There is a lot of talk of a softening real estate market. How would you describe the real estate market in Sarasota?

Asked by Halley S., New York, NY Mon Apr 23, 2007

How long do homes typically sit on the market in this city?

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12
Betsie Taber, Agent, Lakewood Ranch, FL
Wed Oct 10, 2007
Hi Halley,

You should definitely read the first article in this month's Sarasota Realtor Magazine. I have attached the link for your convenience. Just cut and paste it in your browser.

This being said, there are some fantastic opportunities in this market. But remember that opportunities of a lifetime only last during the lifetime of those opportunities. Don't wait for ever. Now is the time to buy.

http://www.sarasotarealtors.com/resources/srmagazine.cfm

Drop me a line if you want me to show you such great opportunities. There is no obligation on your part.

Michel
Web Reference:  http://www.azuresarasota.com
3 votes
Scott Sosso, , Sarasota, FL
Mon Apr 23, 2007
Historically, the real estate market in Sarasota has always remained strong. While recently we have seen a softening in the marketing place, the demand to live in both Florida and Sarasota has continued to remain very high. The State of Florida has recently published statistics that over 1,000 people net/day move to the State. With this high growth demand, I expect this recent softening to get harder over the next 12-18 months.
3 votes
Betsie Taber, Agent, Lakewood Ranch, FL
Sun May 11, 2008
Hi Halley,

Like Lisa, I keep a very close track of the numbers in the Sarasota market and I am absolutely convinced that we have bottomed out. I see that by hearing more and more about multiple bids, by seeing more traffic at open houses, by having a tougher time to schedule an inspection fast, by talking to closing attorneys and by looking at our sales picking up dramatically over what they were a year ago. As Lisa said correctly, numbers don't lie. And my numbers come from a variety of sources. This is why the slogan "Now is the time to buy" has never been more appropriate.

Michel
941-806-7063

P.S. Don't hesitate to contact me if you want to take advantage of great opportunities
2 votes
Matt, , Whitmore Lake, MI
Sun May 25, 2008
always, always, be careful of those offering advice who have a vested interest in the answer. Most of the answers I see to this post are from local real estate pros, not necessarily unbiased.
1 vote
Lisa Blakeley, Agent, Sarasota, FL
Sat May 10, 2008
Hi Halley, I guess I feel differently regarding the Sarasota and Bradenton markets. I have now sat in on at least 4 local and state economists' seminars and everyone of them say that we botttomed out in Sept/Oct of last year (2007). I also watch the statistics daily as I not only own a real estate company but I'm an instructor and I have to be on top of my game with numbers, etc. to be able to teach. Saying that, the numbers actually reveal that our market has bottomed, yes there are still going to be additional short sales, foreclosures, and some people who will need to reduce their current pricing but generally speaking we are on a slow upswing. One way to prove this is by watching the local board statistics, this time last year, it was not uncommon to see anywhere from 800 to 1200 properties being listed every three to four weeks. The numbers for the past couple of weeks has been around 450-500 properties. Also, the sales have gone from record lows of 50-60 sales a month last year to back up to around 250-300 this past month. The numbers don't lie...our market has turned, the really great deals are almost gone and I believe that before the year ends, we will have seen about a 5-7% value increase. Hope this helps. Good Luck!
1 vote
Drew Russell, Agent, Sarasota, FL
Tue Jul 10, 2007
There is no denying that the Sarasota real estate market has undergone many changes in the last 24 months. The softness you are describing is a byproduct of the inventory left on the market mainly by specualtors who are over-leveraged. We are seeing many positive signs in the market- especially the high end. Properties over $3MM are selling well and show confidence at the top of the market. If you are trying to sell a property in Sarasota, you need to make sure that you are the best deal in your neighborhood and that you are being marketed correctly. Homes that are exceptional values are still selling quickly, while homes that are priced less aggressively tend to take 3-6 months to sell. Plenty of sellers are still pricing their homes above the market which is contributing to the perceived softness of the market and oversupply of inventory.
Web Reference:  http://www.drewrussell.com
1 vote
Sandra LaFla…, Agent, Sarasota, FL
Sat Sep 22, 2012
Holly, even though this question was first asked a couple of years ago, it still is "right-now"!

Let's choose a neighborhood close to many of the new jobs in Sarasota -- Sarasota Memorial Hospital (http://www.smh.com/p.aspx?p=175)-- one of Florida's largest acute care hospitals.

Generally, this neighborhood is called Arlington Park on the east side of Tamiami Trail in zip code 34239. Heated gross square footage examined here is 1335 to 1807.

The tax record reflect several areas -- surrounding The Arlington Park nestled in a very treed beautiful changing neighborhood.

This afternoon, the MLS records reflect 21 sales in the current to last 3 months with 23 comparalbe active listings between 90- 225K -- reflecting a 3.29 month of housing supply. The median comparable sale price is $161,000 with a median sale of 47 days on the market.
0 votes
Theresa Brown, Agent, Sarasota, FL
Thu Oct 8, 2009
Hello Hailey,
Just a few days ago on the Today Show, Barbara Corcoran who is a national real estate expert, named Sarasota as the #1 place to buy real estate today. That's because the market in Sarasota has continued on an upswing for several quarters, and unless something unforeseen happens, is poised to continue that trend. Sarasota offers so many fabulous amenities that there's something here for everyone. With real estate prices much more realistic, people can now afford to buy what they were not able to before.
From who else would you expect to see responses to your question if not from real estate professionals? We don't wet our finger and put it up into the wind for a sign of the market. We work the market every day; we read and understand statistics and the numbers don't lie. They're up. Very good news for buyers!
I hope our collective answers help you.

Theresa Brown
Michael Saunders & Company
Cell: 941-350-5005
theresabrown@michaelsaunders.com
0 votes
David B. Lev…, , Longboat Key, FL
Sun Mar 8, 2009
Hailey
great time ot buy in sarasota, sales are up every month so far in the last 12 months, but prices are down. If you want i can email you the current information i receive from the board of realtors and the state showing this. Prices are down and interst rates are under 5% for 15 yr. fixed. incredible time for sure. i wish i personally had wited to buy
Let me know if you nweed my help. But i must tell you upfront being from NY I am a red sox's fan from rhode island, Ha Ha
David Leventhal
0 votes
Emelie Zack, , Sarasota, FL
Wed Jun 11, 2008
Prices were excessively high in the previous years.They are much more realistic today. Since the Mortgages are at their 45 yr low, I would say that is a tremdous blend of low prices in the houseing market and incrediably low mortgage rates.
We saw a rise in sales in March-April of around 6% in houses. We feel there is a trend for movement upward.
I would describe Sarasota as such a beautiful ,sought after place in the sun to live that there will always be buyers looking to buy here.
This is presently a Buyer's market and a very good time to purchase property. You may contact me for more information.
0 votes
Bill Eckler, Agent, Venice, FL
Fri May 9, 2008
Halley,
We would consider the Sarasota real estate market as being similar to those in other areas as "in transition." Most people in the housing business would tell you we are close to the bottom of this correction. Time will tell....but as we come out of this, it will not initially unfold as a blanket but appear as pockets. The most desirable, less over developed, and fairly priced areas will show signs of recovery in advance of other areas.
Best wishes,
The "Eckler Team"
Century 21 Almar and Associates
Venice, Fl 34285
ecklerteam@comcast.net
0 votes
Linda Ann Re…, , 34236
Thu Mar 13, 2008
I describe the market here as more realistic and certainly more affordable than it has been in years. I agree with much of what my colleagues have answered, there have been corrections in the pricing which reflect a more modest appreciation in the last 8 years. I would like to add that the cost of the home is a calculation comprised of the negotiated final price, the cost of monies borrowed to finance the purchase, taxes on the property and the cost of insuring your investment. It's critical to have a well-informed agent working specifically to deliver the best possible transaction to you. That involves negotiating the terms of the purchase with regard to price, repairs, closing costs, etc , knowledge of local tax systemand also assisting you in finding the top professionals in insurance and most important in mortgage brokerage able to offer sound terms on the mortgage. It's not just the price of the home-it's the cost of money(interest rates) necessary to purchase!
0 votes
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