Lido Key, Florida | April 4th, 2019 – The spring selling season continues to build upward momentum in our market territory, as our Judy Kepecz-Hays team gets to list in late March a high-end residence at St. Armands just a short distance across of Lido Key.
Our listing came as the Sarasota market is near equilibrium in terms of market inventory for single family residences, a balanced level which helps give confidence for both sellers and buyers. The inventory for these residential types rose 13.6 percent in February to 3,581 active listings.
This inventory gain notably came even as the 969 newly listed single family houses for the month represented a 6.5 percent decline from last year. The inventory for these residences as of February stands at a 5.4-month supply just fractionally short of the balanced 5.5-month stock that favors neither seller nor buyer in pricing.
State-wide, in comparison, the inventory for single family residences was estimated in February at a 4.3-month supply, a 10.3 percent improvement from the 3.9-month supply posted for the same month in 2018.
Here’s a Look at a Historic Community
This bright scenario of an increasing market supply pleases us even more, because it has been validated in the listing we posted in late March at Saint Armands, one of the most prestigious Sarasota communities. The prestige of St. Armands as a real estate market destination notably comes with a historic flavor in it that sellers can capitalize in and which well-to-do buyers would find quite appealing.
The St. Armands development is a project of the circus magnate-entrepreneur John Ringling of circus magnate and entrepreneur John Ringling. He developed the property starting in the 1920s after purchasing it from a Frenchman homesteader, Charles St. Amand. The surname of this former owner of the property was misspelled “St. Armand” in land deeds, and this name was adopted for the barrier island and for its community and commercial center—St. Armands Circle.
This commercial district was named St. Armands Circle, because it was built as a European-inspired park with a circular layout. Home sites were platted around this commercial area, and these came onto the market as St. Armands Division Ringling Estates. The theme of this residential subdivision is prestigious and presidential right from the name of its streets and road corridors: Boulevard of the Presidents, Washington, Jackson, Adams, Arthur, Madison, Fillmore, and Van Buren Drives.
St. Armands’ iconic roundabout—Harding Circle—was also named after one of the early U.S. presidents. In the middle of this rotunda is a park which has been designated as local historic site. It features tropical Florida landscaping adorned with imported European Renaissance statuary
St. Armands Circle is host to over 130 chic shops, trendy boutiques, art galleries, cafes, and restaurants. These commercial establishments flaunt patios and courtyards verdant with tropical plantings that overall provides a friendly and relaxing ambience.
The choice residences around the periphery of St. Armands Circle are those waterfront estates which are priced in the million-dollar range. Our new listing, priced at $1.65 million, is directly adjacent a canal separating St. Armands and Lido Key. As 2019 progresses, we hope to see more of such luxury listings, thereby further adding to the vibrant local market activity.