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High Northern Property Taxes Benefit Florida Luxury Sales

I have heard from buyers from northern states for many years that they complain a about the high cost of property taxes in their home states.  It has been reiterated in the past months in various real estate publications.

  The cost of property taxes in the northern states, such as New York, New Jersey and Connecticut, is fueling the sales of luxury homes in Florida.  We are seeing the results of this here in the luxury market of Sarasota and Longboat Key, Florida.

In May,  the top 5 percent most expensive home prices in Sarasota grew 19 percent year-over-year.

The sales of homes costing a million dollars or more in Southwest Florida rose 25 percent from a year ago, the highest in ten years.


Sarasota Property Tax Break Should Continue

It looks like voters in Florida will approve Amendment 1 when elections area held in November.  This amendment will extend the current property tax break for homesteaded property and provide another $25,000 exemption.

Some Florida counties are saying that they will need to raise the millage rate to offset the future losses in property taxes.  

Another concern is the current beneficial property tax regulations for non-homesteaded property or investment property and whether they will continue. 

Sarasota One of the Top Cities to Retire

Sarasota, Florida has been chosen as one of the top eight cities to retire, mentioned in this month's issue of Where to Retire magazine.

This magazine is written for retirees who decide to move away from their hometown.  Studies have found that retirees who move to a different area are generally better educated, more adventurous, wealthier and healthier than those that stay in their current home.  There are approximately 700,000 American retirees that move each year, according to Where to Retire.

It is not surprising that Sarasota has hit the list with its beaches, scenic waterfront, outdoor sports and activities, and its myriad cultural events.

Making the Most of your Backyard in the Summer

There are several simple ways to make your backyard or garden more enjoyable and usable during the summer.  Now is the time you enjoy the warm, long summer days, entertain family and friends with barbecues and alfresco dining.

Make sure the patio or deck is in good condition by inspecting the wood, stone or brick.  Buy some pots and plant colorful flowers and blooming plants.  Adding an attractive outdoor rug to place under your outdoor furniture.  Coordinate with colorful pillows.   By simply adding attractive place settings, you can complete the look. 

A fountain adds charm and a peaceful feeling to the ambiance.  For cool summer evenings, a fire pit is a sure bet.  There are so many small, inexpensive ways to enhance your outdoor living space and spend many enjoyable summer days in the outdoors.

Sarasota Is Fastest Growing Luxury Market in U.S.

What is really hot in the Sarasota, Florida real estate market is the luxury market. In a recent Realtor.com report of the top 10 fastest-growing U.S. luxury markets nationwide, the Sarasota-Manatee market stood atop the list. Sarasota’s entry-level luxury price rose 19.1 percent year over year, reaching $993,000. Luxury prices are rising quickly as buyers from places like New York, Boston and Chicago realize there is a better bang for their buck available here.

Sarasota, Florida property taxes are also more reasonable than in the northern cities.  The lack of a state income tax is a big draw for luxury buyers moving to Florida.

Sarasota Offshore Power Boat Grand Prix

Every year on the first weekend in July, just before July Fourth, Sarasota, Florida holds the Sarasota Offshore Power Boat Grand Prix.  This spectacular week-long event brings boat racers and fans from all over the country, and even the world.

The proceeds from this 34th Grand Prix are donated to the Suncoast Charities for Children, helping children with special needs and their families.  Many of the events include participation by the children.  In the days leading up to the final race, activities include a golf tournament, car show, fishing tournament, comedy night, party in the boat pits, and motorcycle charity ride.  The culmination is the six-and-a-half mile race off the beach on Lido Key with these magnificent powerboats achieving speeds of over 100 miles per hour.

The Rosemary District is Booming

The area north of downtown Sarasota, Florida was a blight in the past to the growing cultural and social scene of Sarasota.  In the past few years, this neighborhood, known as the Rosemary District, has regentrified and is now a destination for new residents from all over Sarasota, its keys, and even from all over the world.

Dozens of new low-rise condo developments and hundreds of apartments have been built in the past couple of years, and property values have soared.  One of the new projects is Risdon on Fifth, a modern urban building with green space.  

Eclectic restaurants, boutiques, fitness centers, a contemporary dance and a yoga studio have moved to the area.  The Sarasota Opera has a brand new building, and the Sarasota Farmers Market now has a presence.



New Plans for Downtown Sarasota's Bayfront

Plans for the redevelopment of downtown Sarasota's Bayfront are making steady progress.  This area owned by the City of Sarasota and comprising former GWhiz, the Van Wezel, the Sarasota Orchestra and the large parking area will be have a new face, in keeping with the upscale nature of the surrounding downtown area.

The value of the parking area alone and next to the Van Wezel Performing Arts Hall, which was originally designed by Frank Lloyd Wright, is huge with its location directly on Sarasota Bay.   Plans for Sarasota Bayfront, as it is known, are to raise the base elevation several feet.  The intention is to provide amenities for the public with the goal of a healthier Sarasota Bay.

Beach Renourishment Set for Lido Beach

Lido Beach in Sarasota, Florida has been losing sand in the last few years, while Siesta Key across Big Pass, has been gaining sand.  There has been a mini war between the two islands because many of the Siesta Key residents do not want to give up any of their sand to Lido Key!

However, a couple of the condominium buildings on the south end of Lido Key have had significant erosion and are almost on the waterfront at high tide, and now something needs to be rectified.  The City of Sarasota will be dredging sand from New Pass in the next few months and using it to renourish Lido Key's beach.

Sarasota Rated by US News & World Report

The town of Sarasota, Florida came in second of all towns in Florida for the 2018 best place to live in a survey by US News & World Report.

Attributes that helped the area achieve this position are warm year-round average temperatures, beautiful beaches, outdoor activities, and availability of diverse cultural activities  Business opportunities and attractive tax incentives also attract new residents, along with affordability and availability of jobs.

Sarasota, Florida cannot be beat for a small town atmosphere with big town offerings.

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Carolyn Donnelly, P.A.
Coldwell Banker Res RE
 Sarasota & Longboat Key, FL
Phone: 941-350-9900​



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