How Is The Sarasota Condo Market Faring Today?

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The city of Sarasota, as well as Sarasota County, has boomed from just having a population of around 150,000 in the 80’s, to over 365,000 residents today. The area has seen an addition of around 10,000 new residents a year, and much of the newcomers coming to this area come mostly from the northeastern parts of the United States.

The real estate sector in this area grew quickly six years ago and once led the US in appreciation of values. The market, however has recently cooled down, as many real estate investors have begun selling their properties, or are adopting a wait-and-see attitude.

How Are Condos Priced in This City?

According to local housing and property observers, the price of a condominium unit in this city ranges from an estimated $400,000 to $800,000, and many have already been gobbled up by investors and other property speculators. However, some property analysts are warning that the condo market here may see a slowdown when the construction of nearly a thousand new units is completed.

While no one can accurately tell how many of these units are already sold, or are reserved by buyers, however if the level of speculation is high, and a large chunk of these units find their way back onto the market, the laws of supply and demand will surely lead to a depreciation in prices.

What To Do Before Buying A Condo Here

To fully get a clear understanding of how the condo markets work here, as well as in being able to get the best possible deals, what you need to do is to first talk to a local housing analyst or visit the city’s housing agency, and learn the facts regarding the condo market.

It would also be a good start to try meeting with the the local Property Manager of a specific condo unit. You could also ask the property manager of the Sarasota condo property what the delinquency rate is on fees, because if many residents aren’t paying their fees, something may be wrong.

If a condo project or unit is is properly managed, ask some residents, and not the seller, if they are satisfied with their property manager. Through this way, you’ll have a much clearer overview of which condo projects are the most feasible ones, and offer the best possible returns on your investment.

According to data obtained from the U.S. Census Bureau, the city of Sarasota had a population of around 365,00 resident today, which makes it appropriate enough to provide all the amenities that one sees in most large cities, and yet still offers the relaxing and comfortable feel of a small town. The city has a collection of Barrier islands, which are called “keys”, and these are situated between Sarasota Bay and the Gulf of Mexico.

These islands are named Siesta, Lido, Casey, Bird and Longboat Keys , and are world-renowned for the fabulous quality of their pristine, white-sand beaches. Most analysts view that the entry of the new year will bring better prospects to the area’s housing and property markets, as newer developments are in the drawing boards, and are expected to wake up a currently slumbering housing sector.

http://siestakeyrealestate.com РSarasota Realty

Vanessa A. Doctor from Jump2Top РSEO Company

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Author: Piyawut Sutthiruk

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