Instead of Palm Beach… Try Sarasota, Fla. Florida’s west coast has traditionally been less expensive than the east coast, where Palm Beach and Miami boast some of the world’s most expensive real estate, said Rick Moeserof Christie’s International Real Estate. And while Naples has grown nearly as expensive as its east coast counterparts, there are still deals about 115 miles to the north in Sarasota, where waterfront homes go “for a fraction of the cost,” he said. “This part of the country has offered far more value than would have been available on the east coast,” said George Serrano, who paid about $1.5 million in 2007 for his roughly 5,700-square-foot home with a swimming pool in the Sarasota suburb of Lakewood Ranch. Before buying a home, Brian Clayton said he and his wife explored much of Florida’s coastline. In Naples, he recalled a half-acre piece of land with about 100 feet of waterfront selling for $15 million. In contrast, he paid $4 million for a home with about 200 feet of waterfront on the Sarasota barrier island of Siesta Key. Fashion designer Sigrid Olsen also recently moved to a three-bedroom rental on Siesta Key, where she said she can bike to the beach in five minutes and do yoga on her deck overlooking a canal. Ms. Olsen, who also owns a summer home in Gloucester, Mass., said she plans to buy a home in Sarasota sometime in the next few years.

Mr. Clayton’s real-estate agent, Kim Ogilvie of Michael Saunders & Company, said one of Sarasota’s highestpriced listings is asking $18 million for three houses on nearly 4 acres with about 500 feet of waterfront on the Gulf of Mexico. Sarasota buyers said they’re drawn to the city’s walkable downtown, restaurant scene and arts offerings. With its laid-back, outdoorsy vibe, however, Sarasota lacks the high-octane social scene of Florida’s east coast, as well as its super-yacht culture. Another reason for its relative affordability is the area’s multiple barrier islands, which allow for an abundance of waterfront homes, according to Jim Soda of Premier Sotheby’s International Realty. Number crunchers take note: Prices in Sarasota took a tumble during the real-estate downturn of the mid-2000s and still haven’t totally recovered. The median sales price for a luxury property in the Sarasota area in 2015 was $652,508, down 3% from 2005, according to Realtor.com. In contrast, the median sale price for a luxury home in Palm Beach was $3.15 million, up 19% from 2005.