Sarasota Luxury Home Market Improving Although Rebound Seen as Sluggish Reports Sarasota Bay Real Estate

Substantial gains were achieved for luxury home sales in Southwest Florida in 2012, but this segment remains slower to rebound compared with the rest of the market for residential properties in the region, Sarasota Bay Real Estate reports.

Sarasota, Florida (PRWEB) January 10, 2013

Substantial gains were achieved for luxury home sales in Southwest Florida in 2012, but this segment remains slower to rebound compared with the rest of the market for residential properties in the region, Sarasota Bay Real Estate reports.

The significant sales advance in luxury homes last year manifested in the 75 percent increase in sold properties valued at $1 million or over in October from the same month in 2011. A total of 400 luxury homes were sold in Sarasota, Manatee, and Charlotte counties in 2012. Activity in this home market segment closed 2012 with successive sales of two mansions at Westway Drive in the Lido Shores area involving deals worth a total of close to $10.4 million, noted SBRE. In May, the full service realty firm sold a Ritz-Carlton condo near the Golden Gate Point Peninsula area in a transaction of almost $1.2 million.

While the uptick in luxury home sales is indeed encouraging, there’s still a largely untapped growth potential for this market segment, Sarasota Bay Real Estate said. As of year-end, there are 700 sales-listed luxury homes, representing a 20-month inventory. This level compares with the four months’ supply in the overall market. SBRE agrees with most realtors’ position that luring more foreign buyers, particularly European investors, can add further excitement in the Southwest Florida luxury home market.

What may be needed are just some more follow-throughs of the efforts by tourism officials in Sarasota and Manatee counties to market the region to visitors and potential home buyers. Part of these previous efforts was a foreign promotion tour soon after Siesta Key earned the distinction of being the top U.S. beach destination.

Despite a 15 percent increase in foreign visitor arrivals in the area in 2012, real estate brokers believe more buying interest on luxury homes can be generated from abroad. Additional gains, they say, can be achieved if additional direct flights from points of origin overseas are accommodated at the Sarasota-Bradenton International Airport which at present only has a Canadian air linkage.

Notably, some big realty firms are already spending big in public relations to stimulate more foreign home buying in the region, aiming in particular the affluent buyers from Europe, Latin America, and Canada, Sarasota Bay Real Estate said. Lake Club, an upscale, gated community in the master-planned development of Lakewood Ranch, is one the properties which have gained significant success in drawing home buyers from abroad. Approximately 11 percent of the residents in this neighborhood are from foreign countries, including those from the U.K., France, Spain, Poland, and Canada.

Named among the best master-planned community in the U.S. in 2011, the Lake Club was developed starting in 2005 and still has about seven years of construction before it is built out. In 2012, five multimillion-dollar mansions with floor areas of 10,000 square feet and over were set for construction in this neighborhood located off University Parkway.

Some local businessmen are also hedging on the potential for a full break out of the luxury home market in the region, SBRE noted. Just this December, a Sarasota company purchased 113 home sites at the upscale residential community of The Concession Golf Club for $7.9 million. Six residences having floor areas of up to 17,000 square feet have already been built in The Concession’s Phase II.

About Sarasota Bay Real Estate

Sarasota Bay Real Estate is a full service real estate brokerage in Sarasota Florida owned by Sarasota real estate broker, Christina Miller, and marketing professional, Roy Hunter. Together they, and their team of well-experienced agents, provide the best-in-class real estate marketing services for the properties in the company’s inventory.

Sarasota Bay Real Estate Internet assets receive more than 1,000 visits from perspective home buyers a day due to the wealth of local community information published by the company. Through a direct feed from the Sarasota MLS, Sarasota Bay Real Estate publishes the most current real estate information on the Internet for the Sarasota, Florida, market.

Contact information for Sarasota Bay Real Estate can be found at http://sarasotabayrealestate.com