Katherine Wh…, Home Buyer in Illinois

Can you tell me how much the sales prices have declined on Lido Key, and downtown Sarasota condos, in the?

Asked by Katherine White, Illinois Sat Mar 7, 2009

last year, last 3 years and last 5 years?

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Answers

3
Katherine
good to hear from you. To answer your question depending on the complex we have seen anywhere from 40%-60% reduction in prices compared to prices at the peak 3 or 4 yrs. ago. Then you could not get a gulf front condo for under 600,000 now you can get that same condo for 400,000. That 2 million dollar condo is now 1.3 million
Let me know if I can help you. i love this area and through my website you can link on alot about our area through community links
Any questions please let me know
David Leventhal
The Leventhal Team
cldwell Banker Preview
941-383-6411
0 votes Thank Flag Link Sun Mar 8, 2009
Charles,

As usual, great answer. Thumbs up to you.
0 votes Thank Flag Link Sun Mar 8, 2009
Katherine, the best way to find this information is to look at sales in zip code 34236, which covers all of these areas. According to date provided by Trendgraphix, the median sale price for all condominiums in this zip code was $382,000 in January 2009. In February 2006 (can't find January number) the median was $680,000, and in January 2004 the median was $325,000. Please keep in mind that the median price does not tell the whole story. There was a lot of new construction in this area over the past five years, with numerous very expensive sales of new condominiums. This activity can distort the picture, so you might also want to take a look at statistics like the average sold price and the average sold price per square foot.

The average sold price in January, 2009 was $815,000, which surprisingly is higher than the $771,000 average in February, 2006. Keep in mind that these figures are computed on a relatively small number of sales, and the average can swing wildly. For example, in July 2006 the average sale price rose dramatically to $1,483,000. This number was skewed by 9 sales at the Beach Residences and the Ritz-Carlton between $1,640,000 and $4,750,000. Going back to January of 2004, the average was $392,000. Concerning the average sold price per square foot, in January 2004 it was $292, in February 2006 it was $437, and in January 2009 it was $415.

So what do all of these statistics tell us? Not much. An outside observer could use these numbers to tell any kind of story they choose concerning the condo market in zip code 34236. The numbers don't explain the changing mix of properties sold in the area over this time period. They don't tell you that in certain months there were numerous closings of new or almost-new luxury condominiums, and then there might be a period of little activity in new condo closings.

In my opinion, if you are attempting to analyze sales in this area over this 5-year time span you need to study individual condominium buildings to get a more useful picture of what has happened. If you are interested in buying a property in a specific building, you should be able to find the necessary information with the help of an experienced Realtor. I would be happy to assist you with your search.

Charles Offer
Coldwell Banker Residential Real Estate
423 St. Armand Circle
Sarasota, FL 34236
(941) 321-9664
http://www.CharlesOffer.com
http://www.FloridaMoves.com/Charles.Offer
charlesoffer@comcast.net
0 votes Thank Flag Link Sun Mar 8, 2009
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