July 2023

All Things Real Estate

Mid Year Update 2023

Dear Friends and Clients,

During a recent luncheon, Drayton Saunders, president of Michael Saunders & Co. in Sarasota and other industry leaders spoke about the real estate trends they’re seeing in Sarasota and how it compares on a statewide and national basis. The State of the Community Series event July 19 was hosted by the Greater Sarasota Chamber of Commerce. Read below for some important presentation excerpts provided by Amanda Postma of the Business Observer.

Buyer Outlook - Homebuyer demand remains strong, Saunders says, despite an extreme shift in activity — and the dramatic rise in mortgage rates, from 3% in the middle of 2022 to 7.15% as of July 2023. “Basically, you have the shock of a rapidly rising interest rate,” Saunders says. “We have a strong outlook for buyer demand. That’s not just local, it’s national.” During the pandemic, when homebuyers didn’t have much of a choice regarding which home they bought, it was also a known factor they were going to pay over the asking price, Saunders says. Those houses, in general, were appreciating at 1-2% per month between late 2020 through about May 2022. Then the homeowners could sell above average. “So what generally happens is you get ahead of the trend,” he says. “You return to the trend line, but you don’t necessarily do that with a soft landing.”

Buyer Profile - It’s a crowded market with four generations of homebuyers, but Saunders says it’s healthy. “Some of the highest credit scores are coming in to borrow money,” he adds. While unusual to have four generations in the buyer pool — Boomers, Gen X, Millennials and Gen Z — Saunders likes what he sees. “To have all four of those generations in the market, that really speaks to the demand side,” he says. “And when there’s demand, solutions tend to follow.” Another high note is choices are back with inventory making its way back into a normal rate. The Sarasota market, he says, is operating on 2.5 months of inventory supply through June. While that's less than the 3.6 months in June 2019, it's markedly better than the 0.6 months in June 2021. "This is good news," he says, "because that buyer pool who had no choice a year ago, now has choices. The narrative of the last 12 months is that we have normalized.”

Seller Outlook - Those who didn’t sell at the height of the market are now hoping those high prices come back, but really what’s happening is a rebalancing act, Saunders says. I have seen more price reductions in the last year than we saw in the last three years in the MLS,” he says. “Those are generally adjusting to the overreach of what we saw in the frenzy to get a home in the pandemic years.”

Bottom Line - Key takeaway: Sarasota real estate leaders including Drayton Saunders say the state of the industry seems to be normalizing after a couple of unprecedented years brought on by the pandemic."

In all types of real estate markets, I'm a firm believer in retaining the services of a knowledgeable and experienced real estate agent to help you navigate through these challenging but often very rewarding times. My team and I strive to go above and beyond the expected duties of a real estate transaction. I feel blessed to help my clients in all aspects of the realtor/client relationship!

Because of the trust you have placed in my services, I’m happy to share that I have closed and pending sales of over $25 million in the first 6 months of 2023. I'm so very grateful.

And finally, a parting thought; for its desirability, quality of life and cost of living, Daytime television show "The Today Show" has named Sarasota as the second-ranked place to live in the U.S..

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June 2023 Statistics from Stellar MLS

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On a Personal Note, I was recently in London and took so many wonderful walks by the Thames photographing beautiful bridges, waterfront vistas, and famous and historical sites. While not of historical significance, a woman's t-shirt caught my attention and made me think...here's what it said: "I am the influencer of myself."

I did a deep dive into the definition of Influencer in today's world. Mostly social media related, I came across a 2020 Forbes article that listed the 7 characteristics of an influencer...below is the list with some excerpts of what the characteristics mean and also a few personal comments:

Communication runs through you-effectively (information...you take it and you give it-straight no chaser-without distortion)

You offer information on a Need-to-Know basis (Born influencers, also realize too much information confuses others)

You're a visible high performer (while aiming for the brass ring, you're probably unaware of your influence on others)

You express doubt on what you know and expertise on what you don't (you are at your most influential when, knowing much about a subject matter, you humble yourself and admit any doubts)...at first I found this confusing but as I thought about it, this made sense

You use a lot of hand gestures...not sure this one applies, but please let me know!

You're honest, helpful, hardworking, kind, intelligent, self-sacrificing for others and have a good sense of humor, and therefore you're more attractive...hmm, not sure I am funny 🙂 but these 7 were my favorite characteristics that I strive to embody

You get excited when offering your ideas...Woohoo is one of my favorite phrases and I often use too many !!!!

I, and I'm sure most of you, pride myself on not being a follower and being the master of my own destiny. Instead of letting ourselves be influenced by online strangers, why not strive to be our own top influencer while still appreciating the respected and trusted influencers who you can go to for valued expertise. I strive to be that person for you in Sarasota area real estate.

I couldn't be more proud to call Sarasota my home.

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Featured Listings

CONDO ON THE BAY

988 BOULEVARD OF THE ARTS | 1117

SARASOTA, FL 34236

3BR/2.5BA | Downtown | Condo | $2,800,000

JUST LISTED! This coveted and rarely available 3 bedroom condo is perfectly sited on the Northwest corner and the 11th floor of 988 Blvd of the Arts, in the premier direct waterfront Condo on the Bay with sweeping and expansive protected views of Sarasota Bay and beyond! Location, location, in the heart of Sarasota and next to The Bay, an exciting new park that has transformed the area into a blue and green oasis with incredible amenities. The 17th stack is the one that is sought-after due to the best views from the wall-to-wall windows in living room, dining room, kitchen and owner's suite! This beautifully renovated unit boasts a sprawling split floor plan, ideal for both entertaining and everyday living, offering an open layout, 3 bedrooms, 2 and 1/2 bathrooms and 2 waterside terraces. Beautifully scaled rooms with sweeping Bay views abound, highlighted by high ceilings, crown molding, and light and bright surroundings. The renovated kitchen has been opened to capture glistening Bay views and features Campbell Cabinetry white shaker cabinets with soft close drawers and pull-out shelves, SubZero refrigerator with 2 convenient freezer drawers, Wolf induction cooktop, microwave and wall oven, and a water treatment system. Under cabinet, and tray ceiling lighting were added to complete the beautiful and efficient kitchen workspace.

PLEASE CONTACT ME FOR YOUR PRIVATE SHOWING.

PALM ISLAND

472 ISLAND CIRCLE

SIESTA KEY, FL 34242

4BR/3.5BA | Siesta Key | Single Family | $2,650,000

On beautiful Palm Island in the heart of Siesta Key and just 2 blocks from world famous Siesta Key Beach, you'll find this fantastic one-of-a-kind modern island home with 4 bedrooms, 3.5 baths, designer finishes, incredible pool/lanai/summer kitchen, and private elevator, located on a great canal front lot with dock and lift for your boat. Purchase for your own personal residence, or use as an investment property with great rental income potential. This residence boasts 2 great rooms and multiple levels for easy living and entertaining. The first great room features an indoor/outdoor swimming pool and spa, screened-in lounge area and full outdoor kitchen with stainless appliances and gas range making it the perfect place to host a lively gathering.

PLEASE CONTACT ME FOR YOUR PRIVATE SHOWING.

SIESTA KEY

4520 HIGEL AVENUE

SIESTA KEY, FL 34242

3BR/3BA | Siesta Key | Single Family | $1,495,000

100K PRICE REDUCTION! NEW HEATED SALT POOL, 1600+ SF LANAI AND SCREEN ENCLOSURE 2022! Experience island living at its best in desirable North Siesta Key. Situated on a private waterfront lot on picture-perfect Lake Nancy, 1 mile to world renowned #1 rated Siesta Key Beach, this 2214 sf, 3-bedroom 3 full bath + office home boasts countless recent updates/upgrades. The open concept split floor plan features a newly updated kitchen, with all new stainless appliances including hood, range, refrigerator and dishwasher, large granite peninsula with seating for 4, Italian soft close cabinetry, designated breakfast area and custom designed and installed pantry by Closets By Design. The main living space and spacious dining room, all with water views, are light and bright and feature new all wood, professionally installed plantation shutters, new lighted designer ceiling fans and ceramic tile floors. The owner's suite is a peaceful retreat with water views, French doors and private access to the outdoor space and boasts a recently renovated owners closet including a brand-new closet system and convenient laundry room with full size Samsung washer dryer and new organizational shelving. The spacious owner's bath is spa-like with a large all glass and tile walk-in shower, soaking jetted tub, granite counters with dual sinks and features new custom lighting and mirrors and pool lanai access.

PLEASE CONTACT ME FOR YOUR PRIVATE SHOWING.

PELICAN HARBOUR & BEACH CLUB

44234 GULF OF MEXICO DRIVE | F1

LONGBOAT KEY, FL 34228

3BR/2BA | Longboat Key | Condo | $1,100,000

JUST LISTED! Gorgeous full bay views are yours from this rarely-available, 1st floor end unit, 3 bedroom/2 full bath condominium poised on the serene bayside of Longboat Key in the sought after and highly amenitized Pelican Harbour & Beach Club. A smart investment opportunity, vacation or permanent home, this location affords close proximity to all that Longboat Key has to offer including deeded beach access. The unit is large at 1,636 sf and the recently renovated kitchen boasts Bay views, stainless KitchenAid and Samsung appliances, granite counters and soft-close drawers, ample storage and convenient workspace. The dining room features a wall length wood built-in and the main living spaces, both with picturesque water access/views, have been opened up to accommodate multiple entertaining/seating areas. The owner's suite is spacious and features pristine Bay views, generously sized custom walk-in closet, crown molding, and an updated ensuite bath with tub/shower combo, dressing area with sink and toilet closet. The guest bedroom is a peaceful space with a large closet. The 3rd bedroom has been opened up to flow seamlessly into the main living space and features a convenient partition door to provide a private bedroom.

PLEASE CONTACT ME FOR YOUR PRIVATE SHOWING.