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Q3 2018 Luxury Market Spotlight on Florida’s Gulf Coast

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Founded on our luxury property expertise over 42 years ago, Michael Saunders & Company is proud to present a special quarterly market report specifically focused on luxury real estate. Closing out the summer season, Q3 revealed both strengths and challenges, but ultimately produced sales and pending numbers that outperformed 2017 by more than 20%. Taking an isolated look at Q3 for the collective tri-county area, we saw a peak of activity and demand in August and then slight softening later that month and into September due to the presence of an extended red tide bloom. This is likely a contributing factor to the reduced inventory, but with so many pieces in play from rising interest in Sarasota as a second-home market and the seasonal ebb and flow of listings, it’s hard to pinpoint the exact effect.

Price also was a driving factor for market performance throughout both Q2 and Q3. Michael Saunders, Founder and CEO of Michael Saunders & Company, explains this and other notable trends between July and September in a special luxury market report video:

The Full Report is Available Below

Key Trends:

  • Median sale price is down, showing a course correction to align with market and buyer expectation
  • Average days on market is down, revealing that properties priced well move quickly
  • Inventory is down, but new inventory is up, signaling the start of a very healthy fourth quarter
  • Inland development is providing discerning buyers with additional lifestyle options and the ability to customize

 

Luxury Spotlight

We applaud our experienced agents for successfully facilitating these transactions in the third quarter of 2018. Michael Saunders & Company also thanks and congratulates the many happy sellers and buyers beginning new chapters in our communities.

July 1st through September 30th, we saw a number of significant closings, including the highest sale for a Bayfront home on Longboat Key in nearly a decade. 2018 has definitely been a year of breaking records, and we have a feeling Q4 will bring many more.

According to Trendgraphix data, Michael Saunders & Company had the highest total luxury sales in units with both listings and buyers for Sarasota, Charlotte and Manatee counties – taking up an impressive 25.65% of the market share.

Top 10 Luxury Sales – Q3 2018

5060 Gulf Of Mexico Dr | Longboat Key | $6,880,000 | Beverly St. Hilaire and Tak Konstantinou Represented the Seller

7140,7150 Longboat Dr E | Longboat Key | $3,500,000 | Janet Walter Represented the Buyer

1400 Harbor Sound Dr | Longboat Key | $3,400,000 | Peter Salefsky Represented the Buyer

7338 Periwinkle Dr | Sarasota | $3,400,000 | Stephen Collison Represented the Buyer

1241 Gulf Of Mexico Dr, Unit #502 | Longboat Key | $3,000,000 | Ian Addy, PA Represented the Buyer

6510 Manasota Key Rd | Englewood | $3,000,000 | Michael Hollenbeck Represented the Buyer

1541 Caribbean Dr | Sarasota | $2,875,000 | Connie Lyke Brown, PA Represented the Buyer

415 L Ambiance Dr, Unit #A601 | Longboat Key | $2,845,000 | Lee Dillon Represented the Buyer

166 Bryant Dr | Sarasota | $2,800,000 | Jonathan Abrams Represented the Seller

852 Freeling Dr | Sarasota | $2,650,000 | Mark McCann, PA Represented the Buyer

 

July 2018 Closings

Address City Sold Price Listing Agent Co-Listing Agent Selling Agent Co-Selling Agent
12524 HIGHFIELD CIR LAKEWOOD RANCH $1,125,000 Tina Ciaccio
216 CHILSON AVE ANNA MARIA $1,250,000 Kathy Valente
11823 RIVER SHORES TRL PARRISH $1,550,000 Paul Oakes
15112 CAMARGO PL LAKEWOOD RANCH $1,100,000 Monica Verinder
105 PARK AVE ANNA MARIA $2,500,000  Ken Kavanaugh, Jr Ken Kavanaugh, Jr
1412 PEREGRINE POINT DR SARASOTA $2,250,000 Kim Ogilvie
1666 BAHIA VISTA ST SARASOTA $2,100,000 Kim Ogilvie Kim Ogilvie

August 2018 Closings

Address City Sold Price Listing Agent Co-Listing Agent Selling Agent Co-Selling Agent
638 BAYVIEW DR LONGBOAT KEY $2,250,000  Julie Klick
12519 HIGHFIELD CIR LAKEWOOD RANCH $1,575,000 Tina Ciaccio
16109 FOREMAST LN BRADENTON $1,107,861 Rich Polese Deborah Angelo O’Mara
4110 RIVERVIEW BLVD BRADENTON $1,250,500 Jody Shinn
140 RIVIERA DUNES WAY Unit#1503  PALMETTO $1,224,000 Kathy Valente  Kathy Valente
915 SEASIDE DR Unit#611  SARASOTA $2,630,000 Amy Chapman David Perkowski
9891 GASPARILLA PASS BLVD BOCA GRANDE $1,395,000 Carol Stewart
760 BEACH VIEW DR BOCA GRANDE $1,265,000 Carol Stewart
 601 BOCILLA DR PLACIDA $1,375,000 Kevin Mackin

September 2018 Closings

Address City Sold Price Listing Agent Co-Listing Agent Selling Agent Co-Selling Agent
43 SABAL DR PUNTA GORDA $1,295,000  Julie Klick
202 GAINES AVE SARASOTA $1,150,000 Debra Pitell-Hauge
8325 LINDRICK LN LAKEWOOD RANCH $1,200,000 Kathy Lewis Jonathan Fox, PA
601 PUTTING GREEN LN LONGBOAT KEY $2,040,000 Mel Goldsmith  Jan Goldsmith

Conferences

The summer and early fall also brought conference season to a close. In that time, Michael Saunders & Company agents, marketing staff and executives took their expertise to NYC, California, Vancouver and Barcelona to share knowledge and gain insight from our affiliates and leading influencers in the luxury sector. Once again, we’d like to send congratulations to the agents that received their Luxury Specialist Designations from Christie’s International Real Estate and thanks to all that utilize our affiliate network to provide the highest standard of service to their customers. You can get a closer look at these conferences by reading firsthand accounts from the people who attended.

As always, we’ll continue to monitor these trends and more. For a more detailed look at the market in your neighborhood, contact one of our experienced real estate agents.

We hope you enjoyed this deeper dive into our luxury market. In fact, let us know what you think in the comment section below and be sure to mention additional questions you have about the current trends in luxury real estate on Florida’s Gulf Coast. We’ll try to answer as many as possible in the Q4 Luxury Market Report this January.

Q3 2018 Luxury Market Spotlight on Florida’s Gulf Coast was last modified: November 14th, 2018 by Samantha Emelock

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