Newsletter 173

NEWS FROM THE SUNCOAST …..

REGION’S REAL ESTATE MARKETS COOLS, BUT STABLE

The Sarasota-Bradenton area’s real estate market showed signs of stabilization in July, according to the most recent industry report. The Realtor Association of Sarasota and Manatee’s July findings showed “cooling year-over-year, with declines across most segments,” in closed sales. The median sale price on single-family homes remained steady in Sarasota County at $470,000. However, the median sale price dropped 1.8% in Manatee County — from $499,000 in July 2024 to $489,000 in July 2025. Both counties also saw dips in the median sale price for townhomes and condos, with a 17.8% decline from $365,000 to $300,000 in Sarasota and a 2.7% decline from $329,000 to $320,000 in Manatee compared to 2024. Sales activity differed slightly between the two counties, with single-family home sales in Sarasota County climbing 12.6% from last July, while Manatee saw a 9% drop. The two counties were similar in closed sales of townhomes and condos, with Sarasota’s decreasing 16.1% from last year, while Manatee’s slipped 10.7%. The trend in Sarasota and Manatee counties’ median price is counter to national figures. According to the real estate company Redfin, nationwide home prices increased 1.2% compared to last year, with a median price of $443,471. However, the number of homes sold declined by 2.1% nationwide year-over-year. The supply of homes nationally is still three months, Redfin reported. Inventory is still high. Sarasota County reported a 5.6-month supply of single-family homes, a 16.7% year-over-year increase, and a 7.5-month supply of condos and townhomes, a 31.6% spike from last year. Manatee County saw similar trends, with a 23.1% year-over-year increase yielding a 4.8-month supply of single-family homes, with townhome and condo supply growing 25% to 7 months. Median time to sale is still over 100 days across all types of housing in both Sarasota and Manatee counties. These trends indicate buyers have better negotiating power, but the slowdown in inventory indicates balance in the future, according to the news release. For more information on this story, courtesy of the Sarasota Herald-Tribune, please click here: Real Estate Cools But Stable

LONGBOAT MANSION SELLS FOR RECORD $30.3M

A Longboat Key mansion recently sold for $30.3 million. It’s a record-selling price for Florida’s west coast, excluding Naples, said Coldwell-Banker Realty’s Judy Kepecz-Hays, who represented the anonymous buyers. They paid cash for the 19,300-square-foot mansion named Serenissima. Serenissima means, “The Most Serene,” which references Venice, Italy when it was an independent republic. The property, located at 845 Longboat Key Road, has six bedrooms, six full bathrooms, two half bathrooms, a 12-car garage, gated security and is steps away from the Gulf. “The Gulf is your backyard and the golf course … is your entryway,” Kepecz-Hays said. “It’s hard to beat everything this home has to offer.” The three-story home last sold in 2020 for $16.5 million, according to Sarasota County property records. Compass listing agent Rich Polese facilitated the mansion’s sale in 2020 and in 2025. “This home has always been one of the most special properties on the Gulf Coast, and I’ve admired its craftsmanship and timeless beauty for years,” Polese said in a news release. “To see it sell for $30.3 million in such a short time on the market is not only a milestone for Sarasota but a reflection of how strong an investment in the market is. It’s gratifying to help match such a remarkable home with the right buyer.” Serenissima was built in 2005 and sits on 1.18 acres. In addition to the living space, the estate has private beach access, an infinity-edge pool, spa and pool deck. The home features a “marble hall crowned by a glass sky dome,” according to the listing. There is also a 10-seat home theater, light-filled sun room, gourmet chef’s kitchen, Venetian murals, an elevator and terraces offering panoramic views of the pool, beach and Gulf of Mexico. “They were looking for a larger home,” Kepecz-Hays said of the anonymous buyers. “They love their family. They have children and grandchildren. And they love … to have them around them, and they wanted a home on the beach. … It was more the size and the quality of this home that made them go forward with it. They immediately fell in love with it.” The home was on the market for 25 days before it sold on July 31. Please click here for more, courtesy of the Bradenton Herald: LBK Mansion Sells For $30.3M

NEW LUXURY ESTATE LISTING ON ST. ARMANDS

For luxury real estate buyers, a new house is on the market –one with a deep history, personal character and a $17.5 million price tag. Casa del Carnevale, 139 S. Washington Drive in the St. Armands Circle area, is a nationally recognized landmark, and the highest-priced residence in the John Ringling Estates currently available, according to a news release. Being sold as a furnished home, the house sits on three lots with about 170 feet of waterfront space. The property includes five bedrooms, 6 1/2 bathrooms, a custom kitchen with a La Cornue range and hood from France, a 65-foot saltwater Roman-style pool, a three-car garage, wine cellar, billiards room and a media room. The home was listed by luxury real estate specialist Judy Kepecz-Hays of Coldwell Banker Realty and her team, who previously represented the buyers in the sale of “Serenissima,” the Longboat Key home that broke residential sale records. “The luxury market is definitely picking up,” Kepecz-Hays said. Casa del Carnevale has had just four owners since it was designed by Whittington Associates and built in the 1936 by Paul Bergman for Midwestern industrialist Charles E. Leigh, the Lavoris Chemical Co. co-founder. In 1991, Leigh’s daughter, Marion McKennon, put the home on the National Register of Historic Places. In 2003, a Washington, D.C., couple began a six-year transformation process to expand and preserve the home’s Addison Mizner–inspired Mediterranean Revival style. In 2021, the current owners renovated the kitchen and butler’s kitchen, added a new water softener and filtration system, and added a new dock, lift and floating lift for jet skis and kayaks. Each room has local art, Venetian carnival motifs and custom design elements, according to the news release. It connects to the carnival as Marion McKennon’s husband Joe owned a carnival and was a Ringling Museum of the Circus volunteer, according to Herald-Tribune archives. There’s more to read here: New Luxury St Armands Listing Hits Market

ESCAPE RESORT SELLS ON CASEY KEY

For luxury real estate buyers, a new house is on the market –one with a deep history, personal character and a $17.5 million price tag. Casa del Carnevale, 139 S. Washington Drive in the St. Armands Circle area, is a nationally recognized landmark, and the highest-priced residence in the John Ringling Estates currently available, according to a news release. Being sold as a furnished home, the house sits on three lots with about 170 feet of waterfront space. The property includes five bedrooms, 6 1/2 bathrooms, a custom kitchen with a La Cornue range and hood from France, a 65-foot saltwater Roman-style pool, a three-car garage, wine cellar, billiards room and a media room. The home was listed by luxury real estate specialist Judy Kepecz-Hays of Coldwell Banker Realty and her team, who previously represented the buyers in the sale of “Serenissima,” the Longboat Key home that broke residential sale records. “The luxury market is definitely picking up,” Kepecz-Hays said. Casa del Carnevale has had just four owners since it was designed by Whittington Associates and built in the 1936 by Paul Bergman for Midwestern industrialist Charles E. Leigh, the Lavoris Chemical Co. co-founder. In 1991, Leigh’s daughter, Marion McKennon, put the home on the National Register of Historic Places. In 2003, a Washington, D.C., couple began a six-year transformation process to expand and preserve the home’s Addison Mizner–inspired Mediterranean Revival style. In 2021, the current owners renovated the kitchen and butler’s kitchen, added a new water softener and filtration system, and added a new dock, lift and floating lift for jet skis and kayaks. Each room has local art, Venetian carnival motifs and custom design elements, according to the news release. It connects to the carnival as Marion McKennon’s husband Joe owned a carnival and was a Ringling Museum of the Circus volunteer, according to Herald-Tribune archives. There’s more to read here: New Luxury St Armands Listing Hits Market

LAKEWOOD RANCH TOPS LIST FOR 8TH YEAR

Lakewood Ranch, a master-planned community in Sarasota and Manatee Counties, holds the No. 1 spot as the nation’s best-selling multigenerational community for the eighth consecutive year, according to a press release from real estate advisory firm RCLCO. The Villages, a central Florida community exclusively catering to residents 55 and older, topped the list as the top-selling community, with Lakewood Ranch coming in second for overall sales. Sales trends in Lakewood Ranch point to a market favoring buyers, mirroring a larger trend across Sarasota and Manatee Counties. The community reported 1,185 sales through June, which is a 4% dip from last year. Lakewood Ranch reports townhomes, villas and condos accounted for 42% of total sales. The community serves a wide variety of ages, and the buyer profile remains diverse with 42% of move-up buyers, 29% entry-level buyers, 22% active adults and 7% of buyers in the luxury segment. The 33,000-acre development, with 26 active villages, turned 30 in 2024, and dedicates 46% of its land to open space, schools and town centers. RCLCO has compiled the list of top-selling, master-planned communities since 1994, and said Florida accounted for 41% of sales among ranked communities in its mid-year report.

MEADOWS HOPES TO LEASE CLOSED GOLF COURSE

The Meadows Community Association voted to enter negotiations with Benderson Development Company at a special meeting Tuesday, Aug. 12, which will grant the developer operational control of The Meadows golf facilities. The contract would allow the Meadows Community Association to maintain control of the fitness center, tennis and pickleball courts, pool and community center. While the Meadows community expressed gratitude toward a seemingly positive step forward, members also showed a healthy amount of skepticism, given lingering distrust between residents and the association board over transparency issues surrounding past decision. Fears of trusting a powerful developer also crept in during the association meeting’s comment period this week. “The only thing that Benderson is looking for is golf,” MCA Vice President Tom Bondur said at the meeting. “They’re content with what they can do on the east side of Longmeadow.” The Meadows community and Benderson are already neighbors, as Nathan Benderson Park, a popular community park for biking, running and rowing, sits adjacent to the neighborhood network. The Meadows Country Club filed for Chapter 7 bankruptcy on July 7. Later that month, it reported $1.6 million in debt and only $720,000 in liquidable assets. Unsecured creditors – mostly club members – are uncertain if they will get their money back. Since filing for bankruptcy, the Meadows community has expressed frustration about the absence of golf, the future of their property values and a lack of transparency from the board. The club first considered bankruptcy in 2018. That year, the MCA bought more than 310 acres for $6 million; the association board leased the land back to the club for $10 a year and a monthly fee for the fitness facility. The club and MCA operated under this lease until the club terminated it in March. The association’s land purchase allowed the club to operate for another seven years. Although between the land purchase, renovations and last year’s hurricane damage, the MCA was $9.2 million in debt at its most severe, which the board has paid down to $5.6 million. According to the letter of intent, Benderson will provide a loan to retire or refinance the MCA’s debt at 4.5% fixed interest, 30-year repayment plan, with a $1 million balloon payment at maturity. The facility underwent several renovations in recent years, including a $1.5 million refresh of the 18-hole Members’ Course, however residents and members reported a decline in quality. There’s more on this story here: Meadows Hopes To Lease Closed Golf Course

DISCUSSION ON THE FUTURE OF OSPREY BRIDGE

The Meadows Community Association voted to enter negotiations with Benderson Development Company at a special meeting Tuesday, Aug. 12, which will grant the developer operational control of The Meadows golf facilities. The contract would allow the Meadows Community Association to maintain control of the fitness center, tennis and pickleball courts, pool and community center. While the Meadows community expressed gratitude toward a seemingly positive step forward, members also showed a healthy amount of skepticism, given lingering distrust between residents and the association board over transparency issues surrounding past decision. Fears of trusting a powerful developer also crept in during the association meeting’s comment period this week. “The only thing that Benderson is looking for is golf,” MCA Vice President Tom Bondur said at the meeting. “They’re content with what they can do on the east side of Longmeadow.” The Meadows community and Benderson are already neighbors, as Nathan Benderson Park, a popular community park for biking, running and rowing, sits adjacent to the neighborhood network. The Meadows Country Club filed for Chapter 7 bankruptcy on July 7. Later that month, it reported $1.6 million in debt and only $720,000 in liquidable assets. Unsecured creditors – mostly club members – are uncertain if they will get their money back. Since filing for bankruptcy, the Meadows community has expressed frustration about the absence of golf, the future of their property values and a lack of transparency from the board. The club first considered bankruptcy in 2018. That year, the MCA bought more than 310 acres for $6 million; the association board leased the land back to the club for $10 a year and a monthly fee for the fitness facility. The club and MCA operated under this lease until the club terminated it in March. The association’s land purchase allowed the club to operate for another seven years. Although between the land purchase, renovations and last year’s hurricane damage, the MCA was $9.2 million in debt at its most severe, which the board has paid down to $5.6 million. According to the letter of intent, Benderson will provide a loan to retire or refinance the MCA’s debt at 4.5% fixed interest, 30-year repayment plan, with a $1 million balloon payment at maturity. The facility underwent several renovations in recent years, including a $1.5 million refresh of the 18-hole Members’ Course, however residents and members reported a decline in quality. There’s more on this story here: Meadows Hopes To Lease Closed Golf Course

STORMS MAY BATTER BUDGET PROCESS

Sarasota is facing its first property tax rate hike in eight years as city leaders look for ways to replenish reserves. During budget workshops recently, interim city manager Dave Bullock recommended the small increase to boost Sarasota’s savings, which, since last summer, have been cut about in half. “This past year, we were in trouble with the storms,” Bullock said, referring to Hurricanes Debby, Helene, and Milton. Bullock initially proposed raising the property tax rate from 3.0 mills to 3.273; at a later meeting, the City Commission agreed to run with a new rate of 3.3, pending final approval of the budget. Property tax rates are measured in “mills.” One mill equals $1 for every $1,000 of a property’s taxable value. For instance, the median taxable value for a homeowner in Sarasota is $360,000, so that homeowner would pay an additional $90.27 a year in property taxes in the next fiscal year under the proposal. “The proposed operating millage rate will generate an additional $5.2 million, to be designated for reserves,” the city said in a statement recently. The move represents a general belt-tightening by the city, as the flush financial times of skyrocketing property values and ensuing tax revenue windfalls are slowing along with the real estate market. The city’s options to boost the reserves include cutting the operating budget, which could reduce services to residents, or to increase revenue by upping property taxes — or some combination of the two. The city’s total proposed budget of about $303 million is $2 million less than last year’s. Please follow the jump for more on this story: Storms May Batter Budget Process

WATER QUALITY UPDATE SHOWS GOOD NEWS

The Gulf Coast Community Foundation released a 2025 update of its Water Quality Playbook, first issued in 2020, and the changes are nuanced and somewhat based in celebration of accomplishments that have led to improvement of water quality in Sarasota Bay. The playbook, available online at https://waterqualityplaybook.org, was designed to be dynamic and easily updated as area water quality conditions change. “It’s dynamic both in our achievement and failures in addressing problems but it’s also dynamic in that the environment itself changes and technology advances changes the way we approach water quality in our community,” said Jon Thaxton, project lead and director of Policy and Advocacy at the Gulf Coast Community Foundation. The achievements that generate optimism range from establishing the Bobby Jones Nature Park, which includes 20 acres of wetlands that can filter 900 pounds of nitrogen a year, and the ongoing re-wilding of the Quad Parcels near the Celery Fields to the ongoing upgrade of area wastewater treatment plants to advanced standards that reduce nitrogen and phosphorous in reused wastewater. The Bee Ridge facility will be producing advanced wastewater treatment quality water by the end of the year, according to a Sarasota County spokeswoman. “That was a dream when we started this playbook, it’s now a reality,” said Thaxton, who stressed that improving those plants provided the biggest bang for the buck in the effort to clean up water in the watershed. Please click here for more: Water Quality Update Shows Good News

WATERFRONT BAR RANKED AMONG BEST IN U.S.

One of Sarasota’s most popular restaurants and bars — which reopened this spring following an extended closure due to hurricane damage — has earned national honors. Among 29 drinking destinations recognized from across the country — and just one other from Florida — The Old Salty Dog on City Island has earned a spot on the 2025 USA TODAY Bars of the Year list. Overlooking New Pass and Sarasota Bay, The Old Salty Dog is a quintessential Florida waterfront bar and restaurant, where guests are greeted by a refreshing Gulf breeze and postcard-worthy views of the sparkling water. From the bar and dining area, boats and seabirds glide by, while the neighboring marina’s towering boat racks, stacked with vessels, add to the laid-back, nautical vibe. Opened in 1991 by English couple Judy Fryer and Philip Needs — following the success of their original Old Salty Dog that debuted in Sarasota’s Siesta Key Village in 1986 — the City Island outpost blends a classic British pub with a Florida beach bar for something truly special. The open-air bar lets patrons belly up to the hull of a boat while overlooking the water — often populated by frolicking dolphins — and enjoy one of the region’s best fish and chips alongside a Boddingtons English pale ale. Please click here for more: Waterfront Bar Ranked Among Best In U.S.

KEY CHORALE GAINS AUDIENCE

Joseph Caulkins is feeling no sense of a let down after a “personally and professionally exciting” 40th season as artistic director of Key Chorale. In fact, he has just signed on for another 10 years. “Every year, the chorus gets better, and something about this past year, they were excited about the repertoire,” said Caulkins, who joined Key Chorale in 2007. “It brought the best out of them and it made me think about planning this new season. I have to think about what more this ensemble can do.” For season 41, there will be more masterworks than in years past, as well as continued collaboration with other arts organizations that help expand the chorus’ reach and the kinds of work it can perform. Most programs in the anniversary season sold more tickets than comparable concerts the year before. Attendance for Cirque des Voix, for example, the collaboration with the Circus Arts Conservatory, was up by more than 500 patrons. Caulkins and Marketing Director Trish Ivey said a new ticketing system may have helped make it easier for people to purchase tickets. Caulkins has planned 11 different programs, seven of them with a full orchestra, featuring primarily musicians with the Sarasota Orchestra. But the new season’s production of Cirque des Voix launches a three-year agreement for musical accompaniment from The Venice Symphony. Key Chorale has performed numerous concerts with the symphony over the years and will return for its annual holiday concert “Sounds of the Season.” Key Chorale features 110 singers, 23 of them paid and the rest volunteers. Caulkins also oversees the Key Chorale Chamber Singers, who will be featured throughout the season, including the “Radiance” concert on April 18 which will be performed as a multi-sensory experience lit with hundreds of candles, and the “Opus 1700” programs in January featuring works by Handel and Bach in two concerts. Please click on the link for more: Key Chorale Gains Audience

LA MUSICA EXPANDS SEASON, ADDS CONCERTS

As it prepares for an expanded 40th anniversary season, La Musica Chamber Music is celebrating significant growth over the last few years since pianist Wu Han was named artistic director of the program. Wu Han, one of the leaders of the Chamber Music Society of Lincoln Center, who also programs several different chamber series around the country, was hired in 2022 to become only the second artistic director for La Musica. She succeeded co-founder Bruno Giuranna, who retired not long after the unexpected death from COVID of his co-founder Derek Han. Joan Sussman, who joined La Musica in 2021 as executive director, said a broader range of music and a wider variety of musicians, coupled with a schedule that moved the series beyond its traditional April festival, have led to a 235% increase in annual income. “Our budget has grown from $219,000 to $515,000. It usually takes three to four years for something new to gain audience and for word of mouth to start to get around, and that’s what happened this year. People came, tried it and liked it,” Sussman said. Please click here for more: La Musica Expands Season