How Many Short Sales Closed on Siesta Key in February?

I am contacted frequently by potential buyers looking to purchase a short sale or foreclosure on one of the barrier islands - Siesta Key, Longboat Key, Bird Key, Lido Key and Casey Key. I thought it might be interesting to see data on how many "distressed properties" close on the barrier islands. It constitutes roughly 45% of the entire market. However, the Sarasota county statistics can often be skewed by the sales in North Port. Here is a good article about how North Port is pulling down Sarasota county prices.

February 2011 Closed Sales Figures

March 1, 2011 - March 21, 2011 Closed Sales Figures

The above numbers do not include pending sales, only closed sales. Keep in mind many of the sales occur at the end of the month so March will show more closings.

It does not look too promising does it? Take a look all 5 areas. With over 60 closings in February only 6 of them were short sales and only 2 of them were bank owned. If you truly want a home or condo on the barrier island don't make the mistake of only looking at "distressed properties". Look at everything. To search for virtually everything on the market visit my Sarasota MLS listings search. It is updated daily with the latest Sarasota homes and condos for sale.

Why are there so few?

The barrier islands have had their fair share of distressed properties. Make no mistake about it. Prices have gone down in these areas over the last 5 years. However, Sarasota is not like Miami or Ft. Lauderdale where some of the condo buildings are made up of 70-80% speculators. This area seems to attract a more conservative crowd. Many of the homes and condos purchased on the barrier islands are purchased with cash and no debt. Naturally, these areas are just going to have fewer foreclosures. Again, prices have declined here but just not as much as the rest of the market.

If we can help you buy or sell a home in the Sarasota area give us a call at 941.812.6272. Shayla Twit, Allison Werner and myself are here to help you.