The Bay !    Sarasota’s newest Public Park Design, has been Approved !

The Bay Sarasota has produced a finalized plan for redeveloping the land around the Van Wezel Performing Arts Hall.
by: David Conway Deputy Managing Editor – The Observer

The Bay Sarasota, the independent group that’s worked to create a community-driven vision for redeveloping more than 50 acres of city-owned bayfront land, has completed a finalized version of its proposed master plan for the property.

Representatives for Sasaki, the planning firm working with The Bay, outlined the proposal at a pair of meetings at the Van Wezel Performing Arts Hall today. The presentations discussed how the project was intended to enhance the cultural vitality of the site, provide expanded public open space, improve connectivity to other parts of the city and offer an economically and environmentally sustainable long-term strategy for managing the land.

Gina Ford, Sasaki’s lead planner on the project, detailed the core components of the master plan proposal. A new performing arts facility would house the Van Wezel’s programming, though the existing Van Wezel building would be preserved for some new use. A two-level parking garage would be built to reduce the footprint of surface parking on the site. A park would be built above the garage, located near a “destination” children’s play area.

This drawing showcases The Bay’s master plan concept for more than 50 acres of city-owned bayfront land.
A wishbone-shaped structure would extend over the northwest corner of the site — a distinct architectural feature the group has tentatively nicknamed “the arc.” The pedestrian structure would extend over the water at both ends, rising from a pier at the south terminus to a raised overlook at the north.

The plan emphasizes the site’s connection to the water. Near Tenth Street, there’s a waterfront “canal district” lined with restaurants, relocating the existing boat ramp to the north. A waterfront boardwalk cuts beneath the arc.

The canal district would include bay views and short-term spaces for boaters to dock and dine.
The south end of the site is defined by a “recreation pier,” which could include another waterfront restaurant. Mangroves line the edge of an inlet on the south side, and a kayak launch would provide opportunities for water recreation. New pedestrian bridges would allow visitors to travel from the south end of the site to the north along the bay.

The plan includes three pedestrian bridges above U.S. 41, linking the bayfront site to the east. Those bridges are located near 14th Street, Tenth Street and Boulevard of the Arts. Ford said these bridges are not only supposed to get people to the site, but also to stand out as distinct architectural works on their own.

The east end of the site close to U.S. 41 preserves most of the existing buildings, including the Municipal Auditorium and Art Center Sarasota, in an improved “cultural district.” Some existing tenants, including the Sarasota Lawn Bowling Club, and existing buildings, including the GWIZ science center, are not included in the plan. Bill Waddill, The Bay’s managing director, said the group would work to help find a new home for groups such as the lawn bowling club.

The cultural district would include enhanced landscaping and a promenade to connect the existing structures and new arts-focused buildings.
Another group that doesn’t have a defined home in the latest master plan? The Sarasota Orchestra, whose future on the bayfront appears to be in question. In a previous interview, Sarasota Orchestra President and CEO Joseph McKenna said the organization is still in the process of evaluating its future needs.

Today, Waddill said the orchestra is debating whether to stay on the bayfront or search for a new location elsewhere in the city. For now, the master plan identifies a “potential future cultural venue” where Holley Hall is currently located.      

The plan could cost between $100 million and $150 million to implement, and that’s before including the expenses associated with a new performing arts venue. Once it’s built, estimates peg the annual maintenance costs at $4 million to $6 million per year.

The Bay representatives said the plan is to build out the site over the course of decades. They’ve already identified a potential first phase, though: the recreation pier at the south end of the site. That portion of the project could cost $10 million to build and $1 million to $2 million to maintain annually. If the city adopts the master plan, Ford said the group hopes it could develop a segment of that recreation pier — a “Phase 1A” — in about a year.

The recreation pier would include flexible space for events and activity.
The Bay also outlined a proposed structure for managing the site in the future. The group called for the creation of a nonprofit conservancy to operate the site, relying on a mix of public and private resources to offer enhanced maintenance and specialized oversight on the bayfront. The city would help develop the terms of an agreement with the conservancy, The Bay said.  

The full presentation is available on The Bay’s website.

At the 11 a.m. meeting at the Van Wezel, representatives for The Bay fielded questions about the plan — and the logistics of getting it built. Ford said the feedback she heard today was largely positive, and she was optimistic the group had developed a plan that could become a reality.

“I think we did it,” Ford said. “People are really happy.”

 
She acknowledged some questions remain unanswered. Later today, The Bay is scheduled to meet with the City Commission alongside the Van Wezel Foundation and the Sarasota Orchestra to discuss the future of the arts venues on the site. The Bay has also set up a working group for boaters as it attempts to address outstanding concerns from those who use the Tenth Street Boat Ramp.

The Bay has two more public presentations scheduled for Tuesday at the Municipal Auditorium. Even though the master plan is nearing a final state, The Bay intends to continue to gather community feedback and potentially adjust the proposal ahead of a scheduled Sept. 6 presentation to the City Commission.

The group hopes the city will formally adopt the master plan at that meeting. Ford stressed that, even if the proposal was adopted, there would be opportunities to change the master plan as more information becomes available. For now, the goal is to get the community and city leaders to commit to an ambitious vision for the bayfront site.

“It’s a framework, and it’ll continue to evolve as we get feedback,” Ford said. “There’s only so much we can know at any one time. You don’t stop learning, and you don’t stop adjusting the master plan when it’s adopted.”

 https://www.yourobserver.com/article/sarasota-bayfront-the-bay-van-wezel-master-plan-final

I’m so happy to see it moving forward, wended something in that parking lot wasteland and now we have it. It will be a Major addition for a lovely city that was severely lacking in another choice for downtown waterfront leisure. Now all we need is a safe walking trail to connect the two, so that Sarasota’s bayfront is a Public Jewel for all to enjoy !

Visit The Bay’s facebook page: https://www.thebaysarasota.org

Realtor.com: Luxury market picks up speed

SANTA CLARA, Calif. – Sept. 19, 2018 – Luxury home sales continued to break records as prices hit double-digit gains in 20 major counties, according to the realtor.com 2018 Luxury Home Index released today. Additionally, the number of sales at or above the $1 million mark rose 6 percent over last year.

The realtor.com Luxury Home Index analyzes the luxury price tier, defined as the top 5 percent of all residential sales, in 90 U.S. counties.

Demand for luxury homes remains strong
The pace of sales for luxury homes remains strong. The combined median age of inventory in the 90 luxury markets surveyed was 121 days, down nine days or 6.9 percent year-over-year. Additionally, two-thirds of luxury markets are seeing inventory move faster than this time last year.

In 50 of the 90 counties analyzed, the luxury tier currently has an entry point of at least $1 million, while 70 markets continue to see yearly price growth.

“The conditions in the luxury segment are quite different from the market overall – it’s really a tale of two markets,” says Danielle Hale, chief economist for realtor.com. “Although U.S. median listing prices show signs of slowing growth, luxury prices are moving in the opposite direction in many places. For the second consecutive month, we’ve seen more markets with double-digit, entry-level luxury price growth than in the past four years.”

Sarasota stays on top
Since March, Sarasota, Fla. has remained the nation’s fastest-growing luxury market, with sales prices up 21 percent since last June. Half of all luxury homes in Sarasota sold within 165 days – 22 percent faster than the previous year. Queens, N.Y.; Santa Clara, Calif.; Boulder, Colo.; and Naples (Collier County, Fla.) rounded out the top five counties, each seeing yearly price growth between 13 and 15 percent.

Miami’s luxury market starts heating up
Recent trends in Miami’s luxury segment suggest that the luxury entry point could break the $1 million mark for the first time this fall. After declining for 24 months in a row, Miami luxury prices finally saw growth this January and have now reached the highest price gains since July 2015. Miami’s luxury market is currently growing at 2.2 percent year-over-year.

Other surrounding South Florida counties, including Broward, Collier, Lee, and Palm Beach, saw similar declines in recent years, but many of them have outpaced the rest of the country since early last year with yearly price growth between 5 and 13 percent.

Other U.S. markets
Northern California luxury markets continue performing well, with seven counties in the top 20 fastest growing markets, all of which saw double-digit growth in June. San Francisco, Sonoma, and Santa Clara – up 10, 13, and 15 percent, respectively – are showing there is still room for growth. On the other hand, San Mateo, Sacramento, San Luis Obispo, and Santa Cruz are holding steady.

There’s a hot streak in Davidson and Williamson counties, both part of the greater Nashville area, which grew 12 and 11 percent, respectively. Both saw double-digit growth in June, after steadily gaining momentum since 2016. Half of all luxury homes sold in 61 days in Davidson County, putting it among the nation’s 10 fastest-moving luxury markets.

Seattle (King County, Wash.) luxury grew by 13 percent in June compared to the same time last year, pushing its luxury entry point to $1.5 million. This marks Seattle’s 11th consecutive month of growth between 12 and 14 percent. As the market’s growing tech scene funnels in a more affluent crowd, more buyers can afford pricier homes, which may push demand – and prices – higher.

© 2018 Florida Realtors® source: https://www.floridarealtors.org/NewsAndEvents/article.cfm?p=3&id=371630

TaxWatch: Fla. still a low-tax state – No. 42 out of 50 

TALLAHASSEE, Fla. – July 19, 2018 – Florida retains its ranking as one of the nation’s lowest-tax states, according to the latest study released by Florida TaxWatch. Out of 50 states, Florida ranks No. 42 in the average amount of money paid by residents.

Florida TaxWatch findings

Floridians pay an average $5,679 per person in state and local taxes
Residents pay an average $2,584 in state taxes – one of the least amounts nationwide. Only the residents of one other state pay less.
However, local tax burdens are higher. “Per Capita Local Tax Collections” ranked No. 27 nationally.
In the balance between state and local taxes, Florida relies more heavily on local revenue than almost all other states and is No. 2 nationwide. Local taxes account for 53.3 percent of the total.
With property taxes, Florida ranks a solid “average” score – No. 25. The state’s per capita property tax ranking is right at the median – 25th.
Florida also classifies 38.7 percent of its state and local revenue as non-tax revenue (such as “fees”) – the 7th largest percentage in the nation.
Florida relies more heavily on transaction taxes, such as general and sales taxes. They make up, 81.5 percent of all state tax collections compared to the national average of 47.2 percent.
Florida has the highest state and local selective sales (excise) taxes on utilities in the nation. The tax on motor fuels is No. 15; the tax on alcoholic beverages is No. 19.
Florida’s housing sector produces significant revenue, and the state’s documentary stamp taxes are rising rapidly post-recession. It collected an average of $276 per capita in 2006, $72 in 2009, and $130 per capita in 2016 – the nation’s second-largest doc-tax burden.
Florida is one of seven states without a personal income tax. The average state relies on personal income taxes for 37.0 percent of its tax revenue.
Businesses pay 51.7 percent of all Florida state and local taxes – the 12th highest percentage in the nation.

The Florida TaxWatch study is posted online.

© 2018 Florida Realtors®

Sales in $5 million-plus range on pace to exceed last year’s mark

The red-hot market for luxury residences in Sarasota-Manatee continues this year after a banner sales season in 2017. The most striking aspect of the increase in sales for $1 million or more comes with the most expensive homes — the $5 million-plus transactions.

As of mid-June, according to the latest data by the Mid-Florida MLS, 11 homes sold in excess of $5 million this year, with most on the barrier islands. All three in Manatee County sit on the north end of Longboat Key.

“I am excited to see that the ultra-luxury market continues to outpace the prior year,” said Joel Schemmel of the Schemmel Property Group with Premier Sotheby’s International Realty. “We have seen a 67 percent increase in sales over $5 million in Sarasota and Manatee counties this year compared to the same period last year.”

Kim Ogilvie, a Realtor with Michael Saunders & Co., agreed. “As I count it, there were 12 sales last year and eight so far this year over $5 million (in Sarasota County),” she said “We’re on track to meet or exceed last year’s numbers.

“At present, I have two properties in the $5 million-plus range with buyers circling and seriously considering,” she said.

Lori Carey of Premier Sotheby’s sold a 19,000-square-foot Venice home on an acre at 600 N. Jackson Road for $8.6 million; Deborah Beacham of MSC sold the 7,400-square-foot Gulf-front Lido Shores residence at 1219 Westway Drive for $7 million, and a bank-owned 9,200-square-foot waterfront home on about an acre at 4011 Shell Road on Siesta Key for $5.675 million.

The Shell Road sale, which closed on Thursday, represents the highest single-family home transaction on Siesta Key this year, said Elise Ramer of Premier Sotheby’s.

Homes: What can you buy for $1 million in Sarasota-Bradenton-Venice?
In late July, Michael Saunders & Co. listing agents Beverly St. Hilaire and Tak Konstantinou sealed the sale of a 10,200-square-foot Mediterranean Revival home at 5060 Gulf of Mexico Drive on Longboat Key for almost $6.9 million — the second-highest sale in Manatee County this year, according to the company’s Samantha Emelock. The residence, known as the Villa de Como, won HGTV’s 2016 “Making an Entrance” sweepstakes.

“This last quarter was quite strong for the luxury market, especially heading into the ‘slower’ months,” Emelock said. “This could very well correlate to Sarasota’s rising prominence as a second-home market for many of the world’s affluent (Christie’s International Real Estate’s Luxury Defined study showed Sarasota as the third-hottest second-home market this year).”

The average for-sale price in the $5 million-plus category from Mid-Florida MLS data compiled by Emelock rose slightly in June to $8.25 million, up 0.7 percent from the previous month’s $8.2 million.

The average sold price per square foot fell to $450 from July’s $1,045, a drop of 57 percent. The price peaked this year in March at $1,162.

“Activity in the luxury sector continues to be positive,” Ogilvie said. “Serious sellers and serious buyers are in the market during the summer in Sarasota.”

Realtor.com’s Luxury Housing Market Index published in July shows a 9.14 percent increase in current luxury sales prices in the Sarasota-Manatee market, surpassing $1.8 million for the first time since the website began compiling data in January 2011.

SOURCE: By Chris Wille Real Estate Editor Posted Aug 6, 2018 at 4:02 PMUpdated Aug 7, 2018 at 12:49 PM

Florida’s 2018 profile of international real estate activity

This is a fascinating overview of 2018 Real estate activity in Florida from Foreign Buyers….. courtesy of Florida Realtors Association.

ORLANDO, Fla. – Oct. 22, 2018 – Florida Realtors® has released its latest report on the state’s foreign buyer and seller transactions, the 2018 Profile of International Residential Real Estate Activity. The one year-report – from August 2017 through July 2018 – found a small slowdown in international activity within the state, due mainly to a tight home inventory and rising property values.

In many areas, foreign buyers compete with U.S. buyers for the same properties, and solid U.S. employment growth boosted the domestic competition. In addition, mortgage rates remain relatively low compared to historic values, and the large supply of buyers, both foreign and domestic, had to compete for a relatively small number of homes for sale.

A stronger U.S. dollar also made Florida homes more expensive for foreign buyers from selected countries, notably Venezuela and Brazil. When asked about challenges faced by their international clients, Realtors surveyed said top objections included “Cost of property,” “could not find property,” and “exchange rate.”

South Florida remains the preferred location for international business. While foreign buyers purchased property across the state, most foreign buyers were concentrated in five metropolitan areas:

Miami-Fort Lauderdale-West Palm Beach (54 percent)
Orlando-Kissimmee-Sanford (9 percent)
Tampa-St. Petersburg-Clearwater (9 percent)
North Point-Sarasota-Bradenton (5 percent)
Cape Coral-Fort Myers (5 percent)
Size of Florida’s international market, 2017-2018

Foreign buyers purchased $22.9 billion of Florida’s existing detached single-family, townhomes and condominiums – a five percent year-to-year decline from $24.2 billion.
In dollar value, foreign buyers made up 19 percent of the market (21 percent in 2017).
In number of sales, foreign buyers purchased 52,000 of Florida’s existing homes – a 15 percent year-to-year decrease (61,300 one year earlier)
As a percentage of all sales, foreign buyers made up 13 percent in the latest report – 15 percent in the year before.
Average cost of foreign-purchased home: $286,500 compared to $259,400 in 2017, or about a 10 percent increase.
Overall, foreign buyers paid about 20 percent more that the median price of a Florida home.
Characteristics of Florida’s foreign buyers

68 percent primarily reside in another country; the rest are recent immigrants (less than two years in the U.S.) or visa holders.
Latin American and Caribbean buyers accounted for 36 percent of Florida foreign buyers, followed by Canadians (22 percent), Europeans (19 percent) and Asians (11 percent).
Most foreign buyers – 67 percent – made an all-cash purchase (72 percent in 2017).
71 percent purchased residential property for vacation, residential rental or both (68 percent in 2017).
Slightly more than half of foreign buyers preferred townhouses or condominium (53 percent), while 43 percent purchased a detached single-family home, 3 percent purchased residential land and another 3 percent purchased other types of properties.
Nearly half of foreign buyers purchased in a suburban or small town/rural area.
93 percent visited Florida at least once before purchasing a property.

 This is a fascinating overview of 2018 Real estate activity in Florida from Foreign Buyers….. courtesy of Florida Realtors Association