Market inventory may be starting to thin in high-end single family homes in summer 2015, but there are certain upscale communities and price points where supply remains quite healthy despite recent indications of a downswing of available high-end residences. By some realtors’ estimate, the supply of high ticket residential properties in the Sarasota-Manatee area has receded to 16 months, down from as high as 55 months during the last Great Recession.
Statistics-wise, market inflow of upper tier Manatee and Sarasota homes for sale stays robust in the $600,000-$999,999 price range with sustained increases during the 2015 first quarter. Year-over-year percentage growth of new listings in Sarasota in the three-month period for this price range were in double digits. There was a 27.3% spike in January, followed by 71.9% and 19.7%, in February and March, respectively. In Manatee, the increase peaked at 33% in March, after respective gains of 3.1% and 22.8% in January and February.
For luxury neighborhoods where choices remain ample, The Lake Club of Lakewood Ranch (LWR) is one great destination. LWR’s developer, Schroeder-Manatee Ranch, estimated recently that a four-year inventory remains at Lake Club where several new listings have been added in the MLS of Sarasota homes for sale in May of 2015.
Among these newly listed properties is a three-bedroom Tuscan-inspired custom home built in 2013 with a floor area of 3,364 square feet and an asking price of $1.3 million. Another May listing at the Lake Club is a 5,181-square-foot residence built in 2008 with five bedrooms and four baths, and offered in the market at a quoted price approaching $1.9 million. For a new Lake Club build, an Italian architectural home rendering called the Floridia with three bedrooms within a 3,484-square-foot floor area has also been put in the market with a price tag of nearly $1.5 million.
Panther Ridge, which is close to Lakewood Ranch, is another great destination for searchers of upscale Manatee-Sarasota homes for sale. An equestrian community, this development consists of some 800 homes on 3,200 acres conveniently located on both sides of SR 70. Boasting of 15 miles of trails, this community consists of nine neighborhoods.
At slightly under the half-million-dollar mark, a three-bedroom Panther Ridge residence was sales-listed just this April. This home, which has a floor area of 2,587 square feet, was built in 1998. At the top among the sales-listed homes in this community is a six-bedroom home with a floor area 9,046 square feet and an asking price of close to $2.2 million, also posted in May 2015.
The Concession, an upscale golf community near Panther Ridge, offers not only ample upper-end listings of Manatee-Sarasota homes for sale but also plenty of buildable lots at attractive prices. In March, a newly built 3,394-square-foot, three-bedroom home in this development was sales listed at a quoted price of $1.05 million. Buildable home sites at The Concession go as low as the $200s. Country Club East, an LWR Ranch development with homes priced up to $1 million, also offers available lots.
SARASOTA, FLORIDA, October 7, 2019 – Property values of communities in the Sarasota-Manatee region now face lesser threat from neighborhood eyesores brought about by abandoned, foreclosed homes. Known in the real estate trade as zombie foreclosures, these properties have shrunk significantly in the region. According to an August report of ATTOM Data Solutions, abandoned […] more>>