Today I’m standing at the Legacy Trail. What once was a railway on the west coast of Florida has been converted to a path where pedestrians and bikers can peacefully coexist here in the countryside of Sarasota. This is the ten-year anniversary.
In the near future, the trail is going to be increased from about 11 miles to roughly 20 miles. This will connect Venice all the way to downtown Sarasota. The path will not only be used by those looking for exercise by bike or foot, it will also accommodate commuters looking to use those modes of transportation to get to school, work, go shopping, and leave their cars at home.
Size Matters More on Siesta, than Longboat Key and Downtown
Of course, I’m referring to real estate. I looked at properties over 4,000 sq. ft. and wanted to determine if buyers are willing to pay a premium for those properties. In fact, on Siesta Key, the median sales price is 20% higher for properties over than 4,000 square feet as compared to those between 3,000 and 4,000 square feet.
On Longboat Key, however, size doesn’t matter as much, as there is a 2% premium being paid for properties that are under 4,000 square feet. And in downtown Sarasota, it’s 4% less for properties that are over 4,000 square feet compared to those that are under.
Other interesting facts currently in Sarasota.
- For new construction on Longboat Key you’re looking at $900 per square foot on the beach.
- Buyers are paying a 30% premium for those properties that have a three car garage instead of a two car garage.
- There is a negligible difference in price paid for three bathrooms instead of two.
Referendum for Sarasota Schools Passes
Sarasotans recently extended the amount of money they’re willing to contribute to the school system. The single largest demographic supporting it are people over the age of 65. This generation fundamentally understands the value of a great education. Also, they understand the correlation between a good school system and higher property values.
It’s no wonder then that Southern Living Magazine chose Sarasota as one of the top ten cities in the South. Sarasota is the only city in the state of Florida to receive this honor.
So come whether it is for the great school system, this wonderful Legacy Trail, or just the terrific weather. We here at our real estate brokerage are poised and ready to help you find your perfect lifestyle 🙂
