2012 Siesta Key Year-End Luxury Real Estate Market Report

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YOUR SIESTA KEY EXPERT 3935 Shell Road Offered at $6,500,000

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Judie Berger is pleased to present her annual review of key market indicators that have impacted real estate values on Siesta Key in the past year.

Transcript of 2012 Siesta Key Year-End Luxury Real Estate Market Report

YOUR SIESTA KEY EXPERT

3935 Shell RoadOffered at $6,500,000

YOUR SIESTA KEY EXPERT

I am pleased to present my annual review of key market indicators that have impacted real estate values on Siesta Key in the past year. I am providing this information to forecast market trends that are likely to occur in 2013. I believe the only way buyers, sellers and homeowners can make informed decisions is to have the most current and comprehensive information available. As a 17-year Siesta Key resident, I understand the significance of having accurate, detailed information that is specific to our island.

Historically, both the housing market and economy have been cyclical. After years of declining real estate values, a turnaround in the market is at hand. My analysis of the indicators reflect mixed results for 2012 when compared to a year earlier. Sales activity on most of the islands increased, and inventory levels remained stable or decreased. Average sales prices varied by island—Bird Key, St. Armands, Lido Key, Siesta Key and Venice Island showed an increase in average sales prices. Overall, data suggests that a significant recovery is underway in real estate values on Sarasota’s islands.

Should you have questions about information contained in this report, or if you would like to receive my first quarter update, please contact me.

Looking forward to a successful 2013!

All the best,

Judie BergerREALTOR®, P.A., ABR, GRI

Top Producer on Siesta Key

Premier Sotheby's International Realty941.928.3424

[email protected]–2012

2012 Siesta Key Year-End Luxury Real Estate Report

ISLANDS REAL ESTATE REPORT

SARASOTA ISLANDS – 2012 COMPARISON TO 2011

Sarasota Island % Change in Sales Current Listings Month’s Supply Average PriceAnna Maria Island +38% 145 8 -5%

Longboat Key +0% 114 15 +5% Bird Key +17% 21 6 -5%

St. Armands/Lido Key +19% 28 10 +41%Siesta Key +13% 119 8 +13%Casey Key +11% 33 20 +4%

Venice Island +20% 62 6 +17% Manasota Key +17% 88 39 -18%

1 Anna Maria IslandIn 2012, inventory levels dropped to an 8-month supply and average prices decreased slightly. This indicates that prices should begin to stabilize (as they have with homes valued at over $1 million), due to the drop in inventory levels.

Sales activity in 2012 remained flat despite a strong increase in prices. This is probably due to the fact that inventory levels remain high. Excessive inventory levels of properties priced over $1 million could lead to additional price declines in 2013.

2 Longboat Key

Inventory levels decreased slightly but still remain very high. This situation will likely lead to continued price declines until inventory levels drop further.

8 Manasota Key

Strong sales activity in 2012 led to an increase in prices. Inventory levels have stabilized at a normal 6-month supply of homes for sale. Expect sales activity and prices to show an increase in 2013.

7 Venice Island

Sales activity and prices remained flat in 2012 as compared to 2011. Inventory has increased slightly, but still remains at a healthy level compared to other island areas. As these trends continue, expect to see a full market recovery in 2013.

3 Bird Key

The luxury markets are improving, and as we continue to see the surrounding areas improve, this luxury area will continue its recovery as well.

4 St. Armands and Lido Key

Siesta Key still has a higher than average number of homes for sale (8-month supply versus a normal 6-month). However, sales activity and prices increased significantly last year as compared to 2011. Expect to see stronger sales activity followed by rising prices as inventory levels decline further in 2013.

5 Siesta Key

Strong sales activity has led to an increase in prices. Expect price stabilization to continue and sales activity to remain strong in 2013.

6 Casey Key

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SIESTA KEY SINGLE-FAMILY HOMES – 2012 COMPARISON TO 2011

Price Point Year Homes Sold Current Listings Month’s Supply Average Price

Under $500,000

2012 55 3 1 $373,7422011 61 15 3 $339,068

Change -10% -80% -67% +10%

$500,001 to $1,000,000

2012 75 38 6 $703,8442011 61 65 13.4 $715,737

Change +23% -42% -55% -2%

$1,000,001 to$2,000,000

2012 18 34 23 $1,480,2782011 15 40 34.3 $1,560,148

Change +20% -15% -33% -5%

$2,000,001 to$4,000,000

2012 20 24 14 $2,936,7002011 14 24 20.6 $2,412,857

Change +43% 0% -32% +22%

Over $4,000,000

2012 4 20 60 $4,256,2502011 3 17 68 $5,083,333

Change +33% +18% -12% -16%

Total2012 170 119 8 $1,016,1652011 151 161 12.9 $895,863

Change +13% -26% -38% +13%

©2013 Premier Sotheby’s International Realty. All rights reserved. This material may not be reproduced, displayed, modified or distributed without the express prior written permission of the copyright holder. Premier Sotheby’s International Realty is a holding of The Lutgert Companies. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered service marks used with permission. Each office is independently owned and operated. Equal Housing Opportunity. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Based on information from Mid-Florida MLS for the period January 1, 2012 to December 31, 2012. These properties were not all listed and/or sold by Premier Sotheby’s International Realty and were listed and/or sold by various MLS participating offices. Information deemed accurate but not guaranteed. *Source: BrokerMetrics® and proprietary data. Sales volume of residential homes, condominiums and vacant land that listed, closed and recorded in MLS plus proprietary records.

A SELECTION OF HOMES SOLD BY jUDIE BERGER IN 2012

Siesta Key1229 Point Crisp RoadList Price: $3,200,000

Siesta Key701 Treasure Boat WayList Price: $1,500,000

Siesta Key1245 Sea Plume WayList Price: $1,295,000

Bird Key524 North Spoonbill Drive

List Price: $1,195,000

West-of-the-Trail1529 Eastbrook DriveList Price: $999,950

Siesta Key631 Waterside WayList Price: $995,000

Siesta Key1240 Northport DriveList Price: $950,000

Anna Maria Island641 Key Royale DriveList Price: $949,000

Bird Key618 Owl Way

List Price: $850,000

Siesta Key5440 Avenida Del Mare

List Price: $759,000

Siesta Key757 Tropical CircleList Price: $799,000

West-of-the-Trail1919 Grove Street

List Price: $799,000

Siesta Key550 Commonwealth Place

List Price: $749,000

Siesta Key5300 Ocean Boulevard #903

List Price: $699,000

Siesta Key5585 Contento DriveList Price: $699,000

Siesta Key823 Edgemere LaneList Price: $499,000

Siesta Key1008 Glebe Lane

List Price: $469,900

Siesta Key823 Edgemere LaneList Price: $499,000

Siesta Key5911 Midnight Pass Road #201

List Price: $315,000

Siesta Key1257 South Portofino Drive #208

List Price: $264,900

941.928.3424 – [email protected]

FEATURED LISTINGS

SIESTA KEY3935 Shell Road4 bedrooms, 4 full baths, 1 half bath, 4,471 square feet under air$6,500,000

SIESTA KEY7508 Midnight Pass Road6 bedrooms, 6 full baths, 1 half bath, 7,637 square feet under air $2,700,000

SIESTA KEY5831 Riegels Harbor Road4 bedrooms, 4 full baths, 1 half bath, 5,537 square feet under air $1,950,000

LAKEWOOD RANCH COUNTRY CLUB13211 Palmers Creek6 bedrooms, 5 full baths, 1 half bath, 5,351 square feet under air$1,895,000

SIESTA KEY709 Treasure Boat Way4 bedrooms, 3 full baths, 4,112 square feet under air$1,595,000

SIESTA KEY5415 Azure Way3 bedrooms, 2 full baths, 1 half bath, 3,063 square feet under air$1,299,000

SIESTA KEY452 Canal Road5 bedrooms, 3 full baths, 1 half bath, 3,384 square feet under air $1,195,000

SIESTA KEY5411 Avenida Del Mare3 bedrooms, 4 full baths, 3,783 square feet under air $1,175,000

SIESTAS BAYSIDE – WATERSIDE WOOD4568 Woodside Road4 bedrooms, 3 full baths, 3,396 square feet under air $1,100,000

LONGBOAT KEY – COUNTRY CLUB SHORES530 Yardarm Lane3 bedrooms, 3 full baths, 2,427 square feet under air $1,050,000

SIESTA KEY – SIESTA ISLES5229 Cape Leyte Drive3 bedrooms, 2 full baths,1,804 square feet under air $849,000

SIESTA KEY – SIESTAS BAYSIDE 625 Tremont Street3 bedrooms, 2 full baths,2,082 square feet under air $849,000

*co-listed with Brian Wood

Judie BergerPremier Sotheby’s International RealtyThe Plaza at Five Points50 Central Avenue, Suite 110Sarasota, Florida 34236

“As an attorney for over 30 years in New jersey and Pennsylvania, I’ve represented hundreds of clients in real estate transactions. judie has represented me in Siesta Key transactions. In my opinion, a real estate professional’s experience, unsurpassed knowledge of the marketplace, competence and utmost integrity are prerequisites of the best of the best…judie defines them all.”—Joseph Honer, Siesta Key, FL and Media, PA

“After moving 13 times, without a doubt, judie is the best REALTOR® we have ever worked with. She listened, was meticulous, and offered valuable knowledge through the entire process. As good as judie is at all the other REALTOR® skills, she shines as a negotiator. As sellers, we couldn’t be happier.”—Peter and Mary Gravelle, Siesta Key, FL and Plymouth, MA

“Our friends and neighbors were absolutely astounded at judie’s professionalism, creativity and knowledge of what needed to be done—from staging the house for sale to identifying the right buyers. We highly recommend judie to anyone who is serious about buying or selling homes…she is fabulous.”—Walter and Marian Kristlibas, Siesta Key, FL and Pearl River, NY

Trust the Power of the Premier Siesta Key Expert Judie Berger and Premier Sotheby’s International Realty

Local knowledge. Global connections.660 offices in 47 countries.19 locations along the Gulf [email protected]

When it comes to real, measurable performance, the facts speak for themselves. Along the Gulf Coast of Southwest Florida, no one sells more luxury properties than Premier Sotheby’s International Realty. In fact, no one even comes close.

Top Producer on Siesta Key