Sarasota-Bradenton real estate market is on fire; what you need to know

If there’s a list about places to be, chances are, the Sarasota-Bradenton-North Port metro area is on it.

Best places to retire? Check. Top places to live? You bet. Surging real estate market? You better believe it.

If you want to know about the area’s real estate market, the latest Herald-Tribune stories are here.

Real estate in Sarasota-Manatee, as in much of Florida and across the U.S., has undergone a dramatic transformation in a remarkably short period, changing the profession along the way. The area’s long-overlooked luxury segment has taken off, drawing new buyers who see bargains on the less crowded Gulf coast. Five years ago, only one real estate agent in the Sarasota area had ever tallied $100 million or more in sales in a year. But in not only did more than a dozen Realtors join the $100 million club but for the first time in this region, the $200 million threshold in closed sales was breached, according to Multiple Listing Service data.

Realtors:Sarasota Realtor profession reaches new heights in transformed market, but challenges remain

Sarasota and Manatee counties’ luxury property has never been in higher demand or sold for so much money as it does today. Part of the reason is the area has been attracting more buyers from the northeastern coast of the United States who often have different price expectations, which has impacted the area’s luxury market. In combination with fewer homes and stronger demand, luxury price points have been pushed ever higher.

Luxury Market:Does influx of northeastern buyers to Sarasota real estate market push prices up?

An Anna Maria Island beachfront mansion has sold for $16 million, the highest price ever for residential property in Manatee County, according to the real estate agents who negotiated the sale. The 1.26-acre property at 100 Beach Ave. includes a 7,500-square-foot residence with five bedrooms, five full bathrooms and a half bath, with direct gulf frontage of more than 110 feet of white sand beach.

Record Sales:Anna Maria Island beachfront mansion sets record with $16 million sale

Rents in the North Port-Sarasota-Bradenton metro are the 14th most expensive in the country for midsize metros, according to information from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

Rising Rent:Rents for Sarasota, Bradenton and North Port area among most expensive for midsize metros in US

Along this stretch of the west coast of Florida, rents have shot up faster than anywhere else in the country, increasing by nearly 50% compared to a year ago. Rent in the North Port-Sarasota-Bradenton metro area has increased 46% from November 2020. The median one-bedroom apartment had a rent of $1,600, with the median two-bedroom apartment costing $2,000 per month.

Rent Crisis:Fastest rent hikes in country cause hardship in Sarasota metro

Rents in Sarasota-Manatee have shot up faster than anywhere else in the country over the past year, but there are signs that the head snapping increases are hitting a ceiling, according to the latest data from Apartment List. Rents in the Sarasota area, for the first time since at least June 2021, increased more slowly than the national average, according to Apartment List data.

How High Can It Go?:Does Sarasota-Manatee have a ceiling on rent increases?

A recent analysis of federal housing data showed several Florida metro areas rank among the top in the country within their percentage of total home sales above $1 million, with the Sarasota-Bradenton area ranking among the top 10 mid-size metro areas for luxury sales.

Million Dollar Homes:Sarasota among several high-ranking Florida metros for most $1 million home sales

National moving company PODS has put Sarasota at the top of its rating of the country’s most desirable locations. Sarasota had the highest ratio of move-ins verses move-outs of PODS customers from January 2021 to March 2022, beating out Dallas-Fort Worth, Nashville and Tampa, according to a news release on the PODS data.

Relocation Destination:National moving company PODS names Sarasota top location for moves in United States

Two reports from companies specializing in long-distance moves included the Sarasota metro area as one of the top locations in the country where people are moving.

Top Destination:Sarasota metro ‘stands out’ for inbound migration with nearly 3 to 1 inbound moves

The Hyatt Regency Sarasota is under contract by a developer that is in the early stages of plans that will see the decades-old hotel demolished and redeveloped into a Thompson Hotel — a luxury brand owned by Hyatt.

Hyatt Sarasota:Developer plans to demolish Sarasota’s downtown Hyatt, potentially build condos, hotel

In the Sarasota area’s real estate scene, where the median home price has shot up to $500,000 amid a scarcity of homes for sale, real-life flippers have found it exceedingly difficult to stay in the profession. When they do find a property where the numbers can work, supply chain issues have pushed the cost of building materials higher than ever — eating away at potential profit.

Flipping Out:How has the home flipper evolved in Sarasota’s hot real estate market?

The drastic increase in home prices in the North Port-Sarasota-Bradenton metro area prompted some alarm that costs have reached crisis levels that will affect the area’s tourism-dependent economy by making it harder for workers to find affordable places to live.

High Cost of Living:Housing affordability crisis will be ‘drag’ on Florida’s economy, expert says

Punta Gorda has been identified by The Boyd Company, a corporate relocation consultant around since 1975, to be the best place to open a “new normal” corporate headquarters in the eastern U.S.

Hot Spot:Punta Gorda named best place to relocate a corporate headquarters in the eastern U.S.

There’s little debate over whether the key could use more accommodations for visitors, but the size and scope of the proposed developments are hotly contested topics for Siesta Key residents, prompting considerable backlash.

Siesta Key Development:Siesta Key hotel projects moving forward as opposition grows

A Columbus, Ohio-based developer recently broke ground on Stillwell, a gated community in the Playmore District of Wellen Park that will offer all 274 single-family homes for rent and not purchase in south Sarasota County.

Building Trends:Build-to-rent single-family community targeted for Wellen Park in south Sarasota County

A northern snowbird says because of COVID and his inability to get a vaccine in late 2020, he never set foot on the property he planned to rent for a winter, a non-visit that cost him more than $14,000.

Rental Dispute:Snowbird pays upfront for Sarasota condo, out more than $14,000 after dispute

For its desirability, quality of life, and cost of living, Sarasota was named one of the best places to live in the country by U.S. News & World Report. The annual rankings, released this week by the media company, put Sarasota at No. 9 on a list of the 150 best places to live in the country, making it the only Florida city to land in the Top 10. 

Perennial Favorite:Sarasota makes Top 10 list of best places to live in U.S., other Florida metros drop

Sarasota and Bradenton are two of the best cities for pet lovers in the U.S. —  as if the sheer number of people walking their dogs around the bayfront wasn’t enough evidence. Sarasota ranked as the top place for pet lovers in the country, according to a list released this week by rental search website Apartment Guide.

Bring Your Best Friend:Sarasota and Bradenton are two of the top 10 cities in the U.S. for pet lovers

Sarasota was crowned once again as the best place to retire in the U.S., according to U.S. News and World Report’s 2021-2022 data. The city previously won the title in 2021 and came in second for the 2020 report.

More:Sarasota, yet again, is the best place to retire in the U.S.

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