Is Sarasota, Florida, Really Paradise? by Carla L. Davis
Sarasota, Florida, is home to world class beaches and abundant recreational opportunities and has seen a 14 percent increase in prices over the last year. Realtor Lou Sansevero can't say enough about his home. "Sarasota is in a word -- Paradise. With white sand gulf beaches, beautiful golf courses and a cultural center that rivals many others, Sarasota has become the Pearl of the West Coast of Florida. It has seen continuous price growth over the last 5 years as continued low interest rates, a shortage of existing inventory and extremely high demand by America's "Baby Boomer" generation have continued to push prices even higher. New construction opportunities far outweigh resale and as such have made existing home prices rise even faster than new construction. Investors have found Sarasota to be a prime location and thus have also put upward pressure on pricing." He continues, "Sarasota's future, like it's climate, looks to be very bright! Continued demand by the 75-80 million Americans reaching retirement age in the next 10-15 years will keep Sarasota "On the Map" for real estate investing. Existing home sales, although slightly lower in 2005 than in 2004, are expected to continue on a brisk pace as strong market values cause many home owners to "Cash In" and "Downsize." The investment outlook in Sarasota is excellent. New and pre-construction opportunities abound in both residential and condominium projects. Our group specializes in staying in tune with the latest opportunities and give our investor clients the chance to get in on the "Ground Floor" with the many builders and developers that we have developed relationships with." "Sarasota has been named the "Best Small City" in the U.S. and one of the best places in the nation to work and live by CNN Money and Money Magazine respectively. It is home to world class beaches and abundant recreational opportunities including tennis, golf, fishing and boating, and continues to maintain it's small-town personality while offering metropolitan quality educational museums, operas, ballets, and theatre," says Realtor Tony Bambu. He adds, "Offering "World Class" beaches and a superior work/live environment, Sarasota and Manatee Counties continue to experience high demand on resale properties. It is still a great time to purchase a home as interest rates continue to be favorable for home buyers. There are many attractive and flexible lending programs available to meet the needs of the primary and second home buyers. Sarasota and Manatee counties continue to remain a popular relocation choice for baby boomers, retirees and families." Realtor Fred Smith-Hurst adds, "Existing home sales declined modestly earlier this year in July to 7.16 million units sales (single family plus
condos and coops). This follows the record figure in the prior month. Mortgage rates continued to remain near generational lows. At the same time, jobs are being created at a respectable pace (over 2 million in the past 12 months). Strong demand is continuing to push home prices. The median price rose 14.1 percent from a year ago." |
