Search Sarasota Real Estate on MichaelSaunders.com
Contact us: 888-552-5228

MSC New Homes Market Report: Q4 2019

By: | | Share Tweet Email

 

Have you heard? Thousands of people a month are choosing to make Florida home. In U-Haul’s latest study of one-way rentals, Florida became the top relocation destination, overthrowing the great state of Texas (which held the title for the past four years). Among the preferred destinations within the state is the Sarasota/Bradenton area and among the preferred living is the latest in new construction.

And what’s not to love? Buyers looking from East County to the coast are offered a variety of options to suit their lifestyle and today’s design trends – from floorplan to finishes. Additionally, advances in engineering have made homes more efficient and secure, ensuring buyers need only move-in and enjoy their new abode. For condominium seekers, building are promising prospective residents the perfect balance of wellness and low-maintenance living through state-of-the-art fitness centers and spaces for recharging, playing with and grooming your pup, and getting down to business.

Beyond the bells and whistles, here’s our year end breakdown of the latest in new, so you can stay current with what’s on the market, how fast homes are coming to market and some important numbers that may help in your residential purchase journey now or in the future.

New homes starts

As the industry monitor of “housing starts” (a key indicator of new construction in markets), Metrostudy is a great resource for getting a general gauge on the confidence in the market. As reported at the end of the fourth quarter:

Quarterly starts:

Decreased 2% over Q3 2019

Increased 37% to Q4 2018

Annual starts:

Increase 8% to Q3 2019

Increased 23% over Q4 2018

Housing inventory months of supply

Charlotte County – 5.8 months

Manatee County – 6.7 months

Sarasota County – 6.3 months

Closed sales

TrendGraphix reports closed sales are 25% higher (comparing Oct-Dec 2018 and Oct-Dec 2019). Not surprising when considering the downtown boutique condominiums of Mark Sarasota finished up construction and began closing late fall. With more downtown condominiums expected to close in 2020 and East Manatee County’s continued growth, we’re likely to see gradual appreciation throughout the year.

*For sale properties and closings depicted on the graph do not account for total new construction inventory on the market, as not all is reported.

Notable updates on local new construction

What’s going on with some of the new construction in the area? We touched base with Michael Saunders & Company New Homes & Condominiums Director, Nancy Arbuckle to get the lastest.

Mark Sarasota 

The Mark - Sarasota, Florida Condos

Mark Sarasota is officially open for residents as of last fall. If you missed out on reserving this boutique hotspot within walkable downtown Sarasota, there are some limited opportunities. Some of the first “resales” are on the market. Commercial space is also still available on the main level.

The Ritz-Carlton Residences, Sarasota

The Ritz-Carlton Residences, Sarasota, Florida Condos

Real-estate development company The Kolter Group recently celebrated the topping-out of The Ritz-Carlton Residences, Sarasota, at 19 stories—the development’s highest point. Concrete structural work on The Residences began in fall of 2018 and is slated for completion in the fourth quarter of 2020. Located within the Quay Sarasota, the 73-unit luxury condominium tower is now 75% sold, with 21 residences remaining available for purchase.

What’s been in the news?

 

Auteur

This slideshow requires JavaScript.

Now accepting contracts! Overlooking Sarasota Bay, in the heart of downtown’s new walkable waterfront cultural district, Auteur luxury condominium homes feature expansive interiors with continuous walls of glass creating panoramic bay views from every residence. The sales center is open daily and has received a strong market acceptance with prospective buyers appreciating the larger floorplans and expansive views.

Auteur is extremely active on Instagram, posting new updates on building features and progress throughout the week. Follow them for updates – @auteursarasota.

More updates for Auteur can be found on their blog.

What’s been in the news?

 

Epoch

This slideshow requires JavaScript.

Now under construction! Designed with the vision of creating an enduring landmark, EPOCH will feature 18 floors and only 23 residences. The sweeping floorplans are first and foremost focused on honoring the beauty of the waterfront with floor-to-ceiling windows and coastal contemporary interiors designed by B. Pila Design of Miami. Located on the bend of Bayfront Drive, EPOCH’s location positions residents to have access to a premier Sarasota lifestyle – whether catching a show at the Sarasota Opera or walking to Marina Jack for a bite. The site recently had the concrete pour for its 8th floor.

EPOCH posts regular updates to their Instagram. Follow them to see the progress and learn about the many advantages of their streamlined and chic approach to condominium living – @epochsarasota.

What’s been in the news?

If you liked this blog, you may also enjoy:

MSC Luxury sales spotlight: Q4 2019 in Southwest Florida

Buying New with A View: 7 Spectacular Seaside & City Locations in Southwest Florida

2019 national accolades for Sarasota, Manatee & Charlotte counties

MSC New Homes Market Report: Q4 2019 was last modified: February 6th, 2020 by Samantha Emelock

Comments

comments