Newsletter 122

NEWS FROM THE SUNCOAST …..

RED TIDE, COVID COULD SHIFT TOURISM BOOM

Red tide in the Gulf and rising COVID-19 cases are creating some uncertainty in the hospitality industry in the Sarasota-Manatee area. While the current red tide is not nearly as bad as the bloom from three years ago, there are questions about how a persistent outbreak, combined with the surge in COVID cases could impact the local economy. Virginia Haley, president of tourism bureau Visit Sarasota County, said that the good news is, red tide isn’t present at every single local beach every day like it was in 2018. There are some days where certain beaches don’t have any of the toxic algae, and visitors are able to see for themselves by visiting Mote Marine Laboratory & Aquarium’s beach conditions report online. To read more on this story, courtesy of the Sarasota Herald-Tribune, please click here: Red Tide / Tourism Concerns

BEST. JUNE. EVER.

Tourism in Sarasota County was the strongest it has ever been in June, as the area saw an influx of travelers from the northeastern and midwestern U.S. The increases come despite lingering red tide off the coasts of Sarasota, Manatee and Tampa Bay this summer. In June, 132,700 travelers stayed in paid lodging in Sarasota, according to the latest statistics from Visit Sarasota County. Visitorship was up 34% compared to June 2019, when 99,300 people stayed in Sarasota hotels and vacation rentals. Direct visitor spending during the month of June was $117.7 million, a 44% increase over 2019. Lodging occupancy was 81%, and the average daily room rate was $205, a 31% increase over the $157 in June 2019. For more on this story, please click here: Best. June. Ever.

RECORD AGAIN

Sarasota-Bradenton International Airport broke its all-time passenger traffic record again during the usually quieter month of July. The airport welcomed a record 326,947 passengers in the month of July, a 4.5% increase over the previous month of June and a 122% increase over the pre-COVID July 2019 passenger traffic count of 147,068. The traffic figures also represented a 424% increase over 62,405 passengers in July 2020, four months after the COVID-19 pandemic hit the area.
"Our numbers and services keep growing, and we keep giving the local community and greater community in the U.S. more and more options to get here or get to someplace else from here," airport president and CEO Rick Piccolo said. If you’re interested to read more, please click here: SRQ Breaks Another Record

WELCOME TO TOWN

The U.S. Census Bureau released the first batch of data from the 2020 census conducted last year that will be used for everything from drawing boundaries for congressional representation to what products supermarkets will likely stock on their shelves. The new population data showed Sarasota and Manatee counties increased their official counts by a combined 131,435 people since the last census in 2010. In Sarasota, the population increased from 379,488 to 434,006 – an increase of 54,558 people, or 14.4%. Manatee County increased its population by 76,877 from 322,833 in 2010 to 399,710 in 2020 for a 23.8% increase in population. There’s more on this story here: Census Shows Growth

REAL ESTATE’S REENTRY

This is a guest commentary by Budge Husky, that was included in this weekend’s Herald Tribune.
It was bound to happen. After fifteen straight months of stratospheric sales following the brief, 45-day COVID pause last spring, the trajectory of real estate has turned earthward once more. July proved the inflection point, being the first month in which pending sales in the region stand at a number below the same month last year. After getting used to rocketing at hypersonic speeds like astronauts, those in the real estate industry may have to adjust to the undeniable physics of gravity once again. So, is the mission over? It’s important to note that total sales year-to-date in the market, despite this news, are 50% beyond that achieved in 2020. Also contemplate that a return to 2020 levels, if true, would still impress based on that year’s faster pace in relation to 2019. So why the recent deceleration, and what may we expect as we reenter earth’s atmosphere? Please follow the jump for more on this story: Real Estate Reentry

LOT SALES RISE LOCALLY

A country club east of Interstate 75 in Sarasota County completed $10 million in lot sales last season, according to a news release. The Founder’s Club, a 262-home residential development, sold 33 lots this past season, an increase of about 50% from past years, said Melissa Dovey, sales executive at The Founders Club.
Ninety percent of the sales closed since the start of the year. Two additional lots are under contract, leaving just 10 lots for sale in the entire development, Dovey said.
Homes at The Founder’s Club ring a 7,094-yard, par 72 layout that features a backdrop of mature oak, pine and palm trees. The course just underwent a $600,000 renovation that saw improvements to the bunkers and greens. Please click on the link for more: Founder’s Club Lots

A BUILDING DEMAND

Shortages in building supplies related to the pandemic have pushed the cost of materials to historic levels, forging delays for homebuilders and further inflating real estate prices. The delays come as droves of new residents flock to Southwest Florida and have caused a price surge in the resale housing market that’s helped the median home price shoot past $400,000 for the first time in area history.
Builders and economists agree the shortage will eventually ease as new suppliers emerge and COVID-19 lockdowns are lifted. But no one can be sure when that will happen. Pat Neil, CEO of Neil Communities, has been building homes in the area since 1970. He said the current supply shortages are reminiscent of 1976 and 1977.
"I was a lot younger then and a lot smaller," he said. "I’ve done a much better job today." There’s more on this story: A Building Demand

HOW LWR BECAME THE FASTEST SELLING COMMUNITY

When the COVID-19 pandemic first reached the area in the beginning of 2020, residential real estate professionals didn’t know what to expect. Would the pandemic influence people to put off moving? How long would lockdowns last? How do you sell a house without face-to-face meetings? Would home sales dry up? "I think everybody in residential building was afraid we were going to see the spigot shut off," said Laura Cole, senior vice president at LWR Communities LLC in Lakewood Ranch. The massive 33,000-acre master-planned community located in Manatee and Sarasota counties had plans to open or had just opened five residential villages in Lakewood Ranch when the lockdowns forced a pause of business. However, fears of a real estate slowdown turned out to be unfounded as residential sales in Southwest Florida picke by the middle of April 2020, and have not slowed since. "Nobody expected the housing boom that came out of that," Cole said. Since its inception about 27 years ago, Lakewood Ranch has been one of the fastest-selling master-planned communities in the country. But in the mid-year rankings of 2021, conducted by real estate consulting firm RCLCO, Lakewood Ranch appeared at the top of the list for the first time. Please click here for more: How LWR Became #1

MANATEE COUNTY TO HAVE THE LARGEST BATTERY

Manatee County will soon be home to the world’s largest battery when Florida Power & Light completes the project by the end of the year. The $300 million battery sits on about 40 acres in Parrish and will have a capacity of about 409 Megawatts — the same as every iPhone in the U.S. combined, all 100 million of them. That’s enough energy to power 329,000 homes for two hours. The battery will produce energy for customers throughout the state, making it possible to store solar power generated during the day to be used at night or in the future, FPL Vice President of Development Matt Valle told elected officials and stakeholders during a tour of the construction recently. Click here for more: World’s Largest Battery

FIRST LOOK: ST. REGIS LBK

The architect for the long planned St. Regis Longboat Key Resort and Residences has released the most detailed renderings yet of what will replace The Colony development on the barrier island. St. Regis Longboat Key Resort and Residences plans a fall 2021 groundbreaking that will see a five-star hotel with 166 rooms and 69 private luxury condominiums built by Unicorp National Developments. Plans call for the construction to be complete and the resort to open its doors by spring of 2024. SB Architects, an international architecture firm based in San Francisco, worked alongside Hirsch Bedner Associates Miami, Marc-Michaels Interior Design and Enea Landscape Design to design the property. There’s more to read and see here: St. Regis LBK

GROCER, BOUTIQUE HOTEL PLAN ADVANCES

A proposal that could reshape St. Armands Circle by adding a hotel and the barrier island’s first grocer since the 1970’s took a step closer after a July memo from the city’s attorney laid out how it could be done. The potential development would see a 15,000-square-foot Morton’s Gourmet Market, a 98-bed boutique hotel and six townhouses developed on two acres of city-owned land now used as a surface parking lot on Fillmore Drive. But with tourism in Sarasota booming, and historic demand for development property on the back of meager real estate supply, some question why Sarasota would not send the property out to bid for the highest price. There’s more on this story here: St. Armands Plan Advances

BEST FOR NEST

The race is on for the most sea turtle nests in the area, and Casey Key is well in the lead. So far this year, 1,382 turtle nests have been found on Casey Key, according to data compiled by the Mote Marine Sea Turtle Conservation and Research program. Along with 1,708 false crawls, the total of 3,090 is well beyond that of any other area beach in a 35-mile stretch between Longboat Key and Venice. A false crawl means that a turtle emerges from the Gulf of Mexico, crawls out onto the beach, then makes a U-turn and heads back into the water without leaving behind a nest. If you’re interested in reading more, then click here: Casey Key Turtle Nests

REDEDICATION CEREMONY FOR STATUE

A rededication of the controversial "Unconditional Surrender" statue this past Saturday at Bayfront Park in Sarasota honored the memory of Jack Curran, a Sarasota Navy veteran who purchased the sculpture for his wife, who fell in love with the piece. The statue was moved about a block in January to make room for a new roundabout on U.S 41 and Gulfstream Avenue. The statue first made its debut in Sarasota in 2005 as a temporary installation. Curran then purchased it for $500,000 and gifted it to the city in 2009 following his wife’s death. Curran died in 2015 and hoped the statue would remain to symbolize "Americanism" and serve as a tribute to Word War II veterans. Click here to read more on this story: Statue Rededication

CAPT. PLANET IN BATTLE TO SAVE EARTH

A Kansas environmental activist is committed to improving water quality, and he’s doing it one dock at a time. Garrett Stuart, better known as Capt. Planet, is an algae scientist and educator whose plan is to save Earth. Years ago, he visited the Florida Keys to snorkel and decided to stay and help with red tide research in 2018. Now in Sarasota County, Stuart is installing artificial reefs at local waterfront businesses. An artificial reef is a manmade structure intentionally placed in waters to create a habitat for a variety of marine life. Stuart said the reefs also help with red tide. Because they can filtrate so many gallons of water, the reefs purify water at restaurants and homes. "It instantly acts as fish and crab habitat," he said. "It’s universally proven to house about 300 fish, 200 crabs per year. These homes that live on the reef literally eat algae, so It’s a win-win as far as we’re giving fish habitat, and we’re literally actively cleaning our waters with this." Click here for more on this story: Capt. Planet