July 2011

In April I asked - Where is the Sarasota real estate market now? Many of you were nice enough to give your opinion of where you think the market is on the chart above. Please comment as to where you think we are currently located. I think the market overall is somewhere around HOPE and RELIEF. Time till tell.

Sarasota Real Estate Statistics

Here are some stats to help you with you decision. The numbers below are for Sarasota county.

	Current vs. Same Month 1 Yr Ago			Curnt vs. Same Qtr 1 Yr Ago
	Jun. 11	Jun. 10	% Change	Apr. 11 to Jun. 11	Apr. 10 to Jun. 10	% Change
For Sale	5372	6870	-21.8%	5674	6856	-17.2%
Sold	825	948	-13%	910	932	-2.4%
Pended	848	699	21.3%	930	877	6%

It can be entertaining and amusing to hear beliefs (in many cases myths) about the Sarasota FL real estate market. I hear many of them. The myths are often times created by the national media reporting about real estate market conditions and especially Florida real estate. I am not going to tell you that everything is hunky dorey here but I will tell you that most buyers are misinformed and their expectations are unrealistic. A myth usually starts with something like:

1. Expect 25%-50% off

It depends on how you look at this. In many cases you may get 25-50% off of the 2004-2005 price however you probably will not get a…

I was recently showing condos in Beachplace on Longboat Key, Florida. What a great place to consider if you desire:

• Longboat Key and Beach lifestyle
• Fabulous views of the beach and Gulf of Mexico
• Easy access to St. Armands Circle & Downtown Sarasota
• Within minutes of world class golf and tennis at the Longboat Key Club
• Amenities such as 24 hour manned security, beach and water views, tennis courts, swimming pool, clubhouse, on site manager and exercise facilities.

Beachplace on Longboat Key is a 31 acre community of 11 buildings sitting nicely on the south end of this lovely 12 mile long barrier island off the coast of Sarasota, Florida. This is a great place to live full time or as an escape from the harsh winters of the north. Instead…

Today in the Sarasota Herald Tribune there was an interesting article - New Spike Seen in High End Homes. It is an interesting read about Sarasota luxury homes. I blogged about an active luxury market months ago - Luxury Sarasota Homes & Condos Selling and Sarasota Luxury Homes Heat Up.

Here are a few highlights from the article:

• There are 14 luxury homes under construction on Bird Key with construction costs (not land value) to exceed $14,000,000.
• According to economists and market watchers the overall activity on Bird Key is a reflection of growing optimism among wealthy home buyers that the economy has passed through its darkest days.
• In the unincorporated areas of Manatee and Sarasota counties and on Longboat Key, builders have…

Allison Werner just sold this fabulous 2 bedroom, 2 bathroom, 1,235 square feet Longboat Key beach front condo in the Islander Club. The asking price started out at $389,000 and then eventually dropped to $354,900 with a final sales price of $308,000 (public record). You can view more information and photos here - 2295 Gulf of Mexico Drive #84S.

2295 Gulf of Mexico Drive - #84S

The Sarasota Florida real estate market continues to eat through its inventory. Notice the drop above from May 2011 of 5,604 listings for sale to 5,372 in June 2011. This gives Sarasota county 6.5 months of inventory based on closed sales and 6.3 months of inventory based on pending sales. The average sold price in June 2011 was $238,000 with the average sales price/list price ratio of 91%.

Average Price of Sarasota Homes & Condos

The above chart shows the average asking price as well as the average price of sold properties. Average prices are trending higher when comparing June 2010's average price of $217,000 to June 2011 price of $238,000.

Sarasota Real Estate Statistics

Take a look at this fabulous new listing we have in Riegels Landing on Siesta Key. Buyers looking for a newer home within walking distance from the world famous Siesta Key beach, a gated community and deep water that can accommodate a large yacht or sailboat should take a look at this home.

Give me a call at 941.812.6272 if you would like a private showing.

Below are the 5 largest residential real estate transactions in the month of June.

667 Mourning Dove Drive, Sarasota

This lovely Bird Key waterfront home is located at 667 Mourning Dove Drive. It offers 5 bedrooms, 5 bathrooms, 2 half bathrooms, 6,570 square feet and was built in 2009. The asking price was $5,990,000 and it sold for $4,950,000.