Sarasota-Bradenton real estate market is on fire; what you need to know

If there is a list of places to be, the Sarasota-Bradenton-North Port metro area is probably on it.

Best Places to Retire? Check. Top places to live? You bet. Booming real estate market? You better believe

If you’re interested in learning more about the area’s real estate market, find the latest Herald-Tribune stories here.

Real estate in Sarasota-Manatee, like much of Florida and the United States, has undergone a dramatic transformation in a remarkably short amount of time, changing the profession along the way. The area’s long-overlooked luxury segment has burgeoned, attracting new shoppers who see bargains on the less-crowded Gulf Coast. Five years ago, only one real estate agent in the Sarasota area had ever made $100 million or more in sales in a year. Not only did more than a dozen real estate agents join the $100 million club, but for the first time in the region, the $200 million mark in completed sales was surpassed, according to data from the Multiple Listing Service.

Estate agents:The Sarasota real estate profession is reaching new heights in the transformed market, but challenges remain

Kim Ogilvie, Michael Saunders and Co., Bruce Myer, Coldwell Banker Realty and Judie Berger, Premier Sotheby's International Realty. Photographed on Tuesday March 29, 2022.

Luxury homes in Sarasota and Manatee counties have never been in higher demand or sold for as much as they are today. Part of the reason for this is that the area is attracting more buyers from the Northeast Coast of the United States, who often have different price expectations, which has impacted the area’s luxury market. Combined with fewer homes and stronger demand, luxury price points have been pushed higher and higher.

Luxury market:Is the influx of northeastern buyers into Sarasota’s real estate market driving prices higher?

The 3 acre lot at 100 Beach Ave. comprises a 7,500 square foot five bedroom, five full bath, one half bath residence with direct gulf frontage of over 110 feet of white sand beach. Marketing materials for the property describe a custom-built home with large windows revealing water views throughout the property.

A beachfront mansion on Anna Maria Island has sold for $16 million, the highest-ever price for a residential property in Manatee County, according to the realtors who negotiated the sale. The 3 acre lot at 100 Beach Ave. comprises a 7,500 square foot five bedroom, five full bath and one half bath residence with direct Gulf frontage of over 110 feet of white sand beach.

Record Sales:Beachfront mansion on Anna Maria Island sets record for $16 million sale

Rents at the North Port-Sarasota-Bradenton subway station are the 14th most expensive in the country for mid-size subways, according to data from the US Department of Housing and Urban Development and the US Census Bureau.

Rising rent:Rents for Sarasota, Bradenton and North Port are among the most expensive for mid-sized metros in the US

On this stretch of Florida’s west coast, rents have skyrocketed faster than anywhere else in the country, up nearly 50% year over year. Rents in the greater North Port-Sarasota-Bradenton area are up 46% since November 2020. The average one-bedroom apartment had a rent of $1,600, while the average two-bedroom apartment cost $2,000 per month.

Rental Crisis:Fastest rent increases in the country cause hardship on the Sarasota subway

Rents in Sarasota-Manatee have soared faster than anywhere else in the country over the past year, but according to the latest data from Apartment List, there are signs the rapid rent increases are reaching a ceiling. Sarasota-area rents rose more slowly than the national average for the first time since at least June 2021, according to Apartment List.

How high can it go?:Does Sarasota-Manatee have a cap on rent increases?

A recent analysis of federal housing data showed that several Florida metro areas rank among the best in the country for their share of total home sales over $1 million, with the Sarasota-Bradenton region ranking in the top 10 mid-sized metro areas for luxury sales.

Million Dollar Homes:Sarasota is among several top-ranked Florida metro areas for the most $1 million home sales

National moving company PODS has placed Sarasota at the top of its list of the most desirable locations in the country. According to a press release on the PODS data, from January 2021 to March 2022, Sarasota had the highest move-in to move-out ratio of PODS customers, beating Dallas-Fort Worth, Nashville and Tampa.

Moving destination:National Moving Company PODS Names Sarasota the Top Moving Location in the United States

Two reports from companies that specialize in long-distance moving ranked the greater Sarasota area as one of the top locations in the country for people to move.

Top Target:The Sarasota Metro stands out in inbound migration with nearly 3 to 1 inbound moves

The Hyatt Regency Hotel Sarasota, 1000 Boulevard of the Arts, Sarasota.

The Hyatt Regency Sarasota is under contract by a developer who is in the early stages of plans to demolish the decades-old hotel and convert it into a Thompson Hotel — a luxury brand owned by Hyatt.

Hyatt Sarasota:The developer plans to demolish the Hyatt in downtown Sarasota and possibly build condos and a hotel

In the Sarasota-area real estate scene, where the median home price has soared to $500,000 amid a shortage of homes for sale, true flippers are having an extraordinarily difficult time staying in the profession. When they find a property where the numbers work, problems in the supply chain have pushed up the cost of building materials — eroding potential profit.

Flip out:How Did Home Flipper Perform in Sarasota’s Hot Real Estate Market?

The soaring real estate prices in the North Port-Sarasota-Bradenton metro area have sparked some concerns that costs have reached crisis levels that will hurt the region’s tourism-dependent economy by making it harder for workers to find affordable housing .

High cost of living:The housing affordability crisis will weigh on Florida’s economy, an expert says

Punta Gorda was identified by The Boyd Company, a corporate relocation consultant since 1975, as the best place to open a “new normal” corporate headquarters in the eastern United States

Hotspot:Punta Gorda named Best Place to Relocate a Corporate Headquarters in the Eastern United States

Sarasota County has received a request to lease the existing Siesta Key Beach Resort at Calle Miramar and Ocean Blvd. in the village of Siesta Key. The existing buildings would be replaced by a five-story, 170-bed hotel.

There’s little debate as to whether the Key could use more visitor housing, but the size and scale of the proposed developments are hotly debated issues for Siesta Key residents, prompting significant backlash.

Evolution of Siesta Keys:Siesta Key hotel projects advance as resistance grows

This rendering shows Stillwell, a 274-unit rental community, along with a 5,000-square-foot clubhouse. The gated community will only offer rental housing. Coastal Ridge Real Estate, based in Columbus, Ohio, recently broke ground on the project. The first houses could be ready by early 2023.

A Columbus, Ohio-based developer recently broke ground on Stillwell, a gated community in Wellen Park’s Playmore District that will offer all 274 single-family homes in southern Sarasota County for rent, not for sale.

Building trends:Waves Park build-to-rent single family community in southern Sarasota County

Ralph Mauro stands in front of a condo he rents in Lake Suzy, DeSoto County, Florida. Mauro prepaid a condo in Sarasota in February 2020 for use from January 2021 through April. The 89-year-old was unable to obtain a vaccine prior to taking possession of the condo and has not benefited from it because of the pandemic, he says. He paid well over $15,000 to use the property.

A Northern snowbird says because of COVID and his inability to get a vaccine in late 2020, he never set foot on the property he planned to rent for a winter, a non-visit that cost him more than $14,000 have.

rent dispute:Snowbird pays up front for Sarasota condo, more than $14,000 after dispute

Sarasota was named one of the best places to live in the country by US News & World Report based on its attractiveness, quality of life and cost of living. The annual ranking, released by the media outlet this week, places Sarasota 9th on a list of the 150 best places to live in the country, making it the only Florida city to make the top 10.

perennial favourite:Sarasota makes the top 10 best places to live in the US, with other Florida metro areas falling behind

Sarasota and Bradenton are two of the top pet-loving cities in the US—as if the sheer number of people walking their dogs on the Bayfront wasn’t proof enough. Sarasota is the best place in the country for pet lovers, according to a list released this week by rental-hunting website Apartment Guide.

Bring your best friend:Sarasota and Bradenton are two of the top 10 cities in the US for animal lovers

According to US News and World Report data for 2021-2022, Sarasota was again named the best place to retire in the United States. The city had previously won the title in 2021 and finished runners-up for the 2020 report.

More:Sarasota is once again the best place to retire in the United States

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