Houses in this market aren’t selling as quickly, and the inventory of homes on the market is multiples higher than last year. But prices in Sarasota and Manatee continue to steadily rise.

As of the end of January, median sales prices for single-family homes were at $505,710 in Manatee County, a 5.4% increase over last tear, and $459,999 in Sarasota County, just a 1% decrease. For condos, the median sales price reached $345,000 in Manatee and $417,500 in Sarasota, representing year-over-year increases of 14.6% and 19.3% respectively.

Meanwhile, Manatee County has a 3.2-month inventory of homes for product in both categories and Sarasota has a 2.7-month inventory. That’s about 400% higher than the available stock in January of 2022. That’s not spread out evenly — Manatee has a 700% higher inventory of condos than it did last year — but in all categories the supply is growing faster than buyers can take homes off the market.

At the same down, real estate professionals generally consider a six-month supply of homes to be a balanced market. By that definition, both counties remain seller’s markets. But the trends have agents urging clients to sell when a good offer comes.

“Real estate remains a preferred asset and is still considered to be one of the safest investments for luxury tier buyers,” wrote Michael Moulton, a Michael Saudners and Company Realtor, on his real estate blog. “Even though the pace of appreciation will ebb and flow, economists believe home values will continue to grow in the coming year. If you are a potential seller, as we enter peak selling season now is a great time to list your property. We are in a market where sitting on the sidelines will likely not result in a sizeable increase in asset value of your current residence.”

That said, professional associations tracking real estate trends still expect housing prices to rise in the immediate future.

“The real estate market in Sarasota and Manatee Counties continues to be less active than the same time last year with significant decreases in the number of closed sales across all property types,” said Brian Tresidder, president of the Realtor Association of Sarasota and Manatee. “Despite the decrease in sales, median sales prices for all property types are still higher than last year, with the exception of Sarasota single-family homes, indicating that property values are holding steady.”

But of note, properties are sitting on the market for longer periods. The median time from list date to sale in Manatee County in January was 26 days for condos and 32 days for single-family homes, in both cases representing more than a 300% increase in wait times to make a sale. In Sarasota, the median time to contract was 19 days for condos and 29 days for single-family homes. 

Metropolitan excitement meets tropical living with the SOTA Hotel & Residences, a chic new boutique hotel and luxury residence building that will sit at the corner of Goodrich and Main Street at the eastern gateway to downtown Sarasota. With plans to break ground this summer, the SOTA is projected to be up and running by summer 2025.

Internationally known Trepp Development’s LLC President Rodrigo Trepp has been a developer in Bolivia for over 16 years. He has assembled a team of local experts which he refers to as the “A Team” for his expansion from South America to Florida’s West Coast to develop a variety of luxury residential and commercial developments throughout Sarasota and Tampa Bay, starting with the SOTA. “When I first visited the Sarasota area, I instantly fell in love,” he says. “I knew this was the place to make my project come to life.”  Trepp is currently building a house in Lakewood Ranch and by the time it is done, his family will be ready to relocate from their home in Bolivia.”

Located at 1703 Main Street, SOTA will include a 16-story tower with Hoyt Architects named as the building designer and Architect of Record. The interiors are designed by New York City-based and award-winning Andre Kikoski Architect. SOTA includes 35 spacious residences and 120 hotel rooms as a Tapestry Collection by Hilton and managed by Commonwealth Hotels. It will be the first hotel on Main Street. “Our vision is to enhance the beauty of Main Street so that guests and residents will be in the heart of all the action. Sarasota is a remarkable city but we are going to make it even more intense and beautiful with what we are doing,” Kikoski says. “We tried hard to respect the DNA of the city and at the same time make it even more evident.”

Mike Ealy of Nassau Investments is the co-developer and financial partner for the project. Ealy’s strength lies in identifying the right projects, developing a clear vision, and then putting together the right team to specifically execute each project. Ealy went into this project with a single mission “If we are going to do something, it’s going to be iconic,” he says.

The SOTA will have all the features of everyone’s favorite hotel, which is the one that thinks about everything for you. It will have the elements of everyone’s favorite home: the one with the special little touches. “It’s a downtown apartment with the feel of a gracious and spacious home,” shares Kikoski. “It’ll be the best of both worlds.”

While amenities–including two restaurants, a beautiful bar inspired by the Four Seasons in New York, a pool, deck, and upscale gym–will be shared by hotel guests and residents, there will be separate entrances and elevators. With panoramic views, concierge service and first-rate amenities, the SOTA will be for everyone who wants to feel young and alive, no matter their age, according to Trepp.

Michael Saunders & Company, known as the premiere luxury real estate firm on Florida’s West Coast, will sell the two-and-three-bedroom residential condominiums starting at approximately $1.8 million. 

SOTA Sales Gallery: 1734 Main St., Sarasota, Property Address: 1703 Main St., Sarasota, 941-462-3900. 

Pictured: The SOTA will be a 16-story high building with luxury residences and hotel suites. Courtesy of SOTA.

To learn more click here.

Everyone loves a parade and PulteGroup is hosting the best kind – special limited-time savings on new homes across 12 top communities from Sarasota to Naples. During Pulte’s Parade of Savings March 4-19, homebuyers can save on select quick move-in homes, closing costs or rate lock options, or design center upgrades from one of the nation’s most recognized and trusted brands in homebuilding for 70 years. Plus, guests who visit any of the participating Parade of Savings communities by PulteGroup’s family of brands – Pulte Homes, DiVosta, Centex and Del Webb – also have the chance to win a pair of Lectric XP Lite electric bikes, an approximate retail value of $1,600. Guests can enter to win at every community they visit, while exploring over 40 professionally decorated model homes showcasing Pulte’s quality consumer-inspired and Life Tested Home Design®. Five communities in the Sarasota area are participating in the Parade of Savings. Homebuyers can save on single-family and attached villas at DiVosta’s BeachWalk by Manasota Key in Englewood, single-family homes by Centex in Cedar Grove at The Woodlands in North Port, and Talon Preserve on Palmer Ranch, DiVosta’s low-maintenance neighborhood of single-family and villa homes in Nokomis. Pulte Homes is offering savings on quick move-in single-family homes in Sapphire Point at Lakewood Ranch and Magnolia Ranch, its intimate enclave of only 72 homesites in Bradenton. Parade of Savings single-family home communities in the Naples and Fort Myers region include Terreno by DiVosta in Naples, Pulte Homes at Verdana Village in Estero, Edgewater in Babcock Ranch, and Avalon Park in Ave Maria. Pulte also offers single-family and villa homes in River Hall Country Club, a golf course community near Fort Myers. Del Webb, the nation’s pioneer of active adult 55+ lifestyle communities, offers a variety of home types at Del Webb Naples in Ave Maria, and single-family homes in Del Webb Oak Creek in Fort Myers. To browse Pulte’s Parade of Savings new home communities across Southwest Florida and plan your tour, visit www.Pulte.com/Sarasota, www.Pulte.com/FortMyers, and www.Pulte.com/Naples. 

Pictured: Whitestone Exterior. Courtesy of Pulte Homes.

Manatee County is hosting a Public Information Meeting for an upcoming roadway improvement project on Upper Manatee River Road on Tuesday, March 21, 2023, from 6:00 p.m. to 8:00 p.m., at Peace Presbyterian Church, 12705 E. S.R. 64, Bradenton, 34212. There will be no formal presentation, and guests may arrive any time between 6:00 p.m. and 8:00 p.m. to view design boards and plans and ask project staff any related questions. The roadway project will widen approximately 2.2 miles of Upper Manatee River Road—from north of S.R. 64 to the Fort Hamer Bridge—from two lanes to four 11-foot lanes (two lanes in each direction). Improvements will include an 18-foot raised median, 6-foot buffered bike lanes, curb and gutter, 5-foot sidewalk on the east side of the roadway and 10-foot sidewalk on the west side of the roadway and street lighting throughout the corridor. The project also includes improvements at the Upper Manatee River Road intersections with Greenfield Boulevard/Copperlefe Drive, Port Harbour Parkway and Fort Hamer Road that include replacing the existing traffic signals with new traffic signals, left-turn lanes and pedestrian crosswalks. A new signalized intersection will be constructed at the intersection of Upper Manatee River Road and Waterlefe Boulevard, and a new signalized mid-block pedestrian crossing will be constructed just south of 2nd Avenue E. Public participation is solicited without regard to race, color, national origin, age, sex, religion, disability, or family status. Persons who require special accommodations under the Americans with Disabilities Act should contact Carmine DeMilio, Manatee County ADA Coordinator, by phone at (941) 792-8784, ext. 8203, or by email at Carmine.Demilio@mymanatee.org at least five days prior to the public meeting. Persons who require translation services (free of charge) should contact Valerie Ciudad-Real at (813) 404-1572 or by email at valeriec@valerin-group.com at least five days prior to the public meeting. For additional project information, please visit the project website at mymanatee.org/uppermanatee. For more information about Manatee County Government, visit mymanatee.org or call (941) 748-4501. Follow them on Facebook, Twitter and Instagram @ManateeGov. 

Get ready for summer travel. The Office of Angelina “Angel” Colonneso, Clerk of the Circuit Court & Comptroller for Manatee County, is opening its doors on two Saturdays in March to accept passport applications. On Saturday, March 11 and 25, from 8:30 a.m. to noon, the Clerk’s passport division will assist first-time passport applicants for adults and minors, renewal of adult passports (issued more than 15 years ago), and renewal of minor passports. To help customers save time at the passport counter, the Clerk’s office recommends that customers fill out their passport applications in advance. Passport applications are available for download through the U.S. Department of State’s website at https://travel.state.gov/content/travel/en/passports/how-apply/forms.html. In addition to the application, all applicants must be present and bring the following items with them: A check or money order made payable to the U.S. Department of State. Please visit https://www.manateeclerk.com/departments/passports/ for a list of fees to determine the amount of your check or money order, a valid government-issued ID, original proof of citizenship (for first-time applicants only), expired passport book/card (for renewals only). Passport photos are available on-site for an additional cost. For questions about the Clerk’s office's upcoming passport event or general passport questions, call the passport division at (941) 741-4022.

Sarasota Memorial is participating in three (3) global clinical trials evaluating minimally invasive treatment options for patients with cardiac valve disorders. Led by Interventional Cardiologist Ricardo Yaryura, MD, and coordinated by the Sarasota Memorial Research Institute, the key objective of the trials is to evaluate the safety and efficacy of transcatheter valve replacement with Edwards Lifesciences devices in the mitral, aortic and tricuspid spaces. This research offers an opportunity to further examine novel treatment options, in an effort to continuously provide patients with optimal care.​ Patients with cardiac damage and dysfunction are vulnerable and as their disease worsens, the risk of life-threatening adverse events increases (e.g., stroke and heart failure). Treatment options for patients with severe cardiac valve insufficiencies typically require surgical repair or replacements. However, many patients with valve complications are not eligible for surgical treatments, due to age or pre-existing medical conditions, and may benefit from having the option for a minimally invasive procedure. The following trials are currently under way and open for enrollment at SMHCS: The ENCIRCLE Trial – The ENCIRCLE study evaluates the safety and efficacy of the investigational Edwards SAPIEN M3 system, a transcatheter procedure developed to replace the mitral heart valve in patients with severe mitral valve regurgitation who do not qualify for other treatment options. The study is taking place at up to 75 institutions worldwide and slated to treat up to 500 patients; The PROGRESS Trial– The PROGRESS study is being conducted examine transcatheter aortic valve replacement (TAVR) versus careful Clinical Surveillance (CS) in patients with moderate aortic stenosis and at least one additional risk factor. The study will help determine if some patients benefit from having their aortic valve replaced before their condition progresses to severe aortic stenosis. Patients who have already been diagnosed with severe aortic stenosis, meeting regional guidelines for the timing of intervention (i.e., ACC/AHA), can receive FDA approved, commercially available treatment options and would not qualify for this study. Up to 80 global centers will enroll up to 750 patients. Eligible patients will be randomized to either (1) TAVR with the Edwards SAPIEN 3 or SAPIEN 3 Ultra transcatheter heart valve or (2) Clinical Surveillance (CS). Study patients randomized to CS will be followed annually, for up to 10 years. Close follow-up will allow structural valve disease experts to determine whether guideline-recommended criteria for the timing of aortic stenosis intervention is met, making CS patients eligible for AVR; Clasp II TR Trial – The Clasp II TR study evaluates the safety and effectiveness of Edwards’ investigational PASCAL Transcatheter Valve Repair System, which is designed to repair the tricuspid valve in patients with tricuspid valve regurgitation. The study is taking place in up to 75 institutions worldwide and slated to enroll up to 825 patients to compare the benefits of those who receive Edwards PASCAL Transcatheter Valve Repair System and optimal medical therapy, compared to optimal medical therapy alone. For more information about these cardiac valve studies or other clinical trials, contact the Sarasota Memorial Research Institute at (941) 917-2225. For a physician referral or information about cardiac care at Sarasota Memorial, call (941) 917-7777 or visit smh.com/heart. 

Join us on March 7, 2023 at Michael's On East for a dynamic luncheon symposium centered on conversations focused on regional philanthropic topics. The luncheon will include a panel discussion to explore the ever-changing world of non-profits and honor outstanding individuals who have made a meaningful impact within the community. 

Reserve Your Tickets Here