Newsletter 126

NEWS FROM THE SUNCOAST …..

HOME PRICES EXPECTED TO INCREASE

The median sales price for single-family property achieved a new record for Sarasota County in October. The median single-family house sold for $410,000, beating the record set earlier this year in April by about $3,000, according to statistics maintained by the Realtor Association of Sarasota and Manatee.
However, fewer homes on the market than nearly ever before has resulted in a decline of closed sales across all property types in both Sarasota and Manatee counties. Just 2,037 properties changed hands in the two-county area in October, a 15.5% decrease compared to 12 months ago. Single-family homes sales in Sarasota County accounted for 788 sales, a decrease of 15.2%, while Manatee County sales decreased by 12.3% to 672 sales. Condo sales in Sarasota declined year-over-year by 24.6% to 319 sales, and there were 258 condo sales in October in Manatee County, down 11.6% from October 2020. Manatee County’s median sales figure for a single-family property came in at $425,000, ahead of Sarasota’s median sales figure as it has been for the majority of the year. The record median sales figure for Manatee County was first reached in July. It had stayed at or near that number for three months, before slightly declining in October. For more on this story, please click here: Housing Prices To Rise

HOME OWNERSHIP GROWTH LIKELY TO CONTINUE

This is an interesting Op-ed by Coldwell Banker’s Duff Rubin and was published in yesterday’s Sarasota Herald-Tribune.
It’s hard to believe that we’re only a couple of weeks away from saying goodbye to 2021. It seems like only yesterday we were anxiously awaiting the countdown that put 2020 in the rearview mirror – but here we are looking back at this resilient and active year in real estate. For real estate professionals, it’s important to stop and reflect on the trends that have passed and the ones that persist, but as we wrap up the year, there are several trends that should continue to drive homeownership growth. The first trend is a strong indicator of the potential growth of homeownership in 2022 and it’s that homeownership is a top priority among Americans of all ages and backgrounds. Regardless of rising home prices across the nation and concerns over the pandemic, Americans are focused on the goal of homeownership – so much that they would rather allocate money to achieving the goal of homeownership than to invest it in other personal milestones. In fact, the latest Coldwell Banker survey, conducted by The Harris Poll, found that 82% of unmarried Americans surveyed, including 85% of women who aren’t married, would rather invest in a home than pay for a big expensive wedding – while 77% would rather invest in a home than spend money on an expensive vacation. Homeownership is also on the mind of renters, with 47% of respondents saying that owning a home is an important financial goal for them. The challenge many home buyers continue to face is a lack of available inventory, but economic experts have pointed to a projected increase in supply during the next year that should abet the cool down. If you’re interested to read more, please click here: Homeownership Growth

SIESTA KEY PROPERTY HAS RECORD $14M SALE

A waterfront estate in Siesta Key has sold for $14 million, marking the highest-priced residential sale on Siesta Key, according to a Realtor with the buyer’s real estate agent. The property, located across three parcels in the 7700 block of Sanderling Road, included one 6,480-square-foot house with two guest houses on the other lots. The Aquadisia, as the property is locally known, sold for $10.5 million in June 2020. Located within the exclusive gated community of Sanderling Club, the modern beachfront home was originally designed by local architect Guy Peterson in 1999. The main residence offers a minimalistic modern design. While the interior of the main structure has nearly 6,500-square-feet of living space and luxurious amenities, there’s an additional 4,000-square-foot outdoor deck with beachfront views. Please click here to read more: Record Siesta Key Sale

TWO LAWSUITS FILED AGAINST SARASOTA COUNTY

A second lawsuit has been filed against Sarasota County over the County Commission’s approval of two large hotels on Siesta Key this fall. While the first lawsuit targeted only one of the two hotels on grounds that it violated the county’s growth plan, the latest lawsuit challenges the legality of a zoning change the commission approved in late October that removed a cap on the number of rooms allowed on an acre of property. Before that zoning change, Siesta Key properties were limited to 26 hotel rooms per acre. The two hotels approved on Siesta Key each have about an acre of developable land, with the one proposed on Calle Miramar in Siesta Key Village seeking to build an eight-story, 170-room hotel and the second hotel at Old Stickney Point and Peacock Road planning a seven-story, 120-room hotel. James P. Wallace III, a longtime property owner on Siesta Key, is one of the parties in the second lawsuit. Other parties to the lawsuit are the nearby condo associations: 222 Beach Owners Association Inc., Marina Del Sol Condominium Association and Robert I. Sax. Wallace said he’s concerned about traffic issues on the key, especially if a traffic light gets approved near the southern entry point on Siesta Key that is required for a 24-acre Benderson Development mixed-use project at Old Stickney Point and U.S. 41 off the island. There’s more on this story here: Sarasota County Lawsuits

MORE HOMES IN LWR

As fierce demand for housing leaves Lakewood Ranch nearly sold out, Manatee County commissioners approved changes to its comprehensive plan that could allow the developer to expand east and build 7,000 new homes on land zoned for agriculture. Commissioners have unanimously approved an amendment that allows developers who own land adjacent to the west side of the county’s urban boundary line to develop property directly east of the border. The line represents the furthest point east that the county plans to offer water and sewer services, as a means of limiting urban sprawl. LWR Communities LLC plans to apply for the exemption to build an estimated 7,000 new homes on farmland east of Bourneside Boulevard, across the urban boundary. The proposal has drawn fierce opposition from Manatee County residents who aim to preserve agricultural lands and stop sprawl.
Caleb Grimes, an attorney who represents LWR Communities, said the master-planned development does not represent urban sprawl because it has the necessary infrastructure available to provide water and sewer services to homes built as part of the expansion. Please follow the jump for more on this story: More LWR Homes

SIESTA KEY SUPPORTERS PACK TOWN HALL

Hundreds of Siesta Key residents packed a local church recently to tell area lawmakers they support the island’s incorporation into its own town. The large meeting room at Siesta Key Chapel did not have enough space to contain the crowd that showed up. People watched through open windows after all the chairs filled. Others crammed into the building, standing shoulder-to-shoulder in any available space. Some organizers estimated the crowd inside and outside was about 500 people, but the Herald-Tribune could not verify that number. State Sen. Joe Gruters (R-Sarasota) started the meeting with a show of hands for who in the crowd did and did not support incorporation. A couple of hands peeked through the crowd when he asked for those who were undecided or support keeping the island as part of unincorporated Sarasota County. A flood of hands then erupted with an explosion of cheers when it came for supporters of the incorporation to signal their intentions. What followed was at times an emotional outpouring of frustration with Sarasota County’s elected officials, as speaker after speaker shared simmering outrage over land use issues, a lack of responsiveness to topics Siesta Key residents feel are important, and an inability to alter what some see as predetermined outcomes. There’s more on this story here: Siesta Key Town Hall

LONGBOAT KEY TARGETS SERVICE GAP

A gap in services provided to residents of Longboat Key has officials questioning if they are better off becoming a one-county town. The sandy beach town is one of just four Florida municipalities split between two counties, although hundreds of cities across the nation deal with similar circumstances. Officials have cited the challenges of having two supervisors of elections, two property appraisers, two tax collectors, two sheriffs. The majority of the town sits in Sarasota County, where there are 6,617 Longboat Key parcels worth a combined $4.54 billion. In Manatee County, Longboat’s 3,747 parcels have a $2.17 billion value, officials said. Talks over Longboat Key moving into one county first surfaced earlier this year after the state approved of a study to analyze the financial implications of keeping the town split between Sarasota and Manatee or moving it entirely into one or the other.
At the time, some officials loosely floated the idea of Longboat shifting into just Sarasota in some type of land swap that could involve parts of Lakewood Ranch, which also borders the two counties. During a special meeting, town commission members met with Manatee County commissioners who recently lobbied for the town to stay in Manatee and dubbed it a "donor island" because of the significant tax boost generated by residents. Please click on the link for more: LBK Gap

HOME SHARING PROPOSAL DRAWS CRITICISM

Sarasota city commissioners will likely be greeted by a large audience the next time they discuss hosted rentals. At the November 15 City Commission meeting, about 15 people had planned to speak about hosted rentals, which is when residents rent out rooms in their houses to one or more guests. The commission voted unanimously last month to direct the city attorney to prepare an ordinance to allow these rentals for periods of seven days or less. Currently, such rentals are only permitted for stays of more than a week. Neighborhood associations representing residents of Lido Key and St. Armands are concerned about the lack of constraints in the current proposal. But in a 3-2 vote, the commission decided to not take public comment on the issue at that time, even though many citizens had waited more than five hours to speak to the board, as they waited as other meeting agenda items were addressed. Mayor Erik Arroyo told the Herald-Tribune that he and other commissioners opposed taking public comments because they had already held a public hearing on hosted rentals last month and will hold two more in the future. There’s more on this story: Home Sharing Proposal

AIRPORT HAS BEST NOVEMBER ON RECORD

November was the second-busiest month in the history of Sarasota Bradenton International Airport. The local airport welcomed 321,643 travelers last month, bringing its year-to-date passenger total up to 2,816,275. The November numbers are 203% higher than the 106,195 passengers the airport saw during the same month last year, as people were starting to travel more during the pandemic. As the year wraps up and the weather gets cold in the northeast, airlines are adding and resuming service at Sarasota-Bradenton. This week, Allegiant Air begins new nonstop service to Tulsa, Oklahoma, and Washington, D.C.; Delta Air Lines restarts seasonal service to Minneapolis, Minnesota, and Detroit, Michigan; and JetBlue Airways resumes its service to Newark, New Jersey. More than 3 million people are expected to travel through Sarasota-Bradenton before the end of the year. Click here for more: Record November For SRQ

STATE OK’S WASTEWATER INJECTION PLAN

Florida environmental regulators issued a permit Thursday for a controversial project that involves injecting wastewater from a troubled former phosphate plant into the ground. The Florida Department of Environmental Protection announced it made the long-anticipated move of issuing the permit to Manatee County for an injection well at the Piney Point site. The site drew widespread attention — and $100 million from the state — this spring after massive amounts of polluted water were released to avert a potential catastrophe. "This (injection well) project is one critical element of the necessary water disposal that will enable the ultimate closure of the Piney Point facility once and for all, eliminating the threat from this site to the environment and the community permanently," the Department of Environmental Protection said in an update issued late Thursday. But the project has drawn criticism from environmental groups and officials such as state Agriculture Commissioner Nikki Fried. Fried issued a statement Thursday that said injecting the wastewater underground threatens drinking water. Click here for more on this story: State OK’s Wastewater Plan

INSURER SEEKS RATE BOOST

With thousands of new policies a week pouring into Citizens Property Insurance Corp., the state-backed insurer’s board recently approved seeking 11 percent across-the-board rate increases next year. The Citizens Board of Governors tossed aside a staff recommendation that, in part, called for increasing homeowners’ rates by an average of 7.3 percent in 2022, with the hikes varying based on factors such as location. The 11 percent increase would need approval from the state Office of Insurance Regulation and would take effect for policies that start to renew in August. Also, under the board’s decision, an across-the-board hike of 12 percent would take effect for policies that renew in 2023. The decision, which came after little board discussion and no public input during a meeting in Tampa, would involve Citizens raising rates by the maximum amounts allowed by a new state law.
In the past, Citizens was prevented from passing along increases of more than 10 percent a year to individual policyholders — a concept that has become known as a rate "glide path." The new law (SB 76) gradually increases that cap to 11 percent in 2022, 12 percent in 2023 and ultimately to 15 percent in 2026. There’s more to read here: Insurer Rate Hike

WHO WILL BUY PRIME REAL ESTATE?

Roughly two acres of land near St. Armands Circle have drawn the attention of at least four serious development groups interested in buying and developing the city-owned property in the heart of the area’s busiest tourist center. The development groups’ offers came after the Sarasota City Commission voted in August to entertain any proposals for the purchase of the 1.98-acre surface parking lot on Fillmore Drive for a 90-day period. That window ended in mid-November. The city had already heard a proposal from JWM Management Inc. at a commission meeting in May. JWM Management’s most recent offer proposes building a 98-room hotel, 12,000-square-foot boutique grocery store and 11 townhouses. As with its first proposal in May, the price it would pay for the property would be determined by an appraiser chosen by the city. "In determining FMV (fair market value), the appraiser shall assume the entitlements are bestowed on the property," the company’s most recent offer reads. Gregory Thomas Leonard offered $8 million for the property and would build a 60-room hotel, 50,000 square feet of commercial space and more than 200 internal parking spaces. The commercial space would include retail and a grocer. Ocean Properties put together two proposals to build either a 63-room hotel with a 20-seat bar in the building’s lobby or a hotel and a 15,000-square-foot grocer.
The offer was for $8.175 million for the hotel only or $11.775 million to build the hotel and grocery store. There’s more on this story here: Prime Real Estate

COMMUNITY SUPPORTS BOBBY JONES

Community members gathered recently to explore Bobby Jones Golf Club and learn about efforts to conserve it. The city of Sarasota closed Bobby Jones to golf play earlier in the pandemic. The city is planning to have a private company take over management of the golf course. In the meantime, the land is being used as a recreational space where residents can walk or run on nature trails. Recently, the organization Conserve Bobby Jones Now hosted Bobby Jones Day, an event aimed to get community members to visit and "experience the beauty of the golf course," said Nancy Milholland, the group’s president. "Because a lot of people aren’t aware that it’s been open as a nature trail for a while now, since the city closed it to golf play," Milholland said. The event was also meant to educate community members about conserving Bobby Jones. Milholland’s organization would like the land to be protected under a conservation easement, which would prevent development on Bobby Jones in perpetuity. If you’re interested in reading more, then click here: Bobby Jones Support

SARASOTA LOOKS TO REBRAND

The city of Sarasota is moving forward with a plan to update its logo and seal.
On Nov. 15, the City Commission approved a $25,000 contract with Sarasota-based company DreamLarge for design services. DreamLarge, a business that provides marketing help and other services to nonprofits, plans to refresh the city logo. The company will also run a community initiative that will result in a design competition, in which the public can submit potential designs for the seal. The current seal depicts a fish and other objects, along with the words "May Sarasota Prosper" and the year the municipality was incorporated, 1902. "I think our seal is just in desperate need of an update," Commissioner Hagen Brody said. Brody also wants to update the city logo, as he believes Sarasota is "such a different city" than it was in the 1980s, when the current logo was created. The logo depicts Michelangelo’s David, a replica of which stands at the John and Mable Ringling Museum of Art. Click here to read more on this story: Sarasota Rebranding