You’re baaack! … and it’s been real (estate) scary here!
By Natalie Gutwein
It is Jan. 11. I’ve been attempting to write this article for days on end, but my typically hectic schedule has of late taken a turn toward chaotic.
Why is that you ask? Why does it seem like I’m catching myself coming and going and my children are again starting to forget what I look like?
In my best Carol Anne Freeling voice (think Poltergeist), “THEY’RE BAAACK!”
Indeed, esteemed readers, you are back! The snowbirds have descended upon what was, for a brief moment in time, a tranquil little island. Not that it had been sleepy very long — just a few short months — but we did get a little break.
Could this mark the long-awaited return to “normalcy” following the challenging times of the pandemic? Could it be that the patterns of daily/yearly life and our “season” on the world’s most beautiful island have resumed?
I dare say, it seems like we might be on the brink of such a welcome restoration.
So, what did 2023 look like on Siesta Key? The most modest (lowest-priced) condo sale was at 22 Sandy Cove. The property is a 532-square-foot, one-bedroom/one-bath home that sold for $375,000.
In contrast, the pinnacle of opulence was attained at the newly christened building at 84 Avenida Veneccia. This development will be referred to as 89 Beach. And this majestic 3,098-square-foot condo, featuring three bedrooms, two full baths, and one half-bath graced the market in October, commanding a regal sum of $4,569,723.
Turning our attention to single-family residences, the lowest price home sale was last February at 5218 Winding Way. The 1,184-square-foot dwelling in the Twin Oak Pond subdivision is a two-bedroom/ two-bath unit and was swept-up in a mere 14 days and sold above the list price at $462,000.
Conversely, the zenith (highest-priced) single-family home sold is a mega-mansion by Siesta Key standards. It’s at 4001 Flamingo Ave. and has 7,487 square feet, has five bedrooms, four full-baths, and two half-baths. This is a new-construction home that overlooks Roberts Bay, boasts a 16,000-pound boat lift, a four-car garage, generator, and an Infinity-edge pool. In the month of June, this masterpiece changed hands for $12.25 million.
To get the full picture of the market on Siesta Key, I think it’s important to analyze the price categories in which the homes are selling. The majority of the homes on the island are selling between $1 million and $2 million with 47 of the 105 homes sold in 2023 selling in that price range.
The year 2023 marked significant shifts in Siesta Key’s real estate landscape, and I am optimistic about our current position. Following the whirlwind of activity experienced in 2021 and 2022, property valuation became a challenging task leading to a noticeable surge in price adjustments.
However, after the summer spike in prices in 2022, we have witnessed a rebound and it appears that we have found a more stabilized footing in terms of pricing. The market seems to have settled into a more balanced state, reflecting a positive trajectory for Siesta Key’s real estate scene.
I’m looking forward to the year to come.
Stay sunny, Siesta!
(Natalie Gutwein is a licensed Realtor with Premier Sotheby’s International Realty’s Judie Berger Team and a member of the board of directors of the Siesta Key Association.)
(Data accurate as Jan. 11 from Stellar MLS.)