“Manatee County’s single-family home market has bucked the trend we’ve seen in recent months, showing the first year-over-year increase in sales since February 2022 and the first year-over-decrease in median prices since February of 2019. Meanwhile, single-family home sales for Sarasota and the condo markets for both counties have followed an opposite trajectory in March, albeit one similar to recent trends.” said Brian Tresidder, 2023 RASM President.
Sarasota-Manatee Home Sales Show Month-Over-Month Growth in March
gina@MyRASM.com
SARASOTA, Fla. (April 21, 2023) – The housing market in Sarasota and Manatee counties reported nearly 50 percent more sales in March than the month immediately prior, while single-family home sales in Manatee County increased year-over-year for the first time in 12 consecutive months. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), inventory continues to grow while home values hold steady.
Closed sales across the two-county region decreased year-over-year by 3.4 percent to 2,271 sales combined for both property types. There were more sales in March than in February (1,515 sales), with a 49.9 percent increase from last month.
For single-family homes, Manatee County closed sales increased year-over-year by 4.4 percent to 756 sales while Sarasota County sales decreased by 3.8 percent to 826 sales. Condo sales decreased by 7.7 percent to 275 sales in Manatee County and by 11.7 percent to 414 sales in Sarasota.
“Manatee County’s single-family home market has bucked the trend we’ve seen in recent months, showing the first year-over-year increase in sales since February 2022 and the first year-over-decrease in median prices since February of 2019,” said Brian Tresidder, 2023 RASM President and Strategic Growth & Sales Manager at William Raveis Real Estate. “Meanwhile, single-family home sales for Sarasota and the condo markets for both counties have followed an opposite trajectory in March, albeit one similar to recent trends.”
Prices in the North Port-Sarasota-Bradenton MSA have increased this month when compared to March 2022. However, in Manatee County single-family homes decreased by 6.3 percent to $491,988. For Sarasota County, the median price for single-family homes increased by 8.3 percent to $528,013, the second-highest median price recorded in the county with the previous record being $537,500 in October 2022. As for condos, Manatee County prices increased by 10.1 percent to $353,000 while Sarasota prices increased by 14.4 percent to a median of $423,245.
“Across all markets in the North Port-Sarasota-Bradenton MSA, total home sales for both single-family homes and condos increased by 50 percent from February 2023,” added Tresidder. “With continued growth happening in Sarasota and Manatee, this data indicates the strength of Sarasota and Manatee’s
housing market this season. Home values are holding steady while our growing inventory provides more options to buyers.”
Pending sales, or the number of homes that went under contract this month, decreased across all markets except for Manatee County single-family homes. For single-family homes, pending sales increased year- over-year by 7.9 percent in Manatee County but decreased by 2.7 percent in Sarasota. Condo pending sales decreased by 5.8 percent in Manatee County and by 10.8 percent in Sarasota County. Despite the year-over-year declines in pending sales, this figure has grown steadily for all markets in the two-county region since the start of the year.
At the end of the month, there were 5,541 active listings in the North Port-Sarasota-Bradenton MSA, a 247.6 percent increase from the same time last year. When compared to last month, the total inventory for both property types increased by 5.7 percent.
The month’s supply of inventory continues to increase across the two counties. In Manatee County, condo supply increased by 428.6 percent to a 3.7-month supply and by 400 percent to a 3-month supply for single-family homes. In Sarasota County, there was a 3.3-month supply for condos and a 3.1-month supply for single-family homes, a year-over-year increase of 450 percent and 287.5 percent respectively.
The median number of days between listing date to contract date is up significantly in March. In Manatee County, single-family homes went under contract within a median of 46 days for single-family homes, a year-over-year increase of 820 percent, while condos sit at 23 days-to-contract which is an increase of 360 percent. In Sarasota, the median time to contract for single-family homes increased by 400 percent to 25 days, while condos increased by 260 percent to 18 days.
Increases vary by county and property, but only a few condo owners could see a discount. Some Panhandle and non-coastal counties may see the biggest increase.
TALLAHASSEE Fla. – Citizens Property Insurance Corp. leaders approved a proposal Wednesday that would raise average rates by 14.2% this year as they continue to push policies into the private insurance market. The Florida Office of Insurance Regulation must still approve the proposal for it to take effect.
Citizens is operated by Florida and the state’s “insurer of last resort.” It’s generally sold to property owners who cannot find affordable coverage elsewhere.
“For the economic well-being of the people of Florida, as well as for the good of Florida’s insurance market, Citizens must return to truly being that insurer of last resort for our state,” Citizens President and CEO Tim Cerio said to Citizens board members before they made the decision to increase rates, according to the News Service of Florida. “We must charge actuarially sound rates, and we must not be competitive with the private market.”
Citizens saw its policy count skyrocket from 569,868 on March 31, 2021, to 1,223,204 as of Friday, adding 13,000 policies in one week alone, as private insurers drop customers and increase rates due to financial troubles. Cerio said Citizens expects to top 1.5 million policies by the end of this year.
In December, the Florida Legislature passed legislation to help Florida’s insurance market, but “this isn’t a quick fix. It’s going to take time,” says Citizens Board of Governors Chairman Carlos Beruff.
Citizens prepared a 2023 rate kit, which provides members of the media with information about its 2023 rate filing, including county-by-county estimates for specific policy types and frequently asked questions.
High-profile takeaways from the proposed rate hikes
The only group of people likely to see their cost of Citizens decline is single-family homeowners who hold Multiperil HO6 policies, which mostly cover condominiums. Thirty-five Florida counties have at least one HO6 policyholder who should save money under the proposed change.
Counties in the coastal Panhandle and a few inland counties in South Florida will see some of the biggest increases.
Under Multiperil HO3 policies – generally single-family homes – two counties will see an average increase greater than 20%: Monroe and Taylor.
Under Wind-Only HW2 policies – also single-family homes – eight counties will see average increases greater than 20%, with Charlotte County the highest at an average 28.4%, followed by Gulf County (24.1%) and Lee County (23.3%).
Under Multiperil HO6 policies – generally condos or other limited-coverage-area units – three counties will see average increases over 20%, including Highlands (20.4%) and Martin (20.0%). Hendry County has only one HO6 policy, but that homeowner will see an increase of 46% if the proposed rate hike is approved.
The Wind-Only HW6 policies – also condo-type units – will see the greatest number of average increases over 20%. However, 37 counties don’t have any units using this type of coverage. Of the rest, almost all increases are greater than 20% except for Gulf (11.2%), Levy (18.4%), Miami-Dade (18.9%), Nassau (19.1%), Pasco (17.5%) and Santa Rosa (19.3%) counties.
Florida insurers rated by policy number on Dec. 31, 2022
Setting the Record Straight: Here are the facts about One Park Sarasota
By One Park Sarasota
| 3:51 p.m. March 3, 2023
One Park Sarasota is an 18-story, 123-residence tower wrapped in glass that pays tribute to the local architecture and promises exquisite attention to detail and a serene, holistic residential experience. Designed by Sarasota-based firm Hoyt Architects and developed by Property Markets Group (PMG), One Park will be a first-in-class luxury development in downtown Sarasota. To date, 75 people who love the Sarasota community have already purchased and are excited for the project to break ground.
“The concept was to create an iconic tower, creating a gateway building that would connect the front yard of “The Bay” with the activity energy center of Quay Commons and the Waterfront District.” – Gary Hoyt AIA, Hoyt Architects
Setting The Record Straight On One Park Sarasota
Though referenced as the soon-to-be largest building downtown, One Park Sarasota will not overshadow its neighbors in The Quay Sarasota in height nor size once completed. The unique angle of the property with its glass-lined facade will be a stunning addition to the area, seamlessly blending with its surroundings both natural and built.
By Comparison:
One Park is 2 feet, 7 inches shorter than the new Ritz-Carlton Residences being proposed on Blocks 7 and 8 in the Quay.
The VUE and The Westin Sarasota is significantly larger than any other completed or proposed property in the Quay, measuring at 859,000 gross square feet with a linear frontage (along Tamiami Trail and Gulfstream Blvd.) of 719 feet. This is almost double the linear frontage of Bayso and One Park
One Park’s linear frontage is smaller than Bayso, measuring approximately 360 linear feet whereas Bayso is approximately 365 linear feet. Lennar’s linear frontage (North and South along Quay Commons) is much larger than One Park, measuring 435 feet in length.
Thoughtful Development Approach
Decisions regarding the size of the property were made meticulously and intentionally in order to increase the overall benefit to those who will call the city of Sarasota home, beyond the residents of One Park Sarasota itself. The developer had the opportunity to build 150 units on the site where One Park will be built. After internal discussions, thoughtful decisions about the size of One Park were made with future residents of One Park, neighbors in the Quay and the community in mind. The developer reduced the size of the building by 18% to total 123 units. Reducing the saleable square footage and number of units allowed the architect to substantially increase the distance from the building to the property line in order to maximize light and air for residents and neighboring buildings.
One Park Activates Community Connection
Outdoors on the ground level, One Park Sarasota will deliver a 76-foot wide, 22-foot high, beautifully designed, well-lit and safe breezeway above Quay Commons with access to The Quay and The Bay Park from the Boulevard of the Arts. This dynamic pedestrian walkway will not only bring safe, widened sidewalks and lush greenery to an otherwise vacant space, but will also activate the space for Sarasota locals and residents. While the City of Sarasota code does not require the project to have any retail space, the developers of One Park are planning more than 13,000 square feet of retail, dining, and outdoor cafe seating. Whether someone is looking to grab coffee or find respite during a particularly rainy or hot summer day, this activated space will benefit all who visit The Quay by offering a seamless way to commute to and from its array of shopping and dining venues.
Developing With The City in Mind
During the planning phase of the project, the developer had the opportunity to maximize two buildable lots on the future site of One Park Sarasota. Rather than constructing two larger towers and forgoing any retail component in the development, the developer has chosen to create one seamless property that will activate the pedestrian experience with shops, restaurants, and cafes for the community to enjoy, serving as a warm welcome for all to The Quay. The development team is making a commitment to Sarasota. A commitment to provide not only the most architecturally significant building in downtown Sarasota, high-quality construction, mindfully designed interiors, sweeping vistas and best-in-class amenities for residents, but a commitment to the community to provide exciting retail offerings including shopping, restaurants, a café and expansive sidewalks, all as part of a well-lit and safe atmosphere for the community to enjoy.
To learn more about One Park Sarasota, visit OneParkSarasota.com or call 941-232-7035 to schedule an appointment at the Sales Gallery.
With sod installed around the greens, tee boxes visible from Fruitville Road and fairways sprigged on some of the back-nine holes along 17th Street, the Bobby Jones Golf Course is starting to look like a golf course again.
Now that fine-tuning is underway on the front nine in preparation for sprigging the tees, rest of the fairways, rough and all 18 greens in his restoration of the original 18 holes designed by famed golf course architect Donald Ross, architect Richard Mandell is turning his focus on the nine-hole “adjustable” par-3 course across Circus Boulevard from the golf club’s main entrance at Azinger Way.
Mandell, a Pinehurst, North Carolina-based course architect who specializes in Donald Ross restorations, is enthusiastic about the pitch-and-putt companion course. Heavy equipment is currently shaping the layout on the 25-acre city-owned property across Circus Boulevard from the primary facility.
The main course is Ross, with modifications for modern water management techniques that didn’t exist when it was built nearly 100 years ago. The short course, though, is all Mandell.
“The short course is 100% mine to do what I want with it,” Mandell said. “It strays from the original plans a bit here and there, and I’m working to formulate what its personality is going to be. The original plan had native waste areas and I wasn’t really sure how that would shake out until we got into it.”
The short course is described as adjustable because it is intended to offer flexibility in routing. Playing at 1,009 yards, the score card shows the longest hole at 173 yards and the shortest at 78, offering a variety of short-game shot selections. Among the changes from his original vision, Mandell has eliminated traditional bunkers. Instead, the course will be composed largely of native sand areas and grass, resembling a links-style course.
Unlike the Ross course, which was built atop an urban watershed, the short course site has a sandy foundation that offers effective natural drainage off the site. Mandell speaks about it like a kid in a pro shop.
“This is the first course I’ve been able to design from scratch that is pure sand, so it puts me in another realm where I can do different things,” Mandell said. “If you’re building a golf course, you want to build it on pure sand. All of your links courses are on sand, and so you can do more things because it naturally drains.”
There will be retention basins on the course, but otherwise golfers can expect more of a links golf experience on the short course — few if any forced carries with an emphasis on a strong ground game — which Mandell said will appeal to the spectrum of golf skills.
“I think this course is going to be a major attraction for all golfers, but I’ve got to make sure that it’s playable for seniors and juniors,” Mandell said. “It will be a great golf course for a low handicapper to have a lot of fun and still make it playable for junior golfers and senior golfers as well.”
The scorecard with all yardages for the restored Ross course at Bobby Jones Golf Complex. The back tees have been extended nearly 500 yards longer than the original Donald Ross layout.
Courtesy Richard Mandell
Longer from the tips
The main attraction, though, will be the Ross course, designed in 1925 and named Municipal Golf Course and Recreation Grounds when it opened in 1926. It was dedicated in 1927 when Jones. The legendary golfer was already well known in the community as a sales executive for a real estate developer.
It is Mandell’s 12th Ross course restoration, which follows the original 18-hole design with necessary updates to facilitate drainage. Built on a floodplain, soil was removed from the 120 acres of what are now wetlands to elevate the golf course. The routing is the same and the greens follow the original Ross specs, but regular Bobby Jones golfers will likely notice some changes.
Among the differences from the original layout is the length, playing 6,715 yards from the back tees compared to the original Ross course at 6,230 yards. With a set of “Ross” tees, golfers may play the original length.
The greens follow the original Ross specs — Mandell found them in the Tufts Archives in Pinehurst — but regulars who played the original layout as part of an expansion that created a 36-hole complex will note some changes between the tees and greens.
“We raised all the playing areas above the 100-year floodplain,” Mandell said. “We have water features that were not part of the original Ross plan, but we had to have them to make sure the course drains properly. We’re not going to spend all this money and have it wet like it was before.”
Workers apply water to freshly sodded areas at Bobby Jones Golf Course.
Photo by Andrew Warfield
The golf course restoration and wetlands creation was budgeted at $12.5 million, the entire project funded by a $20 million city bond and a $3 million in grant from the Southwest Florida Water Management District. Included in that total are accessory buildings such as two on-course restroom structures, a driving range building, the Gillespie Building at the short course and temporary clubhouse.
Final plans for the permanent clubhouse are still being developed. Currently, there is no time frame set for its construction.
“We have a couple of designs in hand and the plan is to present them to the City Commission, most likely sometime in April, and staff will be asking for direction on which design they want to pursue,” said John Kretzer, the city’s project manager.
Ross vision taking shape
Closed in 2020, prior to excavation the only reminder that remained of the golf course along Fruitville Road was a deteriorating sign as nature reclaimed the property. That sign is gone, and now visible from there are parts of holes 3 through 6.
“It is absolutely daunting, seeing the changes that have taken place there,” Kretzer said. “It’s nice to see Donald Ross’ vision take shape in front of us.”
Sprigging on the front nine will begin within a few weeks, according to Kretzer. The contractor is awaiting the arrival of the sprigs from a farm in Georgia, where the weather is not quite warm enough for growing and cutting sprigs.
Construction moved from the back nine forward to follow the flow of water, both above and below the surface.
Irrigation is running on several holes of the back 9 at Bobby Jones Golf Course since some fairways have been sprigged.
Photo by Andrew Warfield
“When you drive down 17th Street you can see that there’s a large water tank, which is the source of the irrigation for the golf course,” Kretzer said. “All of the infrastructure for the golf course originates from that point. It just made sense to start there and work forward. A lot of excavated soil was needed to build up the front side to a higher elevation to help alleviate some of the flooding problems that we used to have there.”
That flooding primarily came from overflows of Phillippi Creek Main B, flows from University Parkway through The Meadows, then beneath 17th Street, across a portion of the back nine and then along Circus Boulevard. That follows the drainage of the entire property from 17th Street to Fruitville Road.
Raising the golf course to create new wetlands serves the dual purpose of mitigating the flooding while naturally filtering the water flowing southward through the site.
“We’ve designed a system that will bring water onto the site during heavy rains,” Mandell said. “From there it will slowly flow through the wetlands where it will be naturally filtered, then it will be slowly released, which protects everybody downstream.”
Andrew Warfield is the Sarasota Observer city reporter. He is a four-decade veteran of print media. A Florida native, he has spent most of his career in the Carolinas as a writer and editor, nearly a decade as co-founder and editor of a community newspaper in Mecklenburg County, North Carolina.
780 SRQ Condominiums will include 34 units, two of them priced as attainable.Courtesy rendering DSDG Architects
Multiple projects adding to the housing stock in and around downtown Sarasota are making they way through the city’s Development Review Committee.
At its March 15 meeting, the DRC, comprising representatives of multiple city departments that regulate development, made suggestions and identified requirements for projects that would bring to the city 276 apartments and condos ranging from affordable to luxury.
The DRC collectively advises developers on regulatory specifics regarding projects in order for them to receive final sign-off. Some are approved administratively while others will go before the Planning Board and/or City Commission for final approval.
780 SRQ Condominiums
A resubmittal, the five-story, 34-unit building is planned for a 0.67-acre site on the north side of Fruitville Road between Central and Cocoanut avenues. The project will include ground-level parking with vehicle access from a public alley.
The parcel is located within the Rosemary Residential Overlay District and will include two attainable units, which with a bonus density will allow 34 units, eight more than the by-right 26. The remaining 32 units will be priced at market rate.
A rendering shows a second-floor fitness center overlooking a required 10% open urban green space, which by code will be open to the public during the day and locked overnight. The top floor shows extended ceiling heights in exterior and interior spaces.
With partial DRC sign-off, the project will not have to undergo another resubmittal. The DRC has final authority over the project.
Sarasota Veterans Housing
The Society of St. Vincent De Paul veterans housing project will include 10 low-income apartments.
Courtesy rendering
A new submittal, the Society of St. Vincent De Paul of Pinellas County is proposing a 10-unit low-income apartment development to house veterans at 1529 25th St. in the Commercial Business Newtown zoning district. The two-story building on a 0.43-acre site will have five units on each of the two floors and an on-site laundry facility. With multiple matters remaining to address, the project will be required to resubmit.
Sarasota Station
A concept conceived in 2016, Sarasota Station, a 393-unit affordable housing development with at least 20% of units priced at or below 80% of the area median income is a resubmittal.
Proposed by Sarasota-based, affordable-housing developer One Stop Housing, the project recently was granted a three-year extension by the City Commission to pull its first building permit.
The first phase of Sarasota Station by One Stop Housing is planned for 201 units, at least 20% of them priced at or below the range for 80% of the area median income.
Courtesy rendering
Planning is currently underway for the first phase of the project, which will include 201 residential units.
The site sits on 7.8 acres with an address of 2211 Fruitville Road, although it is located a block north of Fruitville Road. Currently on the site are a call center for Vengroff Williams Inc. and a diner, Bob’s Train, housed in a rail car. The rail car and restaurant will remain. The call center will eventually be demolished for the second phase of the development.
The resubmittal cleared up a handful of remaining issues and received partial sign-off by the DRC. All remaining issues will be handled individually with appropriate departments. The DRC has final approval authority over the project.
625 Golden Gate Point
A resubmittal, 625 Golden Gate Point is proposed as a 12-unit residential condominium building. The 0.5-acre site currently has two multifamily structures that will be demolished. The project does not include an attainable housing element.
625 Golden Gate Point will have 12 luxury condominiums on nine floors.
Courtesy rendering
The plan shows a nine-story building with parking on the first level. The developer held a community meeting with Golden Gate Point residents, and consultant Joel Freedman reported widespread support of the plan. That was confirmed by a letter from the Golden Gate Point Association and Development Review Senior Planner Tom Sacharski, who reported receiving multiple emails in support of the project.
Only minor issues remain and the project received partial sign-off and will not be subject to resubmission.
Andrew Warfield is the Sarasota Observer city reporter. He is a four-decade veteran of print media. A Florida native, he has spent most of his career in the Carolinas as a writer and editor, nearly a decade as co-founder and editor of a community newspaper in Mecklenburg County, North Carolina.
Sarasota Insider — A sampling of fun things to do and see around our beaches. Please enjoy this snapshot of happenings throughout the month.
MARK YOUR CALENDAR
March 12 | Daylight Saving Time
March 14 | National Pi Day
March 17 | St. Patrick’s Day
Every Sunday
Sarasota Polo Club
There is no way better to enjoy your Sundays than watching the classic game of polo. Join thousands of fans each week for exciting polo action, an opening parade, a live national anthem, theme weeks, halftime entertainment, food, drinks and traditional divot stomping.
Selby Gardens Downtown Sarasota campus is having a casually elegant outdoor Garden to Plate dining experience! Enjoy fine wines selected by Michael Klauber that complement a multi-course dinner personally designed by Phil Mancini.
This free, family-friendly event includes a 3K walk and a Waggin’ Tails Festival with upbeat music, delicious food, a beer garden, a variety of vendors and an exciting raffle drawing. All proceeds go to efforts of training guide dogs.
The Rotary Club of Punta Gorda hosts its 15th annual Taste of Punta Gorda and Beyond at Laishley Park. This event features leading restaurants from Punta Gorda and nearby communities serving “tastes” of signature dishes.
Come see the historic Powel Crosley Estate during their open house, open to the public! Powel Crosley was one of America’s best inventors, industrialists and entrepreneurs of his time. Throughout the open house, you will even see some of his radios and other memorabilia.
Come discover an incredible outdoor gallery of original, handmade works by artisans from across America, only shown in Lakewood Ranch for these two days. Explore art created in painting, sculpting, jewelry, photography, glass, ceramics, fiber and wearable art, mixed media, woodworking, and much more.
The inspiring true story about heart, heritage and two people who believed in their talent — and each other — to become an international sensation: Gloria and Emilio Estefan. Now their story is an all-new exhilarating original musical winning the hearts of critics and audiences alike. Don’t miss out on an amazing show!
Fisherman’s Village is having authentic Irish music and dance throughout the day at Dry Beach and Center Court beginning at noon and continuing until 9 p.m. Featuring The Black Velvet Band, Drake Irish Dance, Punta Gorda Bagpipers, Irish musician Jeff Walton, Emily Ann and Kel Thompson. Special appearance by the Leprechaun.
This series is the public street block party in downtown Bradenton. All of Historic Main Street is closed for vendors, local food trucks line the streets and live music plays throughout the night. This month’s theme is St. Patrick’s Day, so enjoy a whole night of Irish celebrations!
Come celebrate St. Patrick’s Day with McGrath’s Irish Ale House and Ed’s Tavern on Lakewood Ranch Main Street. There will be a lot of Irish food and beer, live music and games and entertainment for the kids. Do not miss this day packed full of Irish cheer!
The Veg Head Music & Wine Festival features veggie and vegan food trucks/vendors, live jam bands on stage all day, wine sampling from wineries across Central Florida and beyond and a spring indie market featuring 60-plus local artisans and more!
The 8th annual biggest and best block party is back. Enjoy free samples of regional food favorites prepared by dozens of Sarasota-Manatee restaurants, plus free craft beer and spirit samples from local and regional breweries and great live music by Kettle of Fish, Mylon and The Divebombers.
Come out to experience the Exotic Car Show featuring over 100 exotic cars, including rare Ferraris, Lamborghinis, Bentleys, Lotus’, Rolls-Royces, McLarens and more. 100% of proceeds benefit “Flight to the North Pole”, a local charity for terminally ill children.
From The Tonight Show to stand-up comedy, it’s no wonder that Jay Leno is widely characterized as “the hardest working man in show business.” Leno is the recipient of many honors, including Emmy®, People’s Choice and TV Guide Awards, as well as a star on Hollywood’s Walk of Fame.
The hilarious new play, “Chicken & Biscuits,” continues its run through April 13 and you can take a trip back to 1973 in the uproarious “Incident at Our Lady of Perpetual Help” beginning on March 15.
Taking the world by storm, “Godspell” is led by the international hit “Day by Day” and touches on the parables and wisdom that grapple with maybe the most important mystery of all. Running March 9-19.
March 10-12, The Circus Arts Conservatory is teaming up with Key Chorale to present an exhilaratingly unique show that combines the 100-plus voices of Key Chorale and the musical mastery of the 40-piece Cirque orchestra with professional circus artists.
The month of March continues on the Mainstage with the regional premiere of “Network” running through March 19. The Cabaret features, “A Place in the Sun: A Tribute to Stevie Wonder” through April 9.
Stephen Sondheim’s game-changing musical “Company” runs March 2-12. Robert’s 35th birthday has arrived and his friends join him — but they constantly question him when he plans to get married.
Enjoy the comedy/mystery “Dinner at the Flemmings” March 8–April 2. Henry Flemming must figure out who is killing his guests before he and his wife have no friends left.
The inspirational musical “Dreamgirls” runs through April 9. This worldwide hit chronicles one fictional Motown group’s rise from obscurity to superstardom.
Beginning March 24, “Backwards Forwards Back” is an electric, vivid one-man drama that studies the power of healing and finding strength in vulnerability.
SARASOTA, Fla. (February 21, 2023) – The Sarasota and Manatee housing market starts off the year with a continued rise in the supply of homes for sale. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), the month’s supply of inventory for both property types increased year-over-year by more than 400 percent in the North Port-Sarasota-Bradenton MSA. Home prices continue to increase year-over-year in January, showing no sign of decreasing back to pre-pandemic levels.
Across the two-county region, there were 1,168 closed sales reported in January, a year-over-year decrease by 33.9 percent. For single-family homes, closed sales decreased by 31.7 percent to 368 sales in Manatee County and by 37.1 percent to 411 sales in Sarasota County. Condo sales decreased by 24.4 percent to 170 sales in Manatee County and by 37.2 percent in Sarasota County to 219 sales.
“The real estate market in Sarasota and Manatee Counties continues to be less active than the same time last year with significant decreases in the number of closed sales across all property types. Despite the decrease in sales, median sales prices for all property types are still higher than last year, with the exception of Sarasota single-family homes, indicating that property values are holding steady,” said Brian Tresidder, 2023 RASM President and Strategic Growth & Sales Manager at William Raveis Real Estate. “It’s important for potential homebuyers and sellers to consult with experienced REALTORS® who can provide up-to-date information on local trends as well as guidance so that they may make the most informed decisions regarding their real estate needs.”
The median sale price for condos remains higher than the same time last year with a 14.6 percent increase to $345,000 in Manatee County and a 19.3 percent increase to $417,500 in Sarasota County. For single-family homes, Manatee County increased by 5.4 percent to $505,710, while the Sarasota median home price decreased by one percent to $459,999.
“Historically, inventory levels are still relatively low, but they have increased significantly over the course of the past 12 months. Additionally, we’re seeing fewer closings at or higher than the original asking price when compared to last year,” added Tresidder. “As for pending sales, there were 60.8 percent more pending sales for single-family homes this month than the previous month, which signals that future closings may not drop to the large levels we’re currently seeing.”
The month’s supply of inventory was at 3.2 months for both property types in Manatee County, a 700 percent increase for condos and a 433.3 percent increase for single-family homes, representing the largest year-over-year increase to date. In Sarasota County, there was a 2.7-month supply for condos and a 2.8-month supply for single-family homes, an increase of 350 percent and 366.7 percent respectively.
The total inventory for both property types at the end of the month was 5,236 active listings in the North Port-Sarasota-Bradenton MSA, a 288.4 percent increase from the same time last year. Broken down for each property type in the MSA, condo inventory increased by 317.6 percent to 1,633 listings and single-family home inventory increased by 276.5 percent to 3,603 active listings.
In January, a total of 2,580 listings were added to the market for both property types in the two-county region, a year-over-year increase by 14.4 percent. When compared to December of 2022, new listings in the North Port-Sarasota-Bradenton MSA increased by 56.8 percent.
The median time from listing date to contract date was 26 days for condos in Manatee County, a 333.3 percent increase, while Sarasota County condos increased by 171.4 percent to 19 days. For single-family homes, the median time to contract was 29 days in Sarasota County and 32 days in Manatee County, an increase of 314.3 percent and 357.1 percent respectively.
Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.
Many homeowners are still haunted by the 2008 housing crash when property values collapsed and foreclosures spiked. The memory of sudden catastrophe at a time when the real estate market had been riding high may help explain why 41% of Americans say they now fear a housing crash in the next year, according to a new survey from LendingTree.
Are their fears well-founded?
“It’s a valid question,” Lawrence Yun, chief economist for the National Association of REALTORS®, said Tuesday at NAR’s Real Estate Forecast Summit. “People are remembering the crushing and painful foreclosure crisis. So, it has become a key question: Will home prices crash after the strong run-up in prices across the country over recent years?”
At the virtual conference, where leading housing economists offered their 2023 forecast for the real estate market, Yun offered assurance that current dynamics are nothing like during the Great Recession. He pointed to several key indicators of how this market differs.
The labor market remains strong. In the last major housing downturn, there were 8 million job losses in a single year. Now there are virtually none. Though layoffs in the technology and mortgage industries are occurring, they haven’t accumulated enough to form a net job loss, Yun noted. A strong job market bodes well for housing’s future.
Less risky loans. Yun also noted the subprime loans that were prevalent during the 2008 housing bust are basically nonexistent today.
Underbuilding and inventory shortages. New-home construction prior to the 2008 crash was amounting to 7.65 million units annually. Today, it’s 4.6 million. Yun points to “a massive housing shortage” from a decade of underproduction in the housing market.
Delinquency lows. About 10% of all mortgage borrowers were delinquent on their loans in the previous housing bust. The mortgage delinquency rate is now at 3.6%, holding at historical lows, Yun said.
Ultra-low foreclosure rates. Homes in foreclosure reached a rate of 4.6% during the last housing crash as homeowners who saw their property values plunge walked away from their loans. Today, the percentage of homes in foreclosure is 0.6%—also at historical lows, Yun said. He predicted foreclosures to remain at historical lows in 2023.
Overall, the fundamentals don’t point to a housing market that is operating similarly to the 2008 cycle, Yun said. While home sales are slowing, prices remain up nearly 6% as of October sales numbers compared to a year ago. Also, inventory remains low, which will keep home prices elevated, Yun said. “The chance of a price crash is very small due to the lack of supply.”
“We’re continuing to see a return to market normalcy, where listings are closing sometime between two to two and a half months, and the months’ supply is increasing up to a two-to-three month supply, depending on the region and property type.” “It is too early to tell if prices are beginning to soften, as median and average prices tend to fluctuate month-to-month. Prices remain strong, inventory remains low, and interest rates seem to be settling down”, said Tony Veldkamp, 2022 President of the REALTOR® Association of Sarasota and Manatee”
Home prices rose 8.6% in 3Q, with 46% of metros seeing double-digit price growth – a drop from 80% in 2Q. Of the top 10 high-price-increase metros, 7 are in Fla.
WASHINGTON – An overwhelming majority of metro markets saw home price gains in the third quarter of 2022, according to the National Association of Realtors® (NAR). That increase was in spite of rising mortgage rates that approached 7% and declining sales.
Of the 185 metros NAR tracks, 46% had double-digit price increases, though that’s down from 80% in the second quarter.
The national median single-family existing-home price climbed 8.6% year-to-year to $398,500. While still a notable price increase, it’s down from the 14.2% recorded in the previous quarter.
“Much lower buying capacity has slowed home price growth and the trend will continue until mortgage rates stop rising,” says NAR Chief Economist Lawrence Yun. “The median income needed to buy a typical home has risen to $88,300 – that’s almost $40,000 more than it was prior to the start of the pandemic back in 2019.”
Among the major U.S. regions, the South registered the largest share of single-family existing-home sales (44%) and the greatest year-over-year price appreciation (11.9%) in the third quarter. Prices were up 8.2% in the Northeast, 7.4% in the West, and 6.6% in the Midwest.
Fla. has 7 of top 10 metros for price growth
North Port-Sarasota-Bradenton – 23.8%
Lakeland-Winter Haven – 21.2%
Myrtle Beach-Conway-North Myrtle Beach, S.C.-N.C. – 21.1%
Panama City – 20.5%
Deltona-Daytona Beach-Ormond Beach – 19.6%
Port St. Lucie – 19.4%
Greenville-Anderson-Mauldin, S.C. – 18.9%
Kingsport-Bristol-Bristol, Tenn.-Va. – 18.8%
Tampa-St. Petersburg-Clearwater – 18.8%
Ocala (18.8%
10 most expensive markets in the U.S.
San Jose-Sunnyvale-Santa Clara, Calif. – $1,688,000; 2.3%
San Francisco-Oakland-Hayward, Calif. – $1,300,000; -3.7%
“The more expensive markets on the West Coast will likely experience some price declines following this rapid price appreciation, which is the result of many years of limited home building,” Yun says. “The Midwest, with relatively affordable home prices, will likely continue to see price gains as incomes and rents both rise.”
Higher cost for monthly payments
In the third quarter of 2022, stubbornly high home prices and increasing mortgage rates reduced housing affordability. The monthly mortgage payment on a typical existing single-family home with a 20% down payment was $1,840. That’s a marginal increase from the second quarter ($1,837) but a significant year-to-year jump of $614 – or 50%.
Families typically spent 25% of their income on mortgage payments, down from 25.3% in the prior quarter, but up from 17.2% one year ago.
“A return to a normal spread between the government borrowing rate and the home purchase borrowing rate will bring the 30-year mortgage rates down to around 6%,” Yun says. “The usual spread between the 10-year Treasury yield and the 30-year mortgage rate is between 150 to 200 basis points, rather than the current spread of 300 basis points.”
First-time buyer challenges
First-time buyers looking to purchase a typical home during the third quarter of 2022 continued to feel the impact of housing’s growing unaffordability. For a typical starter home valued at $338,700 with a 10% down payment loan, the monthly mortgage payment rose to $1,808 – nearly identical to the previous quarter ($1,807) but an increase of almost $600 (49%), from one year ago ($1,210).
First-time buyers typically spent 37.8% of their family income on mortgage payments, up from 36.8% in the previous quarter. A mortgage is considered unaffordable if the monthly payment (principal and interest) amounts to more than 25% of the family’s income.
A family needed a qualifying income of at least $100,000 to afford a 10% down payment mortgage in 59 markets, up from 53 in the prior quarter. Yet, a family needed a qualifying income of less than $50,000 to afford a home in 17 markets, down from 23 in the previous quarter.
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