Category Archives: Sarasota Condos

Sarasota Real Estate Sales Continue Up in February 2012

As real estate sales in Sarasota continue upward, pending sales “hit an 11-month high in February 2012, demonstrating once more the health of the local industry as the buying season heats up. Median sale prices were also up substantially for single family homes and condos in February 2012 compared to this time last year – another positive sign for a successful home buying season.”

SAR President Laura Benson said “”I have heard nothing but positive reports from our members about the seasonal surge in our real estate market.” “Sales are up, prices are stable and much higher than last year at this time, and we are seeing multiple offers on many transactions. Pending sales are off the charts – we hit an 11-month high of 1,130 in February. This is all very encouraging news.”

As Sarasota real estate agents, we don’t have to tout Sarasota as this beautiful community with warm weather; the incredible vista of the Gulf of Mexico and Sarasota Bay along with the city’s cultural jewels continues to sell itself.

There was a slight holiday lull that didn’t last very long as buyers continued to be interested in purchasing properties while prices were low. “The 177 condo sales in February represented the highest level in the last eight months. If pending sales, which represent properties going under contract, produce the expected level of closed sales, we could see a major selling month in March 2012. That could repeat what we saw in March 2011, when sales hit the highest total since 2005.”

There was an overall 15% increase in property sales in February 2012 over sales in January 2012 as well as a 17 percent increase in pending sales from the previous month. These MLS sales figures both point to a robust selling season. Closed real estate sales reported “414 for single family homes and 177 for condos, lower than in February 2011, but higher than last month. In February 2011, 471 single family homes and 201 condos were sold.”

“The single family home median price climbed to $167,500 in February 2012 from last month’s figure of $162,000. For condos, the figure fell to $150,000 from the January level of $180,000. Last February, both single family homes and condos were selling at the median price of $137,500, so both of the current numbers reflect a stronger market than a year ago. Single family home prices were a whopping 21.8 percent higher than in February 2011. Condo prices were 9 percent higher than last February.”

“The inventory for February stood at 4,588, down almost 5 percent from January’s 4,711, and 20 percent lower than last February’s total of 5,864. With fewer available properties, the law of supply and demand indicates asking prices could be climbing higher in the coming months.

The inventory hit a 10-year low of 4,408 in August 2011, and has remained at or close to this low level since then. As the inventory has slid, the months of inventory has also dropped. The figure now stands at 7.2 months for single family homes, compared to 8.3 last month and 8.0 months in February 2011. The figure was 9.1 months for condos, compared to 11.3 months in January and 10.4 months last February. A figure of 6 months is considered equilibrium between a buyer’s and a seller’s market.”

Once again Sarasota real estate agents point out that real estate is local. Sarasota, Florida’s extraordinary waterfront location, climate, environment, cultural amenities, healthcare, education, shopping and dining are all part of the reason why SRQ is our home. Sarasota’s residents are pretty special too!

Sarasota Real Estate Sales Are Up

The Sarasota real estate market is making a nice comeback. When the housing bubble burst several years ago, many buyers took a break from one of south Florida’s most popular areas. Now, with Siesta Key taking honors once again in Dr. Beach’s Top 10 Best Beaches list, and Sarasota named as the Best Place to Retire by Portfolio.com in 2010, along with the unbelievable winter of 2011, buyers are back in full force. Florida was the only place in the United States that had no snow last month! With Sarasota’s near-perfect climate, beautiful beaches and incredible 80 plus golf courses, once again the Sarasota real estate market is on the move.

365 Things to do in Sarasota Florida
365 Things to do in Sarasota Florida

Visit our 365 Things to Do in Sarasota Florida page on FaceBook.com and Click the “like” Button to Discover all of the wonderful things to do here.

Many Sarasota real estate buyers have been traveling to the area including the barrier islands of Casey Key, Siesta Key, Bird Key, Lido Key and Longboat Key for decades. They visited as children, then as adults and now as retirees or second homeowners. Many try to time the real estate market, and with lower prices, lower interest rates and a considerably good inventory of homes, condos, town houses and villas, now may be the right time to benefit from the opportunities in the Sarasota real estate market. Gulf front and bayside condominiums are at discount prices as well as golf and country club resorts which offer amenities galore: golf, tennis, swimming, fitness centers and an array of social activities. Country clubs communities like Lakewood Ranch, the Oaks, Prestancia and University Park appeal to families as well as retirees and baby boomers.

Known around the world for its cultural offerings, the area offers more than just a warm climate, beaches, and resorts.  Sarasota Florida is home to the Florida West Coast Symphony, John and Mable Ringling Museum of Art, Sarasota Opera House, the Sarasota Orchestra, Asolo Theater, Van Wezel Performing Arts Hall and much more. Sarasota’s cultural amenities are numerous and include 30 independent theaters.

You can shop till you drop in Sarasota. St. Armands Circle shopping showcases outstanding specialty shops, restaurants and fashion boutiques. Downtown Sarasota real estate focuses on the new urban lifestyle and residents enjoy antique stores, specialty shops and the art galleries of Palm Avenue as well as outstanding restaurants, cafes and bistros.

2010 Sarasota Real Estate Activity

The Sarasota MLS system currently reports that over 6,000 single family homes sold in 2010 in Sarasota County. In addition, another 2,700 condos, villas and townhouses changed owners. The MLS system currently shows inventory of 3,900 homes for sale and 2,600 condos, townhouses and villas.

BuySarasota.comIf you are interested in learning more about real estate on the southwest coast of Florida, visit www.BuySarasota.com. Our comprehensive website has detailed information on hundreds of neighborhoods and condominiums. We have a team experienced Sarasota Realtors ready to assist you with all of your real estate needs.

Phone: Contact the John Allen Team direct at 941-544-6467

The Ritz Carlton Beach Residences in Sarasota, FL

Always setting the standard for luxury, the Ritz Carlton has done it again with the Ritz Beach Residences on Lido Key. From the dramatic staircase in the lobby throughout the building the Ritz has added luxurious amenities that opulent buyers expect. The Ritz Carlton Beach Club sits next to the main building and includes a bar, restaurant and spectacular outdoor beachside pool and spa. All the services of the Ritz are available to the residents at this prestigious address on Lido Key.

Amenities included at the Beach Residences include: 24 hr guarded gate, concierge services, guest suites, social room, state-of-the-art fitness center, and more.

The Sarasota MLS currently reports 12 condos for sale at the Beach Residences on Lido Key. Prices range from $1,399,000 for a three bedroom, three bath designer ready condo to $4,195,000 for a fabulous Gulf front condo. There is one sale pending at the Beach Residences and three condos have sold in the last six months.

For more information on condos for sale at the Beach Residences or any other Lido Key condos, please contact the John Allen Team at 941-544-6467. Our agents know Lido Key and show all Lido Key condominiums.

Sarasota Real Estate Market: Recent Sales Data Released

The Sarasota Board of Realtors just released sales data for property sales in the Sarasota real estate market in July 2010.  As expected “sales slowed to pre-tax credit numbers following the expiration of the federal $8,000 homebuyer incentive.”

In July 2010, there were 525 total sales which was a 47.8 percent declines from the June 2010 figure of 776 sales. The reported stated that “the sales figure was much closer to the 506 sales in January 2010 and the 528 sales in February 2010, when the homebuyer credit wasn’t a factor in the market.” Pending sales were lower too, dropping to 653.

Single family homes for sale in Sarasota sold dropped to 374, compared to 576 single family homes sold in June 2010.  “The median price also trended lower at $155,000, compared to June’s figure of $175,000.  The figure was more in line with the 12-month rolling median sale price of $162,000.”

Sarasota condo sales in July totaled151.  This was down from last month’s figure of 200.  “The median price of condos also fell in July to $127,000, which again primarily reflected distressed property sales.  Non-distressed condo sales saw a median price of $227,500, while for distressed properties, the median sale price was $73,000 for bank-owned condos and $121,700 for condos involved in short sales.”

Eric Shumbway, 2010 SAR President pointed out that slower sales were predicted once the tax credit expired.  He also pointed out that Sarasota is “not immune to economic forces which continue to limit the nations’ recovery.”

To read the full report, click HERE for the complete PDF version of the Sarasota Board of Realtors’ press release, along with two pages of statistical charts.

Correctly Pricing Your Sarasota Real Estate Listing

If you are thinking of listing your home or condo, it is critical that you price it correctly.  More than ever, correct pricing is the most important factor for getting your home or condo sold.  A current appraisal, a comparative market analysis (CMA), and an experienced agent are three tools that will help determine the appropriate listing price for your home or condo.  Very often, short sales and foreclosures are your competition.  No matter what you think your house is worth, it is only worth what a Buyer will pay for it.  Don’t be emotionally attached to your home and get an expert to do the pricing if you really want to sell.  You need to know your competition, not just what has sold in the last three months.

Sellers who price their homes realistically by competing with foreclosure and short sales will sell their homes in a reasonable amount of time.  Some Sarasota real estate listings that are priced agressively, receive multiple offers and sell for more than their asking price.  Investors know the market and they are looking for foreclosures and deals to fix up and sell again.  These same buyers are Internet savvy and keep up to date on properties the minute they hit the market.

You can sell your home too!  As long as there are buyers visiting properties, making offers and successfully negotiating prices, homes will sell.  Talk with an experienced Sarasota real estate agent to help you successfully sell your home.

Some waterfront properties and exclusive neighborhoods are doing extremely well.  Homes are selling above their asking price as buyers who keep a close eye on the market step in to negotiate a price with sellers.  The John Allen Team can help you close your deals.

We have buyers looking for properties daily. Buyers want a deal, and deals are being made.  Give John Allen a call today at 941-544-6467 to help you with your purchase or sale of real estate.  Our Team can help you with all of your real estate needs.

Sarasota Florida Real Estate Sales Are Up

Home and condominium sales jumped 35% last month, compared to the same month in 2008 according to MLS numbers released by the Sarasota Association of Realtors. Sales were fuled by the $8,000 first time home buyer credit (this was just extended until the end of June 2010), and investors/buyers taking advantage of greatly reduced prices. Total unit sales for the month were 554 versus 409 for the same period last year. 399 single family homes and 155 condos were sold. Approximately half of the homes and a third of the condo sales were short sales or foreclosures. The SAR reports that most of the statistics point to a market that is in the recovery mode. Inventory levels have been steadily declining and are now at the lowest point since the real estate boom ended.

As we pointed our in a previous post, Barbara Corcoran believes that Sarasota, FL is the best real estate market in the United States to by a home right now. According to the interview, prices have stabilized and will be headed back up. She also points out that Sarasota is a sophisticated town with big city amenities and fabulous beaches.