Just Sold - Casey Key Home

Isn't the above photo gorgeous? It was taken from the Sugar Bay estate on north Casey Key.

3005 Casey Key Road just closed today for $4,500,000. It is the highest transaction on Casey Key this year. The home was listed for $4,750,000. Kudos to the fellow Realtor who listed and sold it and another brokerage firm.

The home was built in 1970. It has 3 bedroom with possibly a 4th bedroom or den and 4,028 square feet. Please call me at 941-812-6272 if you are considering a purchase on Casey Key or in the Sarasota area.

Lido Key Home Sold

This gorgeous home on Lido Key just closed for $6,387,500. This is the second-most expensive house to sell this year in Sarasota County. It was originally listed for $10,990,000 in January of 2006. The sellers eventually dropped the asking price to $7,495,000 and it went under contract in January of 2008.

This home is a gulf front estate on coveted Westway Drive which has the most valuable real estate in all of Sarasota. It offers breathtaking gulf views and sunsets, 121 ft on the Gulf, over1/2 acre. 4 bedrooms, office, exercise room, wine room storing 700 + bottles, family and gathering rooms, elaborate elevator w/entry vestibule, 9 car a/c garage, its own white sand beach, elevated pool and spa w/fire pit, docking pier w/fishing station, children's gulf front play area, gated & walled.

The thing I love about Lido Shores is the diversity of homes in the neighborhood. Every home in the neighborhood has deeded access to Lido Key beach. The waterfront homes offer stunning views and the convenience of the neighborhood to St. Armands Circle and Sarasota is great. Give me a call if you are looking for a home on Lido Key 941-308-6766.

SKY Sotheby's Luxury Property Auction

SKY Sotheby's hosted another luxury portfolio auction yesterday at The Longboat Key Club. The auction team was much more selective this time. Last November there were over 80 properties for sale which was way too many. I was pleased with some of the results. The highlight of the auction was the sale of 4067 Shell Road.

This home on Shell Road has been on the market since November 2006. It was originally listed for $12,800,000. It was eventually lowered to the current asing price of $9,950,000. This is a good example of how an auction can be successful when the traditional method is not working.

This home at 1644 Dolphin Lane fetched in the 900,000's. I dont remember the exact number but with the 10% buyer premium the final sales price will be just over $1,000,000.

This recently built home at 1654 Dolphin Lane in downtown Sarasota fetched $775k which puts the final sales price at $852,500. The above two homes were very nice.

The home above was located in The Sanderling Club on Siesta Key. I don't remember the exact amount it fetched but I believe it was just over $1,100,000. While this number was much lower than the asking price of $1,660,000 I think the final sales price was near market value. Auction haters may go on about how low this fetched compared to the asking price but that is going to happen when the asking price is too high.

These were great units near Bradenton beach. There were 3 of them in the auction and all fo them sold. They have partial views of the bay and the gulf! Every amenity including elevator, full use of the bayfront pool and dock, attached garage, beautiful finishes throughout and only 1 block to the white sand beaches.

This is Hudson Crossing on Orange Avenue west of the trail. These were finished in 2007. It is a small community of 12 units offering bayou views and sailboat water. They are very nice. This was put under contract shortly after the auction.

There were other sales and I am sure a few more of them will come together over the next few days. Overall, I think it was a very successful day. Love them or hate them auctions can be successful for some people. They aren't for everyone. In fact, they probably aren't for 99% of the general selling public. There are situations where they can be useful. If you want to buy or sell in the next auction give me a call at 941-812-6272.

What is Selling?

I was getting a haircut the other day when I overhead the guy next to me talking about real estate. This guy was telling his stylist that only the low end of the market was selling. It turned out that this guy was not a Realtor so I'm guessing he heard this information from one.

Let's see what is selling. Below are all of the sales of single family homes and condos by price range for the first quarter of 2008.

There were 1,293 total sales of homes and condos in the first quarter of 2008.

$3 million and up - 10 units - .7%
$1,000,000 - $2,999,999 - 86 units - 6.6%
$500,000 - $999,999 - 184 units - 14.3%
$300,000 - $499,999 - 293 units - 22.7%
0 - $299,999 - 720 units - 55.7%

Since I just woke up from a very refreshing nap I am going to the Sarasota MLS and get these same stats from 2002 to 2007.

2002

1,773 closed homes and condos in the first quarter of 2002

$3 million and up - 9 units - .6%
$1,000,000 - $2,999,999 - 51 units - 2.9%
$500,000 - $999,999 - 117 units - 6.6%
$300,000 - $499,999 - 262 units - 14.8%
0 - $299,999 - 1,334 units - 75.2%

2003

2,012 closed homes and condos in the first quarter of 2003

$3 million and up - 6 units - .2%
$1,000,000 - $2,999,999 - 69 units - 3.4%
$500,000 - $999,999 - 214 units - 10.6%
$300,000 - $499,999 - 319 units - 15.8%
0 - $299,999 - 1,404 units - 69.7%

2004

2,557 closed homes and condos in the first quarter of 2004

$3 million and up - 10 units - .4%
$1,000,000 - $2,999,999 - 102 units - 3.9%
$500,000 - $999,999 - 335 units - 13.1%
$300,000 - $499,999 - 521 units - 20.3%
0 - $299,999 - 1,589 units - 62.1%

2005

2,612 closed homes and condos in the first quarter of 2005

$3 million and up - 19 units - .7%
$1,000,000 - $2,999,999 - 159 units - 6%
$500,000 - $999,999 - 494 units - 19%
$300,000 - $499,999 - 705 units - 27%
0 - $299,999 - 1,235 units - 47.3%

2006

1,687 closed homes and condos in the first quarter of 2006

$3 million and up - 13 units - .8%
$1,000,000 - $2,999,999 - 116 units - 6.8%
$500,000 - $999,999 - 405 units - 24%
$300,000 - $499,999 - 493 units - 29%
0 - $299,999 - 660 units - 39.4%

2007

1,722 closed homes and condos in the first quarter of 2007

$3 million and up - 24 units - 1.4%
$1,000,000 - $2,999,999 - 104 units - 6.1%
$500,000 - $999,999 - 359 units - 20.8%
$300,000 - $499,999 - 541 units - 31.4%
0 - $299,999 - 694 units - 40.3%

Low end of the market
The percentages are obviously going to change as the overall market prices move up and down. In the 2003 to 2006 time frame notice that the percentage of homes selling under $300k decreases as market prices moved up. Also notice that in 2002 about 75% of the units sold were under $300k.

Now as prices decline from 2006 to 2008 the number of properties under $300k increases.

Luxury Properties
Even though prices have declined from 2006 to 2008 the million and up market still constitutes 6%-8% of the market.

So what does all of this mean? I don't know but let me digest it. Right now, my family is waiting for me to take them to dinner.

What do you think?

Just Sold - River Club

A client of mine just purchased this gorgeous home in River Club. The home has 4 bedrooms, den, 3 bathrooms with 3,523 square feet and sits on almost an acre.

Property description:

Beautiful Todd Johnston custom home on a private almost one acre lost in the estate section of River Club. Upgrades throughout the home including crown molding, 14' ceilings, cherry cabinetry, granite wet bar, wine refrigerator, columns in foyer and dining room, marble fireplace and custom built-ins. The sales price (now public record) was $620,000.

If you need help selling your home or want me to represent you in a purchase please contact me at 941-812-6272 or email me.

Sold - Longboat Key Condo

My client closed on this wonderful beach front Longboat Key condo yesterday. This 2 bedroom, 2 bathroom condo offers unobstructed gulf and beach views. It was listed for $850,000. Please contact me at 941-812-6272 if you are looking to purchase on Longboat Key.

Downtown Sarasota Condos

I updated my Downtown Sarasota Condo sold page. Now you can see compare 2006 and 2007 sales in most of the condos in the downtown area. I received a few emails from some readers who wanted to see how much prices have dropped in the downtown Sarasota condo market.

Just Sold on Longboat Key

This Beachwalk condominium on Longboat Key listed by a SKY Sotheby's agent recently sold for $2,850,000.

Property Description:

Simply gorgeous, direct beachfront home at Beachwalk of Longboat Key. 5,000 sq. ft. of incredible gulf, sunset and beach views from all the major rooms of this beachfront home. The master suite encompasses the entire beachside of the top floor with sweeping beach views from the master bedroom w/ fireplace and bath, private den, two seating areas and a private screened lanai. This 4 bedroom home has exquisite hand crafted detailing throughout and includes: crown moldings, hand painted ceilings and frescos, 3 fireplaces, private elevator, 3 beachfront terraces and a private 3-car garage.

Just Sold on Longboat Key

This home at 2912 Gulf of Mexico Drive just sold on the 15th of November for $500,000.

Property Description:

Wonderful vacation bungalow on Longboat Key directly across the street from the beach and convenient to shopping, banking, and restaurants. Three bedroom, two bath home with tile floors, turnkey furnished and caged, heated pool.

Fall 2007 Luxury Auction a Success

SKY Sotheby's International Realty and Dan Decaro Auctions conducted an auction Friday, November 16th. It was held in a large tent at The Longboat Key Club.

There were 79 properties on the auction block. One newspaper article reports 30 successful sales but I will verify that number this week. We also have plenty of after auction action. I am working with a buyer on one of the properties that did not sell. There are also several other properties in negotiations.

The largest Sarasota county residential real estate transaction was established at the auction. The Casey Key estate known as Sugar Bay fetched $14 million.

The waterfront Georgian mansion below sold for $6.1 million.

Another notable sale was 204 Bird Key drive. The highest bid was $4 million.

"We are ecstatic about the outcome of today's auction and are moving forward with another auction of luxury properties on March 16," Sky Sotheby's Chad Roffers said. "We already have 23 sellers committed. Other sellers who are interested in participating should contact us immediately since space is limited."

Contact me or call 941-308-6491 if you would like to sell your property or buy in our March 2008 auction.

Just sold in downtown Sarasota at Burns Court Villas

This condominium at Burns Court Villas in downtown Sarasota recently sold. Located on Orange avenue this unique condo design is within walking distance of all of the amenities of downtown Sarasota.

Property description:

Burns court villas give you all the amenities of a condo without the high rise headaches. 2 stories with a direct street entrance and pool level patio, this stunning home features 3 bedrooms and 2 1/2 baths, with the finest upgrades. Hardwood and Travertine floors, Viking appliances, cherry wood cabinets, granite counter tops, gas fireplace, the list goes on! Live in the heart of the Arts district, just an easy walk to galleries, shops, restaurants and the Bay front park.

Sold for $850,000

Just Sold on Lido Key!

I just sold this charming Lido Key condominium in the Lido Regency complex on the beach. It was a 1 bedroom/1.5 bath with almost 1,000 square feet on the 4th floor. Upgrades include new 22" Porcelain tiles, berber carpet, windows, plantation shutters, granite counters in kitchen and baths as well as completely remodeled master bath. The best feature of the unit is the accessibility to Lido Key beach as this building is right on the beach.

Just Sold on Siesta Key!

This stunning home on Roberts Point Road on Siesta Key just closed on the 18th of this month for $3,950,000. This beautiful bay front John Cannon home is located in the exclusive private enclave of Roberts Point on the north end of Siesta Key. It has exceptional design, expansive bay views and an open and spacious floor plan make this amazing residence the perfect place to live and entertain. The home has floor-to-ceiling windows showcase an infinity-edge pool, generous outdoor patio, private dock and panoramic views of Sarasota bay. The home was listed by SKY Sotheby's International Realty.

Home Selling 101 Part 3

This is the 3rd and final post about a home I sold. You can read more in my Part 1 and Part 2 posts. We closed sucessfully on Monday with absolutely no hiccups or problems whatsoever. Preperation ahead of time makes the transaction go much more smoothly.

The home closed for $345,000 or $171 a square foot. Not too bad when you consider the average dollar per square foot for the neighborhood this year before my sale was $151. I achieved the highest dollar per square foot sales price this year. Also, we received a contract in 64 days. The average days on market for the neighborhood before my sale was 140 days.

To find how I did that read part 1 and part 2. In a nutshell my home:

• Had excellent marketing
• Was priced properly
• Showed well
• Had good representation ;-)

Just Sold on Longboat Key

My clients just purchased this spectacular 4 bedroom, 4 bath, 3,000 square foot home/condo directly on the beach of Longboat Key. This has the feel of a home but is actually a 2 unit condo. The living room offers soaring ceilings, a built-in wet bar, gas fireplace and French doors out to the private swimming pool, yard and beach. The curved staircase leads to fabulous master suite with stunning views of the Gulf of Mexico. This is a very special property and I think the new owners will have a fantastic time on the beach.

Since it is now public record the sales price was $1,850,000.

Just Sold - West of Trail Home

SKY Sotheby's International Realty just sold a home west of the trail in Sarasota. This 3,000 square foot, 3 bedroom, 3.5 bathroom Tuscan designed home was built in 2007. Some of the features the new owners may enjoy are sitting in the courtyard listening to the water fountain, splashing in their pool, snuggling next to the 2-sided fireplace or lounging on your balconies. Sold for $795,000.

What has sold on Casey Key this year?

Seven homes on Casey Key have sold so far this year. Take a look at these wonderful Casey Key homes. Please contact me if you are thinking of buying or selling on the island.


Sold for $6,900,000


Sold for $5,500,000


Sold for $3,156,500



Sold for $2,375,000



Sold for $2,200,000


Sold for $2,150,000


Sold for $2,200,000

Recent sales of luxury homes in Sarasota

Here are four luxury homes that have sold recently in Sarasota.

826 Norsota Way



This 5 bedroom, 6.5 bath new home is located on one of the most sought after street in Sarasota - Norsota Way. Thoughtfully planned with casual elegance and entertaining in mind, the comfortably scaled rooms are filled with sunlight. Sensuous lines and soft corners create a serene atmosphere enhanced by gracious outdoor terraces and softly lit gardens. Luxurious finishes include cherry and cypress woods, Venetian plaster, Murano glass, travertine, granite, onyx, oil-rubbed bronze, copper and cast stone. This home was listed by SKY Sotheby's International Realty and was sold on May 23rd, 2007 for $2,625,000.

120 South Warbler Lane



This lovely 4 bedroom, 3.5 bath waterfront home is located on popular Bird Key. Dazzled by the great room entrance, this stunning new home offers 4800 sf of the ultimate in casual elegance, perfectly poised to capture views of gorgeous Sarasota Bay. Located on a protected boat basin with direct access to the intercoastal & gulf. Beautifully appointed interior features include an entertainment bar, a large theatre/media room with wet bar, ambience lighting, bamboo/marble flooring, an elevator services all floors and much more. Listed by SKY Sotheby's International Realty this home sold May 31st, 2007 for $2,150,000.

2823 Dick Wilson Drive



Would you rather be closer to the golf than the Gulf? This home has some of the prettiest front doors I have seen in Sarasota. This 3 bedroom, 5 bath home in Laurel Oak Estate offers 4,986 square feet of country club living. This home was listed by SKY Sotheby's International Realty and sold on May 24th, 2007 for $1,100,000.

Just Sold in Bent Tree Woodlands I

I just sold this wonderful lakefront home in Bent Tree Woodlands I. The home has 3,209 square feet, was built in 1982 and sits on almost an acre. It solds for $580,000. The home was in average condition and could use some updating and love.
Bent Tree Woodlands I is a great family neighborhood off Proctor road just east of I-75. It is a gated community with grand home sites and large lakes throughout the community. Please contact me at 812-6272 is you need help buying or selling a property in Sarasota.

SKY Sotheby's/J.P. King Property Auction

Yesterday we had our spring portfolio sale at The Ritz Carlton in downtown Sarasota. Over 300 people attended the exciting event which was the areas largest luxury home portfolio auction ever presented in a single swoop. I think it went very well and most who attended considered the event to be very successful.

Several properties sold prior to the auction. The Sarasota Herald Tribune reports property sales of almost $16 million. The largest sale was a mansion in Lakewood Ranch on Cowcamp Lane. The 14 acre, 7 bedroom, 11,000 square foot home with a 22 stall barn sold for $6,000,000. Typically, transactions occur after the auction so we will get a tally in a few days as to the total dollar volume of properties that sold.

Chad Roffers, SKY Sotheby's president, worked very hard on this auction and did a great job.

Sarasota Herald Tribune article

Just Sold - Longboat Key Condo

I represented the buyer of this gorgeous Longboat Key condo. This 2 bedroom/2 bath Longboat Harbour Tower unit is situated on the beach with totally unobstructed ocean views. It was recently renovated & updated w/20" porcelain tiles throughout, new carpeting in bedrooms, crown moldings, surround sound system, new bar cabinet, new bathrooms, new granite kitchen with G.E. profile appliances, washer/dryer in unit. It also has a large private lanai with 20" new tile. This condo sold for $795,000.

Please contact me if you are looking to buy or sell a Sarasota condo. 941-812-6272

Just Sold - Siesta Key Condominium

A client of mine purchased a lovely 2 bedroom/2 bath Siesta Key condo in this 6 unit complex on Siesta Key beach. This 1,363 square foot unit had gulf views, vaulted ceilings, woodburning fireplace, wrap-around terrace, and was furnished with a washer & dryer in the unit. The complex has a swimming pool overlooking the gorgeous beaches of Siesta Key.

Please contact me if you are thinking of buying or selling a condo on Siesta Key or any other area of Sarasota. I can be reached easily on my cell phone at 941-812-6272. Click on the links below to see condos for sale on Siesta Key.

• $0 - $500,000
• $500 - $1 million
• $1 million - $2 million
• Over $2 million

House in Harbor Acres sells for record price

A home at 1423 Hillview Drive in Harbor Acres recently sold for $7.3 million. It sets a record for the elite and sought after neighorhood.

The high cost illustrates a truism about Sarasota real estate: opulence never goes out of style. The 10,500-square-foot mansion features six bedrooms, a home theater, an outdoor kitchen and entertainment area, a private dock and postcard-perfect views of Sarasota Bay and the John Ringling Causeway.

Sales have been somewhat steadier for multimillion-dollar homes. More than two dozen Sarasota homes in the $3 million-and-up range sold in 2006. Some larger housing markets had no such sales.

Chad Williams, the buyer, called the $7 million-plus price "definitely a deal." He decided to make on offer after seeing the house had been reduced in price from $9.95 million to $8.8 million and finally less than $7.7 million.

"We really see it as a tremendous investment that we get to enjoy," Williams said. "Mutual funds aren't nearly as fun."

"As expensive as the house was, it was definitely a deal," Williams said.

Source: Sarasota Herald Tribune

A contrarian seeks opportunities to profit from situations when the crowd mentality leads to unreasonable valuations for assets, either on the upside or the downside. In 2009 will we be saying, "I wish I had bought in 2007 when everyone else was selling"?

Bird Key Waterfront Home Sells

SKY Sotheby's sold a waterfront home on Bird Key for $3,250,000. The 5,888 square foot home with 5 bedrooms and 5 bathrooms sits on a 1/2 waterfront lot. The home offers volume ceilings, a 3-car garage, an office/library, huge greatroom, chef's kitchen and a myriad of windows. It closed this last week for $3,250,000.

SKY Sotheby's sells luxury home on Casey Key

Take a look at this luxury beachfront home on Casey Key that my firm recently sold. The 7,556 square foot home with 5 bedrooms, 5 bathrooms, and 3 half bathrooms was built in 2003 and sat on over a half an acre on the beach overlooking the Gulf of Mexico. The home closed this week for $8,500,000.