If you have an active website you probably get asked the same or similar questions over and over again. Below are a few of the more frequently asked questions about the Sarasota real estate market.
1) Can I buy a condo on the beach, rent it out and break even or get a positive cash flow?
Yes and No. If you pay cash for the property that is definitely possible. If you get a large mortgage absolutely not. If you get a mortgage for 20-30% it is possible. Some of the units on Siesta Key that generate quite a bit of revenue will not pay for themselves unless you pay cash for the property.
2) I hear Florida is a bloodbath. I should be able to get 20-30% off of these list prices, right?
No. On average, single family homes are selling for 94% of list price and condos are selling for 92% of list price. You want only look at those properties that are priced in "the market" and not over the market. Hiring a good Realtor is a great start.
3) I am looking for a 2 bedroom/2 bathroom condo on the beach with fabulous water views for under $400,000.
You won't find that on Siesta Key, Lido Key, Longboat Key or Anna Maria Island. Those generally start in the $600,000's with a few exceptions here and there.
4) How's the real estate market in Sarasota?
Actually, not too bad. Prices are obviously down. However, unit sales are up and inventory is declining. We expect to have a pretty busy 2010 winter season. When you go through the inventory and weed out the garbage there aren't tons of great properties for sale at realistic prices.
5) Will you list my property with a discounted commission?
No.
If I can help you buy or sell a house in Sarasota, Florida give me a call at 941.812.6272.
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