single family homes and condominiums broke the 2009 record, showing confidence West of Trail with the luxury buyer. 1727 Hyde Park Street, Sarasota Offered at $999,000
S I G N AT U R E S I R . C O M
TRENDS is provided by
Judy Green President & CEO Signature Sotheby’s International Realty +1 941 364 4000 signaturesir.com
This material is based upon information that we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete, and it should not be relied upon as such. This offering is subject to errors, omissions, changes, including price, or withdrawal without notice. © MMXI Signature Sotheby’s International Realty. All Rights
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6280 Riverview Boulevard, Bradenton Offered at $8,850,000
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