REGIONAL ANALYSIS OF BRADENTON SARASOTA VENICE FLORIDA
The subject is influenced in a general manner by the economic, political, physical
and social characteristics of the Bradenton-Sarasota-Venice Metropolitan
Statistical Area (MSA). A MSA is a geographic area with a significant population
nucleus, along with any adjacent communities that have a high degree of economic
and social integration with that nucleus. The Bradenton-Sarasota-Venice
metropolitan statistical area includes Sarasota and Manatee Counties.
The value of real property is influenced by the interaction of four basic forces.
These forces include social trends, economic circumstances, environmental
conditions, and governmental controls and regulations. The interaction of these
four forces influences the value of every parcel of real estate in the market.
Social Trends
Social forces are trends that are exerted primarily through population
characteristics. Real property values are affected not only by population changes
and characteristics, but also by various forms of human activity.
Population and Area: Population growth trends influence employment growth,
income levels, and many other key demand parameters analyzed in determining
commercial real estate productivity.
As shown in the chart below the MSA and state have higher population growth than
the nation. This indicates an increase in demand for real estate and thus is seen
as a positive influence on the subject area.
Higher Education:
Institutions of higher learning typically are not as vulnerable to economic
downswings, and they help to provide an area with a more solid employment base.
Colleges near Bradenton include Manatee Community College, New College of
Florida, Lake Erie College of Osteopathic Medicine (LECOM), Gordon University
and Manatee Technical Institute and Manatee Community College. Colleges near
Sarasota include Sarasota County Technical Institute, Keiser University, University
of South Florida, New College of Florida, Argosy University, Webster University,
Eckerd College, International College/ Hodges University, and Ringling College of
Art & Design.
Recreational and Regional Attractions:
Sarasota is the home of Sarasota Orchestra, founded in 1949 and known for years
as the Florida West Coast Symphony. It holds a three-week Sarasota Music
Festival that is recognized internationally and attracts renown teachers and the
finest students of chamber music. Other cultural attractions include the Sarasota
Ballet, Sarasota Opera, Asolo Repertory Theatre, Florida Studio Theatre, the
Sarasota Players, the Banyan Theater Company, and many other musical, dance,
artistic, and theatrical venues.
Sarasota is home to Mote Marine Laboratory, a marine rescue, research facility,
and aquarium; Marie Selby Botanical Gardens; G-Wiz Museum, a science museum;
and Sarasota Jungle Gardens.
The warm climate has made the Sarasota area a popular golf destination. There
are more than two dozen public and private golf courses within Bradenton from
which to choose, and over 200 more just a short drive away. Additionally there are
numerous beaches, parks, and other outdoor recreational activities to do in the
area.
Sarasota is home to Ed Smith Stadium, where the Cincinnati Reds train in spring
for the upcoming season, and is home to the minor league Sarasota Reds.
However, the Cincinnati Reds will move their spring training location to Goodyear,
Arizona following the 2009 season. There are talks that Boston Red Socks will
move Spring Training from Fort Meyers to Sarasota. The New York Yankees have
their Spring Training in Tampa. Manatee County is the spring home of the Major
League Baseball Pittsburgh Pirates as well as Gulf Coast and South Coast League
Baseball games. Also, the Tampa Bay Devil Rays are a thirty minute drive to the
north at Tropicana Field.
The NFL Tampa Bay Buccaneers play at Raymond James Stadium in Tampa.
There is also a professional hockey team in Tampa, Tampa Bay Lightning.
Shopping destinations include Sarasota’s downtown's historic Herald Square, St.
Armands Circle located on Lido Key across Sarasota Bay, and Southside Village.
The city of Venice has boutiques shops.
There are several malls including the Westfield Shoppingtown Southgate at South
Tamiami Trail and Bee Ridge Road and Westfield Sarasota located at Tamiami
Trail and Beneva Road.
Westfield Shoppingtown Southgate is home to upscale stores such as Saks Fifth
Avenue, Macy's and Dillard's, along with many specialty shops including Ann
Taylor, Chico's, Banana Republic, The Gap, Talbot's, Mayors, Victoria's Secret,
Pottery Barn, Restoration Hardware, and Williams-Sonoma.
Westfield Sarasota, located at Tamiami Trail and Beneva Road, is a more
traditional American shopping mall offering a wide variety of department stores and
specialty shops. Tenants include Sears, J.C. Penney, Pacific Sunwear and Radio
Shack, in addition to Macy's, Dillard's, Victoria's Secret, Bath & Body Works and
The Gap.
Economic Forces
Economic forces are the fundamental relationships between current and
anticipated supply and demand and the economic activities in which the population
participates in order to satisfy its wants, needs, and demands through its purchase
power.
The chart below indicates the employment by sector for both the state and the MSA
per the US bureau of labor. As shown the overall employment composition for both
the MSA and state are similar. Both the state of Florida and the MSA have high
percentages of employment in the services industry. Overall, the employment
composition is diverse and relatively stable.
Industries:
The largest private employers are shown in the chart below. The major employers
correspond to the sector employment in the MSA. Publix is the largest employer in
the area. Followed by them is Tropicana, Beall’s, Manatee Memorial Hospital, and
Wal-Mart.
Unemployment:
The following chart shows the historical unemployment rates for the two counties
that comprise the MSA, state, and US from 2000 to November 2008. Overall, the
counties follow the state and national levels. In 2008, the unemployment has
spiked. This is due in large part to lay-offs in the service industry.
Environmental Forces
Environmental forces are both natural and manmade forces that influence real
property values. Some environmental forces include climactic conditions, natural
barriers to future development, primary transportation systems, and the nature and
desirability of the immediate areas surrounding a property.
Transportation:
The MSA has a vast transportation network including highways, rail, airports, and
sea transport. There is also public transportation in the region.
The major highways and thoroughfares in the area include Interstate 75, I-
275/Sunshine Skyway, and Tamiami Trail. I-75 is a north south highway that runs
along the east side of Bradenton and Sarasota. This highway connects to Tampa
to the north and Fort Meyers to the south. I-275 links to the Sunshine Skyway.
This is a 5.5-mile cross-bay bridge that rises 250 feet above the bay at its highest
point and connects Bradenton to Saint Petersburg to the north. Tamiami Trail is a
north south commercial corridor that runs near the coast.
Three international airports serve the area: Sarasota Bradenton International
Airport, Tampa International Airport. And St. Petersburg-Clearwater International
Airport.
Manatee County Area Transit (MCAT) buses serve Bradenton, with transfers to
Sarasota and Palmetto. Trolleys run north-south on Anna Maria Island. Amtrak
charter buses run through downtown Bradenton outside the courthouse to Tampa
Union Station and Venice.
Governmental Forces
Governmental, political and legal actions at all levels have an impact on property
values. The legal climate of a particular time or in a particular place may
overshadow the natural market forces of supply and demand.
Outlook
Our review of the above data indicates that the Bradenton-Sarasota-Venice
metropolitan area has a growing economy, good education backbone, with a stable
economic base, low unemployment rates, and a growing population.
It is notable that the area has seen a rise in the unemployment levels in 2008. The
service industry comprises about 50% of the sector employment. Included in the
services industry are health and education, essentially recession proof jobs. But
this rise of unemployment is a cause for concern. Single family residential property
values increased drastically in Florida from 2003 through 2006. Due to the
financial crisis and over supply, the single family residential values have since
decreased. Overall though, looking at the past 10 years, there has been an
overall increase in property value in the area for single family. Conversations with
brokers indicate that the commercial property values have held steady.
Given that the subject is a church, it is appropriate to consider both the commercial
and single family property trends. Based on the data, it is reasonable to anticipate
that the residential market will continue to struggle for 1-2 years before it rebounds
and the commercial market will see minimal property value increase in the short
term horizon. In conclusion, the economic outlook for the MSA is average for the
overall success of the subject.
SUBJECT MARKET AREA AND ANALYSIS:
Neighborhood is defined as follows: A group of complementary land uses; a
congruous grouping of inhabitants, buildings, or business enterprises.
The subject property is located in Sarasota County on the northwest corner of 17th
Street and North Lockwood Ridge Road. The neighborhood boundaries are
generally described as Bee Ridge Road to the south, US 41/Tamiami Trail to the
west, University Parkway to the north, and I-75 to the east.
The only highway in the area is I-75. This highway is located to the east of the
subject about 5 miles and can be accessed via Fruitville Road or University
Parkway.
The surface routes in the area are laid out in a north south east west grid pattern.
The more significant north south thoroughfares include North Lockwood Ridge
Road, North Tuttle Avenue, US 301, and Tamiami Trail. The more significant east
west routes include University Parkway, 17th Street, Fruitville Road, Bee Ridge
Road.
The subject is located near the corner and has ingress/egress to North Lockwood
Ridge Road and 17th Street. Overall the subject is well located and has good
connectivity to the rest of Sarasota.
The area around the subject is approximately 80% developed. The area is
considered an in fill location. The development includes single family residential,
commercial uses, institutional uses (parks, churches, schools, etc.), and limited
industrial development.
To the immediate south of the subject is Sam’s Auto Repair. Sam’s Auto Repair is
at the northwest corner of 17th and North Lockwood Ridge Road. The subject
makes an “L” shape around this property. On the other side of the intersection is a
BP Gas Station and Sunoco Gas Station. To the north is a small professional
building. Further north is single family. To the east is single family residential. To
the west is a shopping center called the Northeast Plaza. There are two outparcels
on the property that include a Walgreens under construction (land sale 1) and a
newly built Auto Zone (land sale 2). Other tenants in this shopping center include
Ace Hardware, 57 Tavern, 24 Hour coin Laundry, Winn Dixie, Dollar General,
Blockbuster, Pizza Hut, and Big Lots.
17th Street is a commercial corridor that runs east-west. To the east of the subject
there is the Northeast Plaza, a 100,000 SF shopping center that appears to have
been built in the 1960s. On the other side of the street there is the 17th Street
Plaza, a 20,000 SF strip shopping center, Cornerstone Church, and Iglesia
Baptista. Further East is a Podiatry Office, residential, the Tallywood Shopping
Center, and a Hungry Howies Pizza Shop.
To the west is the Pompano Plaza, a 20,000 SF shopping center. There is single
family and a sports complex with athletic fields. There is the Jesus Christ Prayer
Church, Hide Away Self Storage, Lamp Lighter Store, Honda retail store, Ferguson,
and Napa Auto Parts. The development transitions to industrial service properties
further west.
To the north of the subject is a professional office and single family residential.
Kensington Park, Palm Terrace, and Sarasota Lodge include several
developments. There is the Varsity Club Apartments and Beckman Place as well.
Along North Tuttle Avenue there is the Winds Manufactured Housing Community,
Booker Middleschool, and the Rolling Green Golf Course.
To the south of the subject, beyond the intersection with 17th Street is a
chiropractor’s office, Liquor Store, Family Dentistry, Applegate Apartments,
Orchard Place, Ed Smith Stadium, and Villa D’este Apartments.
The development in the area typically ranges in age from the late 1950s through
the mid 1970s. There are some newer developments though. Most of the newer
development is located along the commercial corridors, typically scraping the
previous old development, or to the north of the subject where the land is not as
densely developed.
The chart that follows shows the area’s demographics. As shown, the area is
seeing population growth. The median age is mid 40s. The household income
levels for the area are mid $40,000s. Housing values have doubled from 2000 to
2008 however; it is anticipated to see minimal property value increase over the next
5 years. The median home built in mid 1970s.
The subject is influenced in a general manner by the economic, political, physical
and social characteristics of the Bradenton-Sarasota-Venice Metropolitan
Statistical Area (MSA). A MSA is a geographic area with a significant population
nucleus, along with any adjacent communities that have a high degree of economic
and social integration with that nucleus. The Bradenton-Sarasota-Venice
metropolitan statistical area includes Sarasota and Manatee Counties.
The value of real property is influenced by the interaction of four basic forces.
These forces include social trends, economic circumstances, environmental
conditions, and governmental controls and regulations. The interaction of these
four forces influences the value of every parcel of real estate in the market.
Social Trends
Social forces are trends that are exerted primarily through population
characteristics. Real property values are affected not only by population changes
and characteristics, but also by various forms of human activity.
Population and Area: Population growth trends influence employment growth,
income levels, and many other key demand parameters analyzed in determining
commercial real estate productivity.
As shown in the chart below the MSA and state have higher population growth than
the nation. This indicates an increase in demand for real estate and thus is seen
as a positive influence on the subject area.
Higher Education:
Institutions of higher learning typically are not as vulnerable to economic
downswings, and they help to provide an area with a more solid employment base.
Colleges near Bradenton include Manatee Community College, New College of
Florida, Lake Erie College of Osteopathic Medicine (LECOM), Gordon University
and Manatee Technical Institute and Manatee Community College. Colleges near
Sarasota include Sarasota County Technical Institute, Keiser University, University
of South Florida, New College of Florida, Argosy University, Webster University,
Eckerd College, International College/ Hodges University, and Ringling College of
Art & Design.
Recreational and Regional Attractions:
Sarasota is the home of Sarasota Orchestra, founded in 1949 and known for years
as the Florida West Coast Symphony. It holds a three-week Sarasota Music
Festival that is recognized internationally and attracts renown teachers and the
finest students of chamber music. Other cultural attractions include the Sarasota
Ballet, Sarasota Opera, Asolo Repertory Theatre, Florida Studio Theatre, the
Sarasota Players, the Banyan Theater Company, and many other musical, dance,
artistic, and theatrical venues.
Sarasota is home to Mote Marine Laboratory, a marine rescue, research facility,
and aquarium; Marie Selby Botanical Gardens; G-Wiz Museum, a science museum;
and Sarasota Jungle Gardens.
The warm climate has made the Sarasota area a popular golf destination. There
are more than two dozen public and private golf courses within Bradenton from
which to choose, and over 200 more just a short drive away. Additionally there are
numerous beaches, parks, and other outdoor recreational activities to do in the
area.
Sarasota is home to Ed Smith Stadium, where the Cincinnati Reds train in spring
for the upcoming season, and is home to the minor league Sarasota Reds.
However, the Cincinnati Reds will move their spring training location to Goodyear,
Arizona following the 2009 season. There are talks that Boston Red Socks will
move Spring Training from Fort Meyers to Sarasota. The New York Yankees have
their Spring Training in Tampa. Manatee County is the spring home of the Major
League Baseball Pittsburgh Pirates as well as Gulf Coast and South Coast League
Baseball games. Also, the Tampa Bay Devil Rays are a thirty minute drive to the
north at Tropicana Field.
The NFL Tampa Bay Buccaneers play at Raymond James Stadium in Tampa.
There is also a professional hockey team in Tampa, Tampa Bay Lightning.
Shopping destinations include Sarasota’s downtown's historic Herald Square, St.
Armands Circle located on Lido Key across Sarasota Bay, and Southside Village.
The city of Venice has boutiques shops.
There are several malls including the Westfield Shoppingtown Southgate at South
Tamiami Trail and Bee Ridge Road and Westfield Sarasota located at Tamiami
Trail and Beneva Road.
Westfield Shoppingtown Southgate is home to upscale stores such as Saks Fifth
Avenue, Macy's and Dillard's, along with many specialty shops including Ann
Taylor, Chico's, Banana Republic, The Gap, Talbot's, Mayors, Victoria's Secret,
Pottery Barn, Restoration Hardware, and Williams-Sonoma.
Westfield Sarasota, located at Tamiami Trail and Beneva Road, is a more
traditional American shopping mall offering a wide variety of department stores and
specialty shops. Tenants include Sears, J.C. Penney, Pacific Sunwear and Radio
Shack, in addition to Macy's, Dillard's, Victoria's Secret, Bath & Body Works and
The Gap.
Economic Forces
Economic forces are the fundamental relationships between current and
anticipated supply and demand and the economic activities in which the population
participates in order to satisfy its wants, needs, and demands through its purchase
power.
The chart below indicates the employment by sector for both the state and the MSA
per the US bureau of labor. As shown the overall employment composition for both
the MSA and state are similar. Both the state of Florida and the MSA have high
percentages of employment in the services industry. Overall, the employment
composition is diverse and relatively stable.
Industries:
The largest private employers are shown in the chart below. The major employers
correspond to the sector employment in the MSA. Publix is the largest employer in
the area. Followed by them is Tropicana, Beall’s, Manatee Memorial Hospital, and
Wal-Mart.
Unemployment:
The following chart shows the historical unemployment rates for the two counties
that comprise the MSA, state, and US from 2000 to November 2008. Overall, the
counties follow the state and national levels. In 2008, the unemployment has
spiked. This is due in large part to lay-offs in the service industry.
Environmental Forces
Environmental forces are both natural and manmade forces that influence real
property values. Some environmental forces include climactic conditions, natural
barriers to future development, primary transportation systems, and the nature and
desirability of the immediate areas surrounding a property.
Transportation:
The MSA has a vast transportation network including highways, rail, airports, and
sea transport. There is also public transportation in the region.
The major highways and thoroughfares in the area include Interstate 75, I-
275/Sunshine Skyway, and Tamiami Trail. I-75 is a north south highway that runs
along the east side of Bradenton and Sarasota. This highway connects to Tampa
to the north and Fort Meyers to the south. I-275 links to the Sunshine Skyway.
This is a 5.5-mile cross-bay bridge that rises 250 feet above the bay at its highest
point and connects Bradenton to Saint Petersburg to the north. Tamiami Trail is a
north south commercial corridor that runs near the coast.
Three international airports serve the area: Sarasota Bradenton International
Airport, Tampa International Airport. And St. Petersburg-Clearwater International
Airport.
Manatee County Area Transit (MCAT) buses serve Bradenton, with transfers to
Sarasota and Palmetto. Trolleys run north-south on Anna Maria Island. Amtrak
charter buses run through downtown Bradenton outside the courthouse to Tampa
Union Station and Venice.
Governmental Forces
Governmental, political and legal actions at all levels have an impact on property
values. The legal climate of a particular time or in a particular place may
overshadow the natural market forces of supply and demand.
Outlook
Our review of the above data indicates that the Bradenton-Sarasota-Venice
metropolitan area has a growing economy, good education backbone, with a stable
economic base, low unemployment rates, and a growing population.
It is notable that the area has seen a rise in the unemployment levels in 2008. The
service industry comprises about 50% of the sector employment. Included in the
services industry are health and education, essentially recession proof jobs. But
this rise of unemployment is a cause for concern. Single family residential property
values increased drastically in Florida from 2003 through 2006. Due to the
financial crisis and over supply, the single family residential values have since
decreased. Overall though, looking at the past 10 years, there has been an
overall increase in property value in the area for single family. Conversations with
brokers indicate that the commercial property values have held steady.
Given that the subject is a church, it is appropriate to consider both the commercial
and single family property trends. Based on the data, it is reasonable to anticipate
that the residential market will continue to struggle for 1-2 years before it rebounds
and the commercial market will see minimal property value increase in the short
term horizon. In conclusion, the economic outlook for the MSA is average for the
overall success of the subject.
SUBJECT MARKET AREA AND ANALYSIS:
Neighborhood is defined as follows: A group of complementary land uses; a
congruous grouping of inhabitants, buildings, or business enterprises.
The subject property is located in Sarasota County on the northwest corner of 17th
Street and North Lockwood Ridge Road. The neighborhood boundaries are
generally described as Bee Ridge Road to the south, US 41/Tamiami Trail to the
west, University Parkway to the north, and I-75 to the east.
The only highway in the area is I-75. This highway is located to the east of the
subject about 5 miles and can be accessed via Fruitville Road or University
Parkway.
The surface routes in the area are laid out in a north south east west grid pattern.
The more significant north south thoroughfares include North Lockwood Ridge
Road, North Tuttle Avenue, US 301, and Tamiami Trail. The more significant east
west routes include University Parkway, 17th Street, Fruitville Road, Bee Ridge
Road.
The subject is located near the corner and has ingress/egress to North Lockwood
Ridge Road and 17th Street. Overall the subject is well located and has good
connectivity to the rest of Sarasota.
The area around the subject is approximately 80% developed. The area is
considered an in fill location. The development includes single family residential,
commercial uses, institutional uses (parks, churches, schools, etc.), and limited
industrial development.
To the immediate south of the subject is Sam’s Auto Repair. Sam’s Auto Repair is
at the northwest corner of 17th and North Lockwood Ridge Road. The subject
makes an “L” shape around this property. On the other side of the intersection is a
BP Gas Station and Sunoco Gas Station. To the north is a small professional
building. Further north is single family. To the east is single family residential. To
the west is a shopping center called the Northeast Plaza. There are two outparcels
on the property that include a Walgreens under construction (land sale 1) and a
newly built Auto Zone (land sale 2). Other tenants in this shopping center include
Ace Hardware, 57 Tavern, 24 Hour coin Laundry, Winn Dixie, Dollar General,
Blockbuster, Pizza Hut, and Big Lots.
17th Street is a commercial corridor that runs east-west. To the east of the subject
there is the Northeast Plaza, a 100,000 SF shopping center that appears to have
been built in the 1960s. On the other side of the street there is the 17th Street
Plaza, a 20,000 SF strip shopping center, Cornerstone Church, and Iglesia
Baptista. Further East is a Podiatry Office, residential, the Tallywood Shopping
Center, and a Hungry Howies Pizza Shop.
To the west is the Pompano Plaza, a 20,000 SF shopping center. There is single
family and a sports complex with athletic fields. There is the Jesus Christ Prayer
Church, Hide Away Self Storage, Lamp Lighter Store, Honda retail store, Ferguson,
and Napa Auto Parts. The development transitions to industrial service properties
further west.
To the north of the subject is a professional office and single family residential.
Kensington Park, Palm Terrace, and Sarasota Lodge include several
developments. There is the Varsity Club Apartments and Beckman Place as well.
Along North Tuttle Avenue there is the Winds Manufactured Housing Community,
Booker Middleschool, and the Rolling Green Golf Course.
To the south of the subject, beyond the intersection with 17th Street is a
chiropractor’s office, Liquor Store, Family Dentistry, Applegate Apartments,
Orchard Place, Ed Smith Stadium, and Villa D’este Apartments.
The development in the area typically ranges in age from the late 1950s through
the mid 1970s. There are some newer developments though. Most of the newer
development is located along the commercial corridors, typically scraping the
previous old development, or to the north of the subject where the land is not as
densely developed.
The chart that follows shows the area’s demographics. As shown, the area is
seeing population growth. The median age is mid 40s. The household income
levels for the area are mid $40,000s. Housing values have doubled from 2000 to
2008 however; it is anticipated to see minimal property value increase over the next
5 years. The median home built in mid 1970s.
Real estate appraisal services provided by American Appraisers Corp
Real Estate Directory Sites
States covered by American Appraisers
Qualifications of David J. Glauber, MAI
Questions about real estate appraisal and appraisers
Church Appraisers Appraising churches
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_American
__Appraisers
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___Corporation
(502) 267-6320 Office
(502) 267-6344 Fax
10507 Watterson Tr., 2nd Flr
Louisville, KY. 40299
(502) 267-6344 Fax
10507 Watterson Tr., 2nd Flr
Louisville, KY. 40299
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