Newsletter 127

NEWS FROM THE SUNCOAST …..

HOSPITALITY AND TOURISM STRUGGLES TO HIRE

Karen Atwood knows what it’s like to have employees move on. But now, the owner of Mellow Mushroom on South Tamiami Trail is hearing some pretty unusual reasons for quitting. Staff members are leaving to relocate to more affordable areas, like North Port, Port Charlotte and the Tampa suburbs. One left to stay home with his kids because it’s cheaper than paying for child care. Another left because, in his words, he was "just sick of it." It wasn’t about the money; he said he had to try something else. Sarasota-Bradenton restaurants are experiencing unprecedented demand as tourism booms and the area’s population grows. But at the same time, hospitality businesses in the region are struggling to find staff as the rising cost of housing prices out a workforce that, in the not-too-distant past could make a decent living in the sector. This, Atwood said, has put many staff members in a nearly impossible position, as they struggle to afford to live in the place they’ve long called home. For more on this story, courtesy of the Sarasota Herald-Tribune, please click here: Hospitality Struggles To Hire

WILL REAL ESTATE STAY HOT IN 2022?

Real estate experts have gushed about record-high prices, unprecedented appreciation, and off-the-charts demand for homes in Sarasota and Manatee counties over the past year. But with interest rate hikes anticipated in the coming months to combat rising inflation, a new COVID variant spreading, and supply chain issues still prevalent, will area residential real estate stay hot in 2022? From conversations with prominent homebuilders, economists and Realtors, the answer appears to be an emphatic yes. Jack McCabe, a Florida economist who predicted the Great Recession and housing collapse of the late 2000s, has often been at odds with Realtors over his economic outlooks. But in his forecast for 2022, McCabe had not a negative word to say about the local market. "I think Sarasota will do better than other locations in Florida and definitely better than other areas of the country," he said. "Sarasota has so much going on." If you’re interested to read more, please click here: Will Real Estate Stay Hot In 2022?

2021’S TOP RESIDENTIAL SALES

The local real estate market has been hot all year, leading to some of the highest residential sales figures seen on this stretch of the Gulf Coast. In total, 31 homes sold for $7 million or more, with five of the sales fetching more than $10 million, according to statistics by the Realtor Association of Sarasota and Manatee. Take a look at the most expensive homes that sold in Sarasota and Manatee counties in 2021.

• Casey Key home most expensive sold in Sarasota-Manatee in 2021
  1900 North Casey Key Road on Casey Key.
  
  
• Siesta Key properties sell for $14 million
  7712, 7711 and 7760 Sanderling Road
  
  
• Record-breaking $13.25 million Harbor Acres home
  1452 Hillview Drive in Sarasota
  
  
• $10.15 million Longboat Key mansion
  
  5965 Gulf of Mexico Drive on Longboat Key
  Please click here to read more: 2021’s Top Residential Sales

SARASOTA AMONG LEADERS FOR SALES PER CAPITA

The Sarasota metro area has seen more home sales than nearly anywhere in the nation on a per capita basis, according to a report from Porch.com. That company used data from the U.S. Census Bureau and real estate brokerage Redfin to compare how quickly homes were selling across the United States from January to September. From North Port to Bradenton, on average, there were 29.5 homes sales per 10,000 residents. In the last Census, the Sarasota metro had 833,716 people.
That’s an average of about 2,500 homes sold each month. Of all mid-size metropolitan areas in the country, only three others had more home sales on a per capita basis. Those areas were: Naples, at 39.1 home sales per 10,000 residents; Fort Myers, at 31.4 home sales per 10,000 residents and Myrtle Beach, South Carolina, at 30.1 home sales per 10,000 residents. Florida metro areas dominated the lists for small metro areas and large metro areas, leading both lists. The metro area of Destin-Fort Walton Beach, had the most per capita home sales with 39.1 in the small metro category. Punta Gorda and Vero beach — the second and third in per capita sales — had 35.5 and 28 per capita sales over the past 10 months. There’s more on this story here: Sarasota Home Sales Per Capita

LWR SOLD MORE THAN 2,500 HOMES LAST YEAR

Lakewood Ranch had a good year in 2021, selling about 20% more homes than in 2020. The master-planned community in southern Manatee and northern Sarasota County sold 2,574 new homes, up from 2,149 homes in 2020. Only The Villages, the expansive retirement community that spans portions of three north central Florida counties, saw more home sales at 4,004. The Villages has been the best selling master-planned community in the nation for years. Lakewood Ranch opened several new neighborhoods and its third town center in 2021, expanding restaurant and retail options. "Lakewood Ranch was in a strong position to capitalize on migration trends boosted by the pandemic," she said in a news release. "Our housing diversity, multi-generational appeal, and expanded amenities drew buyers from high tax markets across the U.S., buyers with accelerated retirement plans, and buyers untethered to their jobs." The real estate consulting firm RCLCO recognized Lakewood Ranch recently as the best-selling, master-planned multi-generational community in the country. Please follow the jump for more on this story: LWR Sold More Than 2,500 Homes LY

NEW REGULATIONS FOR VACATION RENTALS COMING?

Bradenton may soon set new requirements for short-term rentals in the city, where officials are advancing an ordinance regulating the burgeoning vacation rental market. Bradenton is considering the regulations less than a year after the Florida Legislature approved new laws that restrict the authority cities have over the industry. Bradenton’s City Council hosted the first of two public hearings necessary to approve the measure recently. Officials hope the ordinance meets the concerns of many Realtors and property owners who advocate for less regulation and outcry from residents who don’t want their neighborhoods turning into hotels. "We are trying to balance private property rights and economic development with occupant safety, with community neighborhood safety, with building and fire safety, and not be overly burdensome in doing it," Bradenton City Administrator Rob Perry said. "That’s what this ordinance does." Legislators have proposed bills that shift control of vacation rental regulation between the state and local governments since at least 2011. There’s more on this story here: New Regs For Short-Term Rentals Coming?

WHAT’S IN STORE FOR LOCAL TOURISM?

Visitors from colder climates are expected to vacation in Southwest Florida over the next few months, even as the omicron variant disrupts travel and business staffing nationwide. The newest variant of COVID-19 has caused some business groups to postpone their in-person conferences scheduled for January and February, Virginia Haley, president of Visit Sarasota County, said. Leisure travel, however, remains strong — many visitors, mostly from the U.S., have been booked to return to their regular wintertime vacation homes since they left last year. "You may see a bump in road in the next three weeks with omicron – hopefully it will be more short-lived — but we’re expecting February and March to be maybe uniquely stronger than other normal winter seasons," Elliott Falcione, executive director of the Bradenton Area Convention and Visitors Bureau, said. Sarasota and Manatee counties have been raking in tourism dollars since early 2021. Pent-up travel demand after the first year of COVID-19, widespread vaccine distribution, Florida’s lack of COVID restrictions and a plethora of available outdoor activities all contributed to the current economic boom. Manatee County collected $22.8 million in tourist development tax funds in its 2021 fiscal year, a huge jump from 2019, which at $15.9 million in collections was considered a strong year. Please click on the link for more: What’s In Store For Local Tourism?

SIESTA KEY INCORPORATION DIES

Residents of Siesta Key once again came out in droves to the Sarasota County Commission chambers to voice their preference on a local issue, and once again left sorely disappointed. After nearly 90 people spoke in support with just a single attendee voicing opposition, the state legislators who represent Sarasota County voted not to sponsor a bill designed to give the barrier island voters an opportunity to vote on whether to form the Town of Siesta Key later this year. The legislative delegation, composed of the five state representatives and one state senator who represent Sarasota County in the Florida Legislature, voted 3-3 on the bill. Majority support was required for the bill to advance. Harry Anand, a board member with Save Siesta Key Inc., has been organizing all year in favor of the incorporation effort. He said while he was "very disappointed by the end result" this won’t be the end of the fight, which was mobilized after residents said they felt like Sarasota County commissioners were ignoring them in granting approval for intensive hotel development plans. "This is not dead by any means," he said. "We do not take no for an answer."There’s more on this story: Siesta Key Incorporation Dies

NYT CITES ARCHITECTURE SARASOTA ON LIST

The nearly year-old nonprofit Architecture Sarasota is included in The New York Times" annual 52 Places to visit special report, focused this year on places where "travelers can be part of the solution." The editors state that tourism can be a problem in terms of climate change, but "travel supports depleted economics in places that depend on tourists’ dollars and opens the eyes of travelers to cultures and customs different from their own." The 2022 list "highlights places where change is actually happening – where endangered wildlands are being preserved, threatened species are being protected, historical wrongs are being acknowledged, fragile communities are being bolstered – and where travelers can be part of the change." Architecture Sarasota, which was created last year in the merger of the Center for Architecture Sarasota and the Sarasota Architectural Foundation, is included on a list that mentions such global locations as Chioggia, Italy; Queens, New York; Fogo Island in Canada; Slovenia and the Dana Biosphere Reserve in Jordan. The Times said it was created to "protect and promote the most spectacular concentration of modernist buildings east of the Mississippi." Click here for more: Architecture Sarasota On NYT List

TOP 10 ARTS STORIES FOR 2021

In an eventful year, perhaps the biggest story in the Sarasota area arts scene is the good news that dozens of performing and visual arts organizations survived months of closure, found new ways of connecting artists with audiences, and have reopened their doors to sometimes nervous patrons. While arts organizations across the country were forced to shut their doors permanently because of the impact of COVID-19, similar groups around the Sarasota-Manatee area have survived thanks to some federal financial help, grants and private donations, and generous ticketholders who didn’t demand their money back when performances or seasons were canceled. Many organizations moved entertainment outdoors, at least temporarily, and some tried online programs that were distinctive at the start, though many audience members missed the personal connection. Survival for everyone could be the story of the year, but there were plenty of twists and turns in the Sarasota arts scene worth recalling as we begin a new year. Click here for more on a look back at some of the key moments: Top Arts Stories For 2021

SARASOTA SQUARE MALL SOLD

The oldest indoor shopping mall in Sarasota County has a new owner, a little over a year after the property went into foreclosure. The Sarasota Square mall at U.S. 41 and Beneva Road was purchased for $19 million last fall by Torburn Partners of Northbrook, Illinois, Sarasota County records show. Torburn, which also purchased the mall’s Macy’s building in May for $5.55 million, now owns the main mall structure, which includes Costco and AMC Theatres. The purchase does not include the JCPenney building or the former Sears. Sarasota Square went into foreclosure under previous owner Unibail-Rodamco-Westfield in 2020. The company lost control of the property and it fell into the hands of a Miami-based receiver until the Torburn sale. Sarasota Square, which was built in 1977, has suffered a fate similar to that of other indoor shopping centers across the U.S. It was the center of shopping in Sarasota in the late 1970s and 1980s – people would drive from as far away as North Port and Port Charlotte before the Port Charlotte Town Center was built in the late 1980s. Sarasota Square lost its Macy’s and Sears anchors in 2017 and smaller interior tenants like GNC, Express and H&M have continued to leave, one by one. It’s still open, however, which is more than can be said for Bradenton’s DeSoto Square Mall, which closed in April 2021 after an extended period of financial problems. There’s more to read here: Sarasota Square Mall Sold

PROTECTING RURAL HERITAGE

Green farmland east of the Celery Fields in north Sarasota County will be protected in perpetuity, under a new conservation agreement. A private landowner and the Conservation Foundation of the Gulf Coast have negotiated a conservation easement, which is a legal document ensuring that the 48.4 acres next to the Celery Fields will never be developed. The foundation isn’t revealing the name of the landowner. "We are very grateful to this landowner for his commitment to conservation," said Christine P. Johnson, president of the Conservation Foundation, in a press release. "The protection of these 48 acres ensures the scenic vistas viewed from the top of the Celery Fields hill will be enjoyed for generations to come and provides valuable environmental benefits to our entire community." When Sarasota residents walk on the northeast side of the hill at the Celery Fields, they can look down at the property. The land is also to the east and north of Big Cat Habitat Wildlife Sanctuary. Under the conservation easement, completed on Dec. 30, the landowner can continue to farm on the land. Cattle and horses currently roam the property. "We wrote the conservation easement to keep the rural heritage of the property intact," Johnson told the Herald-Tribune. Under the agreement, the landowner can’t alter the land through practices like ditching and mining. There’s more on this story here: Protecting Rural Heritage

EASEMENT FOR BOBBY JONES OKAYED

Sarasota city commissioners voted unanimously last week to permanently conserve the 263-acre property on the city’s east side known as the Bobby Jones Golf Club, settling years of debate over the fate of the historic site. The city and the Conservation Foundation of the Gulf Coast have negotiated a conservation easement, which is a legal document ensuring Bobby Jones will never be subdivided or developed, according to the foundation. The City Commission voted on Monday to approve the easement between the city and the Conservation Foundation. The vote is subject to a few details, including the finalization of a report. "I just want to say that this is a monumental decision we’re making here," Commissioner Jen Ahearn-Koch said as the commissioners voted to approve the easement. The board also approved several plans relating to the golf course itself. The city is planning to renovate the course and convert some of it to a nature park. The property currently has 45 holes, but will be reduced to 27 under its new configuration. If you’re interested in reading more, then click here: Bobby Jones Easement Approved

‘AGRIHOOD’ PROPOSED

More growth is planned in northeast Manatee County, where a proposed master-planned community with 7,200 homes and a new private sewage treatment plant east of Parrish could spark the biggest development boom since Lakewood Ranch. L3 Partnership LLC has proposed an agricultural neighborhood, or "Agrihood," that would build out the company’s 5,000-acre farm in northeast Manatee with 7,200 homes, 2 million square feet of commercial space, and 1.8 million square feet of light industrial, combined with larger 80-acre tracts of agricultural land and open space. "It’s the largest single project that the county has ever approved," said attorney Mark Barnebey, who represents L3 Partnership. "It’s not quite as large as Lakewood Ranch, but Lakewood Ranch was approved in phases, and this is bigger than any single-phase that was ever approved," he said. "It would be similar in population to the city of Palmetto." If seen to fruition, the project could add fuel to a red-hot housing market in the Parrish area, where North River Ranch is already bringing nearly 6,000 new homes upon buildout. That project already has about 300 homes on the ground and around 1,000 lots under active development. Several other developers also are building homes nearby. Click here to read more on this story: ‘Agrihood’ Proposed