Home Buying in Sarasota>Question Details

Leslie Nauti…, Home Seller in 33050

the right to to buy in Sarasota, Fl? the right time to sell in Marathon Fl?

Asked by Leslie Nautiyal, 33050 Mon Jan 14, 2008

I m thinking of buying in Sarasota, are there some areas better than others? What about condo vs homes and resale potential

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I most definitely feel that it is the right time to buy in Sarasota or one of the nearby communities. There is still quite a full inventory of both single family homes and condos and, while sales are picking up a bit, statistics show that there are still many months of inventory left in both categories. Like any commodity, real estate responds to the supply vs. demand principle. If you've got a bumper crop of apples, apple prices are going to go down. Same has happened with the real estate market; it's just common sense. If you've got a place to keep apples, it makes sense to buy when they are cheaper. No difference with real estate. The beauty is that you can live in the real estate, on a par with eating the apples!
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.

Carolyn Kenney
Michael Saunders & Company
0 votes Thank Flag Link Sun Jan 20, 2008
I am Beverly Ulrey with Prudential Palms Realty. Yes, there are some areas that hold a better resale value than others and, of course, lend a better lifestyle and price can be a determining factor. I am finding great condo prices on Siesta Key right now and I just received an e-mail from a Realtor in our office with a 3/2/2 on Siesta Key for under 400K. That is a great price for a home. You can buy condos in the low 100's right now as well. I'm not sure what your price range is, but if you send me some more information about what you are looking for, I can certainly guide you in the right direction.

Beverly Ulrey
Prudential Palms Realty
0 votes Thank Flag Link Wed Jan 16, 2008
There are always areas of a community with various levels of appeal to different people. From the sound of things, you have done some homework on the area or have spent time in the region. There are some terrific real estate opportunities currently in the greater Sarasota area and as you might expect sellers are , for the most part, motivated.

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

Good Luck,
The "Eckler Team"
0 votes Thank Flag Link Mon Jan 14, 2008
Mr Nautiyal,
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
0 votes Thank Flag Link Mon Jan 14, 2008
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