The Sarasota-Bradenton real estate market is on fire; What do you want to know

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

The best places to retire? Check. The best places to live? You bet. A booming real estate market? You better believe it.

If you want to know more about the area’s real estate market, the latest Herald-Tribune stories are here.

Real estate in Sarasota-Manatee, like much of Florida and the United States, has undergone a dramatic transformation in a remarkably short period, changing the profession along the way. The area’s long-neglected luxury segment has taken off, attracting new buyers who see bargains on the less traveled Gulf Coast. Five years ago, a single Sarasota-area realtor had sales of $100 million or more in a year. But not only have more than a dozen real estate agents joined the $100 million club, but for the first time in this region, the $200 million threshold in closed sales has been crossed, according to data from the Multiple. Listing Service.

Real estate agents :Sarasota’s Realtor Profession Reaches New Heights in a Transformed Market, But Challenges Remain

Luxury properties in Sarasota and Manatee counties have never been more in demand or sold for more money than they are today. Part of the reason is that the area has attracted 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 prices have been pushed up.

Luxury market:Is the influx of Northeast buyers in the Sarasota real estate market driving up prices?

The 1.26 acre property at 100 Beach Ave.  features a 7,500 square foot residence with five bedrooms, five full bathrooms and a powder room with direct gulf frontage over 110 feet of white sand beach.  The property's marketing materials describe a custom-built home with large windows offering water views throughout the property.

A beachfront mansion on Anna Maria Island has sold for $16 million, the highest price ever for a residential property in Manatee County, according to realtors who negotiated the sale . The 1.26 acre property at 100 Beach Ave. features a 7,500 square foot residence with five bedrooms, five full bathrooms and a powder room, with direct gulf frontage over 110 feet of white sand beach.

Record sales:Anna Maria Island beachfront mansion sets record with $16 million sale

Rents in the North Port-Sarasota-Bradenton metro are the 14th most expensive in the nation for mid-size metros, according to information from the US Department of Housing and Urban Development and the US Census Bureau.

Rising rent:Rents for Sarasota, Bradenton and the North Port area are among the most expensive for mid-size metros in the United States

Along this part of Florida’s west coast, rents have risen faster than anywhere else in the country, up nearly 50% from a year ago. Rent in the North Port-Sarasota-Bradenton metro area is up 46% from November 2020. The median one-bedroom apartment had a rent of $1,600, with the median two-bedroom apartment costing $2,000 $ per month.

Rent crisis:The nation’s fastest rent hikes cause difficulties in the Sarasota metro

Rents in Sarasota-Manatee have risen faster than anywhere else in the country over the past year, but there are signs the steep increases are hitting a ceiling, according to the latest data from Apartment List. Rents in the Sarasota area, for the first time since at least June 2021, have risen more slowly than the national average, apartment listing data shows.

How far can he go? :Does Sarasota-Manatee have a cap on rent increases?

A recent analysis of federal housing data showed that several metropolitan areas in Florida rank among the best in the nation for their percentage of total home sales above $1 million, with the Sarasota-Bradenton area ranking in the top 10. top mid-size metropolitan areas for luxury sales.

Million dollar homes:Sarasota among several high-ranking Florida metros for most million-dollar home sales

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

Resettlement destination:National Moving Company PODS Names Sarasota Top Location for U.S. Moving

Two reports from companies specializing in long-distance moves have included the Sarasota metro area as one of the best places in the country for people to move.

Main destinations:Sarasota Metro ‘stands out’ for inbound migration with nearly 3 to 1 inbound moves

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

The Hyatt Regency Sarasota is under contract with a developer who is in the early stages of plans that will see the decades-old hotel demolished and redeveloped into a Thompson Hotel – a luxury brand owned by Hyatt.

Hyatt Sarasota:Developer plans to demolish downtown Sarasota Hyatt, potentially build condos, 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, real flippers have found it extremely difficult to stay in the profession. When they find a property where the numbers can work, supply chain issues have pushed the cost of building materials higher than ever, eroding potential profits.

Going crazy:How has the home flipper evolved in Sarasota’s hot real estate market?

The drastic increase in home prices in the North Port-Sarasota-Bradenton metro area has sparked some concern that costs have reached crisis levels that will affect the region’s tourism-dependent economy by making more difficult for workers to find affordable housing.

The high cost of living:Housing affordability crisis will ‘stifle’ Florida economy, expert says

Punta Gorda has been 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 office in the eastern United States

Sarasota County has received an application to redevelop 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-storey, 170-bed hotel.

There is little debate over whether the key could use more accommodations for visitors, but the size and scope of the proposed developments are hotly debated topics for residents of Siesta Key, causing considerable backlash. .

Development of the Siesta key:Siesta Key hotel plans move forward as opposition grows

This rendering shows Stillwell, a 274-home rental community, as well as a 5,000 square foot clubhouse.  The gated community will only offer rental homes.  Columbus, Ohio-based Coastal Ridge Real Estate recently launched the project.  The first houses could be completed as early as early 2023.

A Columbus, Ohio-based developer recently opened Stillwell, a gated community in the Playmore district of Wellen Park that will offer all 274 single-family homes for rent and not for purchase in southern Sarasota County.

Construction trends:Single-Family Build-to-Rent Community Targeted for Wellen Park in Southern Sarasota County

Ralph Mauro stands in front of a condo he rents in Lake Suzy, DeSoto County, Fla. Mauro prepaid a condo in Sarasota in February 2020 for use from January 2021 through April.  The 89-year-old was unable to get vaccinated before he could take possession of the condo and did not benefit from it because of the pandemic, he says.  He paid over $15,000 for the use of the property.

A northern snowbird says that due to COVID and his inability to get vaccinated at the end of 2020, he never set foot on the property he planned to rent for a winter, a non-visit that would cost over $14,000.

Rental dispute:Snowbird pays upfront for Sarasota condo over $14,000 after dispute

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

Eternal Favorite:Sarasota Makes Top 10 Best Places to Live in US, Other Florida Metros Drop

Sarasota and Bradenton are two of the best cities for animal lovers in the United States – as if the number of people walking their dogs around the bay wasn’t enough proof. Sarasota ranked as the top location for pet lovers in the country, according to a list released this week by rental search website Apartment Guide.

Bring your best friend:Sarasota and Bradenton are two of America’s top 10 cities for animal lovers

Sarasota has once again been crowned the best place to retire in the United States, according to 2021-2022 data from US News and World Report. The city previously won the title in 2021 and came second for the 2020 report.

After:Sarasota, again, is the best place to retire in the United States

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