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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 Cheryl Loeffler, MBA +1 941 302 9674 Cheryl.Loeffler@sothebysrealty.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. We are 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. Our 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.

Cheryl Loeffler, MBA Signature Sotheby’s International Realty +1 941 302 9674 Cheryl.Loeffler@sothebysrealty.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 was 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 its 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

Cheryl Loeffler, MBA Signature Sotheby’s International Realty +1 941 302 9674 Cheryl.Loeffler@sothebysrealty.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

Reserved. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates, Inc. An Equal Opportunity Company.

1621 Caribbean Drive, Sarasota Offered at $1,950,000

Equal Housing Opportunity. Each Office Is Independently Owned And Operated.


Number one. Times two.

6280 Riverview Boulevard, Bradenton Offered at $8,850,000

Signature Sotheby’s International Realty in Sarasota is merging with Premier Sotheby’s International Realty in Naples. Now the top two names in luxury real estate on the Gulf Coast are working in unison, backed by the unrivaled resources and worldwide prestige of Sotheby’s International Realty®. What does this mean to you? Just about everything.

Cheryl Loeffler, MBA +1 941 302 9674

 
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