Heading west: Douglas Elliman expands to Sarasota

Douglas Elliman has its eye on Florida’s west coast. In its latest growth move, the residential brokerage is opening an office in Sarasota. 

Elliman landed top Sarasota agent Lisa Rooks Morris and her team, the LRM Group, to launch the office, according to a press release. Morris’ team includes Amy Drake and Julie Guirguis, and the trio has closed more than $300 million in sales since 2020, the release shows.

Morris and her team were previously with Premier Sotheby’s International Realty for nearly six years, according to her LinkedIn. Also joining the Sarasota office from Premier Sotheby’s International Realty is Kenneth Ipox, who has closed more than $100 million in career sales, the release says. Elliman agents Inbal August, Tal August, Maria Babaev, Laly Ballard and James Ballard are transferring to the Sarasota office as well. 

The office will be at 1350 Main Street in downtown Sarasota’s bayfront district, managed by Sue Wolverton, with Lena White as senior regional director for the west coast. 

Elliman’s Sarasota office marks its third Gulf Coast location in four years. The brokerage’s first expansion west came in 2019, when Elliman opened an office in St. Petersburg, and followed with one in Naples. 

“Sarasota was the obvious next market for us to grow and plant a flag,” said Elliman’s Florida CEO Jay Parker. 

Across all of Florida, Elliman has 27 offices and 1,300 agents, according to the release. Its move west comes as many players in the luxury market eye growth opportunities, following pandemic-fueled boom years that saw prices and demand skyrocket. 

Much like in other Florida luxury markets, Morris said the pandemic triggered more buyers from the Northeast and California to move to Sarasota and the surrounding areas.

“Covid ignited something,” she said, noting taxes, politics and warm weather as driving forces. And, she said, “We’re catching up price point-wise.”

Average August home prices in Sarasota hit $535,000, up from $268,900 in August of 2019, before the pandemic market shift, according to Redfin. 

Morris and Parker each noted the strength of Sarasota’s new construction market. Branded luxury condo projects are a boon in the area, Morris said. 

“We’re doing our fifth Ritz-Carlton branded project here,” she said. In addition to the three completed Ritz-Carlton Residences across Sarasota and Tampa, the Ritz-Carlton Residences, Sarasota Bay and the Ritz-Carlton Residences, Tampa Tower II are both in the development pipeline, according to published reports. 

Parker said Elliman has also looked at expanding to Ponte Vedra Beach, Jacksonville Beach and Tampa. The brokerage anticipates continued rising demand in Florida, he said.

“We’ve looked into acquisitions [in Tampa],” he said. “We’d love to have a position in Tampa, in addition to St. Pete.”