Luxury Sarasota Real Estate Market Heating Up


SARASOTA, FLORIDA, April, 18, 2013 – Current conditions are just ripe for both sellers and buyers in the luxury home segment to engage the market, Sarasota Bay Real Estate said, noting recent national indicators from the Dallas, Texas-based Institute of Luxury Home Marketing (ILHM).

Based on data as of the end of March, Laurie Moore-Moore, ILHM founder and CEO, said that inventory levels in the upper tier residential property market have been falling and luxury home prices are trending up.  ILHM’s latest luxury home market action index, illustrating supply and demand balance, was estimated at 29; levels above 30 index points typically indicate a seller’s market while points below signal a buyer’s market. “We are moving out of a buyers’ market toward a balanced market,” Moore-Moore said.

Prospective sellers of luxury homes can’t afford to fence-sit much longer and have to take action, Sarasota Bay Real Estate reports. The current low inventory levels of available upscale residences will not last too long, the full service realty firm added. New construction in upper-tier residential developments, it observed, has been accelerating on the local level.

Momentum builds up at Founders Club

Global Buyers

At the Founders Club in Sarasota, for instance, construction and sales activities have been appreciable of late, according to Mark Wilson, president and CEO of London Bay Homes, the developer of this golf community. The rising momentum at this development is evident in their doubled sales traffic compared to 2012, Wilson said, adding that they are moving toward build-out of the development. “More than 50% of the 262 home sites now have completed homes, and, in addition to these, there are 10 new homes in the permitting process or already under construction,” the London Bay Homes executive revealed.

The increased buying interest at Founders Club, Sarasota Bay Real Estate said, is an indication that buyers aren’t biding their time before the luxury home segment becomes a seller’s market which could send prices notching up to higher levels. In the current MLS listing, there are 16 available homes in this community out of which three are already pending deals.

The allure of “private label” living

A new listing added has been priced in the high $800s for its four-bedroom, five-bathroom features in a floor area of 4,250-plus square feet. Larger estate homes currently listed at Founders Club have asking prices in the $1 million–$2 million range with floor plans of up to nearly 6,800 square feet. This community likewise has alternatives on maintenance-free cottage homes with base prices in the high $600s.

Global Buyers

Notably, London Bay Homes developed the golf community under the concept of “private label living.” This development thrust manifests in the small, quaint neighborhoods of the 700-acre Founders Cup planned for just 262 homes of Mediterranean and Tuscan design. This makes it easy for the residents to develop connectivity and cultivate friendliness within the community.

Moreover, these homes are afforded unique and amazing views of natural preserves, lakes and the community’s verdant golf course, Wilson noted. “There are no back-to-back homes,” he said. What’s even more attractive for this community, the London Bay Homes executive added, is that Founders Club has no fee for community development district (CDD). In effect, the residents’ real estate tax bill is freed of operating assessment or CDD debt service, he said.