Strong Residential and Condominium Sales were reported in May, continuing the strong sales of the previous months in Sarasota. In May, Residential Properties sold were 298, while Condominium Properties sold were 215. These sales were across all price bands with the largest concentration in properties under $500,000.
Higher end properties are also actively selling while the principals purchasing those properties recognize the great value of those properties compared to several years ago.
New Listings for Residential Properties were 343, which increased only 2% from the previous month. New listings for Condo Properties were 175, a decrease of 25% from the previous month.
As of May 31, 2011, the available inventory of Residential Properties was 1,758 properties, a 5.9 month’s supply. For Condo Properties, the available inventory was 1,333 properties, a 7.2 month’s supply. A normal market condition is 6 months of inventory. This inventory level is a far cry from the 36 months of inventory that Sarasota was experiencing several years ago.
I know the national press reports that the Real Estate Market is soft. What we are experiencing in Sarasota, Florida is a far different story. The bargains across all price bands are being purchased, as the inventory continues to decline.
If you are considering a Real Estate purchase in the Sarasota, FL area, now is the time! Call (941) 400-9420 or email us today!
One area on the Gulf Coast of Florida is having a building resurgence because of the market for short term rentals. Anna Maria Island has issued more building permits than in 2005. The reason is that so many people are coming to the Gulf Coast for short term rentals, where they can have enough room for several people in the same property. This approach is less expensive than staying at a hotel.
For real estate investors or second home owners, the opportunity on Anna Maria Island for a return on their investment is fantastic. For instance, a home costing $450,000 can provide $80,000 of rental income a year and a home costing $650,000 can provide $120,000 of annual rental income. Please contact us to discuss how we can help you with an investment property or second home. Read the rest of this entry »
There are some great deals in purchasing a property in Florida right now, but often these deals come with major issues.The Sarasota Herald Tribune reported this morning about one individual who purchased a Condo worth $100,000 for 2% of its value ($2,000). Only later did he find out that Wells Fargo Bank did not send a representative to the auction to bid on the property. After he paid the taxes and invested $15,000 to fix the Condo for sale, he learned that Wells Fargo was contesting his auction purchase. In fact, they issued a “lis pendens” on the property stopping the sale of the property and making it appear that the owner is in foreclosure which was not the case. Always have a professional involved in your property purchase to protect your interests!
In Sarasota, Florida for the month of February 2011, the real estate sales for Single Family Homes and Condominiums increased by 24.2% in February 2011 compared to January 2011. The number of available properties for sale in the Sarasota real estate market has dropped to a six-year low in February 2011.
Compared to total sales of 528 in February 2010 , sales were up 27 percent to 673 total sales in February 2011. In February 2011, there were 472 closings on Single Family Homes and 201 closings on Condominiums last month by members of the Sarasota Multiple Listing Service.
For a Free Search of available properties in Sarasota, FL, please visit our web site. www.SarasotaFLAreaHomes.com
Lakewood Ranch located in Sarasota & Manatee Counties with a population of approximately 14,000 announced sales in the first two months of this year were record-breaking for the community. There were 77 new home sales and reservations in January and February, totaling more than $5.3 million in new lot sales. In the same period for 2010, there were 13 sales and renovations worth $1.5 million. Officials say there are now 50 new home models throughout Lakewood Ranch, a number they say is unprecedented within Florida. The community has also just opened Anchorage Place, its newest neighborhood.
Lakewood Ranch is located on 33,000 acres, approximately 48 square miles, of which 9,000 acres are developed. There are more than 150 miles of intersecting sidewalks and trails as well as its own hospital, Lakewood Ranch Medical Center, Lakewood Ranch Golf and Country Club with 54 holes of golf, clubhouse, athletic center with fitness equipment, 18 tennis courts, Legacy Golf Club with 18 hole daily fee, 80+ activity groups for different interests, and its own Main Street for shopping, dining and a movie theatre. Lakewood Ranch is the #2 rated Community in Florida and the average age living in the Ranch is late 40′s.
We are often asked by Buyers, if the property that they are considering is at the lowest price to purchase based upon the Market Conditions. So much of what is read in the media today, states that the market in Florida is continuing to decline.
In the Sarasota Market we are experiencing a rapid recovery. Only two years ago, January 2009, our overall inventory of Single Family Homes was 25 months. At the end of January 2011, the inventory of Single Family Homes was 9 months. If we look at specific price bands, one price band was 5 months. A normal Market Equilibrium between Buyers and Sellers is 6 months of inventory.
To be even more accurate, we can look at specific neighborhood trends for our principals. Some neighborhoods have seen the bottom and are starting to appreciate based upon recent sales. Also, remember that the better properties sell first! Clearly, now is the time to buy!
For a Free Search of properties in the Sarasota, Florida area, please visit our web site at www.SarasotaFLAreaHomes.com
Must See This Delightful Home
985 Cayman Ave, Venice, FL 3285 View Map
This delightful 2004, 2 Bedroom, 2 Bathroom Manufactured Home is Turnkey Furnished. The home sits at the end of a cul de sac, with no passing traffic. Rental income for 2010 is included in the purchase. Immaculately kept and in pristine condition. The home has a covered car port and a great sized storage shed. The Lanai is perfect for relaxing or entertaining. All you need to buy is your sun tan lotion and a good book!!
Bay Indies is an Age Qualified Community and features many Community Amenities including:
Multiple Swimming Pools
Biking & Walking Trails
Bay Indies is a tropical paradise located just within three miles from the beautiful beaches of Venice, FL along the Gulf of Mexico. With more than 80 social clubs and organizations available to community residents, averaging more than 300 activities each month to choose from, there’s something for everyone at Bay Indies.
Bring All Offers!
For more information on this or any other Sarasota real estate for sale, please visit our website.
F. McKay Biggar III
All information is deemed reliable but is not guaranteed.
The latest Real Estate Market Information from Sarasota Florida shows an increase of Single Family Homes of 18% in 2009 compared to 2008. Inventory on December 31, 2009 is reduced as well by 36% from December 31, 2008.
The following is the inventory of Single Family Homes in Sarasota. A normal market inventory level is 6 months. In the price bands under $150,000 the inventory is a 4 months supply. In the price band from $150,000 to $250,000 the inventory is a 6 months supply. In the price band from $250,000 to $350,000 the inventory is 9.5 months supply. In the price band from $350,000 to $500,000 the inventory is a 9.5 months supply. In the price band from $500,000 to $750,000 the inventory is 13 months supply. In the price band from $750,000 to $1,000,000 the inventory is 16.9 months supply. Above $1,000,000 the inventory is above 24 months.
Increased sales and a lower inventory indicate a very positive sign, as Sarasota continues to return to a normal market.
Sarasota County, Florida reported today that the Baltimore Orioles have the responsibilty for the look and feel of their new stadium to be built beginning April 1, 2010 in Sarasota. The budget for the stadium is $31,200,000 and the Orioles would have to provide any funds beyond that amount. Architects familiar with ballpark design are being asked to submit their designs to the county and the Orioles for consideration.