Newsletter 168

NEWS FROM THE SUNCOAST …..

TRIPADVISOR SAYS SIESTA BEACH IS THE BEST!

At the height of tourist season, with spring break right around the corner, Sarasota County’s most famous attraction — Siesta Beach — has earned another national honor, with Tripadvisor naming it the No. 1 beach in the U.S. Siesta Beach ranked No. 4 in the world, following Elafonissi Beach in Crete, Greece; Banana Beach in Phuket, Thailand; and Eagle Beach in Aruba. Tripadvisor’s list of highest-rated beaches for 2025 is based on real traveler reviews. “Whether you want to relax or fill your day with activities, Siesta Beach delivers,” Tripadvisor said. Last year, Tripadvisor ranked it No. 2 in the U.S. and No. 9 in the world. It’s also been named the No. 1 beach in the U.S. twice by “Dr. Beach” Leatherman and highlighted in the Wall Street Journal’s Florida beach guide. When Sarasota appeared on Time magazine’s “World’s 100 Greatest Places of 2021”, it was paired with a Siesta Key sunset photo. For more, visit: Siesta Beach Best In The US.

LOCAL REAL ESTATE MARKET CONTINUES TO COOL

The Sarasota, Bradenton area real estate market is continuing a cooling trend early into the new year, according to the latest report from the Realtor Association of Sarasota and Manatee. The association’s January findings noted a decrease in median sale prices and an overall increase in closed sales, indicating a shift favoring buyers. The report also found an increase in the time to contract and sale, which continues a slowing pace after last year’s major storms occurring in the market. Single-family home sales in January increased 6.8% from January 2024 with 520 homes sold. The rise in sales also saw an uptick in inventory, with a 30.6% year-over-year increase. Manatee County saw a more significant spike, with 498 single-family homes sold in January marking a 22.1% year-over-year increase. It ended the month with 2,907 active listings. Median time to sale and contract rose in both counties, with Sarasota up to 45 days to contract and 85 days to sale and Manatee up to 49 days to contract and 98 days to sale. Median sale prices, meanwhile, dropped: down 1% to $529,750 in Sarasota County and down 8.6% to $480,000 in Manatee County. “While closed sales have increased, inventory growth continues to outpace demand, leading to an extended months’ supply,” Debi Reynolds, 2025 RASM President and Managing Broker of SaraBay Real Estate, said. “This shift presents opportunities for buyers while emphasizing the importance of strategic pricing for sellers.” The townhouse and condo markets in both counties were more varied. Sarasota County saw a 15.8% increase in year-over-year sales, with median time to contract up 51.4% to 53 days and median time to sale up 8.9% to 86 days. The increases accompanied a rise in inventory, with 2,463 listings to end the month. Manatee County, however, experienced a 7% decline in sales. Median time to contract rose 27.7% to 60 days, and median time to sale rose 14.1% to 105 days. Manatee County’s inventory at the end of the month with 1,714 active listings. The trends indicate the local market is growing less competitive, creating an advantage for buyers. There’s more to read here: Local Real Estate Market Continues To Cool.

SIESTA KEY HOME LISTS FOR $31 MILLION

The newest mansion on the Sarasota market is 100% pure luxury. The “Crystal Waters” estate, a 10,001-square-foot home on 2.7 acres at 8501 Midnight Pass Road on Siesta Key, is listed for $31.5 million. The estate, which includes a 1,605-square-foot guest house, is the most expensive on the market and one of Sarasota’s highest-ever listed properties. Features of the estate include five bedrooms, six bathrooms, a chef’s kitchen with two islands, an outdoor kitchen, a heated swimming pool with a heated spa and a full bathroom and shower, an extended dock and a tennis court. The primary suite includes walk-in closets, a washer and a dryer, spa-inspired bathrooms with a jacuzzi and adjoining showers. The seller, Crystal Lahners, completed the house in 2024 with interior designers Phoebe and Jim Howard. Roger Pettingell, a luxury real estate specialist with Coldwell Banker Realty, listed the property. “It provides the ultimate escape with water views from every angle, peaceful living and an unparalleled sense of serenity,” Pettingell said of the estate. “Every detail has been meticulously crafted to offer a luxurious lifestyle, making Crystal Waters not just a home, but a sanctuary where you can truly unwind and rejuvenate.” The property’s price tag is the highest of any listing in Sarasota County, according to Stellar MLS data. A 13,000-square-foot home with seven bedrooms and eight-and-a-half bathrooms located at 3990 Higel Ave. on Siesta Key is the second highest, listed at almost $30 million. Other high-end listings in the $30 million range in Sarasota County: In 2023, a Harbor Acres estate was listed at $33.8 million, and a property also on Higel Avenue was on the market for $32.5 million. Please click here for more: Siesta Key Home Lists For $31 Million.

WHAT IS FLORIDA’S SECRET FOR MILLIONAIRES?

This is a recent Op-ed from Budge Huskey, CEO of Premier Sotheby’s International Realty. For decades, Florida has been synonymous with retirement – a haven for snowbirds and retirees seeking refuge from harsh winters. Today, however, the state has evolved far beyond its traditional role, emerging as a premier hub for wealth migration in the United States. High-net-worth individuals and affluent young professionals from across the country and around the world are increasingly calling Florida home, drawn by its financial advantages, lifestyle offerings, and thriving luxury real estate market. Recent data underscores this transformation. During the COVID-19 era, Florida recorded a net gain of 1,786 young households earning $200,000 or more annually in 2022, making it the top destination for affluent Americans aged 26 to 35, according to a SmartAsset study. Over the broader COVID period, the state experienced an estimated net income gain of over $75 billion. This migration trend has only accelerated in recent years. The latest Henley & Partners 2024 USA Wealth Report confirms that Florida, along with Texas, is attracting a growing share of high-net-worth individuals while strengthening its luxury property markets. Interestingly, despite Texas being a top wealth migration destination itself, it also ranks among the top five states sending residents to Florida. While several factors contribute to Florida’s appeal, its tax policies remain one of its most compelling advantages. The absence of a state income tax offers significant financial savings, particularly for high earners, business owners, and investors seeking relief from the high-tax burdens of states like California, New York, and New Jersey. Additionally, Florida imposes no estate or inheritance taxes, making it a strategic choice for long-term wealth preservation. When combined with the homestead exemption and the lack of a state-level capital gains tax, these incentives create a uniquely favorable financial environment. Beyond its tax benefits, Florida delivers an enviable lifestyle that continues to attract affluent buyers. According to Sotheby’s International Realty’s 2025 Luxury Outlook, the trend of millionaires on the move is intensifying, further solidifying Florida’s status as a premier destination for the ultra-wealthy. The effects of wealth attraction are particularly evident along the Gulf Coast, where luxury developments are reaching new heights. Ultra-luxury Gulf-front condominiums now command prices as high as $5,000 per square foot – figures that seemed inconceivable just a few years ago. Such valuations, once exclusive to markets like New York City, Los Angeles, and Miami, underscore the area’s growing appeal to an elite class of buyers. This influx of wealth has also fueled the rise of branded residences, a concept previously rare in our markets. This migration is not just a U.S. trend; it is a global phenomenon. The Henley & Partners Wealth Report estimates that 134,000 high-net-worth individuals relocated worldwide in 2024, surpassing initial projections. Within the U.S., this trend is expected to continue as an estimated $84 trillion in generational wealth transfers from the Silent Generation and Baby Boomers to their children and grandchildren by 2045, according to Investopedia. In response, the luxury market is evolving to align with the preferences and lifestyles of younger generations. Despite this surge in high-net-worth migration, Florida’s total population has not seen a dramatic increase most recently as outward migration has accelerated at a comparable rate. According to Census Bureau, data for the year ending June 30, 2024, Florida grew at twice the national average, yet net migration declined by 90% from its 2022 peak. This slowdown reflects growing affordability challenges, rising insurance costs, and sentiment among some long-term residents that Florida’s rapid transformation is altering the state’s character. As a result, true population growth remained minimal, with nearly as many residents leaving as arriving. There’s more to read here: What Is Florida’s Secret For Millionaires?.

LUXURY APARTMENTS POP UP DOWNTOWN

Downtown Sarasota has seen plenty of luxury condo development as several towers have been built in recent years that now soar along the bayfront — but new high-end apartments have been rare in the urban core. That was, until last year after two high-rise buildings on the east end of Main Street finished construction adding more than 420 luxury units to Sarasota’s rental inventory. Aster & Links began construction in 2022 after Greenwich, Connecticut-based Belpointe bought about 5 acres of an 8-acre property in 2019 that had been part of a retail center along Main Street that included the Hollywood 11 movie theater. Following demolition of the retail buildings and a couple years of construction, the two 10-story apartments and ground floor retail — including a Sprouts Farmers Market — have been operating for several months. When the project broke ground, apartment rents had soared in the Sarasota market faster than anywhere else in the country. However, the apartment market has seen prices come down in recent months as the once red-hot rental market moderates. Eric Fenton, vice president of development at Belpointe, said a softening of the rental market does not worry him, with Belpointe positioned as a long-term owner of Aster & Links. He said the property was built in a federally recognized opportunity zone with the tax benefits associated with building the development requiring an owner to hold the property for at least 10 years. Fenton recently provided the Herald-Tribune a tour of the new development which wrapped up construction on its two buildings in late 2024, although Aster — the building that fronts Main Street — was leasing units earlier in 2024 as construction finished on the second building Links, located along Links Avenue. Each building has a similar layout and amenities package with residents being able to use either building’s facilities. Many of the amenities match what other condo properties offer residents, including a golf simulator, which has become popular at many higher-end projects in the area. “Both have a pool, both have rooftop amenities,” Fenton said. “Really, the differentiator is in the design esthetic.” Throughout the entire building, the project also has art decorating common areas, including a large art piece out front of the main entrance to the property on Main Street as the city of Sarasota requires projects larger than $1 million to either donate to a public art fund or to have a public art component to the project. There’s more on this story here: Luxury Apartments Pop Up Downtown.

RENTAL OPTIONS AVAILABLE BUT OUT OF REACH

The Sarasota metro area’s rents have come off their dizzying highs from just a couple of years ago, when they reached a high of $2,305, to a new median of near $1,900 a month today. But despite a softening market, new luxury units are coming online in downtown Sarasota with rent as high as $11,000, or even $2,250 for a small studio unit. Incessant construction increasing supply and lower demand have put downward pressure on prices. But rents aren’t dropping nearly as fast as they shot up in recent years as increased costs to owning property — particularly an insurance market in crisis — have buoyed the price landlords choose to charge. As a result, renters and landlords find themselves in unfamiliar territory. Just a few years ago, rent in Sarasota shot up nearly 50% in just a single year, marking the region as one of the hottest rental markets in the nation. Runaway rents in the Sarasota metro area occurred even as developers built more than 10,000 new multifamily units in Sarasota and Manatee counties from 2019 through 2023, according to Yardi Matrix, a national real estate analytics company. Downtown Sarasota added even more luxury units at the end of 2024 as two high-rise apartment projects completed construction, adding hundreds of units to an already softening rental market. The new inventory, plus a slowdown in net migration to the state, have created a market that now features renter incentives and modestly decreasing prices, according to an analysis of available rental data by the Herald-Tribune. The vacancy rate has climbed from an all-time low of less than 3% of apartment units without a tenant in the middle of 2021 to more than 10% over the last two months of 2024, according to Apartment List vacancy data. The new properties — the more than 400-unit Main Street project called Aster & Links on the east end of downtown, and the 240-unit Cordelia in The Quay along the Sarasota bayfront — opened during a challenging moment for landlords. Insurance costs have soared after an onslaught of hurricanes, pushing expenses up, while demand factors drive the prices they can charge tenants down. There’s more on this story here: More Rental Options Available.

NEW TRASH PICKUP CONTRACT = NEW DAYS

With a new waste collection process looming on March 31, Sarasota County residents can see what their new garbage collection day is using an online map. In 2024, Sarasota County ended its 20-year partnership with Waste Management. Waste Pro of Florida and FCC Environmental Services signed four-year contracts beginning at the end of March for garbage collection services. The two providers will split services across two districts of unincorporated Sarasota County. Waste Pro will cover the North District (north of State Road 72 and east of Midnight Pass Road) and FCC Environmental the South District (coastal and eastern areas). Garbage, recycling, and yard waste will still be collected on one day. There are no changes to recycling or yard waste guidelines. New garbage carts will be delivered by March 23, with size exchanges available in July. Cities like North Port, Sarasota, and Venice are excluded, but residents can still check their collection info via the county map. To find your pickup day, enter your address at Sarasota County Waste Collection. Please follow the jump for more: Sarasota County Changes Trash Collection Days.

SARASOTA AIMING FOR SLOWER STREETS

Sarasota is launching a new initiative to prevent speeding in residential areas. “Traffic Calming,” as city officials describe it, is “a set of roadway treatments” that can be used to “alter driver behavior to reduce negative impacts through physical design and other measures.” These treatments include roundabouts, speed tables, and increased speed enforcement. At a recent town hall meeting, Project Manager Corinne Arriaga emphasized that this initiative is focused solely on reducing speeding, not broader traffic control or sidewalk issues. The goal is to work with residents to design slower, safer streets. The final report is expected in spring 2026. City staff will gather community input, conduct speed studies, and analyze data, including movement data from mobile apps. The initial phase is backed by a $300,000 budget. The initiative is being developed in collaboration with the Coalition of City Neighborhood Associations (CCNA). CCNA President Kelly Brown said traffic and pedestrian safety has been a top concern, and she hopes the program will help address these issues more broadly. During the meeting, neighborhood leaders voiced shared frustrations about unsafe driving in their areas. Sarasota Aiming For Slower Streets

DREDGING PHILLIPPI CREEK A PRIORITY

Sarasota County’s biggest priority as hurricane recovery efforts proceed will be dredging Phillippi Creek to help prevent future flooding, and it has a huge infusion of cash expected to pay for it. The County Commission voted unanimously for its staff to explore how to accomplish the dredging before another major storm rolls through. Hurricane season officially begins on June 1. Sarasota County is set to receive about $211 million from HUD for recovery projects through its Resilient SRQ program. At a recent meeting, commissioners proposed dedicating $75 million of that to “Dredging of Major Waterways.” Phillippi Creek has long been clogged with sediment, worsened by 2024 storms, creating flood risks. The public action plan noted sediment buildup has compromised the creek’s stormwater management, flooding evacuation routes. Residents said Hurricane Debby worsened flooding ahead of Helene and Milton, causing three separate flood events in 2024. A UF/IFAS Vulnerability Assessment identified Phillippi Creek as a high-priority area for flood mitigation. The county aims to collaborate with the West Coast Inland Navigation District (WCIND), which maintains public water channels across four counties. Dredging Phillippi Creek A Priority

RED TIDE TESTS PROVE SUCCESSFUL

Mote Marine Laboratory & Aquarium conducted successful field tests in canals and near marinas around the city of Venice using two technologies developed to eradicate red tide. The results from water samples showed, on average, a 70% reduction of red tide roughly an hour after deployment. Some samples taken during the Feb. 14 tests showed that reduction as high as 83% to 86%. That level of effectiveness was not a surprise, said Dr. Michael Crosby, president & CEO of Mote Marine Laboratory & Aquarium, but was expected based on extensive lab tests. “We were confident they were going to work in the field but we needed to actually deploy them during an actual red tide bloom to have 100% surety that they do work in the field,” Crosby said during a recent online interview from Tallahassee, where he was briefing state lawmakers on the results from Venice. “Indeed they did, significantly decreasing the number of cells and, by extension, the toxins as well.” The next step, he later added, is to refine the delivery methods, “to make them most effective and efficient … in decreasing the negative impacts of red tide on our environment, on our economy and on our quality of life here in the coastal communities of Florida.” Crosby said the type of response may need to be at the same scale during a bloom as the cleanup after the BP Oil Spill in 2010 and approached with precision akin to that required in a military operation. “The state of Florida is investing in using innovative science and technology development to make sure we actually can do something about a real negative impact from these red tides, while doing no greater harm to the environment than the red tide itself is doing,” Crosby said. He added that – while several technologies are still in testing or awaiting approval from the U.S. Environmental Protection Agency, the mission of the Red Tide Mitigation Technology Initiative has pivoted to the deployment phase. Please click on the link for more: Red Tide Tests Successful

MOTE CORAL GENE BANK USES CRYOPRESERVATION

Mote Marine Laboratory & Aquarium recently unveiled several advances at its International Coral Gene Bank, including cryopreservation that will allow for creation of a genetic time capsule for coral scientists to recreate diverse coral species indefinitely. “Cryopreservation is really exciting because we can save the samples two days from now, or in theory 200 years from now,” Dr. Erinn Muller, Associate Vice President for Research, Program Manager for Coral Health & Disease and Director of Mote’s International Coral Gene Bank said in an interview at the Mote Aquaculture Park off of Fruitville Road east of Interstate 75. Mote is one of the few institutions worldwide using cryopreservation to protect the future of coral reefs. Mote scientists trained in Hawaii under Dr. Mary Hagedorn of the Smithsonian Institute, a leading expert on coral cryobiology, to learn the pioneering approach. Cryopreserved sperm samples will also be banked at the U.S. Department of Agriculture for long-term holding. “They will have these vats of hundreds of samples that we will be contributing to that are just focused on coral conservation.” Coral spawning is all about timing, Muller noted. Ideally corals spawn in synchronicity especially since sperm is only viable for a couple of hours. “Some of the challenges we have is that corals are spawning over multiple days – I’ll have one individual spawn today and another individual spawn tomorrow – and if we don’t have cryopreservation we can’t make babies from that,” Muller said. But sperm can be preserved cryogenically and used when the time is right. “You can freeze the sperm and you can use it the very next day, when another coral spawns and make thousands of babies, whereas if you don’t have this training – or the tools to do it – then all that effort is lost,” Muller said, adding it’s “also an incredible conservation tool because we will always have those genetics preserved for centuries to come, so corals will always have a chance to be recovered if we ever lose them.” There’s more here: Mote Coral Gene Bank.

‘MOVIN’ OUT’ TO SARASOTA

Rock star Billy Joel and renowned choreographer Twyla Tharp will be in Sarasota this fall to rework their 2002 Broadway hit “Movin’ Out” to launch the 2025-26 season at Asolo Repertory Theatre. The musical that Tharp conceived and created used more than two dozen Joel hits to tell a story through dance about a group of friends on Long Island and the impact of the Vietnam War on their lives and relationships. A piano player/singer sang all the songs as the company members danced. Peter Rothstein, Asolo Rep’s producing artistic director, announced the new season recently and said Tharp and Joel have been reimagining the show to feature dancers who also will be singing such hits as “It’s Still Rock and Roll to Me,” “Scenes From an Italian Restaurant,” “Big Shot,” “Angry Young Man” and “New York State of Mind.” It’s the opening entry in a busy and expanded season that will include eight shows (one more than the current season) on three different stages, including a world premiere by prolific writer Lauren Gunderson, a U.S. premiere, the return of former producing artistic director Michael Donald Edwards directing an Agatha Christie mystery and the company’s first-ever production of the classic musical “Fiddler on the Roof,” featuring a cast of actor/musicians. In an interview before the announcement, Rothstein said the creative team of “Movin’ Out” will stage “two workshops this spring and they will launch the reimagined version here at Asolo Rep.” Rothstein said he has tried for years to get the rights to produce the show. Last year, the Nederlander Organization contacted him about a joint production that presumably would aim for Broadway some time after its Sarasota engagement. The Nederlanders, owners of nine Broadway theaters, are providing enhancement money to allow for a more elaborate production than Asolo Rep would be able to produce on its own. There’s more on this story here: ‘Movin’ Out’ To Sarasota.

SRQ ADDS VIEWING AREA

Sarasota and Manatee residents now have an official front-row seat to the runway. The Sarasota Bradenton International Airport cut the ribbon on its new outdoor observation area where spectators can watch planes take off last Wednesday morning. The $2.3 million project was a joint venture between the Sarasota Manatee Airport Authority and Manatee County. The area includes a shaded spot with concrete seating blocks, a playground, an informational timeline on the history of flight in Manatee County and a memorial plaque for Air Force One and President George W. Bush’s time in Sarasota during Sept. 11, 2001. Bush was visiting a second-grade class at Emma E. Booker Elementary in Sarasota when he learned of the attacks. The observation area’s new permanent spot at 8330 E. 15th Street has been the unofficial hotspot for years, SRQ and Manatee County officials said. Just a fence away from the runway on the airport’s west side, onlookers now have an up-close view of the spectacle they often caught from their cars or on the grass. Sarasota Manatee Airport Authority Chair Jesse Biter said the area will provide a safe, structured spot that encourages a long-standing community pastime. There’s more on this story here: SRQ Adds Viewing Area.

EOD EMBRACES, CELEBRATES EXHIBIT

Embracing Our Differences will host “Embracing Our Community: A Celebration of Kindness” on March 30 from noon-3 p.m. at Sarasota’s Bayfront Park. The free event – a reimagined celebration of the organization’s open-air art show after stormy weather postponed its January grand opening – will feature three performances by musician, singer and songwriter Shelby Sol. Local arts and education organizations that will take part in the event include ALSO Youth, CreArte Latino, EOD Coexistence Clubs, Selby Botanical Gardens, Sarasota Art Museum, Suncoast Campaign for Grade-Level Reading, The Ringling, The Jewish Federation of Sarasota-Manatee, and Van Wezel. The groups will have booths featuring interactive, kid-friendly activities. The Big Blue Grilled Cheese Company, Empanada Girl and One Two Tea! trucks will be at the event. EOD will also honor Best-in-Show winners and many of the artists and writers who had their works selected for display. The exhibition’s call for artwork and inspirational quotations produced 10,000 entries from 122 countries and 46 states. Students from 511 schools around the world submitted artwork or quotations for the juried exhibit. “After the disappointment of not being able to hold our grand opening in January, we are thrilled to welcome the public for an afternoon of connection, creativity, and compassion,” EOD president and CEO Sarah Wertheimer said. EOD is offering free Saturday tours through April 12 at 10 a.m. “It’s a wonderful opportunity to experience the exhibition and explore our new line of upcycled merchandise, handsewn from past exhibition banners,” Wertheimer said. To register, visit EmbracingOurDifferences.org. There’s more to read here: EOD Embraces, Celebrates Exhibit.

HOMELESS SARASOTA STUDENTS NOW HAVE HELP

Last August, Miles Bean sat slumped in his car outside Ringling College of Art & Design. Despite admission to one of his top-pick schools on a partial scholarship, Bean felt like he was at the lowest point of his life. Homeless for much of the previous year, he had spent months as a senior at Booker High bouncing between a motel and a friend’s pool house while juggling his studies and several jobs. All summer he’d worked nonstop to shoulder living expenses and save for Ringling in the fall. But in the end, it wasn’t enough. Now with classes underway, not only did he not have his share of tuition, the pool house owner needed the space back. Bean was days away from losing his housing and having to sleep in his car. “I had no idea what I was going to do,” he said. Hundreds of K-12 and early college students in Sarasota and Manatee counties – and thousands more across the state – are homeless, numbers that have been on the rise. Now, a new program in Sarasota County will help assist young people like Bean, an often overlooked subset of homeless students who suffer unique challenges. Experts call this subset “unaccompanied homeless students and youth,” which means they are not in the physical custody of a parent or guardian. Though their numbers are smaller than other homeless populations, their need for safe, affordable housing is the same. What’s more, experts say, the personal and societal impact of homelessness among unaccompanied students can have catastrophic, lifelong consequences. Homelessness greatly raises their chances of quitting school. That affects their future income prospects for decades and increases their likelihood of becoming homeless again in the future, studies show. Yet housing barriers – formidable for many right now – are especially steep for working teens out on their own. There is also less assistance available to them, with most programs focused on helping rehouse homeless families. “These young adults are the ones that are kind of a bit forgotten,” said P.J. Brooks, chief operations officer at Community Assisted & Supported Living, or CASL. “There’s no formal system to work with them.” Now local advocates are hoping to change that, thanks to a $70,000 grant from local philanthropists Joe and Mary Kay Henson that has helped fund a one-year pilot program to provide housing assistance to unaccompanied homeless students and youth in Sarasota County. There’s more to read here: Homeless Students Get Help.