Today I am standing in Luke Wood Park, home of the Mable Ringling Memorial fountain, which opened on Arbor Day 1936, eighty years ago this year.
This spot is apropos for this month’s newsletter because I want to talk about a unique species of bird, the “Snowbird.” This term was first used in the 17th century in conversations about certain species of birds that migrate south in the winter. It was during the early 20th century that the term began to be applied to humans.
Sarasota has had an interdependent relationship with the “human” snowbird for more than a century. Mable and John Ringling began their relationship with Sarasota in 1911 – themselves being amongst the first snowbirds.
I firmly believe that one of Ringling’s best legacies for Sarasota was the culture of philanthropy that they created. Mable Ringling was a patron of the arts, committed to education, and a tireless advocate for those that had less fortune than she.
The Snowbird Share of Sarasota’s Real Estate Market
Before the age of the McMansion, Sarasota’s premier waterfront streets were lined with what we now call mid-century modern homes, or in lay terms single-story ranch houses. Those that could afford to travel with the weather came to Sarasota for 3-6 months and then returned to their northern homes.
Today there are even more winter visitors, but their lifestyle and habits have changed. There are two main categories of part-time residents:
- Those who have their primary residence outside of Sarasota, i.e they are homesteaded somewhere else. This typically translates to being in Sarasota less than 6 months each year.
- Those people who have homesteaded their residence here and go back and forth during the year for family events, doctor’s visits, cultural events, etc.
Generally speaking, snowbirds still maintain two or more houses but they come from much further places, stay longer, and return more frequently. Sarasota as a community has evolved. We are now more of a year-round community where businesses no longer close up in April/May and reopens in November.
Here is a snapshot of how many non-resident snowbirds make up the Sarasota Real Estate Market:
- In the luxury market (those properties valued at $1M or more) nearly 30% of the property owners make their primary residence outside of Sarasota.
- Nearly 2/3s of the owners of condominiums valued between $200k and $500k have their primary residence outside of Sarasota.
- There are over 30,000 single-family homes and condominiums valued at over $200k where the owners have declared their primary residence somewhere other than Sarasota.
What Value Do Snowbirds Bring to the Community?
There is an acute awareness of the shift in traffic and crowds during the most concentrated months of our winter “season.” But we also know that there is tremendous economic value that comes from them investing their time and money in Sarasota.
Let’s hit some highlights:
- Snowbirds whose primary residence is outside of Sarasota pay more in real estate taxes. Their assessed property values are capped at 10% instead of 3% for the resident. Also, there are no potential exemptions – these can be anywhere from $50,000 to having 100% of ad valorem taxes waived.
- Following the lead of Mable Ringling, snowbirds give generously through their personal philanthropy.
- Snowbirds contribute significant amounts of their time to volunteerism in Sarasota’s education system, arts, and charities.
To one of our earliest snowbirds, Mabel Ringling: Thank you for creating and nurturing a spirit of philanthropy that raises the bar for all members of the Sarasota community. 🙂
Whether you occupy your Sarasota home for a few weeks or the entire year, our community needs all its residents to invest in our community. A better community leads to better real estate values, and so on. If you have any real estate questions, please call me @ 941.587.0740.
