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How Sarasota's Condo Market Is Weathering The Housing Slump
According to real estate industry observers, roughly one-third of property buyers and investors who committed to buying downtown condo towers during Florida's post-2000 real estate boom, now have appeared to be having buyers' remorse. "The market couldn't be more different now than two years ago. It went from one extreme to the other." Most real estate agents agree that the upper end of the Sarasota condo market remains relatively cold. The number of $1 million-plus condos far exceeds demand, and every development is struggling to sell penthouse units. Nonetheless, real estate agents are still optimistic and very much hopeful for a rebound of the Sarasota condo market. Property Developers Are Back To The Drawing Boards Driven by a desire to distance themselves from rampant speculation or avoid owning overpriced space, buyers are bailing from a handful of high-profile Sarasota condo high-rises. Their movement is likely mirrored by the rest of the property market across the region and the state. Similar scenes are playing out throughout the region and Florida: Developers who had hoped to capitalize on low interest rates and perceived demand are having to reconfigure, stall or abandon projects altogether. In Sarasota alone, roughly a dozen condo developments have either ... more
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