Downtown Skyline to Continue Significant Changes

Despite gloom and doom forecasts by some of the regions leading economists, some downtown Sarasota developers continue to see the silver lining of the local luxury market. Two more buildings will be added to the frequently changing Sarasota skyline- The Grande Sarasotan and The Marquee on the Bay. Both buildings are going to be centered on larger and fewer units and gunning to fetch over $3 Million for each unit. Both buildings, located in close proximity to Sarasota Bay will offer great views and will focus on the luxury niche. My appreciation for the diversity and luxury of Sarasota's downtown area continues to grow. With areas like Golden Gate Point and buildings like these, Sarasota will continue to become more and more of a Florida Landmark. For more information about these exclusive residences, or what's going on downtown, shoot me an email- drew@srqlife.com.

Palmer Ranch Market Update

Palmer Ranch has always been an outstanding place to call home in Sarasota. Its county club feel, combined with close proximity to beaches and shopping make it a prime place to live. The Palmer Ranch market continues to show signs of robustness, especially in the single family home arena. So for those who want to know, here are some 2005 Palmer Ranch comparative stats:

Single Family Homes:

March 2005-
New Listings: 60 Sales: 43 Average Sale Price: $475,418 Average List Price: $521,163 Average Days on the Market: 69

September 2005
New Listings: 53 Sales: 31 Average Sale Price: $564,337 Average List Price: $655,656 Average Days on the Market: 74

December 2005
New Listings: 41 Sales: 22 Average Sales Price: $653,789 Average List Price: $602,245 Average Days on the Market: 115

Summary: Although the listing inventory is accumulating, sale prices show strong growth resulting in almost $175,000 in average sale price growth in the last nine months.


Condominiums: (A Different Story)

March 2005
New Listings: 34 Sales: 34 Average Sale Price: $297,933 Average List Price: $284,244 Average Days on the Market: 136

September 2005
New Listings: 46 Sales: 31 Average Sale Price: $281,144 Average List Price: $281,144 Average Days on the Market: 197

December 2005
New Listings: 44 Sales: 17 Average Sale Price: $299,163 Average List Price: $304,595 Average Days on the Market: 86

Summary: What the data shows is a more stagnant condo market but this data is skewed due to over speculated condo projects in the area such as Arielle and the Serenade. There are very nice condos showing consistent stable growth in places like Prestancia and Stoneybrook. Shoot me an email with any questions.

I Agree

RISMEDIA, Jan. 11 — The key word for the housing market in 2006 is balance, with a return to a more normal rate of price growth, according to the National Association of Realtors®. David Lereah, NAR's chief economist, said current trends in the housing sector are healthy. "We don't need to break a record every year for the housing market to be good – in fact, cooling sales are necessary for the long-term health of this vital sector," Lereah said. "A modest slowdown in home sales, coupled with improvements in housing inventory, means the market is in the process of normalization. That will help to bring balance between home buyers and sellers, yet sales will remain historically strong."

What's Really Going On?

I wish a Happy New Year to the followers of my blog and apologize for the brief respite from publishing my opinions. You might notice a newer look to the website, and note that I striving to make drewrussell.com a more comprehensive and relevant Sarasota real estate information source. The holidays were good this year for most Sarasota investors who tried their luck in the market and sold in 2005. Many investors who bought lower end condo conversion properties in mid to late 2005 are now sitting nervously waiting for the next mortgage bill to come OR a phone call with good news from their agent.

My volume of seller phone calls has increased as of late and I am enjoying working with savvy sellers who realize that the market is not crashing. The key to selling a property right now is staying within the realm of comparable sales and not being greedy. I can attest from multiple sources that the market is picking back up, but with more picky buyers and "value" priced homes. I am constantly barraged with emails from agents and sellers offering ludicrous agent bonuses and buyer rebates on their overpriced homes. If you are thinking about selling be realistic and consult an agent you trust for an accurate opinion of value. If you are buying, now is a great time to buy. Look for discounts off of list prices, but be sure to understand the value of the market is not going to crash- so be fair.

Investors have the most to consider right now. And I will return to my stump and counsel them to focus on uniqueness. Absolutely do not buy a cookie-cutter condo on speculation right now. Most developers are fetching market price and the easy flip now becoming as elusive as the perfect NFL season.... More to come, and thanks for reading!