Tag Archives: Downtown Sarasota

Sarasota Real Estate – New Sale Contracts Week 6 2018

Week 6 was a comparatively slow week everywhere except Lakewood Ranch and Bradenton (single family).

New real estate contracts for Sarasota and surrounding areas as of February 10, 2018

New real estate contracts for Sarasota and surrounding areas as of February 10, 2018

click here to download pdf


Downtown Sarasota Condominium Market – 2017 Statistics

The big news for 2017: over 120 new construction closings (mostly in the VUE) pushed 2017 sales to the second highest this century, if not forever. I show the 481 sales in 2017 were surpassed only by the 559 sales in 2005, also a big year for new construction closings.


But new construction wasn’t the entire story. Existing home sales (sales excluding new construction) were up 10% over 2016, the largest increase in at least the past five years. While this surge is a sign that the downtown area is growing in popularity, the large increase in sales might also indicate there are fewer new construction condominiums available for sale. Or it could mean prices are now so high on new construction that more buyers are opting for resales. The median sale price on a downtown new construction residence last year was nearly twice that of an existing residence – $1,092k vs $550k.

Click here to download a report by building for all 2017 sales in Downtown Sarasota along with historical average sales prices

Listings downtown became more difficult to price in 2017. The spreads between the original listing price and the final listing price were the largest in the past five years. And the percentage of sales at full-price-or-better dropped over a third from last year to the lowest point in the past 5 years. Expired listings also hit double digits as a percentage of listings available for sale during the year (January 1 unsold inventory plus new listings for the year), setting a 5-year high. These are generally signs that the asking prices were too high on a larger share of listings than previous years.

Click here to see what’s currently for sale by buidling in downtown Sarasota

The year ended with normal inventory on hand, 218 listings. However, asking prices of unsold inventory at the end of the year show the spread between new and existing homes or, more accurately, pre- and post-2016 construction is growing. The median price of a pre-2016 residence downtown is now $535,000, while all new construction (2016 and later construction) has a median asking price of $1,244,000.

Pending Report for 11/11/2017

Generally a slow week compared to last year. The contracts reported in Downtown Sarasota last week probably overstate demand by 50% as 9 of the 18 new contracts were recorded in the Vue. Most likely these contracts were actually executed much earlier. See my notes from the 11/4/2017 report for an explanation. The same issue is affecting both the 4 week and 13 week figures.

Click to download as a pdf

Pending Report for November 4, 2017

This was a big week everywhere but none looking as big as downtown Sarasota. The figures for this year are distorted from 9 listings in the VUE closing this week and being entered in MLS for the first time.  In most large new construction projects, only a few sample listings are maintained in MLS. This keeps MLS manageable and from being overrun, so to speak, by a single building. If all of the VUE listings were entered from the project start, Zillow would be a mess with every other listing being in the VUE.

click here to download as pdf

When listings that were not previously entered in MLS eventually close, the listings are often entered in MLS at closing for agent/broker credit (as was the case with these listings). The listings still have to go through the same MLS progression. The contract date, listing date and sale date are entered the day of closing giving each the same date.  Undoubtedly all 9 of the new construction listings went to contract much earlier, perhaps even in previous years. Again, there is nothing wrong with this, you just have to be aware of it as you study the results. Demand Downtown was not up 1300% last week. (Another unavoidable side result of this is that the days on market stat will be ZERO for all such listings – be leery of any broker or agent including new construction sales in their quoted days on market performance).

Get ready for many weeks like this as loads new construction starts to close.

Another interesting thing to watch with regard to new construction closings, is how much of it ends up back on the market. I will try to highlight that for you.

Downtown Sarasota Condo Market – Top Five Signs It’s Still a Seller’s Market

The information in this post pertains to Downtown Sarasota Condominium sales for the 12 months ending 9/30/16 (current year/ period) and 9/30/15 (previous year/period). All data is from the My Florida Regional MLS for the time periods mentioned, ZIP code 34228 (Downtown Sarasota), and condo property style.

Demand for Downtown Sarasota Condos is increasing

The raw numbers show sales over the past year were down 1%, compared to the previous year (329 TY vs 332 LY). As mentioned in other updates, delayed closings on new construction sales more than account for this shortfall. As of 9/30/16, there were 36 pending sales on new construction residences, where the contract date was in the current year.

While these properties were placed under contract during the current period, they will not close nor be reported as a sale until the building is ready for occupancy. The contracts, however, represent true demand during the period, even though they are not reflected in the sales figures. There are also 28 pending sales from the prior period, which understated demand during that year.  If pending sales were added into total sales for both years, then 2016 sales would be higher than 2015 by 1% (365 TY vs 360 LY).


Click box to see current Downtown Sarasota Condominiums listed for sale by price point

 Under $500k    $500k-$1,000k    $1,000k-$2,000k    over $2,000k


 The Median Sale Price of a Downtown Sarasota Condo is increasing

The median sale price of a downtown Sarasota condominium increased 14% from $442k last year to $505k this year.  Across Sarasota County, the median price of a condo only increased 8% from $190k ly to $205k ty. Clearly, “buy low / sell high” works but not as well as “buy high/ sell higher.”


If nothing else, this shows not every property gets painted with the same brush as prices move up or down. Properties in the most desirable areas do better in both types of markets. When prices are appreciating, markets like downtown and the barrier islands will increase more than other areas. When prices are falling, they will take less of a hit.

Click to Download Recent Downtown Sarasota Condominium Sales Addresses/Prices

17th Floor 3BR 3.5BA + Den listing for sale in Alinari located in downtown Sarasota FL

17th Floor 3BR 3.5BA listing for sale in Alinari
$1,175,000. Click here to see all photos and learn more.

Downtown Sarasota Condos are Selling More Quickly

Another sign the market is heating up is the speed at which listings sell. Last year, 33% of all sales went to contract in 30 days or less. This year, 42% of all sales took 30 days or less to get a contract. Median days to contract for all sold listings dropped accordingly from 66 days last year to just 51 days this year (down 23%).

The Average Listing Sells Very Near the List Price

Last year, the average downtown condo sold for 95% of final listing price, which is great. However, in the prior 12 months, that figure has bounced up another point to 96%, which is phenomenal.

9th floor 2BR 2BA + den residence in Alinari condominium, located in Sarasota FL

9th floor 2BR 2BA + den residence in Alinari.
$495,000 Click image to see all pictures and learn more

Most Downtown Sarasota Condos sell for Cash

Two thirds of all sales in both periods sold for cash (no financing). This is another attribute of the downtown market that supports property values. When the market crashes or interest rates rise, the owners in the downtown market will feel less pressure than those areas where more homes are mortgaged.

Downtown Sarasota Condos – What You Get for Under $1 Million

All of the data used in this post were obtained from the My Florida Regional MLS for condominium SALES in the downtown Sarasota Area. I used all condo sales in ZIP Code 34236 on the east side of the Ringling Bridge for calendar year 2016 through the end of August.


The Smaller Side of Downtown Sarasota Condominiums

If you are just looking for a nice place to enjoy Sarasota and get away for the winter, maybe a 1 BR condo is all that you need. As shown below, there have been 23 sales in the category over the past 8 months with prices ranging from $120,000 to $437,000. The limit we are discussing here is up to $1,000,000 but no 1/1 sold for any higher than the 437,500 in any event.

For a 1/1, the under $200,000 price point puts you in either an older (1957 built) building or something on the very edge of downtown, like Central Park in this case.

Downtown Sarasota Condominiums - Statistical Porifle of Sales Under $1 million

Downtown Sarasota Condominiums – Statistical Porifle of Sales Under $1 million

If your price point is in the 200’s to very low 300’s, you could end up with a large 1BR/1BA (800-1000 square feet) residence with 1-2 garage parking spots on a low floor in the Renaissance (750 TamiamiTrl). Also for a mid-200’s price, you might be able to find a 675 sf unit in one of Sarasota’s most nostalgic buildings, the Frances-Carlton. Walk through the building and you will think you are a character in Fitzgerald’s The Great Gatsby. And for a good reason, the building opened about the time the book was published.

To see all 2BR/2BA and larger condominiums currently listed for sale under $500,000 in Downtown Sarasota, click here.

The mid 300’s to mid-400’s represents the highest selling prices for anything smaller than a 2/2. For this price, you can get a nice-sized residence in the heart of downtown (like in1350 Main where the highest priced sales was located) or direct bay view in either Alinari or Renaissance (on the Trail).

To download the complete list of sales for all 1BR/1BA condominiums that sold in downtown Sarasota for the 8 months ended August 31, 2016, click here.

The Most Popular and Abundant Downtown Sarasota Condonimium- 2 Bedroom/2 Bath Models

The 2/2 floor plan is by far the most popular downtown, accounting for almost 72% of all condominium sales during the 8 month period. You could say that the majority of them sell since they comprise the bulk of the total supply downtown. This is true, but the 2/2’s suck up more than their share of sales as only about 60% of all downtown Sarasota condominium residences are 2/2’s.

To see all 2BR/2BA and larger condominiums currently listed for sale between $500,000 adn $1,000,000 in Downtown Sarasota, click here.

Your best bet under $300,000 is going to be Central Park, located on the southern edge of the ZIP code in the 800 block of South Trail. Dolphin Tower could also have a listing in this price range. In the $300,000 – $400,000 range, try looking in Broadway Promenade, CityscapeGulfstream Towers, or the Renaissance. Note that the under $400,000 listing price comprised only a third of the 2/2 sales, so don’t expect a huge selection in any one building. These listing are going to be peppered around downtown.

To download the complete list of sales for all 2BR/2BA condominiums that sold in downtown Sarasota for the 8 months ended August 31, 2016, click here.

Things open up considerably in the $400,000-$600,000 price point. You could find a nice residence in Alinari , Sunset Tower100 CentralPalm Place, or Regency House.  The over $600,000 price might be found and Alinari1350 MainBay Plaza, Lawrence Point (i , ii, and iii), One Watergate,  Condo on the Bay (888 and 988), or Essex House.

The 3 Bedroom Models – a Rare Find under $1 Million

There were only 15 sales of 3 bedroom models during the period. Six of them were in Rivo, and they were sold for between $500,000 and $550,000. At the upper end of the price range, watch Bay Plaza as it was the second largest source of 3BR sales with 3 selling at prices between 650,000 and 950,000. Other sales were scattered throughout downtown.

To download the complete list of sales for all 3BR condominiums that sold in downtown Sarasota for the 8 months ended August 31, 2016, click here.


5 Pictures that Will Make You Plan a Summer Trip to Sarasota-Bradenton Area

Follow me on Instagram for your daily dose of Sarasota and Manatee counties.

Sunset June 28, 2016 #sunset #anna Maria island

A photo posted by Scott Norris (@picturesouthwestflorida) on

Sunrise at New Pass #New_Pass #Longboat_Key #Lido_Shores #Lighthouse_Point

A photo posted by Scott Norris (@picturesouthwestflorida) on

Sunrise over downtown Sarasota from City Island June 24, 2016 #City-Island #Sarasota #Lido-Key #Longboat-Key #Sunrise

A photo posted by Scott Norris (@picturesouthwestflorida) on

Another spring day #Longboat_Key #Longboat_Pass

A photo posted by Scott Norris (@picturesouthwestflorida) on

Sunshine Skyway shot between the branches of a million year old seagrape #Robinson-Preserve #Bradenton #Sunshine-Skyway

A photo posted by Scott Norris (@picturesouthwestflorida) on

5 Observations on the Latest Downtown Sarasota Condo Market Stats

Here are 5 takeaways on September 2015 Downtown Sarasota condo market statistics.

  1. Sales are lagging the previous 12 months in units (11%) and dollars (7%). The 4.7% increase in the average selling price accounts for the spread between units and dollars.
  2. Through May 2015, new listings (rolling 12 month basis) were 15% below the previous 12 month period. However, starting in June 2015, new listings began to exceed the previous year and have done so now for 4 months in row – to the point that new listings for the past 12 months now exceeds the previous 12 months by 5%.
  3. Downtown Sarasota Condo Stats Sep 2015Listing priced right continue to move very quickly. One-third of all listings sold in the past 12 months have gone to contract in 30 days or less.
  4. Most sales downtown are cash sales but to a lesser degree than the previous year. Two-thirds of all condominiums that sold in the past year were cash transactions. Last year 76% of all sales were cash.
  5. The penalty for an unreasonable asking price is high. While well-priced homes sell quickly, others languish. Downtown buyers are savvy and patient (a difference between now and 2005-2007). Just because it’s on the market doesn’t mean that it will sell. In the past 12 months there have been 123 expired or withdrawn listings, more than one for every 3 sales. Additionally, the average days on the market for unsold inventory is 196 (and counting) compared to 148 days on the market for sold listings.


Downtown Sarasota Condo Sales by Building 12 months ended June 30 2015

Downtown Sarasota Condo Sales by Building

Sales in the buildings from the graphic below accounted for 52% of condominium sales in ZIP code 34236 during the 12 months ended June 30, 2015 and about two thirds of all condo sales east of the Ringling Bridge. There are only 55 residences now listed for sale in this group of buildings or less than 4 months of supply. Unit sales are down 7% over the previous 12 month period due mostly to the lack of inventory. While average sales prices in anyone building can change between years for a variety of reasons other than appreciation (shift to or away from more sales with water views, larger residences, etc), most buildings did experience an increase. However the weighted average sales price of the group fell 3% t0 $720,000 from $740,000 during the previous year. This was caused by a change in the sales mix among the buildings- a direct result of the inventory available more than anything else.

For the details on each sale transaction, subscribe to my newsletter here and download copies of sales histories for each building.

Downtown Sarasota Condo Sales by Building 12 months ended June 30 2015

Downtown Sarasota Condo Sales by Building

Sarasota Condo Market Stats June 2015

Downtown Sarasota Condo Market June 2015

Inventory and new listings continues to be the story in the downtown market (as well as the entire county). At the end of the month, there were 179 residences for sale downtown compared to a very low 202 at the same time last year. As noted in last month’s post, the 10 year record low for unsold inventory is 172 residences set in September of last year. New listings for June eked out ahead last year 33 to 28 but did little to dent the 15% shortfall over the past 12 months compared to the previous 12 month period.

Sarasota Condo Market Stats June 2015

Sarasota Condo Market Stats June 2015

The struggle in finding something under $500,000 downtown is getting impossible. As of today there are just 59 residences on the market under $500,000. Twenty seven of these have fewer than 2 bedrooms and 2 baths. If you want a 2/2 under $500,000 that was built after 1985, you currently have only 8 choices.

There are admittedly new construction residences on the market right now that are not posted in MLS, probably more in total that the 179 resales shown in MLS.  However, there are almost none priced under $500,000.