High Five

Sarasota's Highest Selling Homes

It is often said the upper end of the real estate market in Sarasota leads the overall market.  If that is so, the bottom may already be in our rear view mirror.  There have been 33 sales over over one-million dollars through April 8 of this year compared to 22 sales for the same period last year.  That represents a 50% increase year to date.  The average cost per square foot is also up 21% from $420 to $508 and the average sales price is up 8% from $1.986 to $2.136 million.  If you go back to 2010, the average per square foot price was $411 and the average sales price was $1.703 millon which further indicates this upward trend has gained a bit of steam rolling into 2012.

So where exactly are these sales happening?  Let’s take a look at this year’s “high 5” home sales.  One sale was on the exclusive Lido Key enclave of Westway Drive, three are sales on the #1 ranked Siesta Key and of course, Bird Key also came in with the 5th highest sale so far thise year.

#1 - 1255 Westway Drive on Lido Key which is located within some of the most sought after waterfront addresses in Sarasota.  This gated home was built in 2001 and featured over 6,600 square feet very well designed quality space situated on 130 feet of New Pass.  There was no recorded mortgage for this $7.1 million sale so one assumes the smart cash is betting Sarasota is once again moving in the right direction.  Indecently, the home was on the market for only 140 days.

#2 – 10 Sandy Hook located at the north end of Siesta Key on about one acre over looking the Gulf in Sandy Hook.  This Bruce Saba home was built in 1995 and featured over 6,600 square feet, 20’ doors, an elevator and observation deck for what must be the best sunsets in the world.   There is also garage space for six.  This home sold for $4.45 million in just 85 days.

#3 – 636 Beach Road is also located on Siesta Key and features 100’ of direct access to the #1 beach in the country.  McGinnes Construction built this luxury 4,100 square foot home in 2000 and has amenities like an elevator and a beachside terrace to enjoy the world class sunsets.  This home was under contract in just 4 days and closed $110,000 over asking for $4.1 million in only 32 days.

#4 – 725 Mangrove Point Rd is the largest home of the top 5 sales at just over 7,200 square feet.  There are six bedroom suites with six full baths situated on over one-half acre on the Siesta Key bayside Cocoanut Bayou.  This 2008 constructed home sold for $4.00 million in just 133 days.

#5 – 100 S. Warbler Lane rounds out the top 5 on one of our favorite locations, Bird Key.  This home is situated on a half-acre corner lot overlooking the bay and St. Armand’s Key.  This home sits diagonally to take full advantage of the water views out to the Gulf of Mexico.  The 5,780 square foot home was under contract in just 58 days and sold for $3.3 million.

The highest Longboat Key Home single family home sale came in at $3.15 million and was under contract in just 155 days.  There are five properties that closed and were listed for over a million.   Casey Key real estate sales are showing 6 sales over a million with the highest sale going to 612 Casey Key Road for $5.77 million.  That sale happened in just "zero" days.

These homes may be a bit outside of your budget.  Knowing where the smart money is going should give any buyer of Sarasota real estate the confidence to buy in this market.  Remember, follow the money!

Call us and let us help you find that perfect Sarasota home.  Now really may be the best time to buy.

John Woodward
Broker/Owner
Sarasota Real Estate Group

PS - These are not necessarily our sales but are offered to illustrate market activity in Sarasota.