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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.
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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