Sarasota Condo Market

Miami is often held as a housing-crazy city, not only in Florida but also throughout the United States from. But the examination of this figure in proportion to the size of Sarasota is even crazier. Condo market developers have plans for 25,000 units in central business district of Miami or one for every 24 of its 600,000 inhabitants. The Sarasota condo market, is replaced on the other side, which only provides for a population of 55,000, one for each planned home 19th Not surprisingly, the major Question on the minds of market participants and observers is whether the suffocating cry in the Sarasota condo construction demand will compensate for the escalating prices drive back to the ground. The fact that was not selling real estate in Sarasota condos are at $ 1 million or more for some time prices is a good indication that the high-end market is overbuilt.

Condos from $ 400,000 to $ 800,000 price was below the rack, but> Estate agents warn that Sarasota condo market slow down until 2007, when construction could be completed by almost 1,000 new units. Nobody can exactly say how many of these condo units were bought by investors, but if the degree of speculation is high, and a large percentage of these units found their way back onto the market could push the natural law of supply and demand prices.

But the general consensus among the buyers, real estate agentsand analysts is that the Sarasota condo market is in far better shape than in other places around the country. Two-bedroom units at The Plaza at Five Points, for example, begins with the sale for around $ 650,000. They are now no less than $ 760,000, a 17% appreciation, even if the certificates are not issued or sold on the occupancy.

Most agents agree that the upper end of the Sarasota condo market will remain relatively cold. The number of $ 1Million-plus condos far exceeds demand, and fight any development, sell penthouse units. However estate agents are optimistic about Sarasota condo market. Michael Saunders & Co. recently reported that 314 units were priced at over 1 million U.S. dollars to the Sarasota condo market between the end of July 2004 and listed the end of July 2005. A total of 157 or 50% of them have been sold. This is, interestingly, more positive than the situationin the corresponding period last year, when they are still listed 353 condos in the same price range, and only 108 or 30.5% of them were sold.

Given the acceleration of sales in 2005, the Saunders report concludes that it would take 5.5 months to work to benefit from the inventory of condo units between $ 1 million and U.S. $ 2 million prizes, as compared to 11.8 months for delivery in the last year and the pace. Likewise, it would take 14 months to sell all the units to between $ 2 million and $ 3 pricesMillion, compared to 25.9 months of the year before.

According to Linda Page, a real estate agent with Prudential Palms Realty, "Inventory is moving faster at the higher end." Linda also invested in downtown property. Continue quipped, "Beau Ciel had 14 sales of more than $ 1 million in 12 months. This is fabulous." Condos are a tremendous value compared to other sectors of the property market. Condos prize $ 1 million and up moreattractive because of the bizarre boom at the bottom of the Sarasota condo market.

Earl Juanico

SRQMLS - Sarasota Real Estate