The Judy Kepecz-Hays Team couldn’t ask for more, as we move closer to the New Year. Market prospects are looking great for our sales and additional listings favor a booming market. Especially for our new listing at the Ritz-Carlton Managed “The Beach Residences” a 3-bedroom luxury residence.
Aside from this residence, Judy Kepecz-Hays recently put the penthouse in the sky under contract at The Beach Residences with approximately 300-degree views of forever sunrise and sunset views.
From our observations, buyers’ response to the low inventory has them moving quickly.
Why Sales Listings Are Selling Fast
The Sarasota real estate market’s performance in November is driving our optimism on sales of high-end residential properties. Throughout the month of November, the Realtors Association of Manatee and Sarasota (RAMS) reported that the median time to contract for condos priced $1 million or more declined to 18 days, down 84.2 percent from the November 2020 pace.
This accelerated buying pace is due to the low inventory of high-end Sarasota condominiums for sale. In November, the inventory for these condos dropped 49.75%.
The same lack of inventory was felt for luxury single-family residences. November’s active listings for these residential types priced $1 million or more declined 35.1% to 179 luxury homes available in the Sarasota real estate market.
More Pay in Cash Even as Prices Soar
Another bright note overall is that cash transactions constitute a large percentage of total sales in the local market. RASM noted that of all the November condo sales in Sarasota, 60.9 percent were in paid cash. For single-family homes sold in the county during the month of November, 46.8 percent were cash sales.
Notably, these percentages were up from 25.7 percent for condos and 35.7 percent for single-family homes registered in November 2020.
Prospective sellers in Sarasota are further bolstered by the record price gains in November. RASM attributed these all-time highs in price spikes to the market’s overall trend of low supply and high demand.
Rising Tourist Arrivals: A Bright Omen for New Projects
Recent statistics from the Sarasota tourism industry, a sector that significantly impacts real estate sales, likewise fuel our optimism on property prospects this 2022.
Figures from the Sarasota tourism industry show rising tourism contribution up to 40% in visitation and 80% in expenditures since June 2021.
In 2022, several luxury condominium projects are set to commence in Sarasota, adding more excitement to our market.
Longboat and Lido Keys’ Big Bets
The focus on Longboat Key for 2022 will be set on the 67 residences of St. Regis Residences & Hotel
an $800-million project that includes a 166-room hotel.
Lido Key will also be in the spotlight with initial sales already launched for the 65 condos of Rosewood Residences. This is the first standalone residential project of Hong Kong based luxury hotel chain Rosewood Hotel Group.
There is much to look forward to in the Sarasota real estate scene for 2022. To share in the opportunities in our hot market, the Judy Kepecz-Hays Team is just a phone call or email