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
The Leventhal Team
cldwell Banker Preview
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.
Coldwell Banker Residential Real Estate
423 St. Armand Circle
Sarasota, FL 34236