Tag Archives: Condo Market

Condo Market Updates – Sarasota Real Estate

The city of Sarasota is located on a lovely stretch on Southwest Florida’s Sun coast, and is describe by many as being a paradise unto its own, with fine white sand beaches, a classy and diverse arts scene, wonderful shopping amenities, upscale resorts, country clubs, fine dining establishments and community events.

Along with the area’s stunning natural beauty and year-round good weather, these are among the finest reasons why the city ranks among the nation’s 15 most livable communities, based on a study by Money Magazine. The area’s residents know all to well charms and beauty of this southern city that best combines a relaxing atmosphere with all the comforts of big-city living. The city has a wonderful array of waterfront estates, golf courses, condominiums and villages that are carefully designed to compliment the city’s historic areas and neighborhoods.

How The City’s MLS Figures Performed in February 2008

According to a report by the Venice Area Board of Realtors in Sarasota County, around 110 pending home sales in February 2008 were registered, as compared to 85 in January 2008. This increase represents a rise of 29 percent.

In addition, the Sarasota Association of Realtors MLS figures have reported 654 sales pending for single-family homes and condos in February 2008, which represents an increase of 27 percent over the 516 sales reported pending in the first month of the year. Sarasota also registered 418 closed sales in February 2008, which was up by percent from the 327 closed sales in the first month of 2008.

How The Condo Markets Fared in 2007

For assessing the city’s condo markets in 2007, the city had more condo units sold over the first 11 months of 2007 than in 2006, and this represents an increase of 3%. The area’s m Median sale price for condo‚Äôs also went up by 6.3. %. These numbers are in stark contrast to the other condo markets in Florida, where condo sales and prices have slumped considerably in 2007 as well.

In general, the consensus among condo buyers, real estate brokers and analysts is that the condo market in Sarasota has better outperformed other state and regional markets. For example, a two-bedroom unit at The Plaza at Five Points, has started selling for around $650,000, and is now being resold for as much as $760,000, representing a 17% appreciation, while the certificates of occupancy have yet to be issued.

According to property market analysts, the Sarasota housing market, is expecting to add 1,883 units over the next three years, which are nearly 2,000 fewer than were built in the preceding three-year period. However, despite the gloomy present outlook, the future prospects for the area’s housing and condo markets as well are upbeat.

Among the reasons for the rosy forecast are the following reasons: More foreign buyers are interested in the area’s real estate market; Home prices have been slashed by 30%-40% since the market highs of 2005; Mortgage rates are low; Home lenders are loosening up credit a little bit; A property-tax relief amendment is on the way; The impending change in administration in Washington should increase consumer confidence; The presence of pent-up buyer demand; and home construction is very low, which means there are fewer new homes added to the market.

Vanessa Arellano Doctor