Sarasota is a unique and lovely city. My office is on St Armands Circle where the vast majority of tourist gravitate to for wide range of fantastic restaurants and retail stores. As they wander by my office many cannot help but walk in the office and ask …. ‘how’s business ?’. Well, I respond GREAT, then they say…. ‘what?? no really how is business??’.
Reliance on the media for a measure of the real estate market is a recipe for disaster. Here, I am not berating the news media, but they don’t have the column inches to speak to the specifics of each market. Therefore, they are left to use broad measures and unintentionally misrepresent the true health of sub markets.
YES, the Sarasota market is doing very well. If you want the specifics on this please contact me for the latest market news and statistics.
This has been the coldest winter in memory in Sarasota. Daytime temperatures have been in the 50’s & 60’s; often ten or more degrees below normal. Yesterday it was in the low 70’s and people came out to play. It was like the first day of spring. Restaurants were packed (leaving the restaurant after lunch it took the valet 30 minutes to get our car to us); shops were doing a brisk business; the beaches were buzzing ….. with the sun, the good times have returned.
- Condo sales up significantly year over year.
- Inventory continues to recede.
- Prices in market niches are inching up.
- Office traffic up considerably.
- Luxury home prices have come down.
- Single Family homes sales continue at a rapid pace.
Sarasota clearly leads Florida in recovery, and most other areas in the country.
If you wait to see a Robin to know that spring has arrived, you’ve missed it…… Warren Buffett
Unlike most areas of the US, the buying season for Sarasota is December through May of the year. This is the time when the best real estate is offered for sale and our buying population is at its highest.
In the last two weeks we have had a surge, as expected, in listed properties. These are not bank owned, foreclosed or short sale properties. These are quality properties at attractive prices.
It may be time for you to take a look.
2009 has been marked as the year all categories of buyers have begun to return to the market. My sales this year have been to individuals in all the subject categories. The market has tightened in many areas. I have experienced losing sales with full price and above listed price offers. I have also purchased properties for my buyers at discounts in excess of 25% of the asking price. It all depends upon what segment of the market you are playing in.
The babyboomers that we all anticipated in 2006 and 2007 are now regaining confidence, have stabilized their portfolios and are making wise investments in homes in Sarasota. Some are eagerly taking advantage of the tax situation here vs. what many have in the Northeast and West.
If you are contemplating purchasing a home in Sarasota at an advantageous price, don’t wait too much longer. If you would like statistics that heartily back that assertion, contact me for a recent issue of my monthly newsletter.
LarryZeigler@michaelsaunders.com
I believe that the fixation on, and notion of, ROI when it comes to personal real estate has been too closely identified with ROI for stocks, bonds, gold, and other pure investment vehicles. It is NOT the same. If it was, then when you bought personal real estate it would matter where you wanted to live …. you would just purchase in Oregon, North Carolina or wherever you would get the best financial return.
With real estate you are investing in a life style, be it: relocation for a job, a beach home, locating to a particular school district, a home in a country club, a home for an expanding family, a lake house, etc. These explicit motives for purchase are direct benefits you will derive from your purchase of a home; and are a return on your investment in addition to potential financial ROI. There is obviously value in satisfying the life style criteria for purchase or you would not have defined it as so.
So, get your priorities strait …. identify you life style requirements, determine your budget, identify the properties that fit life style and budget, then analyze which would give you the best possible financial ROI. And, you know ……… sometimes life style is more important than money.
Sarasota has thirty five miles of beaches. Its jewel is Siesta Beach on Siesta Key. Ranked number two in the US by Mr. Beach, Siesta has powdery white quartz sand that never gets hot under foot. The beach is generously wide and has room for many sun worshipers, football and volleyball players.
On Siesta Key there are many resorts at which you can rent by the day or week. If you’d like you own home there, prices are very favorable right now. Siesta village is filled with shops and many beach bars offering libations, music and great food.
Siesta Key is one of many beach experiences that Sarasota has to offer.
Contact me for more information on Siesta Key, Sarasota and information on purchasing a home in Sarasota.
It is always exciting to see season begin here. Season is the time the snowbirds begin to arrive, mid-October, through early May. Already this year I am seeing lively activity in the real estate market and I hear from the retailers that sales are better than last year. It seems that people that were holding back on purchases last year are ready to spend now. Unfortunately that is not true nation wide as the strain of high unemployment challenges many markets. But, as market niches such as Sarasota climb out of the downturn, spending here will impact the greater economy.
The under $500k market has been very active and now with the extended and expanded Tax Credit that will continue. Activity in the office shows a spike in activity. My office had 47 sales last month for $30 million. The number of walkins in the office is up considerably and we are seeing a lot of interest in the one to three million range. I think it will be a very good season.
It seems that they are getting the message…..price is driving sales.
In past posts here I have made reference to the fact that high end home owners were digging their heels in on their asking price, but often would entertain lower offers … 10 to 20% lower. Now as our winter residents begin returning, which coincides with beginning of our best real estate selling season, I have seen an unusually high number of sellers in the two million plus range reduce their asking price significantly. Sure, these owners may have the financial wherewithal to weather the market and hope for that unique buyer that will pay their price, But, many of these homes have been languishing on the market; some for years.
The owner of this 7700 sq ft gulf front contemporary home who originally listed his home at $11 million is now dropping his price one million per week until sold….Now there is evidently a bottom number in his plan, but he is at nine million this week and we will see what happens on Monday.
Several other excellent bay front homes have been reduced over a half million dollars in the past week. And, there is one waterfront home, in a premium neighborhood, listed at $4.3 million that is now bank owned on which the bank indicates they will consider all offers….. This is a real opportunity for someone.
Price is what has driven the lower end of the market. After the ususal September hiatus in selling, sales of lower end competitively priced homes has returned with avengence. Last week a well priced property came on the market at $295,000. The next day when I proudly submitted a full price offer for my client I learned I was second in line. While the original offer has not been fully executed, we are working on an offer above asking price.
I believe we will see the high end owner that truly wants to sell continue to bring their pricing in line with market expectations as the lower end has. In the past few weeks that trend has begun and I believe it will continue.
So…….. Living in Paradise ……is becoming very affordable.
