Please note that the opinion pertains to residential property that you are planning to hold on to for a while. Why? Because there is always the chance the prices could go down a bit more. But if you are in it for an extended haul, you will be able to hold out for it to begin appreciating again. Whereas if you are in it for investment alone and need a certain return in a certain period of time, it may not work out, especially if your time frame is short. That is why we are in the mess we are in now with so many investors looking for a quick, super-profitable "flip," and they got stuck. The prices they were paying in '05 raised all our taxes and now we are experiencing the domino effect.
Sell Marathon now? Don't know, sorry.
Michael Saunders & Company
Prudential Palms Realty
As to the "Right time" or not....The end of a market corrections such as the one we have been in for over 2 vears is not clearly identified until it is too late to take advantage of the "bottom." It's a guessing game but smart buyers consider the entire picture......overall economy, interest rates, new home construction, projected growth, area appeal, average home costs etc.
The bottom line is that the Sarasota area was one of the first locations to experience the "breaking bubble" and will be one of the first to come out of drop. The area has too much to offer its residents to be held back much longer.....If it's the right home at the right price.......NOW IS THE TIME.....
Try looking at The Venice area which is only a few miles south of Sarasota where it's a little slower paced and values may be slightly better. We would recommend single family homes over condos to avoid pouring money into "maintainance fees." Don't worry about being an absentee owner -it's done all the time here and at a significant savings compared to paying association fees.
For a link to the Venice Area Multiple Listing Service check out our website: http://www.venicerealestatesite.com
The "Eckler Team"
Based upon current activity and statistics 2008 is shaping up to be a very good time to purchase in the Sarasota area. As to which area might better suit you I would need to obtain more information about your likes and dislikes. Such as the type of property, size, waterfront or not, golfing or not, etc. that you would prefer.
I would not be able to comment on whether it is a good time to sell in Marathon since that is way out of my market area. I would suggest you either contact a local Marathon/Keys Real Estate professional or allow me to refer you to one to determine if selling now is a good idea.
Please feel free to contact me for additional information.
William Gregory, Realtor