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Here are key take-a-ways from Craig Cerreta's state of the Q1 2023 market report for Sarasota-Manatee:
SINGLE FAMILY HOMES
- At 3,354 listings for sale, supply continues to increase at a moderate pace, but it still below a normal balanced market.
- The increase is due not because more homes are coming on the market, but because homes are staying longer on the market.
- Month's supply varies by market:
- 2.8 months supply for homes up to $1M
- 4.5 months supply for homes $1M to $2.5M
- 11 months supply for homes $2.5M to $5M
- 25 months supply for home over $5M
- Demand is still strong with 3,380 homes sold and closed. This is down from the peak of 5,156 in Q2 of 2021, but up from Q1 2019's 3,106 which was a good year.
CONDOS/TOWNHOMES
- At 1,431 listings for sale, supply continues to increase, but is below Q1 2019's 3,176.
- Month's supply varies by market:
- 4.6 months supply for homes up to $2.5M
- 8.3 months supply for homes $2.5M to $5M
- 21 months supply for home over $5M
- Everything below $2.5M is undersupplied. Above $5M is oversupplied, but 50% of inventory is new construction which won't be completed for several years.
- Demand is still strong with 1,169 listings sold and closed. This is down from the peak of 2,314 in Q2 of 2021, but up from Q1 2019's 1,085 which was a good year.
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Global Networking Initiative
Going to Las Vegas for Sotheby's International Realty's Global Networking Event |
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Generating a global referral business, forming lasting relationships, and discussing the latest trends in the real estate industry are key components to our success at the Laughlin Tanner Group. The Sotheby's International Realty Global Networking Event provides an opportunity to connect with real estate leaders from all over the world to talk about strengthening our business and supporting our clients at the highest level. Andrew and Natalie are going to Las Vegas to attend this dynamic event. |
The Loan Approval Deadline
How to avoid losing your earnest money deposit. |
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Many homebuyers are unprepared for the extensive documentation required throughout the loan approval process. As a result, they easily lose sight of their loan approval deadline. This could result in a canceled contract and a Seller claiming the earnest money deposit. If loan approval is not obtained by the loan approval deadline, the buyer has three options: (a) request an extension of the loan approval period; (b) terminate the contract; or (c) proceed to closing.
Kathryn Huynh, Esq., attorney with our partners at Berlin Patten Ebling, expalains the options that need to be considered as the loan approval deadline approaches and how the claim could be avoided. |
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| FEATURED LISTINGS |
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NEW LISTING:
1414 POINT CRISP ROAD
PRIVATE PENINSULA ON SOUTH SIESTA KEY
6BR / 8.5BA / 7,162SF | 1.2 Acres | $15,950,000
Siesta Key coastal home where superlatives are a way of life: 1.2 acres on a peninsula. 360-degree bay views. 546-ft. waterfront on Little Sarasota Bay. Private road for extreme privacy. Water views from every room (including the elevator!). Inspired by the incredible beauty of the site, this showpiece home surrounds you with beauty, comfort and conviviality. The expansive floorplan features sprawling balconies, and glass-filled front and rear elevations, all designed with a singular purpose: to maximize the spectacular waterfront setting.
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NEW LISTING:
1475 SIESTA DRIVE
4BR / 4BA / 3,750SF | $3,150,000
Enjoy amazing views of Sarasota Bay, the Ringling Bridge and the downtown skyline from every living space in this extremely well-built, three-story, custom, bayfront home. All three floors feature fantastic amenities with elevator access to each level. Davits on the seawall are ideal for jet skis, a jet boat or skiff. Dual two-car garages to house your toys.
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FEATURED LISTING:
1.4 ACRE BAYFRONT ESTATE
5BR / 5.5BA / 8383SF | $3,995,000
The best bayfront value in Sarasota for those seeking privacy, nature and enduring elegance. Extreme privacy on 1.4 acres with 150-ft. waterfront and 8,383 sq. ft. luxurious residence. |
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| OUTSTANDING RESULTS |
In the last month, the Laughlin Tanner Group
helped these sellers create outstanding results with masterful
marketing and negotiating skills. |
 Downtown | $1,375,000 |
 Longboat Key | $985,000 |
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| 5-STAR REVIEWS |
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WOW! Check out this AMAZING client review:
"We can't give the Laughlin Tanner Group enough accolades! They go way beyond what anyone would expect from their broker. They came in and assessed our property, and advised us about what we needed to do to sell it for the best price in a timely manner. They then sent in painters, landscapers and deep cleaners to whip it into shape. Last, but not least, they staged the property. That took about 2-1/2 weeks before listing. Once listed, it sold in one week for the asking price. The photos they took for advertising were superb. There were multiple showings, and they personally attended every one of them and gave us immediate feedback. They even took care of watering the flowers for us. We have sold multiple properties over the years and they are, by far, the best we have ever dealt with. They are very dedicated to what they do. Peter Laughlin has put together a team that works wonders. His knowledge of the real estate market and contracts is extraordinary. To Peter and his team, thanks so much for a job well done. You made the process stressless and the closing was a breeze!" -- Rupert and Kathryn W. |
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The new issue of FOLIO is hot off the press, and provides an exclusive view into the lifestyles offered through distinctive luxury properties from Premier Sotheby's International Realty. Your best life begins with a home that inspires you, and the Laughlin Tanner Group awaits the privilege of helping you discover that inspiration. |
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