Newsletter 41

SARASOTA LAUDED AS RETIREMENT MECCA: Sarasota, which shows up on more best-city lists that some residents would prefer, just made another one. Kiplinger’s Personal Finance placed the community squarely at the top of an unnumbered list of “10 Great Places to Retire in 2015”. The article touts Sarasota’s combination of being a cultural oasis within Florida, coupled with “miles of white sand beaches, including Siesta Beach and Lido Beach.” But guess what? The region has already been discovered, and real estate pricing and lack of inventory provide the clearest possible proof. Please click on the link to read more, courtesy of the Sarasota Herald-Tribune: Sarasota Tops Another List

REGION’S PRICES RISE FASTER THAN U.S.: Home prices in Southwest Florida continue to rise at a faster clip than the state and the nation. Single-family home prices jumped in August by 11.6% in the Sarasota-Manatee region, data provider CoreLogic reported recently. Both outpaced the year-over-year increase of 8.1% in Florida and 6.9% nationwide. For the next 12 months, CoreLogic forecasts a more moderate 4.3% increase in U.S. home prices. “Economic forecasts generally project higher mortgage rates and more single-family housing starts for 2016. These forces should damped demand and augment supply, leading to a moderation in home price growth” states Frank Nothaft, the chief economist for CoreLogic. There’s more here: Region Outpaces State and Nation

CASH STILL KING: Home buyers in Southwest Florida are still paying with cash at one of the fastest rates in the nation. Several recent studies show the Sarasota-Bradenton metro area maintains a higher percentage of cash buyers than almost anywhere else in the U.S. It’s a similar situation throughout Florida. Sarasota-Bradenton ranked second among metro areas in the nation for cash sales, with 58% of all home buys closed without financing. That was behind only Miami-Fort Lauderdale’s 59%. Click here for the full story: S-B Second in Nation for No Mortgage Deals

GROWTH TOPS LIST OF PUBLIC CONCERNS: A building boom that has created a major new shopping destination, thousands of additional homes and increasing traffic has caught the attention of Sarasota County residents, who are beginning to wonder if the region is growing too fast. New development and population growth top the list of issues on the minds of Sarasota County residents, according to the results of the latest annual survey conducted by the University of South Florida. It is the second straight year that growth and new development were cited as the county’s most important issue in the public survey. Citizens rated Sarasota County as offering a high quality of life, but expressed concerns about development. Follow the link for more: Growth is a Concern

BILLIONS NEEDED OVER 20 YEARS: With a burgeoning population and aging water systems, Florida will need $16.5 billion in funding over the next 20 years just to maintain its existing drinking water infrastructure, according to estimates from the U.S. Environmental Protection Agency. Florida has been successful where other states have failed, spending most of the nearly $615 million it has received on improving water infrastructure in densely populated and rural areas. Southwest Florida is somewhat of a model for the mixing of federal, state and local resources to manage drinking water supplies. Follow the jump for more on this story: Aging Water Systems

AIRPORT PARKING ADJUSTED FOR UBER: Sarasota-Bradenton International Airport has extended its free short-term parking time to make room for Uber. That change and a 28% decrease in landing fees were part of the recent approval of Sarasota Manatee Airport Authority’s 2016 Annual Budget. The free period has been extended from 20 to 30 minutes. The airport will make up the dip in revenue in the long-term lot, where fees will be increased from $11 to $12 per day. There’s more here: Airport Cuts Landing Fees and Increases Free Parking Period