The Answer Depends on Who’s Guiding You

The Sarasota luxury real estate market is evolving, and whether you’re buying or selling, the opportunities have never been more dynamic. With inventory increasing, buyers now have more choices and negotiating power. But real estate isn’t just about numbers—it’s about investing in a lifestyle that aligns with your vision.

Are you looking for:

• A home with walkability to Veronica’s or Owen’s Fish Camp, or the ability to stroll to Florida Studio Theater or the Opera House; catch a movie at Burns Court Cinemas hear live music at Marina Jack.
• A multi-generational living space to keep family close. Homes in the City of Sarasota are zoned for an additional residence on site. This includes St. Armands Key, the north end of Siesta Key and the neighborhoods in between.
• A waterfront property for the ultimate Sarasota experience. We can orient you to the trade- offs of choosing something like Longboat Key’s Country Club Shores vs. living along Big Pass on Siesta Key as two of the many options.

No matter your goals, expert guidance is essential to navigating this market strategically.

A Market Offering More Choices for Buyers

With more properties available, buyers now have leverage in negotiations. Just to give some insight into the number of listings in some of our most sought-after micro-neighborhoods:

• Bird Key: 12 homes available
• St. Regis Residences, Longboat Key: 7 residences on the market
• Southside Village: 50+ opportunities for buyers

This increase in inventory creates opportunities to find the perfect home while securing the best possible terms.

Sellers: Premium Prices for Exceptional Properties

If you’re considering selling, the market still rewards properties that really stand out in terms of setting, location, design and finishes. High demand for special homes means premium prices are still achievable.

What’s Next for Sarasota’s Most Iconic Locations?

The Sarasota market isn’t just about today—it’s about what’s next. The positive outcome of the hurricanes is that now our community is taking action to be more hurricane resilient. We already see solutions being implemented by property owners and communities in and around St. Armands to prevent water intrusion. Infrastructure improvements by the city and county are accelerated, and lots of momentum has gone towards new construction which largely mitigates the risk of wind and water damage due to newer building code and higher elevations.

With an unparalleled level of service, we make sure that whether you’re buying or selling, you have a tailored approach designed for success. We don’t focus on volume. We focus on you—your goals, your vision, and your investment.

Call me @ 941.587.0740 and let’s craft a custom strategy that’s right for you.

The St. Regis Residences on Longboat Key offer an unparalleled five-star living experience where luxury meets the natural beauty of Sarasota’s coastline. This exclusive 18-acre paradise, built on the historic site of The Colony resort, is home to 69 residences, each offering breathtaking ocean views, a tranquil atmosphere, and world-class amenities. The St. Regis has revived Longboat Key’s social and resort lifestyle, providing residents with an oasis of sun, sand, water, fine dining, and relaxation.

Residents start their day by enjoying dramatic ocean views right from their bed, followed by a visit to Caroline’s Coffee Bar for locally roasted coffee and artisanal pastries. The 350,000-gallon saltwater lagoon, home to stingrays and over 2,800 aquatic species, is just steps away, offering a mesmerizing and unique experience.

The nearby Aldabra tortoises add to the charm of the natural surroundings, making this an ideal place for both relaxation and wildlife encounters.

For leisure, the St. Regis Residences offers an array of pools, including the Winding River, where residents can tube through lush landscapes and under the bridges of Mangrove Island.

Dining options are diverse, with five chef-driven restaurants offering a variety of global cuisines, including Latin American, Asian fusion, seafood, and Northern Italian. The resort also features a tiki bar, paying homage to The Monkey Room, a local legacy. With each dining experience, guests enjoy exceptional service and flavors in an elegant, tropical setting.

The “St. Regis Spa” provides the ultimate wellness retreat with 28,000 square feet of vitality waters, hydrotherapy pods, and a variety of contrasting hot and cold water therapies. The thermal experience blends ancient healing traditions with modern wellness practices, including Roman baths, Finnish saunas, and snow showers.

Evenings at the St. Regis are marked by the signature Champagne sabrage ritual, a tradition dating back to the Astors.

As the sun sets over the water, the St. Regis offers a luxurious and serene way of life, where nature and opulence blend seamlessly.

If you are ready to luxuriously enjoy life’s simple pleasures, set up a private consult (941.587.0740) to learn about the residential opportunities at the St. Regis Resort Longboat Key.

After being visited by Hurricane Helene and her equally intimidating brother Milton in a two-week period, I have pointed advice for Buyers contemplating living on our barrier islands (known as Keys here in Sarasota).

The storm season of 2024 has left a path of confusion and uncertainty for some. However, with our lifetime of experience living on our beautiful keys, we can offer solid guidance on how to mitigate the risk and therefore alleviate the stress. As a place of natural beauty, pristine beaches, and vibrant arts and culture, Sarasota will continue to attract those seeking an elevated lifestyle.

For the purpose of guiding you to an informed real estate purchase on or near the water, I have distilled down to three housing choices for living on a barrier island. I’ll also incorporate some benefits and challenges of each.

Here are the options:

• Ground Floor Living with Higher Base Flood Elevation
• Elevated Living
• Condo Living

As with all things, there are trade-offs. Buyers and owners have to weigh their risk tolerance, costs, and lifestyle choices that come with each.

Option 1: Ground Floor Living with Higher Base Flood Elevation

Historically, most people favor living on the ground floor, especially in a single family, stand- alone home. Technically this is referred to as “slab-on-grade.”

Most prefer this option because it eliminates the need for steps. Whether you have a toddler (or just entertaining one), may have someone recovering from an injury, or a family member whose mobility is less than it once was, this is the easiest form of living.

In a time when storm surges and flooding have become more frequent, this option is both going away and is more expensive to maintain. As more homes and businesses get flooded from extensive rain (or storm surge) events, insurance companies are raising the rates on this type of living. And even if one can afford the extra expense, there remains the added worry of monitoring the property during the storm season and the effort of remediating and renovating if the home has been breached.

I still believe this option is great, but there are two crucial pieces of information that buyers need to consider when assessing each property: the Base Flood Elevation (BFE) and the neighborhood’s drainage conditions, commonly referred to as “Storm Water Runoff.”

Our current home is slab on grade (which makes it step-free), yet our lot is built up and we are 16 feet above sea level. Consequently we are at a very low risk of any flooding from a rain or storm surge event.

Another very important point that needs to be taken into account is that FEMA came out with new flood maps in 2024. In the waterfront client base that we work with, we have seen that the elevations were lowered instead of raised. This does not make sense to me, especially in light of recent storm events. Whatever the new lower minimums may be, I recommend that property owners who are building new homes/buildings should plan to elevate them to at least the levels indicated on the previous flood maps. (You can access flood map info here.)

St Armands Key Case Scenario

We have a client that purchased a home on St. Armands Circle this summer of 2024. Fortunately, we negotiated their purchase at very close to lot value so the house was a bonus. They had water intrusion during Helene and Milton. Their home sits at 3½ feet above sea level. While they were originally intending to renovate in the short term and build new down the road, they have now decided to tear down and rebuild immediately. The most current FEMA flood map says that they have to build 8 feet above sea level. Let’s say they had 3 feet of water in their current home (they had a bit less) and we know they are 3 ½ feet above sea level, in my opinion 8 feet is a little too close to the 6 ½ feet of storm surge, so I am suggesting they should build at least 10 feet above sea level and preferably 11-13 feet.

Again, If I were to build new, I would go with the former FEMA flood map designations, which aim for a higher base flood elevation, especially after our experiences August-October 2024. This is another form of insurance called “Peace-of-Mind.”

My guidance here is that buyers should be able to get some good opportunities to buy slab on grade on our Keys this fall, winter, and spring. Buyers should go into any such purchase with their eyes wide open to understand the potential benefits and tradeoffs. If building your own brand-new home is the goal, this may be a window to get property closer to land value and then build to current codes to mitigate future risk.

Option II: Elevated Living

The second option for buyers on the barrier islands such as Lido, Siesta, St Armands, Longboat, or Bird Key is to purchase a home that was built after FEMA flood maps were incorporated in the local building code during the 1980s. This requires that any new construction be built at or above the designated elevation.

Homes can be elevated three ways:

1. PIERS. Some houses (especially those built in the 1980s) were erected on visible piers. The garage is on the ground and the living space is elevated into the air. In many cases, it is conceivable to see the underside of the structure from one side to another. A short time later some of these piers were framed in so that they were no longer visible.



2. FILL DIRT. A second way to elevate a home is to bring in fill dirt. This raises the level of the lot (almost like a small hill or ant mound). This can elevate a home up a few feet but has its limits especially in an already established neighborhood.



3. STEM WALL. A stem wall, constructed of concrete block, creates a box similar to a sand box with raised edges or sides that are perpendicular to the ground. The box (stem wall) is then filled-in with dirt, packed down, and the slab is built on top of it.

The most common building style today on the barrier islands employs a combination of the above methods (with the considerations of building codes/covenants to maintain legal compliance and aesthetic) to reach the desired minimum elevation. There are steps to get up to the main living areas. The annual flood insurance cost will be less than slab on grade and storm stress should be reduced and preferably alleviated.

Siesta Key Case Study

We have clients who purchased new waterfront construction (a decade ago) on land that was designated to have a BFE of 10 feet. (Note: Under the 2024 floor maps it was redesignated from 10 feet to 8 feet. Meaning that the 1st level of living space only needs to be 8 feet above sea level). They did not have any water intrusion issues. The point here is that purchasing within the framework described here as Option II (regardless of pre/post 2024 FEMA flood maps) will take a home off of the ground and elevate it. At a minimum it raises the main living level (or first floor of living space) up to FEMA’s designated minimum at the time of building.

Elevated properties did not experience water intrusion inside the main living areas of the home. They may have had storm surge in their garage if it was at a flood elevation lower than the storm surge. Homes that have elevator wells may also have experienced flooding as they may sit below grade.

Option III: Condo Living

Living in a condo may provide the greatest “peace-of-mind,” both during storm events as well as for everyday living. Condominium living is not for everyone as owners give up their personal space outside of their walls. However, there are three compelling drivers in favor of this option:

1. SETTING. Condominiums typically have prime waterfront locations at a more affordable/attainable budget than if one were to purchase a home in the same setting.
2. MAINTENANCE FREE. Condominiums provide comprehensive care (management) to for everything outside of your walls.
3. TURN-KEY. The best part of the condominium experience is the concept of “turn-key.” When you leave for any period of time, you get to just turn the key (i.e., lock the door) and leave. Your home in the sky, amenities and grounds will be there when you return just as when you left.

If this type of lifestyle is the right match, it may be one of the safest and easiest ways to be free from the stress of storm surge and severe weather events. There are also new statutes in Florida to ensure that all condominium communities are adequately funded for structural integrity as well as planned and unplanned improvements and renovations.

Most condominium properties, both older and newer buildings, remained unharmed during the hurricane events. The problems only arose on the ground floor areas of some buildings if they sat at a lower flood elevation. The ground floor may be the area designated for garages/carports, the common spaces for the community, or in a few cases there may be ground floor residences. All this is very specific to the individual buildings, so all these are talking points when we work with our buyers so they are aware of the risk factors.

NEW CONSTRUCTION CONDOS Offer the Ultimate Sense of Security

Mitigating against damage by natural weather events involves protecting from storm surge, heavy rains, and wind. Buying new construction is a very attractive option as the roof is new, all glass must be impact resistant, and the elevation has to comply to the most recent and strictest building codes.

Contractors and manufacturers are constantly learning from each weather event and improving their methods with each iteration for the best possible outcome. For example, some of the units in the Ritz Carlton Residences at The Quay in Downtown Sarasota (completed in 2021) experienced water intrusion in prior storms due to poor installation of windows — the windows themselves did not fail but water came through between the edge of the window and the wall. That same contractor, Moss Construction, must have learned their lesson because in their newly completed project at the St Regis Residences Longboat Key, the units did not have any water intrusion even though the winds were stronger.

Longboat Key Case Studies

ST REGIS RESIDENCES

We have a client at the St Regis Residences on Longboat Key (completed fall 2024) who closed on his unit just prior to the two hurricane events this fall. When we checked in with him he had no concerns about his unit as he lives on the fourth floor, has hurricane impact windows, and whatever would happen to the grounds would be taken care of by the management. After the fact, the most work any resident had to do was to clean the sea spray off the 10’ sliding glass doors. Even the garages did not experience water intrusion from the storm surge because the St Regis had elevated the land even under the garage.

We understand that not everyone can afford the St Regis, but this is an example of an experience many condo owners had on the island. There are actually many well-funded condominiums who are consistently having inspections by engineers and strengthening their buildings so that their residences are unaffected by the storms.

SEAPLACE

Seaplace is a condominium complex built in 1974 on Longboat Key. Our clients purchased a “starter” condominium in 2022. They did a complete renovation which included Miami-Dade rated, hurricane impact windows and doors. The property sits on over 2000 feet of direct Gulf Front. Their residence on the 5th floor looks out onto the beach. When they returned to the island it was just as they left it. The husband was pleasantly surprised as the 43 acres of grounds were completely clear and in pristine form just two weeks after the two storms. The buildings and their residence were fine which is the result of their improvements AND the management and homeowners relentless dedication “to maintain the quality and safety of the community.” The most recent structural assessment was conducted in 2023 as required by Florida Statute.

Amongst those who currently live here, it is not apparent if the events of late September/early October will cause owners to make a change or opt to stay put. It also may take some time for prospective new residents of Sarasota to reconsider their search and lifestyle criteria.

As we move forward through the 4th quarter of 2024 and into January of 2025, I feel that there will be some good options, though I am not sure about how many deals we will see as we wait to see if owners become sellers.

Why You Should Choose your Agent Wisely

We are very committed to the long-term relationship with each of our clients. As such we invest a lot of time honing in on where you will find your happiness as well as ensuring you are well educated and informed about the trade-offs of each choice you have to make. Deciding on the location and property is one part of the equation. To protect your interests, we guide you through the entire process from negotiations, contracts, multiple inspections, insurance, and closing. When you partner with our local Real Estate Agency you are ensured the benefit of our intelligence and our unwavering integrity.

We have extensive lifelong experience in this region and industry, along with a strong network of resources to provide you with support from top professionals throughout your journey to purchase and enjoy the exceptional lifestyle that Sarasota offers. If you have any questions about the Sarasota Real Estate market, call us @ 941.587.0740.

Sarasota’s New Construction in Downtown Sarasota, Lido & Longboat

I want to first share striking visuals of what’s happened in the new construction realm of our Sarasota real estate market while you were away this summer:

What Happened with Sarasota’s Sales Numbers in the Third Quarter?

• In Q3 of this year (July through September) sales were down 8% from the same period a year ago
• The median price has dropped 4.5%
• The luxury market has stayed flat during this same period

The St Regis Residences has now closed 37 of the 69 residences. From the data reported thus far, the prices have ranged from 2.3 million to 21.2 million.

In the Wake of the Storms: What to Expect in the Fourth Quarter

The fourth quarter is typically our slowest time here in Sarasota in terms of real estate sales. As we move into this period, I feel there’s still downward pressure on the lower end of the market due to interest rates.

I’m curious about what’s going happen with those properties located in flood zones- specifically those homes that are built slab on grade. I think there may be a slight uptick in prices for the mainland and condo properties. The luxury and ultra luxury markets are very, very strong as Sarasota continues to be a desired location.

I believe the key trends can be encapsulated as the 3 “Ns” as follows:

• Newer. I believe this is two different groups. They are homes built after a 1980s code change which required elevated structures in areas where storm surge is a possibility, in addition to single family and condos that are just “new construction” in general.
• Neighborhood. I think there’s going to be a renewed emphasis on neighborhood. People want to know how these neighborhoods fared during the storms and how they live on a regular basis. There are properties in the Southside Village neighborhood (where Morton’s Market and Sarasota Memorial Hospital are located) that are at an elevation of 23 feet. That’s fantastic — and it’s slab on grade.
• Never Flooded. I think people are going to be looking at buildings and properties that haven’t had any water intrusion, whether it’s in the last few months or the last several decades.

If you are a buyer in our real estate market, I will teach you how to mitigate your risks against future weather events so that you can enjoy the Sarasota lifestyle with piece of mind. Give me a call @ 941.587.0740 with any questions.

As a child, I grew up on Sarasota’s barrier islands during the 70s and 80s. From all my hurricane experiences of the last 40 years, Hurricane Helene was a very different type of storm than we’ve ever experienced.

There are three facets to a hurricane storm: wind, rain, and storm surge

• WIND. In a wind event, there are tremendous winds that have the potential of knocking down houses, taking off roofs, knocking down beautiful old trees. This was not that event. In this case, we had wind gusts that were in the upper 70 mph and steady winds that were within tropical storm strength of 30-50 mph. There is not wind destruction. There’s not even a little bit of destruction. Everything is very much intact from this standpoint.
• RAIN. In a rain event, you get tons of rain as we’ve seen across the country throughout this storm season, and you have great flooding. We did not have that either. We had a few inches of rain, which is probably equivalent to a strong late afternoon thunderstorm or two strung together.
• STORM SURGE. What was significant about this storm was a storm surge, which I’m going to describe as a very, very high, high tide. I personally have never seen this type of impact in our area. We’re at sea level here right on Lido Beach. Structures that were built right on (or just above) sea level had water in their properties because the tide came up much higher than usual and breached the entries. Many properties were unaffected. However, properties that were in low elevation areas had water come in as the tide surged in. The water then surged back out when the tide retreated. The areas that were in its path were left with wet items — whether that was drywall, appliances, mattresses, carpets, etc. While I don’t want to diminish the damage that storm surge causes and the personal/financial hardship it can inflict, I am trying to distinguish it from the other aspects of Hurricane damage.

The key point for those affected on our barrier islands here in Sarasota is that there’s a very straightforward path on remediating and restoring this type of damage. People don’t have to rebuild. They have to take out the things that are wet, and put new things in and move on with their lives. Those clients of ours that have been affected have rolled up their sleeves and are doing the remediation so that they can get back into their homes

If you’re a Seller, there are new disclosure requirements about selling in Florida and in light of the storm, I think it’s super critical that you’re very transparent as you go through that process.

And for Buyers, there are extreme subtleties about living here in Sarasota, whether it’s on the barrier islands called Keys or on the mainland. In order for you to get the best advice and go forth in these real estate transactions, I encourage you to give me a call. When making such a major financial and lifestyle investment you need to protect your interests now more than ever with an experienced real estate professional who’s lived here for decades and that understands the lifestyle and our real estate market.

For more questions on the storm or how to move forward with your real estate interests, don’t hesitate to give me a call Lee @ 941.587.0740

The next generation of ultra luxury living is upon us here in Sarasota.

On August 21st of this year, the 166 room, 5 Star St Regis Residences Longboat Key will open for guests. Concurrent throughout the month of August, the 69 very fortunate residents who have been on a journey for three plus years will begin to take occupancy into their personal residences at this 18 acre, gulf-front enclave. We have been on site during these finishing stages and can provide more comprehensive insight on that property for clients that may have serious interest.

The second quarter of this year reveals some surprising numbers:

• The ultra luxury segment (properties over $5M) has been the strongest part of our real estate market here in Sarasota. Sales are up 90% compared to the same period a year ago (the second quarter of 2023, April-June) and they’re up 30% from the first quarter of 2024 (January, February, and March of this year). This is a lot of strength in our marketplace overall. In addition to the St Regis project, the Rosewood Residences on Lido Key will bring us another batch of incredible ultra luxury in 2025. There are some premium residences that are still available.
• The overall Sarasota real estate market was down a half a percent from the same period a year ago, the second quarter of 2023 to the second quarter of 2024. However, April and May had the highest sales per month since that same period in 2022, nearly two years ago. This is an extremely bright part of our market.
• The luxury market (properties of $1.5M or more) was up 20% from the same period a year ago, and they had the highest unit sales since 2021, nearly three years ago.
• The lower price points in our market are actually having a little bit of a price decline. This is great because it makes Sarasota a little bit more affordable for these entry level properties and brings people off of the sidelines.

I’m extraordinarily optimistic about our Sarasota real estate market and our community in general. As more and more people write larger and larger checks, it validates everything that’s going on in our community and brings more money in. And yet, at the same time, people at all price points are finding more inventory and choices.

When you’re ready to engage and be part of this incredible community, please give me a call @ 941.587.0740. Our expertise in navigating the market has benefited our clients by securing the best values possible in the current climate.

The buzz in the real estate industry is that the current market is just like it was back in 2019. I have to believe that the only statistic that’s relevant is that the number of properties sold in the first quarter is about equivalent to 2019. We’ll get to that a little bit later.

For some context, Sarasota has evolved A LOT in the last five years:

• Let’s start with the Sarasota-Bradenton International Airport. Five years or so ago, the airport had about 6 airlines and 11 nonstop destinations. Now in 2024, there are 11 airlines and over 55 nonstop destinations.
• Since the pandemic, multiple paradigms have shifted. In Sarasota in particular, we have two luxury hotel brands under construction that didn’t even exist five years ago in The Rosewood and The St. Regis Residences.
• Bitcoin is trading 10 times higher than it was back then. Electric Vehicle sales make up about 10% of the entire car market which is really apparent on our roads here.

The community of Sarasota is moving forward. There are numerous more points to illustrate how dynamic our local real estate market is. For those who have a deeper curiosity I invite you to schedule a chat. My team and I are up close on a daily basis with the myriad of factors that exert pressure on our market and are in constant change. So, I would assert that Sarasota is a completely different market than it was five years ago.

The Sarasota Real Estate Sales Results for Q1 2024

• Number of properties that sold in Q1 (January, February, and March) increased slightly over the same period in 2023, about ½ of a percent.
• However, sales volume increased by 8% indicating a lift from what has occurred in the luxury market and in the most desirable properties.
• Luxury Market (properties listed for a $1,500,000 or more.) saw a 14% increase from the same period a year ago.
• The Ultra Luxury Market saw an increase. This quarter alone, there are four sales over $10,000,000. The same period a year ago, zero.

We have about 5,700 properties in inventory throughout Sarasota County. We’re beginning to see some equilibrium as that pendulum is working to find its middle ground between buyers and sellers. In some segments of our market buyers have more inventory to work with. However, options continue to be limited particularly for the most desirable locations. So increases in inventory have not lead to price decreases everywhere.

So What’s Fueling Demand Here in Sarasota?

I think there’s a huge validation in the luxury market. Those buyers are spending large sums of money investing in Sarasota real estate as they are confident the value their purchases bring. There’s been virtually no talk of a recession. The Dow has been up 18% from this period a year ago, and if you have a heavily weighted tech portfolio, it’s up even larger.

So, today’s buyer has a lot more money to spend, and the reality is that the quality of life in Sarasota is unparalleled. Whether it’s the beaches, the waterfront, the cultural amenities, the arts, being able to be outside 12 months a year — we have a very, very special lifestyle here in the Sarasota area.

Whether you’re looking to make a purchase here this spring, or your time horizon is two to three years out, it’s never too early to start. Nothing is more valuable than aligning yourself with an expert to guide you on the many nuances that influence the behavior of today’s buyers and sellers. We invest in the long term relationship with our clients.

We want to ensure you are informed and educated about living here in Sarasota. My team and I will be with you every step of the way, and we look forward to hearing from you soon. Call me @ 941.587.0740.

As you can see in this video, construction has begun on this prime 3.5 acre beachfront for the Rosewood Residences Lido Key. A significant part of the structure is now coming out of the ground and the site is buzzing with cranes and workers. Now that construction has begun and the progress is clearly visible, the option to live here is more tangible and we are engaging in with more buyers who have expressed interest.

The Rosewood Hotel and Resorts brand is recognized for around the world for curating the most inspired hospitality and service available anywhere, and here on Lido Key we will have the first ever property that will be exclusively residential.

In the winter of 2026, those seeking a sense of place and a super refined resort-style living experience will have the opportunity to move into these 65 boutique residences here on the Gulf of Mexico. There are going to be four different floor plans, ranging from $7.5 million to $15.5 million dollars. This property is going to be absolutely exquisite.

For a more in-depth look into this project, we created this “Exclusive Tour and Story Behind the Rosewood Residences Lido Key.”

If you would like a private orientation, I invite you to set up a video call with me or call me @ 941.587.0740.

Today we are taking you on location to show you the progress at the construction site of the St. Regis Residences and Resort Longboat Key.

There are presently 62 St. Regis Luxury Hotels/Resorts in the world and only 20 properties that offer the St. Regis Residences. Among these great locations are Dubai, Bermuda, and of course, the landmark establishment in New York City.

In just a couple of months, walk-throughs will begin for the 69 new St. Regis Residences Longboat Key owners, and the first closings will be in June of this year. The 166 room hotel will be open sometime this July 2024.

What’s really exciting is that the goal for Winfred Von Workum, the new general manager, is that this St. Regis Resort here on Longboat Key be the first Forbes FIVE STAR resort on the entire west coast of Florida!! Winfred has previously been the general manager for the St. Regis Bal Harbour, the St. Regis Washington, D.C., and the Ritz-Carlton New York. 

Just to provide a glimpse of the experience residents and guest will have here every day:

• 4-acre saltwater lagoon, complete with tropical fish and stingrays and two resident Galapagos tortoises.
• The resort’s spa is comprehensive and includes a hair salon, nail salon, massages and relaxation areas.
• A more upscale restaurant will focus on steaks and seafood, whereas a more “approachable” Italian restaurant for families.
• A bar on the second floor is positioned perfectly to watch the sunset.
• The St. Regis will pay homage to the former Monkey Room Bar (beloved community spot when this property used to be The Colony) in the way of a tiki bar near the beach.

The residences of the St Regis have been sold out for years, but as we know from previous new construction opportunities, a small number of unit owner may choose not to move forward once the closings happen. This may provide an opportunity for new buyers to come in and own an exclusive piece of this paradise here on Longboat Key.

For more information on how you might be one of those lucky few, please give me a call @ 941.587.0740.

We filmed this video newsletter on Sarasota’s Bayfront in front of “Embracing Our Differences,” a curated art show with over 16,000 submissions, and the winners surround me.

This is my 15th year of doing quarterly Sarasota real estate market reports and monthly newsletters. My January update has been one of the most sought after as I recap the previous year and provide context for how the market may perform in the year in front of us. So let’s jump right into it.

The Year in Review

• In 2023, we saw sales decrease by 5.5% compared to 2022.
• However, in the fourth quarter of 2023, we actually saw sales increase by 13% over the same period a year ago.
• The luxury market (properties more than $1.5 million) has seen an increase of 50% in this same period. It currently makes up about 7% of our market.
• There were 7 sales over $6M in Q4 of 2023, which is the same from the period a year ago.

The fourth quarter increase in the luxury market is a function of the completion of the Bayso condominiums, our newest downtown community with 149 residences. The next community on the horizon to be completed will be the St. Regis Residences on Longboat Key. That will open up in the summer of 2024- just about six months from now.

So what’s going on in Sarasota?

Well, there has been a tremendous investment in the community on the south, west and north corridors, and this is increasing the vibe and livability here in our community.

1. Just to the south of Downtown, we have seen about $100 million being invested in Selby Gardens. They’ve just completed phase one of three phases.
2. On the west along our bayfront, we’re seeing The Bay Sarasota come to life. They will have about $300 to $600 million invested once all phases are complete. They have already celebrated the one year anniversary of the opening of phase one, and the free community programming has been absolutely transformative.
3. On the north part of town, the Ringling College of Art and Design inches closer to being the preeminent art and design school in the entire world. They are closing in on a $175 million raise.

Looking forward to 2024 Real Estate Market

As we move into this election year, a lot of people are asking me, “How are this year’s elections going to impact our real estate market?” I went back multiple election cycles over the last 15 years to analyze this, and the fact is that there is no statistically significant increase or decrease of sales during an election year.

The past decade has seen a lot of ups and downs, ebbs and flows in the real estate market. To provide some greater context: 2022 and 2023 have been 15% below the average sales from 2014 to 2018. Our three strongest years over the last decade have been 2019, 2020, and 2021.

I expect as we move forward into 2024, we’re going to see a bit of a rebound over the past two years. The lifestyle in Sarasota has never been better with the increase of amenities, re-dedication to our infrastructure, and an incredible vibe that’s going on in our community.

A Window of Opportunity for Buyers

In some areas of our market, buyers have significantly more choices at this moment than they did through the pandemic. I feel we are in a window where they have some strong negotiating power. If you would like to have a buyer consult to discuss exactly how I have come to this conclusion and how we can position you to find a great value I invite you to set up a 20 minute video consultation.