Vacant lots hot on Siesta Key

Most real-estate prices in Sarasota County are approaching rock bottom, but buyers are making investments in dirt to build from the ground up — at least on Siesta Key.

“The value is always in the dirt,” said Jason Grande, a Realtor with Michael Saunders and Co. during a July 27 interview with the Pelican Press. And things are getting muddy on the barrier island, with 15 vacant lots sold in the first seven months of 2012, which is up 36% from the same period last year.

“Things that are unique are selling,” Grande said. Siesta has features that make it stand out against other barrier islands’ real estate, as well. “Sarasota hits all the prices — all marketplaces.”

Deep-water access to Sarasota Bay makes some lots on Siesta preferable to neighboring Casey Key, he said. And quick access to downtown Sarasota is another perk bolstering demand.

The trend shows that buyers are starting to better appreciate fair value, said Tom Cail, Grande’s partner on a Higel Avenue lot that attracted an interested buyer from Ocala, who had trouble finding property that would support his boat.

“The people are the end users and have determined that this is where they want to be,” Cail said.

“It’s still very, very price-driven,” Grande said. The average sale price of vacant lots increased 14% for the first seven months of this year compared with 2011, a modest increase given the uptick in real-estate activity. With a fixed quantity of land available, an increase in demand should ratchet up real-estate prices. “All it does is help you sell sooner.”

However, the average time from listing until contract grew 5% for vacant lots so far this year compared with the same period in 2011, and the average time to close increased 8.9%. Buyers must absorb some of the older properties before that statistic begins to reflect the trend, but the market action will accelerate the process.

“New construction is definitely good for the market,” Cail said. “It raises the value of property around it and gives people a better sense that people are putting money into the area.”

VACANT LOTS

Vacant lots sold in 2012 (Jan. 1 to July 31): 15
Low list price $351,900
High list price $2.5
Average list price $965,527
Median list price $700,000
Low sale price $325,000
High sale price $2.1
Average sale price $863,969
Median sale price $600,000
Square footage low 12,600
Square footage high 48,787
Average square footage 21,326
Median square footage 21,554
(Data courtesy of Michael Saunders & Co.)

Vacant lots sold in 2011(Jan. 1 to July 31): 11
Low list price $149,000
High list price $2.3 million
Average list price $892,557,000
Median list price $550,000
Low sale price $125,000
High sale price $2.3 million
Average sale price $753,5000
Median sale price $517,500
Square footage low 52,272
Square footage high 6,504
(Data courtesy of Michael Saunders & Co.)


Siesta Key Vacant Lots — Map
Blue markers denote vacant lots sold on Siesta Key in 2011. Red markers denote vacant homes sold, under contract, or pending on Siesta Key in 2012.

View Siesta Key Vacant Lots in a larger map