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Casey Key Sale Serves as a Sign of an Improving Luxury Market

Posted by John Allen on Saturday, July 23rd, 2011 at 11:11am.

Casey Key Florida SunsetIf home sales in Casey Key are any indication, the market for Sarasota luxury homes appears to be moving in the right direction. In fact, a home sold earlier this month was sold with a price tag that is higher than any other home sale in Casey Key since November 2009.

On July 15, a 10,000-square-foot home situated on 1.65 acres on Casey Key was sold for $7.58 million. The home features 200 feet of Gulf of Mexico shoreline as well as an upstairs and downstairs master suite. Other features include a summer kitchen, an eight-car garage, a separate caretaker’s building and a disappearing edge swimming pool and spa. Not only was the home sold at the highest sale price since November 2009, but it is also the second-highest price to be paid for a home within Sarasota County in 2011.

Similar signs of an economic turnaround are also being seen at nearby Bird Key, where sales have been brisk. In addition, construction has begun on a number of new luxury homes that are expected to cost more than $14 million to construct. The largest is an 8,000-square-foot home being constructed by Jimmy W. Hayes, who is the chief executive of Cox Communications in Atlanta. According to Jack McCabe, who is a real estate consultant in Deerfield Beach, the fact that land prices fell by as much as 50 to 70 percent “allowed some builders to acquire land and build homes that can complete favorably with foreclosures.”

“At the same time, the stock market has picked up and the economy is better than it was, which contributes to feeling that we have turned the corner,” continued McCabe in a recent Herald Tribune article.

While we still have not completely recovered from the recession, most experts agree that the worst days are behind us. Given the fact that buyers are confident enough to pay millions of dollars to purchase homes and builders are willing to invest millions more into constructing new homes, things certainly seem to be moving in the right direction.

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