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Sarasota New Construction Updates

by Roger Pettingell

Projects Moving Forward in the Area

Sarasota Downtown CRA Report Updated

Sarasota Downtown Community Redevelopment Area (CRA)
Sarasota Downtown Community Redevelopment Authority Area (CRA) with 29 new projects in construction or development mapped out.

I hope your holiday season is a good one. This is the last week of the year and my last Monday article for the year. It’s good we end 2014 on a high note with the new construction of condominiums in Sarasota and on Longboat Key.

Sarasota released its current status this month for the Downtown Community Redevelopment Area (CRA), approximately one square mile of land area. There are 29 projects over one half of a million dollars within the boundary that begins at 10th Street on the north, with many of the projects between Pineapple Avenue on the east to Sarasota Bay on the west. These are projects that are currently in construction or in development and reflect a total estimated cost of one half a billion dollars.

This area represents a bonanza for residential purchases, unlike anything we have seen since 2006. The estimate is that there will 1,434 new residential condominiums and townhouses when all the projects are completed. The update also reported nearly 1,000 rental apartments, over 1,000 hotel rooms and over a quarter million square feet of commercial space will be added in this downtown area.

The first completion date is the fall of 2015 when the Jewel is expected to be ready for occupancy. The Jewel is an 18-story commercial high-rise with 19 residential condominiums for sale at the corner of Main Street and Gulfstream Avenue, within a short walking distance to the water’s edge and Marina Jack, next to Café Epicure.

The "Vue Sarasota Bay", near the Ritz-Carlton on this high profile plot of land at Route 41 is well under way with 141 residences expected upon completion in the winter of 2016. The CRA also reported the Quay, an amazing undertaking near Vue Sarasota Bay. It was announced this month that an agreement with developers GreenPointe Communities of Jacksonville requires a completion date of January 30, 2017 for the Quay with plans for 175 hotel rooms, 38,972 square feet of office space and 189,050 square feet of commercial space. The mostly 15-acre vacant land has been the subject of foreclosures and speculation. Moving forward the Quay will be a major project that will include 695 residential condominiums

ONE88 Residences on Golden Gate Point in construction
ONE88 Residences - Eight residences are in process on Golden Gate Point overlooking Sarasota Bay.

ONE88 Residences overlooking the John Ringling Causeway bridge and Sarasota Bay is nearest completion, possibly in March of 2015. It is located on Golden Gate Point and not included in the CRA report. However, it is also within a short walk to Marina Jack, downtown restaurants, shopping and nightlife of Sarasota. Its eight condominiums start at $2.59 million for a suite over 3,000 square feet under air. Two penthouse suites offer 575 square feet of west balcony square footage on the fourth floor and a rooftop area of 1,657 square feet, for a total of 5,447. A community pool with deck extends out to the Sarasota Bay and boat docks. Sunset views should be stunning when ONE88 Residences is completed.

December also was witness to the groundbreaking of INFINITY on Longboat Key. Architect Mark Sultana in Sarasota led the design of 11 residences at 4765 Gulf of Mexico Drive expected to be completed in January of 2016. Three and four bedroom units starting at 3,380 square feet of living space, with two penthouses of 6,370 square feet are for sale and can be purchased through our office.

Construction of the Aria at 2251 Gulf of Mexico Drive is also proceeding on the grounds of the historic Villa am Meer estate, a home built in 1935 by the architect of the Ringling Museum of Art. Nearly one million will be spent to restore the home as a club for the residents of the 16 condominiums now under construction.

The new construction provides an exciting time for downtown Sarasota and keys residential development. It is another step in fulfilling the dreams of John Ringling and Owen Burns, who collaborated in the 1920s to establish this area for major land development. Look for more updates to the developments planned in Sarasota and on Longboat Key.

I have over $67.5 million in residential sales for 2014. Let me put my experience to work for you, call me today for your exclusive tour, (941) 387-1840. We wish you and your family the best for the holidays and happy new year.

Your Furnishings After the Contract

by Roger Pettingell

Happy Holidays, The Season for Gift Giving

Charities and Local Shops Offer Solutions To Home Sellers

Season’s greetings! We are winding down on 2014 and fully engaged in the holiday spirit. Gift giving is daily to friends, employees and family. Donations to charities are going strong, a good topic for today.

In my years as a real estate agent I have been involved in many property exchanges where a residence is sold furnished, but for many reasons the new owners prefer their own furnishings. Or maybe a couple is downsizing and have a slightly used living room or bedroom set they don’t want to move. Many times a seller will stage the home with furnishings and only want a couple items after the sale.

Volunteers of America thrift store in Bradenton
Donations - Volunteers of America employees Tim Pedon and Melissa Tuller greet guests at their store.

We have developed some processes here in the office where we help the seller remove the belongings in ways that benefit them and the community. Organizations here in Sarasota will accept household donations that is a good solution in these cases. The charities receive furniture, clothing, accessories, electronics and even cars and boats for resale. And in return they will give you a receipt of goods donated that you file as deductions with your annual taxes. You also receive satisfaction that you are supporting a valuable organization in the community. Most have trucks and workers that will arrive at your residence and remove your furnishings.

The Volunteers of America and “There are no limits to caring” philosophy has a long list of acceptable items and are eager for large scale donations from homes. They operate a thrift store but also distribute donated items to veterans or families in need.

A donation to Goodwill strengthens the community by creating jobs and supporting families. Their website has a handy guide for donation valuation. These are general items that can be sold, donating a designer handbag may not fall in the range of many categories on this list but it is a good start.

The bell ringers for the Salvation Army remind us of giving every time we exit a retail store. We have also called on them to empty a home after it sold. They support adults with many programs and have special programs for children and families.

Habitat for Humanity, an organization that assists lower income families with housing, is another organization that will accept household belongings. They also operate three outlet stores in Sarasota, two in Bradenton and one in Venice.

There are other charities and you may have your favorites. A growing trend for downsizing is through consignment shops. These work well if you have expensive wardrobes or designer accessories that you recoup a partial cost rather than donating these items. I have seen 60-70 percent returns of the sale price for items you normally would not find in the thrift stores mentioned above. New web sites are popping up that cater to the wealthy. One online store, Poor Little Rich Girl, advertises as a resale shop that accepts designer clothing, accessories and shoes in like new condition. These new online stores are like high-end boutique shops.

Local stores carry high-end furniture as well for consignment. Interior Consignments on South Tamiami Trail promotes higher end furniture for resale. They have different office hours for accepting furniture than their retail store. In Burns Court there is the Sarasota Trading company with its higher-end furnishings.

With these stores you can forego the estate sales and auctions, but I still see enough of them that they are relevant in the current real estate sales process. There are many options, from little involvement on your part to full involvement. We can help with the arrangements after the sale.

I listed two new homes last week that are offered a good value. One is a beautiful updated villa in Emerald Pointe on Longboat Key, and the other is an impeccably updated garden home on Bird Key. Call me today for your exclusive tour, (941) 387-1840. We wish you and your family the best for the holidays and happy new year.

Property Address Price Bed/Bath Photos
573 Bird Key Drive, Sarasota $949,000 4/3.5 Photo Slideshow
1912 Harbour Links Circle, #11 $679,000 3/3.5 Photo Slideshow

 

Strong International buying market

by Roger Pettingell

Five Countries Lead the Way in Purchases

NAR Report Shows International Buying is Increasing

International buyers, National Association of REALTORS® report
International Buyers - According to this NAR report, the red bar graph for each year shows the percentage of foreign investments.

The international market for buying property in the United States is growing. I devoted the REALTALK™ segment last week on a National Association of REALTOR® report that shows the increased interest from foreign investors. In the twelve month period that ended in March of 2014, over $92.2 billion of properties in this country were sold to international buyers. That represents about seven percent of the total residential property sales market of $1.2 trillion.

The majority of foreign buyers that call on my services are from Canada, Germany and the United Kingdom. Nationally, the Russian market is strong in Miami and the Chinese market prefers the west coast for its proximity to China. According to the NAR report, Canada, China, Mexico, India and the U.K. accounted for 54 percent of foreign purchases. Florida leads the market with 23 percent of homes purchased in the United States.

REALTALK #28 on international buyers, National Association of REALTORS® report
International Buyers - These buyers are representing a bigger share of the real estate market.

Nearly 80% of the buyers that purchase property through my office are cash buyers and are purchasing upscale properties. The report shows that foreign investors prefer cash with 60 percent of purchases. They prefer the luxury waterfront market and are reported by NAR to have a mean purchase price above that paid by domestic buyers.

My marketing to international buyers is mostly automated. I have an account with Proxio, which promotes my properties to the international community by translating my listings into 19 different languages. Through my single property sites such as this new listing at 415 L’Ambiance #B802 (www.415LAmbianceB802), website visitors can select to have the pages translated into any one of 80 different languages with a selection below the listing details on the right. I also have select pages on my longboatrealestate.com website translated, such as the Deutsch page for Über Roger Pettingell where my biografie appears in German. I am also purchasing Google and Facebook online advertising to promote properties for sale, concentrating my target on the countries mentioned above.

Countries of international buyers, National Association of REALTORS® report
Leading the way - Buyers from these five countries lead the way in foreign purchases.

However, my best form of advertising to the international market might be through past clients who recommend my professional services to their friends. There is an Austrian client who has made over 10 referrals on my behalf. A referral tells the international community that they were satisfied with the sale and they can feel confident that I will perform a good service for their friend too.

The listing above refers to this residence that is new on the market at 415 L'Ambiance. It is an eighth-floor condominium with stunning Gulf to bay views from nearly every room. It is a great place for foreign investors. Call me today for your exclusive tour, (941) 387-1840. Happy holidays.

Property Address Price Video Photos
415 L'Ambiance Drive, #B802 $1,795,000 Video Photo Slideshow
1060 Bogey Lane $465,000 Video Photo Slideshow

 

Beachfront Market is Super-Hot

by Roger Pettingell

Market Trends in Sarasota for 2015

All sectors are showing an upswing, beachfront is super-hot

REALTALK #23 on November 12, 2014.
REALTALK #23 - Market trends for 2015

The numbers for luxury properties sold last year were strong, this year we could easily top that. There were 365 homes sold in 2013 that were over one million dollars in Sarasota. With 23 days left in 2014, close to 400 have been sold in the county.

In all, 723 residential single family homes and 288 condominiums were sold in October of this year.  That was an eight percent increase over the previous month. The numbers were similar in Manatee County to the north. There was a nine percent jump in single-family homes in October.

And now we are in the season to sell your property. Nearly one month ago I reported in REALTALK™ #23 there were 72 homes for sale in the luxury market over $4 million and that 20 were either sold or pending. This was unusual because the sales likely went into contract in our traditionally slow period of the year. There are currently five homes for sale in the county over $10 million, four have sold in the last 12 months with the highest selling for the asking price of $11.85 million.

Since that REALTALK™ on November 12th, I have had the good fortune of closing one listing as the highest selling home on Longboat Key for 2014. The home sold for $5.75 million. This was a beautiful home on the Gulf of Mexico beach with multiple levels and an observation deck on top. The beachfront market is super-hot as I pointed out in the video. The beachfront properties I currently have on the market is a good mix of single-family homes, buildable lots and condominiums that offer many amenities and security.

There are many reasons for the resurgence. You can call it the economy, but Sarasota is once again looked at as a great place to live. The cultural arts, recreation, boating, and activities seem to fit well with the lifestyle of buyers. The international market is surging for buyers looking at this area as well, look for my next REALTALK™ video that covers that subject.

Please contact me at (941) 387-1840 if you have a property to sell. I am building a good inventory of beachfront properties but like a variety so that I have the perfect home or condominium to show a potential buyer. Buyers can be aggressive if they can find the right fit for them. Here are four additions to my inventory this past week, from homes in Sarasota to condominiums on Longboat Key.

3440 Mistletoe Lane, Longboat Key $1,795,000 Video Photo Slideshow
7322 Westmoreland Drive, Sarasota $1,595,000   Photo Slideshow
7655 Donald Ross Rd, W., Sarasota $759,000 Video Photo Slideshow
1055 Gulf of Mexico Dr, #201 $699,000   Photo Slideshow

 

Build your dream home on these waterfront lots in Sarasota and Longboat Key

5861 Gulf of Mexico Drive, Longboat Key, Florida 34228 Vacant Lot
Buildable Lots - Video of beachfront land at 5861 Gulf of Mexico Drive on Longboat Key

Occasionally I get a request from a buyer for lots to build homes on, especially beachfront. We do have four properties that are classified as buildable lots so we created a web page, Buildable Lots with a link off the main menu. With these waterfront properties you can build your dream home. These are unique properties in that two are ready for construction, while others have homes on land that can be split into other lots. The owner of the island at Hawks Harbor has commissioned John Cannon Homes to create specs for your dream home on nearly two acres of island. The link below is for the lot without the specification home.

5861 Gulf of Mexico Drive $3,995,000 Video Photo Slideshow
125 Big Pass Lane, Sarasota $2,495,000 Video Photo Slideshow
7038 Hawks Harbor, Sarasota $1,990,000   Photo Slideshow
7322 Westmoreland, Sarasota $1,595,000   Photo Slideshow

 

The Entire Buying Process On-line

by Roger Pettingell

Cyber Monday: Buying Your Home On-line

What works best online, what works best in person

3440 Mistletoe Lane, Corey's Landing, Longboat Key, Florida, 34228
New Listing in Corey's Landing - This home on a protected canal in Sarasota Bay will be listed this week in the Multiple Listing Service. Click on the image above to see three years of Comparative Market Analysis reports for this community.

With millions of holiday orders on-line today for Cyber Monday, the question is, “Can you buy your home on-line?” The answer is, “Of course you can.” Nearly all the processes in buying or selling are available through the Internet, that it is conceivable you could complete the entire process without physically being there in person.

I will say that I have not had a complete sale entirely on-line, but some have come close. From the initial research to the closing process, virtual home sales may some day be the norm rather than the exception. We get closer each day with improvements in communication technology and online money transactions.

Start with neighborhood research, we provide a lot of information on our website. In the Buyer menu section we provide basic information but provide valuable government and organization links to further your research on the Sarasota area. There is more information under Area Resources. You can get a sense and feel for the different keys (islands) under the Communities menus. Compare island life to Sarasota with descriptions of each municipality. You can also find report cards on the school districts in these sections if you have school aged children. A good school district will also reveal the health of the area, and many of our schools are among the finest in the state.

Once you’ve completed your research on your island of choice or the mainland you can start looking at housing costs. It might go without saying that homes on the water will cost more, but we have provided valuable research tools so you know which home or condominium communities are higher priced. With higher priced properties you should expect more amenities and well-maintained residences. We have been collecting Comparable Market Analysis (CMA) reports on up to 18 different communities over 20 years, and this year have uploaded monthly reports back to 2008 in some areas. This summer we added our polygon research technology so that you can go directly to the community represented in the CMA and find current homes for sale.

For my listings you will see information on each property and take a virtual tour, or watch a video of the home. We provide aerial photos so that you can get a sense of the surroundings and its proximity to the Gulf of Mexico or Sarasota Bay. On the map my listings will appear in red, for those homes you can be assured we have provided a comprehensive look at the home.

7332 Westmoreland, Whitfield Estates, Sarasota, Bradenton, Florida
This Whitfield Estates home will go on sale this week.

Now that you have enough information to make an offer, this may be a good time to reach out to a local Realtor. Continuing with the virtual experience and reference, my 31 years of local waterfront luxury sales is documented under the menu Meet Roger. You can email me with the home you are interested in, but most of my buyers use a technology that is nearing 140-year-olds: the telephone. At this point buyers call me at (941) 387-1840 with questions that range from an initial inquiry, to very specific questions on a particular property or to arrange a home showing.

This is also the point at which most buyers break from the online process and want to see the home in person. I did have a buyer in Colorado request a specific video of a beachfront home I had listed and potentially willing to purchase the home, site unseen. Even the phrase, “site unseen,” has a different meaning in this virtual world we live in.

The offer, contract and any escrow amount deposits can be accomplished over great distances of separation. Online buyers can use the services of Coldwell Banker for secure document exchange and money transfers that account for exchange rates with international transactions. A different set of rules for communicating the closing documents might come in to play if the sale is a cash deal, or financing is arranged and a lending institution is involved. Our office will be able to help buyers through that process and have a lot of experience with overseas purchases.

I can’t say we have enough technology to be comfortable with a complete shopping experience for a home online purchase in 2014, but we are getting closer. Buyers are still willing to fly in to feel the freshness of a luxury home or hear the waves on the Gulf of Mexico beach. Cyber Monday will remain a retail day for holiday shopping at least for this year.

This week I will have new listings in Corey’s Landings and a couple beachfront condominiums that will be offered at good prices with great amenities. On the mainland I will list a home in Whitfield Estates and another in the Oaks. I hope you had a wonderful Thanksgiving, and wish you the best for the upcoming holidays.

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Why Choose
Roger Pettingell?

Experience

  • Over 33 years as a top producing REALTOR® on Longboat Key and in Sarasota.

Achievements

  • Number 1 single Coldwell Banker agent in all of Florida for 2008, 2010, 2012, 2013, 2014, 2015, 2016 and 2017
  • Number 1 Realtor on Longboat Key and Bird Key for 2008, 2010, 2012, 2013, 2014, 2015, 2016, 2017 and 2018
  • Number 1 Realtor for all Sarasota in 2008, 2010, 2012, 2013, 2014, 2015, 2016, 2017 and 2018
  • Coldwell Banker Society of Excellence award in 2013, 2014 and 2016
  • Ranked among the top 250 agents in the country for 2014, 2016 and 2017 by REAL Trends as reported in the Wall Street Journal.

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About Roger Pettingell

Roger Pettingell of Coldwell Banker Residential Real Estate is your Longboat Key, Florida Luxury Real Estate Specialist. Roger provides his real estate expertise to sellers, investors, developers, and buyers in the Sarasota area including Anna Maria, Bird Key, Bradenton Beach, Casey Key, Cortez, Grand Bay, Holmes Beach, Longboat Key, Marina Bay, Osprey and Siesta Key. Search for homes, luxury homes, condominiums, investment property, development property, and vacant land and lots on the Longboat Key, Florida and the surrounding area.