Monday, June 18, 2012

Focus On: Casey Key

Casey Key is arguably the preeminent real estate destination in the Sarasota area.  What makes Casey Key so desirable are the gulf to bay estate-sized lots, private beachfront, and it's off-the-beaten-trail location between Sarasota and Venice.  If you are looking for privacy and exclusivity, Casey Key fits the bill.

Casey Key FL
To date in 2012, just 9 single family homes have sold on Casey Key.  Sold properties were on the market an average of 271 days with a median sales price of exactly $1.7 million.

What jumps out at me from the data, as I outlined in a previous Focus On blog about another luxury neighborhood, Harbor Acres, is the list price to sales price ratio.  This is a very good indicator not only of the strength of the real estate market for a neighborhood, but also a good indicator of the ability of the listing broker to correctly price for the market.

As with Harbor Acres, listings on Casey Key are dominated by our area's "luxury" broker.  This broker has been, in my opinion, overly optimistic in encouraging sellers to list their property, citing the throngs of visitors to Sarasota in season as a bellweather of a recovering real estate market.

I have previously blogged that this assessment is overly simplistic, and that it takes more than highly Photoshopped night imagery of a luxury home with an illuminated pool to sell luxury real estate in this market.  Sales data for Casey Key seems to validate my position.

Year to date, the media list price/sales price ratio for Casey Key is 82%.  This is extremely low compared to the 93-95% LP/SP ratio for most neighborhoods in Sarasota and Manatee Counties.  For the "luxury" broker's sold listings on Casey Key, the LP/SP ratio was 81%, 82%, 73%, 85%, 94%, and 77%.  Amongst the other sold listings, their competitor's LP/SP ratio was 79%, 89%, and 89%.

A recovering real estate market, at least on Casey Key, is a tough case to make to a seller if you have to negotiate 18% from list price.

No comments:

Post a Comment