Longboat Key, Florida | January 2nd, 2019 – Celebrating our 40 Years in the luxury real estate business in 2018 truly makes us thankful. Our gratitude goes especially to our partners and clients who’ve helped us achieve continuing success that for us this year saw over $84 million in closed deals and referred out over $16 million in commercial real estate. As we move forward to start another year, signs are strong that our side of the high-end residential property market shall continue to yield fruitful results for us and our clients, both buyers and sellers.
Already, the dynamics that boost our optimism moving into 2019 appear at work. Just before Christmas, we put on the market a marquee listing in Longboat Key at the luxury condominium Vizcaya which we expect to draw keen buying interest, given some of the trends evident coming out of 2018.
Healthy Price Appreciation
In one recent industry reading on the top luxury residential markets in the U.S., Sarasota came out No. 1 in terms of price growth which was recorded at a 21 percent clip in June compared with a year earlier. This hefty price appreciation, certainly encouraging for fence-sitting sellers, doesn’t deter buyers though as the same industry study showed that half of all high-end Sarasota residential sales listings in August found a buyer within 165 days, a timespan trimmed further in November to 136 days.
The upbeat mood of our area’s luxury housing market is traceable to the vibrant economy and to the federal tax reform which took effect in 2018. The tax revisions, which weigh heavier on wealthier folks, have encouraged more of the well-to-do buyers to seek states like Florida with no state income tax as their home base.
More Talents, More Home Buyers
The marketing efforts set in 2019 by the Sarasota Economic Development Council (EDC) to attract more professional workers to the county also augur well for the county’s real estate market. This marketing campaign is designed to fill the wide gaps seen on the local professionals available and what the Sarasota business community actually needs. These occupational gaps have been identified in nearly all sectors of the local economy, including healthcare, financial services, and manufacturing.
We see in this EDC campaign the potential of an exciting mix of residential property buyers coming into our market. This new marketing drive of our business community, as important, allows many opportunities to highlight the superior quality of living in our region including its various communities and points of interest that cater to every conceivable want or need.
Inspiring Travel Growth
Quite opportune too, other developments brewing in 2019 are in convergence toward drawing market attention to Sarasota as well as Manatee County. One is the opening of more flights in and out of the Sarasota‒Bradenton International Airport (SRQ). Significantly, the tarmac of the Punta Gorda Airport (PGD) in Charlotte County just south of Sarasota has become a beehive of activity as well.
In fact, PGD ranked 11th among Florida’s busiest airports in 2017, even besting SRQ which was at 12th place. PGD passenger arrivals that year totaled 1.29 million while SRQ’s was at 1.16 million, as per figures from the U.S. Department of Transportation.
Looking at these figures alone provides a broad overview of the rising potential market for real estate for sale in Sarasota and Manatee counties. So, contact our Judy Kepecz-Hays team if you’re planning to sell your residence. Surely, we can help you draw up a marketing plan that could lure the right buyer right away.
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