Healthier Market Balance Seen in Luxury Home Segment


SARASOTA, FLORIDA, February 2nd, 2016 – With overall home inventory at less than six months for most of 2014 and 2015, pricing in Manatee and Sarasota’s real estate market has mainly favored sellers during the past two years. Some realtors, however, observed that there is a much healthier balance in the luxury home segment with the recent uptick in selling interest on Manatee-Sarasota homes for sale priced over the $1-million level.

Recent industry data showing an uptrend in new listings of luxury residences indeed confirm that luxury home market is drifting towards equilibrium, a trend which bodes continuing healthy growth for this segment in 2016. Reports from real estate agents showed that sales of luxury residential properties have been on a record pace during the past two years, with 590 high-end single family homes sold in 2015 and 512 in 2014. The unit sales last year accounted for some 3 percent of total existing home sales in the two counties.

What appears helping fuel these sales gains is the favorable media exposure that the two-county region has been consistently and widely receiving. These rosy citations include not only high praises for its beaches like Siesta, Longboat and Anna Maria but also top rankings that weigh in other socio-economic factors molding Manatee and Sarasota as a desirable place to live in.

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Healthier Market Balance Seen in Luxury Home Segment

Coupled with improving home prices, interest from upscale buyers heightened by these accolades, in turn, has also flushed out prospective sellers, recent MLS statistics indicate. These data show that some 70 new listings of luxury Manatee-Sarasota homes for sale have been added from early to mid-January 2016, sustaining a robust buildup of high-end residential properties for sale for most of the 2015 fourth quarter.

Significantly, market activity isn’t only building up in resale of existing single family homes. Many local builders, such as Josh Wyne Construction, Nutter, Heritage and Legacy, have reported increased orders for their custom homes. Realtors have also noted that a growing number of Siesta and Longboat Key homeowners are considering relocation to downtown Sarasota where a lot of new and upscale condo construction projects are ongoing and thus adding more vibrancy to the region’s luxury home segment.

Another Marquee Condo Debut

Amongst the recent listings in luxury downtown Sarasota condos for sale are the pre-constructions units of Azure on Palm. A project of Seaward Development which is likewise behind the newly built Park Residences of Lido Key, this downtown condominium at 711 South Palm Avenue is scheduled to break ground in March 2016 with expected building completion by 2017. The choices on Azure condos for sale include three-bedroom units with floor plans of 2,583 square feet and tag prices staring from about $1.3 million up to approximately $1.7 million.

On pre-owned luxury single-family homes, one of the most recent sales listing is a three-bedroom, extensively updated garden home at Queens Harbor in Longboat Key. Priced at close to $1.1 million, this residence at 3522 Fair Oaks Lane has a floor area of nearly 2,900 square feet. Notably, the top luxury home sale in Manatee County for 2015 was in Longboat Key, involving a 6,000-square-foot beachfront estate home bought for about $5.6 million in May.