Longboat Key, Florida | December 19th, 2017 – The luxury segment of our region’s residential property market showed unbridled vigor in November. Surely, the Judy Kepecz-Hays team is thankful and proud to be very much a part of all the excitement as million-dollar sales contracts were sealed last month.
It is a source of pride for us, that the Herald-Tribune has taken note of our Global Luxury Agent Judy setting a record-breaking sales of more than $15 million closed for November. Aside from these monthly deals, we have sales pending for properties valued at nearly $3 million, and we are optimistic that our team shall continue to be actively involved with what looms to be a vibrant luxury real estate market in 2018.
Upward momentum on the luxury residential market has been building up significantly since the beginning of the fourth quarter. In October, regional realtors’ data showed that sales of single family residences priced at $1 million and higher rose by almost 29 percent in Sarasota County, and by an even sharper 133.3 percent in Manatee.
Ripe Time for Selling
For aspiring sellers of upscale residential properties, this 2017 fourth onwards to 2018 presents an opportune time to engage the market as fewer new listings of luxury residences came onto the market in October. During the month, new listings of residences in the $1-million-plus bracket slipped by almost 6 percent in Sarasota, and by 2.3 percent in Manatee County.
Given the lesser new market entries in the high-end segment, our Judy Hays-Kepecz team hopes to entertain more appointments for showings in a coastal Mediterranean residence we had listed at the subdivision of Shipmans in Longboat Key. Located at 723 Jungle Queen Way, this house has been repriced at slightly under $1.3 million, and is truly a rare gem of a find in Longboat with its tropical waterfront setting and exquisite residential design.
Similarly, we are optimistic on the sales prospects of our new listing of a penthouse at the Tangerine Bay Club. Priced at $1.1 million, this residence at 370 Gulf of Mexico Drive oozes with luxury in its living space of over 2,800 square feet designed, with three bedrooms, three full baths and a half-bath.
Active Lido Market
Outside of Longboat Key, we are as excited about the market prospects at Lido, where we’ve been fortunate to score one of our region’s landmark sales this November—that $4.45 million condo deal our team facilitated at The Beach Residences.
We expect that two developments in Lido would help further drive buyers’ attention to residential properties put on the local market. One factor which could bring positive vibes to Lido’s residential sales listings is the planned multi-million dollar rehabilitation of the Lido Beach Pavilion. A similar project planned for the historic Sandcastle Resort should also contribute in generating market exposure particularly to Lido condos for sale.
Likely Buyers in the Wings
With these initiatives in Lido, we could anticipate more inquiries on our remaining luxury listing in The Beach Residences, as well as those in other Sarasota communities. These Lido developments should likewise further encourage prospective sellers to get off the fence, as the market looks already poised to heat up some more with the foreign buyers’ entry that we’ve noted in an earlier report.
There is also talk about some well-to-do Manhattan and Greenwich residents likely to flee to Florida because of major tax bites hanging over them. With factors such as these likely to drive our market, our Judy Kepecz-Hays team feels positive vibes about the residential market in 2018, especially for high-end residences.
Please do contact us if you plan to sell or buy a house or a condo. It would be our pleasure to help you clinch the best deal available on our residential market feeling vibrant as ever.