Laughlin Tanner Group
FEBRUARY 2024
 
MARKET SNAPSHOT
Real Estate February 2024
What a Difference a Year Makes
Sales are steady, but inventory is up 64%
Our managing broker, Craig Cerreta, takes a deep dive into local housing data to report on what's really happening in the Sarasota-Manatee real estate market. Highlights include:
  • Inventory is no longer undersupplied -- up approximately 60% year over year
  • Demand is solid -- nearly identical to 2019 and 2023 (but not growing with inventory growth)
  • Prices are flat for single family homes and price reductions are on the rise for condos, especially older condos
  • Mortgage rates are bumping up slightly due to increased economic growth
  • The spread between asking price and offer price is growing
  • Buyers do not want to do updates or repairs when paying top dollar
VIEW THE REPORT WATCH THE VIDEO

Getting Top Value for YOUR Home
Realistic Pricing. Top Showing Condition.
As Craig mentioned in the Market Snapshot, inventory is no longer undersupplied and far too many listings are overpriced. Although some homes are selling at peak prices, many are not. The true value of your home depends on its micro market -- its location and its condition compared to others on the market.

We'd like to remind you that the Laughlin Tanner Group has a proven plan for success to achieve outstanding results in any market. We work diligently and consistently until closing is complete.

Call me to schedule a complimentary consultation. I will provide a detailed market report and answer any questions you may have.
Real Estate Plan for Success
"I've bought and sold numerous properties and have dealt with many realtors in the past. The Laughlin Tanner Group is the best of the best! They did a thorough market analysis. They were on-site for every showing. They were extremely professional and a pleasure to work with." - SS
 
NEW FEMA FLOOD MAPS
New Flood Maps
FEMA Issues New Flood Maps
New base flood elevations and flood plain boundaries go into effect March 27
New flood insurance rate maps, or FIRMs, could impact your insurance requirements and premiums. Flood risk changes over time due to construction, growth, environmental impacts, floodplains widening or shifting and changes to local watersheds.

Sarasota County has compiled resources to help you determine whether your property or business has been affected by the new FIRMs and how you can find more information.
NEW FLOOD MAP RESOURCES
 
THE ESTATES AT TERRANOVA UPDATE
Two Model Homes Going Up
TerraNova Model Home
B&D Builders broke ground on its 13.8-acre model equestrian estate in TerraNova. The compound will include a 7,184 sq. ft. home, 8-stall barn and turnout pastures. The photo above shows the barn. The prime homesite is located across from the cross-country course at the gateway to the equestrian competition center.

Tidewater Construction is finalizing permits for its 6.7-acre estate which will include a 4,200 sq. ft. home.

The models, as well as phase 1 estate homesites, are now available. If you have interest in this noteworthy equestrian community, I encourage you to call me right away to take advantage of introductory prices.
MODEL HOMES AT TERRANOVA
 
MARKET ACTIVITY REPORTS
Complimentary market reports with market summary charts + live links to property details in your favorite Sarasota neighborhoods!
West of Trail Siesta Key Downtown
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Bird Key St. Armands-Lido Longboat Key
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West of Trail North West of Trail South East of Trail
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South Siesta Key Anna Maria Island Luxury Real Estate Market Activity Report East County Acreage
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RECENT SALES
In the last month, the Laughlin Tanner Group helped these clients achieve outstanding results in the sale or purchase of their homes. We have a proven strategy, plus dedicated marketing and customer care professionals to ensure your success.
Sold Listing
LONGBOAT KEY BEACHFRONT
2525 GULF OF MEXICO DRIVE #7A
2BR/2BA/1,460SF | $1,799,000
Represented the buyer
Sold Listing
DOWNTOWN SARASOTA
ALINARI #301
2BR/2.5BA/1,830SF | $1,150,000

Downtown Sarasota third-floor end unit featuring two wrap-around balconies with spectacular sunrise and sunset views. The pleasing north-west-east exposure makes this a very bright and cheerful residence all day long. Excellent location in the Rosemary District.
Represented the seller
"We want to thank everyone for such a great job on the wonderful presentation. It definitely shows the time and effort involved as well as the skill and creativity your firm provides to your clients."
- Phil & Peggy O
VIEW DETAILS

Sold Listing
LIDO BEACH | LISTED AND SOLD IN 2 WEEKS
KEY TOWERS SOUTH #5C
2BR/2BA/1,364SF | $1,350,000

Lido Beach residence with wide-open beach, Gulf and sunset views. Blue skies, white sand beach, turquoise water, year-round-sunshine...fall in love with the Florida island lifestyle!
Represented the seller
VIEW DETAILS
 
NEW LISTINGS
These listings are new to market or will be coming on the market in the near future. Contact me for more information.
New Listing
ARLINGTON PARK
2502 Prospect Street
4BR/3.5BA/3,153SF | $2,195,000

Nearly new custom home in Sarasota's highly-desirable Arlington Park strikes the perfect balance between classic design and contemporary living. The artful mix of colors, textures and patterns makes this neighborhood newcomer look like it has gracefully evolved over the years. Arlington Park is centrally located with super-easy access to Downtown Sarasota, Sarasota Memorial Hospital, grade-A schools and an abundance of lifestyle amenities. This fabulous in-town oasis is ready to welcome you home!
VIEW LISTING

New Listing
LONGBOAT KEY PENTHOUSE
Island House PH-15B
2BR/2BA/1,491SF | $1,795,000

Follow your dreams to this Longboat Key island penthouse with gorgeous beach, bay and city views. Superb mid-island location across from Bay Isles Shoppes and only 15 minutes over the Ringling bridge to downtown Sarasota lifestyle amenities. This fifteenth-floor residence has a desirable southern exposure, new impact windows and high ceilings for bright year-round comfort and night-time views of Sarasota's city lights.
VIEW LISTING

New Listing
COMING SOON
Downtown East New Construction
$1,345,000
 
Homestead Exemption Deadline
Florida residents receive tremendous tax benefits through the Florida Homestead Property Tax Exemption. For example, Florida property owners who qualify to receive a Homestead Exemption are eligible to receive a total exemption of up to $50,000.00. There are additional tax benefits available for the elderly, disabled, veterans, widows, and first responders disabled in the line of duty.

If you purchased a primary Florida residence in 2023, remember to file for Homestead exemption by March 1:

Sarasota County:
https://www.sc-pa.com/applyonline/WebForm1.aspx

Manatee Country:
https://ofa.manateepao.gov/ApplyOnline/WebForm1.aspx
 
Laughlin Tanner Group
 
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