Neighborhood Watch

Nature-loving Sleepy Lagoon

Sarasota Bay, is home to people who value Florida’s natural beauty. Here, sabal palms, mangroves and other lush tropical vegetation frame spectacular water views. On the bay side, Florida ranches and Key West-style residences sit on peaceful canals perfectly suited to boating enthusiasts. Along the Gulf, Sleepy Lagoon offers palatial estates next to cozy cottages. Neighbors congregate on sandy beaches to search for seashells, spot turtles and delight at leaping dolphins.

Number of Sleepy Lagoon properties: 270

Number of sales 6/2005 to 8/2006: 16

Range of sales prices 6/2005 to 8/2006: $850,000 to $7.5 million

Average sales price: $2,043,594

Range of square footage: 1,545 to 6,390 square feet

Recent Listing

A 3,400-square-foot, Spanish Mediterranean-style home under construction at 637 Norton St. is on the market for $2,195,000. A boater’s dream, it’s on deep sailboat water with a private dock and no bridges to the bay. The finished residence will have three bedrooms, three full baths and one half bath, a study, media room, pool and spa with waterfalls, four-car garage, gourmet kitchen, fireplace and elevator. Andrew M. Bers of Prudential Palms Realty is the listing agent.

Recent Sale

A beautifully remodeled beach cottage at 6291 Gulf of Mexico Drive recently sold for $4.6 million after being listed for $4,975,000. Originally constructed in 1962, the pristine cottage is set on more than an acre with 100 feet of prime beachfront and a tennis court. The romantic, three-bedroom seaside haven is lovely as is; plans are also available for a 5,000-square-foot home and swimming pool to adjoin the cottage via an air-conditioned walkway. Andrew M. Bers of Prudential Palms Realty was the listing agent and Donald Vercauteren of Coldwell Banker Residential Real Estate was the selling agent.  Previous sales: $1 million in November 2000; $1.24 million in July 1999.

MLS statistics courtesy of Andrew Bers of Prudential Palms Realty. MLS records transactions and listings by members of the Sarasota Board of Realtors Multiple Listing Service.

Top of the Market

Es Ca Bay, the palatial Sarasota bayfront home owned by socialites Susan and Roy Palmer, has sold. Built in 1938 and extensively restored and expanded in the mid-1990s, the landmark Ringling Museum-area property sold last summer for $12 million after being listed for $12.9 million. Touted as the West Coast’s most beautiful estate, Es Ca Bay boasts more than 650 feet of waterfront on more than three gated, waterfront acres. It contains 10 bedrooms, 10 full baths and four half-baths. Beautifully landscaped grounds surround a detached guesthouse, staff residence, five-car garage and an extraordinary private outdoor entertaining area. Linda Roe Dickinson of Michael Saunders & Company was the listing and selling agent.

Sales information provided by Kim Ogilvie of Michael Saunders & Company.

 Moulton on the Market Although the Sarasota real estate market has cooled, Michael Moulton is believes that his current $11 million Longboat Key listing will not last. “Buyers are still out there,” says Moulton, “and this bayfront beauty features 11,000 square feet of luxury on over an acre.”

The spectacular spec house, done in Addison Mizner style, offers the highest quality finishes and upgrades. Moulton says it’s the type of property that allows Sarasota to compete with Florida’s most prestigious resort areas. “And since it has become increasingly difficult to sell pre-construction,” adds Moulton, “this residence is perfect for prospective buyers wishing to walk inside and actually touch and feel the finished product.”

            Moulton cites several reasons for today’s market changes. First, he’s seeing a more educated consumer. “Today’s buyers have spent time on the Internet searching cities and neighborhoods, and they want great value. They also have greater choice today, since properties are staying on the market longer. They can take their time and make better decisions,” he says. Investing in real estate has slowed somewhat, so projects are moving at a more measured pace. Also, says Moulton, today’s buyers are less willing to go under contract without having sold their existing homes. “The ‘grab-it-now’ mindset is over,” he says. “A few years ago, buyers were snapping up properties as fast as they came on the market because demand was extremely high and supply extremely limited. Many buyers were handling two mortgages and applying for bridge loans to cover themselves. Some probably paid more than they should have. But things have changed.”