As the flood insurance issue has continued to slow the sales of waterfront property in Sarasota, the good news is that the snowbirds are arriving and their purchases of condos and homes are not limited to waterfront sites. Many come for golf, proximity to their favorite neighborhoods and haunts or just for the great weather during the winter months. Below is the latest survey result taken by Credit Suisse of local agents and their take on the real estate market here.
January has brought many more properties to market and the sales outlook is strong. Although there are fewer short sales and bank owned properties than at this time last year, the inventory is still large with seller owned homes being offered at very good prices. The buyers are understanding that the "bargain basement" prices of two to three years ago are no longer to be found and are adjusting to the mentality of having to pay a fair price for a good property. There are no longer the magnitude of choices that were available back then and where there used to be perhaps 30 or 40 homes or condos that would satisfy a buyer's wish list, there are now 5 or 8 to look at as possibilities.
Sellers are more realistic about the values of their homes as well and we are seeing listings priced very close to their actual value and selling for very close to them as well.
The only properties at this time that are sitting with very few showings are those impacted by the flood insurance debacle and we are all hopeful that next week's vote in the senate will give some relief.
Sarasota is a remarkable city with so much to offer that even the famous designer, Michael Kors, has purchased a lot for 6M to build a home on. We all look forward to a great season, both weather and real estate wise.