The State of the Sarasota Real Estate Market
The topic of many conversations around town is when the local real estate market will rebound. Many people forget that real estate has traditionally been viewed as a long term investment. Current market conditions are perfect for those individuals looking for a secure long term investment. Higher inventory levels and motivated sellers have combined to create an ideal environment for savvy investors. However, these conditions will not last for ever. Inventory will eventually be absorbed
Florida and specifically Sarasota has always been somewhat "insulated" compared to many other areas of the country. There has always been steady influx of residents because of a solid local economy, ideal weather, beaches and community amenities. This will almost assuredly continue in the future. There will always be a demand for the weather and lifestyle Sarasota provides.
There is a window of opportunity for those individuals with the vision to see it. Real estate values should increase steadily over time and provide owners of investment, second home and primary residences substantial gains over the long term. Use our Sarasota MLS search to view all listings currently available.
Florida and specifically Sarasota has always been somewhat "insulated" compared to many other areas of the country. There has always been steady influx of residents because of a solid local economy, ideal weather, beaches and community amenities. This will almost assuredly continue in the future. There will always be a demand for the weather and lifestyle Sarasota provides.
There is a window of opportunity for those individuals with the vision to see it. Real estate values should increase steadily over time and provide owners of investment, second home and primary residences substantial gains over the long term. Use our Sarasota MLS search to view all listings currently available.
Labels: Florida, real estate, Sarasota
posted by John Allen at 11:15 AM
2 Comments:
Totally agree, it's different in Sarasota. It’s always a good time to buy. The fact that we have record foreclosures doesn’t really matter because the unemployment rate is low. I hear people complain about affordability but real estate has never gone down before so if they have to stretch a bit with a neg-am loan it’s no big deal.
As my broker pointed out, just refinance or sell the thing for a profit is the worst that can happen.
Anonymous: with all due respect but from what planet are you?
"Just refinance or sell the thing for a profit is the worst that can happen."?
Thousands of 'wanna-be investors' are now finding themselves in the dilemma of having followed such ill advise a couple of years ago and now they can neither sell for a profit nor refinance because what they purchased is now worth less.
Just ask those who paid 25-30% more in late 2005 than what they are getting now. Take a look at Lighhouse Cove at Heritage Harbour, a Lennar development where new townhomes were sold in 2005 for $264,900... and the last ones a couple of months ago were sold by Lennar for $165K.
Real estate has LOTS of risks, especially when you use 90% margin (as in a 10% downpayment). A small market correction can wipe you out.
Today, lenders across the board are tightening their standards, Countrywide may face bankruptcy, and Pay Option ARM mortgages are qualified based on their adjusted payment rate and no longer their teaser rate.
It is irresponsible advise and greed that has contributed to the mess we're in. Yes, real estate is a great long term investment, and now certainly is an excellent time to find bargains, but to pretend that nothing can go wrong is just not so.
With a little bit of "murphy" we may find ourselves in a Depression and if that were to happen I guarantee that home values will drop further.
Thomas Heimann, President & CEO
Bravo Brokers
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