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Cash Sales Bring the Sarasota Real Estate Market Back - Again
Market Propelled up In-spite of Tighter Lending Standards Since 2009, sales in the Sarasota Real Estate Market have been propelled despite banks making it difficult to finance purchases. What I noticed (once I charted the annual numbers) is that this market would slump along if folks didn't feel strongly enough about the great values and figure out other ways to purchase. The number of sales listed as "all cash" represent almost two-thirds (61%) of all sales. This year's cash sales of 6,706 units exceeds the total number of sales for 2007 (6,360). There is a lot of money coming off the sidelines and it seems many have decided to come back to real estate. With abysmal rates being paid out by banks and many who feel the stock market is top heavy, the 50% drop in real estate prices here are a great place for some to invest or buy now for retirement later.
Sales this year (10,536) are on par with the last boom year of 2005 (10,999). Lenders have pretty much made it so difficult to finance and buy that the cash buyer has come out. While banks are lending less, cash buyers are buying more. The reality ... more
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