Steve Rinehart: Sarasota’s Newest Custom Home Builder

Those of you who know me well already know this: I’m a huge fan of entrepreneurs.

Especially the “chase your dream, innovate and adapt as necessary, and work really hard ’til you see it come about” variety.

Steve Rinehart: Sarasota Entrepreneur
Photo Courtesy of Rinehart Homes

And this is precisely why I was intrigued when I first met Steve Rinehart. It was about two and a half years ago now, and a good friend of mine was providing some entertainment in a local night club venue. He suggested that I meet up with the owner, because he had real vision but had run into some difficulties in the business.

The venue was “The Loft Ristobar,” and it was located in the building that had previously housed Sarasota’s highly popular Tex-Mex chain restaurant, Don Pablo’s.

The Loft was a concept that was either ahead of its time, or perhaps just better suited to a bigger market. But the idea, I thought, was brilliant. Restaurant by day, live entertainment venue in the evenings, and then… after hours on weekends, it transformed into a full-on night club.

But, as you might imagine, those are at least two (and possibly three) different businesses all rolled up into one. This meant that the business was surprisingly complex, with lots of areas that needed specific attention.

Creating a clear marketing message out of the three of them was what I was immediately tasked with doing. Let’s just say it wasn’t the easiest thing I’ve ever been asked to do.

And to top it all off, Rinehart Homes, Steve Rinehart’s day job, was busy and complicated enough that it demanded lots of his time and most of his attention. The management Steve had in place at The Loft did a bang-up job, but it just wasn’t enough to get the concept to really take off.

Why Not Franchise?

As Steve related to me, many times during the course of his time operating The Loft Ristobar, people would come in and ask about Don Pablo’s. Where did it go? What happened to it?

The reality was that the Sarasota store had long been one of the chain’s top-performing restaurants. But when the parent corporation ran into financial troubles, it closed all but 38 stores—the ones that were geographically easier for them to manage. A new company bought the brand and those 38 stores out of bankruptcy and they were doing OK.

The idea of coming back to Sarasota was a good one, but the company wasn’t ready to take the plunge yet as they were taking a measured approach to growth.

So Steve did what any enterprising entrepreneur would do: he seized the opportunity and negotiated the chain’s first-ever franchise deal. In May of 2012, five years or so after it had closed, Sarasota’s Don Pablo’s reopened as a franchise operation.

That business has been through its fair share of ups and downs, but today it is humming along with a great management team in place. Steve has high hopes for its future.

In the meantime… Sarasota’s real estate market had begun to pick up.

Building Custom Homes in Sarasota

Since 1994, when Steve Rinehart first obtained his Florida General Contractor’s license, he had attacked the home-building business with gusto. Not one to get stuck depending upon others, Steve went out and got his roofing license and a pool contractor’s license as well. This enabled him to be highly flexible and churn out homes at a surprising rate.

The business model is pretty simple in this world: you find a big tract of land and make a deal. Then you carve it up, stick up a model home or two, and build a community.

Steve’s reputation—and that of his boutique team—in that business is very good. Over the years, he and his team have built more than 300 homes that way, and provided many affordably-priced, but very nice homes for a lot of people.

But as he tells it, when the real estate market starts to heat up—especially in an intrinsically attractive market like Sarasota/Bradenton—bigger and bigger national players are willing to come in and pay far more for land than it’s worth.

That makes this business less and less attractive to a boutique team like Steve’s.

And so… the handful of higher-end projects that Steve had taken on in the last few years had started to become more and more interesting.

With a few completely custom projects on Sarasota’s Siesta Key (along with a high-end renovation or two) under his belt, Steve decided it was time to launch another new entrepreneurial venture.

With the help of 20-year veteran real estate investor Joel Match, Steve recently launched Rinehart Elite Homes. Their first project under this new name? A gorgeous home in Lakewood Ranch’s exclusive golf course community, The Concession.

As you might imagine, Steve’s life is never boring. But given his passion for excellence, his hands-on attention to detail, and the track record of satisfied home owners, I think it’s safe to say that Rinehart Elite Homes is going to be a luxury home builder to contend with.

Sarasota: #2 Moving Destination in the United States (Combined with Tampa)

For the second year in a row, Sarasota made the “Top 10” list for moving destinations in the United States.

In its annual report published January 22nd, Penske Truck Rentals shows Sarasota climbing from the #10 slot last year (based upon 2012 data) to the #2 position this year (based upon 2013 data) in a new combined entry with Tampa. The company analyzes its one-way truck rentals in order to determine where people are moving within the United States.

Atlanta remains the top destination in the US for this year, and the Orlando—the only other Florida city in the Top 10—holds on to its number 4 slot.

Not surprisingly, Penske cites “the Northeast” and “the Midwest” as big originating points for many of these migrations.

Given this year’s harsh winter conditions, it’s easy to picture this trend continuing in 2014.

Why Combine Tampa and Sarasota?

The report acknowledges Sarasota’s previous #10 ranking, but fails to mention the rationale behind combing Tampa and Sarasota into a single, new entry for this year’s report. I guess we can speculate that Tampa, which didn’t make the Top 10 last year, must have seen an increase throughout 2013. CNN Money apparently believes that Tampa is the only city worth mentioning, as they dropped Sarasota completely from their story about the report. HuffPo managed to get it right, including Sarasota in the #2 slot.

As any resident of the region knows, the Tampa market and the Sarasota market are significantly different. In an infographic published with the report (see below), Penske compares a couple of key market dynamics which they compiled from other sources.

It paints a somewhat amusing picture of the region, showing Sarasota’s median income at $40,813 (6% less than Tampa’s $43,514 figure). Seeing that number compared side-by-side with the average listing price, which is $613,779 for Sarasota (compared to Tampa’s $258,675 average listing).

So… on average, we make 94% of what Tampa’s residents make, but our real estate costs 2.37 times as much as theirs!

Well… that’s the conclusion someone might draw who looks casually at Penske’s data, anyway.

The true story, as we know, is much more complicated than that. Thanks to the perfect storm of 2008, which combined the collapse of the residential housing market and a local Sarasota economy overly dependent upon new construction, our real estate is still a jumbled mess of foreclosures, an unusually high percentage of rental properties, and vacant or abandoned houses. That mess, alongside so many high-end properties on Casey Key, Longboat Key, Bird Key, and Siesta Key (let’s hear it for the #1 beach in the US, right?), makes for a statistician’s nightmare.

In any event, it’s nice to see Sarasota make the list again, even if we were combined with Tampa to get to #2. Perhaps the real estate market will really finish its rebound! Well… one can hope, right?

Infographic: Penske Truck Rental
Photo of Sarasota: Stephen B. Goodwin via Big Stock

In Search of the Perfect Almond Cappuccino

Mmmmm....Cappuccino!

Those who know me well — and shoot… even those who read this blog! — know that I’m a Starbucks fan. I carry the Gold card, I’ve unlocked the Foursquare “Barista Badge,” and I’ve had Starbucks almond cappuccinos on multiple continents.

However… in the famous revamping of 2008, Starbucks ditched a few of my favorite things. Some of them hit a little closer to home than others. The loss of the Bearista left me with one less source for cute little stuffed animals to bring home to my wife and daughter. That hurt. Thankfully, the Bearista is back this fall.

What hurt even worse, however, and what is not back… is Starbucks almond syrup. My eulogy to this personal favorite continues to bring visitors from all over the world to this site.

Starbucks has a consistent product… all over the world. That makes it worth counting on… no matter where you are.

However, since the demise of their almond syrup, I’ve taken to checking out local, independent coffee shops to see what treasures I might discover — especially here in Sarasota, Florida. Consequently, I’ve found that there are some places around town that produce some fantastic products. LeLu Coffee Lounge on Siesta Key is one such place. In fact, they make a mocha using genuine Ghirardelli syrup that makes my wife melt. +1 for LeLu!

But just yesterday I believe I may have discovered Nirvana. No… not the Kurt Cobain-fronted grunge band from the 90s. But the real deal… the ultimate almond Cappuccino. And it doesn’t smell like Teen Spirit!

Locals here in Sarasota may recall the name, “The Beanz Man.” We knew it as a dealer of a wide variety of personal and professional espresso machines. When their shop disappeared from North Washington Boulevard, I thought perhaps it was another casualty of the economic times, so to speak.

Turns out, they suffered a devastating fire. I don’t know the details, but apparently it forced them to relocate and start over. Imagine my surprise when I spotted their vans parked in the parking lot next door to my office on Bee Ridge Road a few months ago!

Well… not only did they move… but last week they opened a full-fledged cafe! They serve a variety of sandwiches and soups. I walked over to it for lunch yesterday with my wonderful wife, Jill, and had a prosciutto and fontina sandwich that was spectacular.

But… what do you get when you take an espresso machine dealer… one who probably knows the ins and outs of making espresso-based drinks as well as anyone else… and put him in his very own cafe?

You get the handmade cappuccino of your life… with the perfect amount of almond syrup to boot! (At least… that’s what you get if you’re me! You might order something else… that, I recognize. But that would be your loss.)

Actually… I’m sure that any espresso-based drink you could possibly dream up would be amazing at The Beanz Man Espresso Bar Cafe. Here’s a sure thing: I’ll be walking next door more often… a lot more often. Check out the cafe page on their website to download yourself a coupon, then head on over there yourself. Enjoy something to munch on at one of their nifty little cafe tables, or sink down into the cozy couch and fire up your favorite wi-fi device to do some surfing.

And be sure to tell ’em I sent ya!