Price Trends of South Gate Houses,Sarasota, FL

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Real Estate Agent with Keller Williams Classic Group BK667334

Are you looking to buy or sell a house in South Gate?  I have been a Realtor in Sarasota, FL since 1998 so I have seen significant price changes in the South Gate neighborhood. When I first started it was a flat market, and then it went sky high, dropped down, and now back up again.

South Gate

 

One thing though has remained constant, and that is South Gate is a popular place to live. Houses priced right, have always sold really well in South Gate, regardless of the overall market. Throughout the years I have sold houses in South Gate representing the buyer, the seller, and myself. It is a great place to buy to live or for investment.

View South Gate houses for sale here.

From 1998-2002 in South Gate; prices were basically flat during the first two years of this time period. This was a great time to buy a house.  My theory is that investors were more interested in the stock market than real estate, you could pick up foreclosures and houses that needed work at bargain prices with little competition. In the latter part of this time period prices starting picking up.  In this four year time span,  I remember 3Br/2B houses selling for between $70,000-$130,000 depending on the year sold, size, location, and condition.

From 2003-2007 in South Gate;  This was the boom time for real estate in Sarasota.  The very height of the market was the third quarter of 2005.  I remember it well,  Nice 3Br/2B houses were selling for over $400,000. In the Summer of 2005 I bought a 3Br/2B house that needed a lot of work for $200,000.  It was a great deal at the time, fortunately I was able to sell the house before prices went down.

During the years between 2008-2012 there were a lot of short sales and foreclosures in South Gate.  There typically was bidding wars to buy them.  For a 3Br/2B  the prices ranged from $80,000-$130,000 for a short sale or foreclosure, depending on the condition, size, and location.  During this time I knew many investors who would buy houses that were listed on the multiple listing service, fix them up and sell them for a profit.

In the last four years prices have gone up a lot.  Inventory is low, and there isn't many short sales or foreclosures on the market. In 2016 a remodeled 3Br/2B sells for over $300,000.

Where do I see the prices going?  In the short term I don't want to predict.  Prices may double in the next five years, fall flat, or go down.  Nobody actually knows.  The long term is outlook is much easier to predict.  I expect large price increases.  I have always told people that I felt South Gate lots were like gold.  The location is phenomenal. It is close to Siesta Key Beach, downtown Sarasota, Tamiami Trail, Westfield South Gate shopping mall, and it's really in the heart of Sarasota.  You can pretty much get anywhere in 15 minutes or less.  There isn't any available land in the area to build new houses and the population of Sarasota is growing. 

View South Gate houses for sale here.

 

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About the Author,

Jason Silverstein has been has been a life long resident of Sarasota, FL and a Realtor since 1998, he writes based on his experiences.  You can find more listings or information about me at www.sarasotajason.com  To subscribe to my blog click here.

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Rainmaker
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Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

One thing I always like about activerain is being able to see listings, market data, or stats from other cities across North America.  Interesting stuff.

Mar 01, 2016 01:50 AM #1
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Jason Silverstein

Sarasota,FL Realtor since 1998, Broker-Associate
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